Personal Loans for Bad Credit in Arlington, TX

Are you a resident of Arlington, TX with a low credit score? Good news ahead – you may be able to take advantage of a personal loan for bad credit to access furniture, appliances, or other items.

Keep reading to find out more about:

• What is a “bad” credit score
• What people in Arlington need to know about personal loans
• What other loan options may be available to people in Arlington, TX

Lenders or payment solution providers typically may look at several factors to determine a borrower’s creditworthiness. Some of those factors include your credit score. A lower credit score may make it harder to get approved for a payment solution, but the good news is alternative payment solution providers offer options for bad credit.*

 

Understanding Bad Credit

As a note, bad credit is considered a score of 579 or lower. Having a low credit score may make it difficult to qualify for a loan with a traditional bank or credit union.

Imperfect credit may come from past-due payments, high credit utilization, or other events from your credit history. It may be a good idea to check your credit history with each of the three credit bureaus.

 

Arlington or Texas-Specific Considerations

There are a few considerations that people in Arlington should know before applying for a bad credit loan. Texas currently allows payday loans, but payday loans have very high interest rates and need to be paid back quickly, usually within two weeks of receiving the loan. As for personal loans, Texas caps interest on personal loans issued by traditional banks at 10%.

Currently, Texas does not offer credit counseling programs like some states. However, they do have several government programs that may be able to help people, such as the elderly, those with disabilities, or low-income.

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.

What Products or Services Can a Bad Credit Loan Get You?

A wide range of products may be eligible for funding with a bad credit personal loan. Keep in mind not all products may qualify. The lender may also check your credit history or credit score to determine eligibility.

Popular items that people use bad credit loans for include electronics, like TVs and computers. It may be a challenge to pay for the entire cost upfront, all at once, which is where a personal loan may be able to help.

Moving to a new space? You may be able to use a bad credit personal loan to include furnishings for your new home. There are a lot of unexpected costs associated with moving, so it may be a good idea to hold onto any extra savings you have and use a loan to cover items like washers and dryers or appliances.

Arlington, TX Bad Credit Loan FAQs

Q: Can you realistically get a loan in Arlington with bad credit?

A: Even with bad credit, there are options for personal loans in Arlington through alternative payment solution providers. It is important to remember that eligibility is determined by the lender during the application process.

While you may not be approved, you will not be automatically denied based solely on your credit score. A credit score is just one of the factors when determining eligibility.

 

Q: What’s considered “bad credit”?

A: A credit score of 579 or lower is generally considered a bad credit score, but having a higher score doesn’t mean instant approval of a loan application. Every loan provider or payment solution provider has their own factors they consider when determining eligibility.

 

Q: How can I apply for a bad credit loan?

A: The first step to getting a bad credit loan is finding a participating retailer. You can locate a participating retailer in the Arlington area using our convenient tool.** After choosing a store, you can start the application process online.**

*Approval is possible without a credit score, but credit history may be checked.

**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.

Sources:

Texas State Law Library – What is the maximum interest rate I can be charged under Texas law?
https://www.sll.texas.gov/faqs/maximum-interest-rate/

CFBP – What is a payday loan?
What is a payday loan? | Consumer Financial Protection Bureau (consumerfinance.gov)

Forbes – The Hidden Costs of Moving In 2024: People Are Under Budgeting By $723
https://www.forbes.com/home-improvement/moving-services/hidden-costs-of-moving