Texas Car Title & Payday Loan

The interest on the loan accrues daily so you will only pay interest for the amount of time you need it. If you only need to borrow money for two days, you only pay two days worth of interest; thats it! There are no prepayment penalties. , any amount you pay over and above the interest that accrues will go toward the loan principal and reduce the balance. Since interest is calculated on the principal balance, your payments will go down as you reduce the balance. Again, the total amount of interest you pay on your short term loan is up to you.