Installment Loans in Texas
If you’re a Texas resident living in a situation where you can only get by paycheck to paycheck, you probably fear what would happen if your car were to break down, one of your children got sick, or you were to get hit with a big fee right before your rent was due. Many people will use their credit cards to charge expenses to if they have to, but not everyone has credit cards they can use. But even without credit cards or the assistance of banks, you still have other options as a Texas resident including an online loan. One of the better loan options are installment loans in Texas.
Best Way To Understand Installment Loans In Texas
Installment loans are personal loans in Texas that are loaned out in a lump sum, but they’re paid off in smaller amounts. Most loans are structured this way including home and auto loans, but installment loans Texas only last about six months instead of six years. The amount you can borrow with an installment loan is based on your income, how you’ve paid your bills, and is contingent on having a bank account in good standing. But basically, the amount you’ve borrowed will be scheduled to be repaid in increments that pay down both principal and interest. The payments could be scheduled once every two weeks or once a month.
Lenders Who Are Authorized To Offer Installment Loans Texas
As you may have assumed, installment loans are not offered by traditional banks or credit unions since they are made in smaller amounts and don’t come with the same qualification requirements. These personal loans Texas are offered instead by credit access businesses, which is what our company Velocity Cash is. A credit access business must be licensed by the Texas Office of Consumer Credit Commissioner, and even possibly by a local municipal finance authority. The license must be visible both in-store and online, and to maintain it, the installment loan provider has to follow certain regulations:
- Making sure all applicants understand the costs associated with installment loans
- Listing each and every fee immediately in the payment schedule
- Ensuring the borrower has the means to make payments
What You Can Do With Installment Loans
Since you usually get the funds from installment loans deposited directly into your checking account very quickly, you can then use them as if they were your own personal funds. We do not ask what you’re going to use these personal loans Texas for, but we do caution you that you should make it a point not to be delinquent in repaying them. Also, Velocity Cash does not charge any early payment fees if you decide to make additional payments to repay your installment loan early. You just simply need to contact us if you want to schedule a funds withdrawal to make additional payments.
Easiest Way To Apply For Installment Loans With Us
You don’t have to visit a brick and mortar store to be approved for one of our personal loans Texas. Our application can be done right here online as long as you have the right documents. But all you need to do is fill out our installment loan online estimate with the following information:
- Full name
- Phone number
- Zip code
- Estimated monthly income
A representative can contact you immediately or later, whichever you prefer, and once they do you’ll complete the application. But approval decisions for installment loans Texas are usually made instantly provided you have all the necessary documents, and loans are usually funded within the next business day.
