When you get a financial emergency, you might have difficulty getting a bank loan to settle your woes. Generally, banks don’t lend money for personal expenses but for investment or business use. If you want a personal loan, you have a better chance of applying for an installment loan.
An installment loan allows you to sort unexpected expenses such as car repairs or any situation that cannot wait for weeks. You can borrow a specific amount of money and agree to repay with interest in a series of payments, which usually fall on your payday. The terms and amount of the installment loan can vary depending on different factors, including your income and how often you’re paid.
If your credit score is low, you have a limited number of lenders to borrow from. Mostly, banks will not lend to you, and if they do, the interest is absurdly high. Even with installment loans, bad credit can lower your eligibility, but this is not always a disqualifier. If your credit score falls under the “Fair” category, you can get a secured installment loan. In this case, its value is tied to an asset, so the lender will seize the collateral when you default.
An unsecured installment loan could be harder to get approved because there is no guarantee for the provider in case of delinquency. If your credit score is compromised, you can only get small amounts, which will come with a high-interest rate to cover the risk level.
Having bad credit could result in:
Texas installment loans can be more affordable than payday ones. You might need to pay more if your credit history is not impressive. However, some lenders will offer you their services even without a credit check.
Thus, the company will provide higher interest and reduce the amount of money they can give you. But the interest rate and fees should not be excessive despite your low credit score. Shop around and compare different lending organizations to pick the one with the most attractive terms.
When talking about installment loans Texas, “guaranteed” means that the lender automatically approves you for the loan as long as you meet certain bare minimums. Thanks to this policy, many applicants are allowed to borrow their desired amounts. But what are these basic requirements? While the conditions vary from one provider to another, a person must be:
Before you decide who to borrow from, it’s advisable to compare different Texas installment loans. Each organization offers unique terms so that you can find a better deal with a little research and comparison. Pick your city to view trusted lenders that can help you with an installment loan.
Applying for an installment loan comes with numerous benefits. Platforms like LoanSolution.com give you the chance to find the perfect provider to get quick approval. If you choose LoanSolution.com, you are guaranteed to enjoy the following advantages.
No Credit Check Required
Many lenders check your credit score to decide whether to work with you or what terms to offer. When you get your loan at LoanSolution.com, you don’t go through all that scrutiny. All you need is to meet the minimum requirements, and the company will approve your request immediately. Most importantly, bad credit does not necessarily disqualify you.
Easy Online Application Process
While applying for bank credit, you’re required to submit a lot of documents for review. This process could take weeks before you get feedback on your application — an installment loan does not put you through such struggles. You can submit your form from the comfort of your home. The online procedure is simple as you only need to fill an application and send it.
When the lender receives your details, they’ll review your application and share feedback. Approval could be instant, and you will get the money in less than a day.
An installment loan also offers you a flexible and manageable repayment system. In most cases, it is due on your next payday. This means you can split it into several smaller payments instead of paying back all at once (plus interest). You can schedule longer plans or choose a shorter repayment period depending on your financial standing.
Security and Privacy
You can also be assured of a secure online experience when you get your installment loan at LoanSolution.com. Your data is not shared with third parties and is only used following specified privacy terms and conditions.
No Hidden Fees
With online installment loans Texas, you’re provided with all the information you need about the service. This transparency helps you understand how much you will be paying back and when — no hidden charges, as would be the case with some bank credits.
We offer a network of trusted lenders for online installment loans in Texas. Most of them have an approval rate of 90% or more, so you increase your chances of success when you choose to work with them. Browse our list to compare providers and pick the most suitable company.
Before you apply for an installment loan, you need to understand the different terms that you must satisfy to be qualified. In case this is your first installment loan, these are the minimum conditions that most lenders demand:
Of course, these are just the minimums. Each lender has their own requirements, so be sure to read their terms to understand what they need. If you have prepared everything necessary for applying, go online, and submit your request. The company will review the details you sent to decide if you qualify. If you do, there will be a confirmation letter, and the lender will send the cash into your bank account in less than 24 hours.
You can apply for multiple installment loans as no law prohibits you from doing that. Your eligibility, in this case, will depend on the conditions the lender deems important. If you meet all the criteria, they will approve your application. However, keep in mind that defaulting on an installment loan could lead to penalties, including getting a bad credit rating. You don’t want this to happen because it would lower your chances of getting a loan in the future.
The lender uses your information to measure your eligibility and decide how much you can get. The amount could range from a few hundred dollars to 50,000 dollars. To know the maximum sum, it’s advisable to compare different providers to find the one with the best margin and reasonable terms.
The amount you qualify for could also depend on whether the loan is secured or unsecured. Secured loans mean a higher amount and lower interest because there’s a guarantee for the company in case of default.
Typically, installment loans offer quick approval, so they are ideal when you urgently need money. However, the lender might not deposit the cash into your account on the same day. Once you are approved, they’ll send the money in less than 24 hours. But you can speed up the process by calling them to inquire if they could pay on the same day. If you applied early in the morning, it’s possible to wire the money on the same day.
With installment loans, you are looking at a broad umbrella that includes personal loans, mortgages, and car loans. These usually require credit checks before you are approved.
On the other hand, payday loans entail a shorter repayment period, no credit check required, and higher interest. If you qualify to get an installment loan, you should prefer that to a payday loan, which is expensive and could lead to lawsuits and bankruptcy.
An installment loan is your go-to solution if you face a financial emergency. You can get different sums of money, depending on your needs and eligibility. You can also find lenders who will agree to work with you if you have bad credit, but for this, expect higher interest rates. With everything considered, an installment loan is a much more preferred option these days.