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When you need emergency cash and need it fast, one option is to apply for a loan. While many people in Texas turn to payday loans, which can be risky and come with high interest rates, others opt for installment loans. In this article, we’ll take a closer look at installment loans in Laird Hill, Texas.
What are Installment Loans?
Installment loans are a type of loan that is repaid over time with regular, scheduled payments. Typically, these loans are taken out for larger amounts than payday loans, which often have to be paid back in full with interest within a few weeks.
With installment loans, borrowers can take out several thousand dollars or more and then make payments over several months or years. Installment loans come with a fixed interest rate, which means that your payments will remain the same for the life of the loan.
Are Installment Loans Legal in Laird Hill, Texas?
Yes, installment loans are legal in Laird Hill, Texas. According to the Texas Finance Code, installment loans can be given for a minimum term of 180 days and a maximum term of 24 months. In addition to the term limits, there are also limits on the interest rates that can be charged.
For loans under $2,010, the maximum Annual Percentage Rate (APR) that can be charged is 35%. For loans over $2,010, the maximum APR that can be charged is 18%. These limits help protect borrowers from getting trapped in a cycle of debt with high-interest rates.
The Benefits of Installment Loans
There are several benefits to choosing an installment loan over other types of loans, such as payday loans. These benefits include:
- Lower interest rates
- Larger loan amounts
- Fixed payments make budgeting easier
- Longer repayment terms
Do I Qualify for an Installment Loan?
Qualifying for an installment loan in Laird Hill, Texas is relatively easy. While each lender has its own requirements, most will consider factors such as your credit score, income, and employment status when determining whether to approve your application.
If you have bad credit, you may still be able to qualify for an installment loan in Laird Hill. There are lenders that specialize in working with people who have credit challenges.
Interesting Facts and Statistics about Installment Loans in Laird Hill, Texas
- According to the Texas Office of Consumer Credit Commissioner, in 2019, there were over 3 million new installment loans issued in the state of Texas.
- Loans over $1,000 accounted for more than 75% of the total amount of installment loans issued in Texas in 2019.
- The average loan amount for installment loans in Texas was $3,162 in 2019.
Apply Now
Ready to apply for an installment loan in Laird Hill, Texas? TheGuaranteedLoans is here to help! We are a connector service that can help you connect with potential lenders who offer installment loans in your area.
To get started, simply fill out our online application. We’ll work to match you with a lender who can provide you with the loan you need. Keep in mind that we are not a direct lender, and our service is completely free to use.
Don’t let an unexpected expense leave you struggling to make ends meet. Apply for an installment loan with TheGuaranteedLoans today!