Those looking for an installment loan in the Lone Star State can ask for funding for up to $40,000 using our short form below. To get started, enter your first name, last name, and email address. After you click the “Get Started” button, we’ll work with you try to help you find loan companies in Texas.
An installment loan is money you borrow and pay back over time. Instead of paying back your loan in one lump payment, this type of funding is generally paid for in monthly payments that go toward the interest and the principle. APR varies by lender and according to your situation. AtLoanStart.com , we work with lenders who offer APR starting at 4.84 percent.
Texas Personal Loans
Some of the top reasons Texans request money include:
- Medical bills – According to valuepenguin.com, the average cost of personal health insurance in Texas is $2,868 per year. That’s about three percent less than the national average. Even with insurance, a visit to the doctor can be expensive. Not everyone has money tucked away just in case of an emergency. When the medical bills start to stack up, many people turn to long-term loans to help pay off the expenses.
- Emergency car repairs – Those who need their car to get to work must keep it drivable. When the cost of fixing a broken-down vehicle gets too high, a car repair loan can become necessary. Per a report from CarMD, the average cost of a car repair in Texas is $333.75, which was very close to the national average. A personal loan would be better suited for a more expensive repair.
- Home improvement – Whether it’s an emergency repair like a leaky pipe, or a cosmetic improvement to make the house more enjoyable, home improvement projects can be costly. A loan is sometimes unavoidable.
- Debt consolidation – Studies show the average amount of credit card debt in Texas is around $6,000. Those who can secure a personal loan with an interest rate lower than their credit card costs and other creditor fees are sometimes able to save money by consolidating their debt.
There are many other reasons people request this type of funding. If you are interested in seeking a personal loan right now, you can do so through our online form.
Texas State Economy
The Texas economy is the second largest in America. Some of the major industries in Texas include petroleum, agriculture, energy, and sciences. Texas regularly leads the nation in state export revenue.
Many Americans call Texas home. The state’s population is second only to California’s. It’s also one of the fastest growing states. According to last year’s U.S. Census estimates, Texas added more new residents than any other state. From 2010 to 2016, only North Dakota grew at a faster rate.
According to dallasnews.com, the average price of a home in Texas is $249,900. The average price of renting a home is $1,425. Both of those are above the national average.
Texas spends about $8,000 per year on each student in public education, well below the national average.
When looking for a creditor, it can sometimes be hard to tell the reputable lenders from the scammers. Here are a few tips to help you distinguish between the two:
- In Texas, it is illegal for a lender to charge an advance fee on a loan. If a loan provider asks you to pay them before you receive your loan funds, then they might be trying to defraud you.
- Another red flag is when a lender requests a wire transfer for your loan fees. It’s also sketchy when lenders want you to pay with a prepaid debit card. It’s better to send all payments through a channel that’s easy to track.
- A reputable lender will rarely cold call you and ask for your personal information over the phone. They also won’t request it by email.
There are also many debt collection scammers out there. They may threaten you with arrest or immediate legal action. These intimidation tactics fool people into paying money that they don’t owe. If someone claiming to be a debt collector contacts you, you should do everything you can to make sure they represent a legitimate operation.
What to Consider Before Borrowing
Before you request money, you should make sure you meet the requirements set by lenders. You should be 18 years or older, have a Social Security number, be a U.S. citizen or a legal resident, have a proof of income, and have a bank account.
Texas has state rules and regulations in place to protect loan borrowers. For the most up-to-date and accurate information about these statutes and local ordinances, you should contact the Texas Office of Consumer Credit Commissioner.
You should also make sure you understand the financial implications of taking out a loan. There will be finance charges associated with your loan.