Looking for an Unsecured Personal Loan in Texas?
The last time you found yourself in a financial jam, how did you get out of it? Did you turn to a payday lender to help you out of that situation? If so, you probably regretted it pretty quickly. Your attempt to solve the problem only ended up making it worse. With the finance charges associated with payday loans, you more than likely paid off the loan with the fees and found yourself having to take out another loan just to make it to your next payday. This time, let us help you solve the problem. Our Loan Discovery Process is designed to do this very thing.
If you are finding yourself in another financial bind, stay away from the payday lenders. Their only goal is to make as much money off of you as they possibly can. Using an unsecured personal loan from Loans Now, you can reach your goal, save yourself some major money, and set yourself up for success for after the issue at hand. Working with Loans Now to get you out of your current situation will provide you with loan terms that are more easily manageable. Interest rates start at 4.99% per year instead of 400% – 500%, and the amount of time you will have will be anywhere from 2 years to 7 years, depending on the options — much better than the two weeks payday lenders require.
Unsecured Loans for People with Bad or No Credit
Now, what if our process was able to help people with bad credit as well? That would help keep you away from the payday lenders, right? Our process does just that! Your bad credit is not a problem for us. Our dedicated team members work with you and your overall situation; options are not discovered simply based on your credit score alone. Visit our How it Works page to learn more, but know that we can find solutions for people with credit scores as low as 450.
- Hours were reduced at work and your paycheck is less than it should be
- You were laid-off from your job and can’t pay your utilities
- A trip to the dentist or hospital took money away from bills
- A sudden death in the family has you paying for a funeral
- You child’s wedding took more money out of your budget than you expected
- Emergency home repairs had to be paid for out-of-pocket
The above listed are all reasons you might have fallen into a predicament. These things happen, and sometimes more than one can occur at the same time. When they do, do not let your bad credit steer you towards a payday lender. Steer towards a personal loan from Loans Now to help cover any and all of these costs — anything up to $70,000. Check your credit score and complete the quick loan discovery survey; 60 seconds is all it takes to get the process going. Finding options for people with bad credit takes as little as 5 minutes and you can have the money necessary to cover your expenses usually within 24 hours! Get started today!
Texans Pay Way Too Much for Payday Loans
Texas has a hostile financing environment. There are more payday lenders in the state than it has McDonald’s restaurants — more than double the amount, actually! Add that to the fact that Texan borrowers spent more money on payday and title loan fees than any other state in the country — a ridiculous $1.7 billion dollars in 2017! That is an astounding amount of money to be wasting on a loan meant to help you through a situation where money is tight. That is why these types of lenders are considered predatory; they prey on people in need by charging outrageous fees that keep consumers having to re-borrow in order to continue paying their bills.
Texas is very loose in its regulation of payday lenders. There is no specified maximum loan amount and no cooling off period between loans. Also, there is no limit on the amount of interest permitted for payday lenders to charge. This means that they can charge any amount of finance charges that they choose; and because people may be in a rush to get out of a financial situation, consumers will accept these rates. Payday lenders also register as credit repair services, helping to avoid any attempts at being restricted from charging any interest rate they choose.
Texas Laws and Regulations for Bad Credit Personal Loans
For the State of Texas, a rate of interest not to exceed 10% is, by law, the highest amount a lender can charge on a loan (Texas Finance Code § 302.001). In the absence of a written contract, the lender is only allowed to charge 6% interest on a loan. It is permissible, however, for a lender to charge a borrower a delinquency fee of 5% of the overdue payment, or $7.50 (whichever one is the greater of the two) as long as the payment is at least 10 days late.
Texas has penalties for usurious lending in its Finance Code. Should a lender be found charging an amount of interest above the 10% maximum, it must make reparations to the borrower. As such, the lender will have to either pay 20% of the principal of the loan, $2,000, or three times the amount of usurious interest (minus the amount of legally-allowed interest). Of these three options, it is the greater one that applies to each occurrence(§ 305.001). Each occurrence is also punishable by a $1,000 fine (§ 305.008).
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Texas Personal Loan for Bad Credit Lending Regulator
It is the responsibility of the Office of Consumer Credit Commission to regulate all non-depository lenders in the State of Texas. The office monitors business practices within the industry as well as issues licenses for them to operate within the state. Complaints against, and investigations into, consumer finance institutions are managed through the OCCC.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K