Payday loans in Houston

[mitchwilliams]

Asking a question about payday loan services in the Houston, Texas area. There's a new place called Payday Today Loans. No website yet but I saw a flyer saying they'd have locations by the end of 2013. Anyone familiar with this company? So many lousy companies I'm just checking to see if this one might be decent since it's new?

Any thoughts are appreciated. Hope this is posted in the right spot.

 

[Evan Bedard]

Welcome and thanks for joining the LoanSafe community.

Unfortunately, we do not have any information relative to this specific payday loan provider. Quite frankly they are all very similar and offer the same products and interest rates (usually the highest) allowed by state law. Be very cautious when obtaining a payday loan and ALWAYS use it as a last resort.

Here are a few tips from the FTC:

1. Consider a small loan from your credit union or a small loan company. Some banks may offer short-term loans for small amounts at competitive rates. A local community-based organization may make small business loans to people. A cash advance on a credit card also may be possible, but it may have a higher interest rate than other sources of funds: find out the terms before you decide. In any case, shop first and compare all available offers.
2. Shop for the credit offer with the lowest cost. Compare the APR and the finance charge, which includes loan fees, interest and other credit costs. You are looking for the lowest APR. Military personnel have special protections against super-high fees or rates, and all consumers in some states and the District of Columbia have some protections dealing with limits on rates. Even with these protections, payday loans can be expensive, particularly if you roll-over the loan and are responsible for paying additional fees. Other credit offers may come with lower rates and costs.
3. Contact your creditors or loan servicer as quickly as possible if you are having trouble with your payments, and ask for more time. Many may be willing to work with consumers who they believe are acting in good faith. They may offer an extension on your bills; make sure to find out what the charges would be for that service — a late charge, an additional finance charge, or a higher interest rate.