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Payday Loan Help in Houston, TX

A payday loan – which might also be called a “cash advance” or “check loan” – is a short-term loan, generally for $500 or less, that is typically due on your next payday. 

Payday loans generally have three features:

  • The loans are for small amounts.
  • The loans typically come due your next payday.
  • You must give lenders access to your checking account or write a check for the full balance in advance that the lender has an option of depositing when the loan comes due.

While it may be tempting to get some extra cash before your next payday consider what that loan is going to cost you. The cost of the loan (finance charge) may range from $15 to $40 for every $100 borrowed. A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400%.  So let’s say you borrow $300 in our example. How the cycle starts is if your budget is already tight and its already  hard to come up with $345 with your next pay check, they tell you to just pay the $45 Fee and you can extend it another 2 weeks. Well then on your next payday it is going to cost you $390. That means its going to cost you $90 to borrow $300 for one month. The cycle continues...

80% Of Payday Loans Are Rolled Over Into New Loans Within 14 Days. [Yahoo Finance, 8/13/14]

There may be more alternative strategies available, including those that don’t involve taking out a loan. Putting the $45 you would give a payday lender into a savings account every two weeks would add up to $1,170 – plus interest – in a year.

If you find yourself in this never ending cycle and got dragged in over your head with these “PreyDay” lenders Call Us Today!!  We can Help!


“Illuminating your path towards a Fresh Start and the Financial Freedom you deserve!”

Call Today: 713.344.0997

Vasquez Law Group, PLLC is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.



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| Phone: 713-344-0997

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