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 options* work in the great state of Texas.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Bad Credit Personal Loan Options in 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.
Understanding Texas Loan Types for Bad Credit
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 options* 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.
Bad Credit Personal Loans
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.
Bad Credit Auto Loans
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.
Bad Credit Home Loans
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.
Bad Credit Payday Loans
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.
What Products or Services Can a Bad Credit Loan Get You?
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.
You might be wondering: Is a lease the same as a loan?
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.
Uses for Bad Credit Loans
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 options* 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:
Product: Furniture
Average Price**: $400 – $10,000
Product: Mattresses
Average Price**: $250 – $3,000
Product: TVs
Average Price**: $300 – $3,500
Product: Refrigerators
Average Price**: $1,000 – $2,500
Product: Washers and Dryers
Average Price**: $300 – $2,000
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
**Retail prices may vary based on extras and the type of product you purchase. For example, a TV can have a retail price as low as $300, however, some models may have a retail price upwards of $3,500 or more.
Texas Bad Credit Loans in Summary
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 you* and apply for a bad credit loan today.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Texas Bad Credit Loans FAQs
Q: What Kinds of Loans for Bad Credit Can You Get in Texas?
A: Getting a loan with bad credit with a traditional lender in Texas may be a challenge. But there are several types of bad credit loans you may be able to qualify for in Texas. These include car title loans, auto loans, personal loans, payday loans, and home loans.
Q: What’s Considered “Bad Credit”?
A: In credit terms, bad credit is defined as a score of 580 or below. Most traditional lenders such as banks and credit card companies generally look for a “good” credit score, which is between 670 and 739. If you have fair to bad credit, an alternative lender may be a good place to start when looking for loan options.*
Q: Where’s the Best Place to Get a Bad Credit Loan?
A: The best place to get a bad credit loan depends on your financial needs and circumstances and what suits your needs best. Some alternative lenders may offer bad credit loan options* and you may be able to choose from a variety of loans.
Q: Will Alternative Lenders Perform a Credit Check?
A: Some lenders may perform a credit check. Keep in mind, that even though your credit is checked, other factors will be considered to determine eligibility for a loan. You may not be approved, but a poor or no credit score does not mean you are automatically disqualified.
Q: How Can I Apply for a Bad Credit Loan?
A: Depending on the lender you choose; you may be able apply online* on our website. Start the application process by finding a merchant partner near you, and then start the application process. All application process times will vary slightly, and your approval depends on a variety of factors.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.