Looking for installment loans in Austin? Due to the current economical crisis, more and more people need money, but taking a loan can be really challenging.
To help you make a wise decision, we’ve prepared this brief article.
Check it to know the most essential info about installment loans in Texas, particularly in Austin.
With No Credit Check
There is a wide array of loans available for Texas residents, however not all of them are good for you.
Some of them offer good terms, including moderate interest rates, while others are less than perfect.
To make your life easier, we’ve compiled a list of important facts about this type of loan.
- Installment loans are personal loans that are paid back in several relatively small payments.
- These loans usually imply big sums of money and are the best for significant purposes such as purchasing a new car, renovating a house, or paying for college.
- There are different types of installment loans, depending on the needs of borrowers. The most popular ones are mortgages, educational loans, and auto credits.
- One of the most important aspects is connected with interest rates. They can vary, depending on the loan term, the amount of money you are going to borrow, and your credit history. Always pay attention to the fees to choose the most suitable option.
- Can be secured and unsecured. When it comes to secured loans, lenders require collateral — an asset or property that will act as a guarantee. These loans usually have lower interest rates. Unsecured loans can be received without any collateral, which is cool.
- You need to provide some papers that demonstrate your ability to pay. Luckily, many direct lenders give money with no credit check, meaning that people with bad credit history can still apply and get a loan.
Whether you are an expert and know how to choose a lending platform online or it is your first loan, we advise you to read the information about fees carefully.
It will save not only your time but also money.
Payday Loans Alternatives
Similar to other types of loans, installment loans have advantages and disadvantages. They can be an incredibly helpful financial service for thousands of people, but everything depends on your situation and preferences. Here are some pros of installment loans.
- Installment loans are paid back in a series of fixed payments, so you always know what to expect. These regular payments are usually not very high, and you still have enough money for living.
- These loans usually offer bigger sums, if you compare them, for example to payday loans. While short-term loans are limited to $1500 or $2500, installment loans normally provide more generous credit limits.
- When we are talking about interest rates, they are fixed, which is extremely convenient. They don’t change over the course of time.
At the same time, payday advances in Austin have some cons too.
Here are some of them.
- Interest rates could be really high. In addition to this, customers with bad credit are required to pay extra fees to be able to receive money.
- Installment loans don’t offer a high level of flexibility. You can change the conditions and need to think really long and hard before making your final choice.
Installment loans in Austin can be a handy financial solution for everyone who needs money and is ready to borrow.
However, we recommend you to do your own research and compare various options for better results.
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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.