Bad Credit Personal Loans in Texas

When considering a personal loan in Texas for bad credit, there are some basic things you may want to take into consideration. In recent years, it has become more attainable to secure loans, even with bad credit or less-than-stellar credit. In this article, you’ll learn:

• What kind of loans are available in Texas?
• What products can a loan for bad credit be used for?
• How can I apply for a bad credit loan in Texas?

Read on to understand how bad credit personal loan options¹ work in the great state of Texas.

Personal loans for people with bad credit have risen over the last few years, as the rise of alternative lenders has helped those with less-than-perfect credit or no credit scores gain access to the products and services they need and want.

Texas allows bad credit personal loan lenders to claim a license as a credit access business. The flexible nature of these laws may enable Texans to access a variety of loan options¹ for people with bad credit that include:

• Bad Credit Personal Loans in Texas
• Bad Credit Auto Loans in Texas
• Bad Credit Home Loans in Texas
• Bad Credit Payday Loans in Texas

When it comes to loans for less than perfect credit, it might be helpful to learn about what type of loan best suits your needs. Choosing the right type of loan for your financial needs is important as loan types differ in features, fees and limits, among other things.

Personal loans may be ideal for handling unexpected expenses, such as car breakdowns, natural disasters, and health emergencies for your family or pets. As a note, there are two types of loans: either unsecured or secured.

• Unsecured bad credit personal loans – Some bad credit personal loans are unsecured, meaning you don’t need to put down any form of collateral to get the loan.
• Secured bad credit personal loans – This type of loan requires collateral. They are less common, but available depending on the lender.

Some online alternative lenders offer personal loans for consumers with bad credit. The application process can be simple, and in most cases applying online is relatively quick.

There are two main types of auto loans available in Texas, car title loans and auto loan financing. Car title loans may help you access cash quickly but they utilize your vehicle as collateral for the loan.

Unfortunately, some traditional lenders may be unable to approve financing if you have a fair to poor credit score. However, alternate lenders specialize in working with consumers with bad credit.

There are home loan options for prospective homeowners in the Lone Star state, but usually higher credit scores (620 or higher) are needed for conventional home loans. However, some loan programs may be available for fair to bad credit. FHA loans may be an option and permit a credit score as low as 500. And VA loans for veterans, active duty, or other qualified status have no credit score requirement.

States’ laws and regulations around payday loans vary from state to state, but in the state of Texas, payday loans are legal. Payday loans, if you aren’t familiar, provide consumers with quick access to cash to use at their discretion. These cash loans are also called cash advances. These short-term loans typically have short repayment periods and can be potentially costly; be sure to weigh the pros and cons before settling on any loan.

While statewide the regulations on payday loans are minimal, starting in 2011, municipalities started making their own payday regulations which may affect access to payday loans if you have less-than-perfect credit, so be sure to check in your city to see if payday loans may be a feasible option.

A bad credit loan may be able to help those who are tight on cash to access a variety of products and services they need. Limitations on what you can use for each loan type may vary based on the lender.

Leases & loans are quite different – here’s what you need to know:

• A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
• A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.

Accessing large items like furniture or appliances may be difficult if you don’t have a credit history. For home furniture, appliances, televisions, and electronics, you may need alternative financing if you can’t or don’t want to pay costs up front.

Alternative lenders provide financing options¹ to help you pay for the products and services you need and want. The following is a list of some of the uses for bad credit loans in Texas:

Just as in many other states, a variety of consumers residing in Texas may have less-than-perfect credit. This may make bad credit loans an attractive option for consumers looking to acquire the products and services they need.

Various types of bad credit loans may be available in Texas to suit different consumer needs. Consumers with bad credit who cannot get loan approval from traditional lenders may qualify for bad credit loans.

Many alternative lenders may offer competitive rates and repayment terms. And the loan application process may be completed online where the approval process is typically quick. You may even be able to access the funds in your account as soon as the next business day, depending upon the lender’s turnaround time.

Find a store near you¹ and apply for a bad credit loan today.