Unsecured Loans

Texas_Unsecured_Loans

Texas Online Unsecured Loans From Direct Lenders

An unsecured loan is a loan that does not require the borrower to put up any collateral against the loan such as their car, home or other assets. There are several places Texas borrowers can go for an unsecured loan from $500 to $10,000 to use for whatever personal reason they may need it for. Usually these loans carry a fixed monthly payback amount and fixed interest rate, and may be considered an alternative to other forms of short term loans. These loans can be used to consolidate existing debts, finance a vacation, be used for a wedding or any other personal reason the borrower deems necessary.

Unsecured loan offers from $500 to $10,000 for Texas borrowers

The amount an individual may be qualified to borrow and what interest rates they will be paying will be determined by several factors. One factor is the individuals credit score; another is their relationship with the institution they are requesting a loan from. Credit history is another factor that lenders will evaluate and they will also look at what assets the borrower owns to determine their value. It is better for a borrower to go through a financial institution that they already do business with and have a credible reputation with.

Credit Unions are a good resource for personal loans because they tend to write more personal loans than banks do. A good practice is to open a savings or checking account with a credit union for six months to a year and leave it in good standing before applying for a line of credit or a personal loan with the credit union in order to establish a good relationship with the establishment. Credit Unions are also more likely to write out personal loans to its members because it wants to discourage the use of payday advances and payday lending loans which have high interest rates.

One final option for unsecured loans is social or peer-to-peer lender loans through private investors online. These investors will look at your loan request and evaluate your case and decide if they would like to loan to you. They are not financial institutions, they are private entities.

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April 5, 2022

Our medical bills were past due and we kept getting phone calls. We decided to get them paid off with an online loan and Texas Direct found us a lender to help. They made the process super easy.

THANKS

Preston Weski - Round Rock, Texas

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  • FAQ for borrowers searching for personal loans in Texas

    How do I decide if a personal loan is right for me?

    A personal loan is a significant commitment. Weigh the benefits to decide whether paying interest for the privilege of borrowing money in advance is crucial. Understanding your responsibilities in addition to the reasons for taking out the loan is critical to obligating your future income to make the payments.

    How does a personal loan affect my credit score?

    Hard inquiries performed by creditors are going to knock a few points off your credit score. You can increase your credit score by making timely payments and never missing a single one. Paying late can affect your credit score and block access to future loans. 

    Do personal loans need collateral?

    Personal loans are generally approved based on creditworthiness. Typically designated as “good faith” loans, the lender won’t need collateral to guarantee that you’ll repay what you’ve borrowed. Although riskier for loan issuers, unsecured loans can cripple your ability to access further credit if you fail to repay to completion. 

    Can I change my payment due date?

    Your payment due date will be set when your short-term loan is approved and will be the same date during the month. You won’t be able to change this pre-determined date. 

    What are the different types of short-term financing?

    Short-term loans, trade credit, overdrafts and credit cards are common examples of short-term financing. Typically, the repayment period is as short as a few weeks up to five years in length. Depending on the type of financing (personal loan, unsecured loan, installment loan) and lenders terms, you will generally find many loans are between six to thirty-six months for repayment.