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How to Get a Installment Loan If You Live in Texas
It is not difficult to find lenders offering installment loans in Texas but it may take you more time and efforts to pick the best lending company.
There are many various factors to consider when trying getting a loan in order to ensure that you will not have to overpay too much and that you will actually qualify for it.
So, continue reading this article if you wish to know the most important aspects related to this topic.
Important Information to Know
If you want to apply for cash advance in Texas, you can do this with banks, credit unions, as well as different online lenders.
Usually, you can borrow $2,000 – $35,000 for 12-60 months, but the conditions really depend on a loan provider.
As for the APRs, they also vary depending on the lender and can between 7% and 30%.
There are various factors considered when determining an APR for a particular client, including his or her creditworthiness and the length of the loan term.
You should also know that Texas is one of those states where payday loans are allowed.
These loans are taken for up to 30 days until and you will have to cover both principal and interest from your next salary.
It is not a suitable option for those who need lots of money, but it is a good opportunity for people facing emergencies.
An installment loan is the best choice if lots of money required that you can pay back gradually within several months.
Unsecured or Secured Loans
Many lending companies offer unsecured personal loans in Texas but this does not mean that all applicants are approved for them.
Nobody wants to lose their money; therefore, every lender will go through different factors determining your creditworthiness before deciding to approve you or not.
If your credit score is high and your level of income is sufficient, you can count on being qualified but the situation may be more complicated for borrowers with bad credit.
With a poor financial history and good salary, you may be offered to pay higher interest rates.
Another way that you can go is applying for a secured loan. In this case, pick collateral for your lender, which will be taken from you if you do not manage to pay off your debts.
Find a Lender in Texas
You just need to enter the right words in your search engine to get the results.
You can find lots of useful info on the sites of the lenders, such as licenses, conditions, contact details, etc.
Moreover, you can compare the conditions of different companies in minutes.
While rates and other terms are important, you want also to check the reputation of a loan provider.
For instance, you can read the information on them on the site of the BBB and you can also try to find different customer reviews on the Internet.
If you live in Texas and you need to get some money, you will find several reputable and reliable companies to deal with.
Even if you have a poor financial history, there are solutions available for you.
You just want to avoid taking too much to decrease the risk of not paying off your loan on time.
Don't waste your time. Request The Cash You Need Now!
Representative Repayment Examples
1. A 2 year loan of $5,000 with a max Annual Percentage Rate (APR) of 12.99% would result in 24 scheduled monthly payments of $238. Total amount of loan re-paid would be $5,704. Total Interest paid would be $704.
2. If you borrowed $2,000 over a 12 month period and the loan had a 3% origination fee ($60), your monthly repayments would be $189.12, with a total payback amount of $2269.44 which including the 3% fee paid from the loan amount, would have a total cost of $329.44. Representative 29.82% APR.
3. Loan amount $2,500, Interest rate 16.00%, Term 36 months, Fee 10.00%, Payment $87.89, APR 22.93%, TOTAL PAYMENTS $3,164.13, $914.13
Texas46Loans.com is not a lender – as such, we do not have control over the APR you will be offered. We display a Representative APR only as it is based on data offered from multiple lenders. The following represents sample rates, is for informational purposes only, and may not reflect the actual APRs offered by your lender or lending partner.