Rates & Fees
Transparency is important to us. Below you'll find detailed information about our rates and fee structure.
In Laredo, Texas, payday and title loans are regulated by both state law and local municipal ordinances. According to Laredo Ordinance No. 2015-O-042, payday loans cannot exceed 20% of the borrower's gross monthly income. These regulations are designed to help residents manage debt responsibly. Interest rates and fees vary significantly between lenders based on your credit profile and the loan amount requested.
Annual Percentage Rate (APR)
200% - 700% (Varies by lender and loan type)
Representative Example
| Loan Amount | Term | APR | Finance Charge | Total Repayment |
|---|---|---|---|---|
| $500 | 14 Days | 391% | $75.00 | $575.00 |
| $1,000 | 30 Days | 240% | $200.00 | $1,200.00 |
| $2,000 | 12 Months | 99% | N/A | $3,200.00 |
Representative Example: A $500 loan for 14 days with a $75 fee results in a total repayment of $575 and an APR of approximately 391%. Actual rates and fees are determined by the lender and may vary based on creditworthiness and state regulations.
State-Specific Information — Texas
Maximum Loan Amount: 20% of gross monthly income for Laredo residents.
Rate Cap: No state-wide cap, but Laredo city ordinance regulates loan structures.
Regulations: Texas Finance Code Chapter 342 and 393; Laredo City Ordinance 2015-O-042.
Licensing: Lenders must be licensed by the Texas Office of Consumer Credit Commissioner (OCCC).