Monthly Installment Loans in Texas - Everything You Should Know

Unexpected expenses are the worst.

They pop up out of nowhere and can leave you scrambling to find the cash to pay for repairs, emergencies, or just a surprise family vacation you weren't made aware of.

Whatever the case, if you need cash fast, one of your best options is to get a monthly installment loan.

But what exactly are monthly installment loans?

How are they different from payday loans?

And how exactly can you apply for one and guarantee your approval?

In this article, we're going to answer all of these questions and more.

Let's have a closer look at monthly installment loans in Texas!

What is a Monthly Installment Loan?

A monthly installment loan is self-explanatory. It is a type of loan that you pay back in monthly payments. 

A monthly installment loan can either be a secured or unsecured loan. Most monthly installment loans are also personal loans, meaning that they are intended for personal use, not business uses or a loan for a house.

But perhaps the best definition of a monthly installment loan is that it is not a payday loan.

These types of loans often get confused with each other since they are quite similar.

However, there are a few fundamental differences between them.

What are these you ask?

Great question…

What's the Difference Between Monthly Installment Loans and Payday Loans?

While similar to one another, installment loans tend to allow for longer loan periods, higher loan amounts, and lower interest rates, while payday loans often have short payment ranges, lower loan amounts, and higher interest rates. 

You can see why installment loans are preferable.

However, it is also important to note that it is easier to be approved for a payday loan as compared to an installment loan.

Because the loan terms are short and the interest rates are high, you can apply for a payday loan even if you have a bad credit score.

Installment loans can also be secured (with collateral) or unsecured loans (without collateral), while payday loans are almost always unsecured.

Installment loans can also be personal loans or business loans (although again, they are almost always personal loans).

Overall, if you are thinking about getting a loan, we (and most people) recommend you get an installment loan.

You can enjoy a higher loan amount, lower interest rates, long-term installment loans, and more.

What are Online Installment Loans?

Online installment loans are installment loans that you get without ever setting foot inside a bank. The entire process, from application to releasing your money is done online.

As you can guess, getting an online installment loan is an incredibly convenient way to get cash.

The process of getting an online installment loan is almost exactly like getting an offline one, but the big difference is that everything is online.

Here at Hermanos Loans, we offer online installment loans. All you have to do is apply online, wait for our call, send your documents, and your cash will be deposited to your bank account (more on the exact process later).

How to Get Approved for a Personal Installment Loan

Want to get an installment loan, but not sure if you'll get approved?

Here's a quick rundown of the main things we look for when reviewing a loan application!

Income & Source of Income

Naturally, the first question to answer is whether or not the applicant can pay back the loan. That is why one of the most important factors for approval is the monthly income and source of income.

To get approved for an installment loan, you'll need to provide proof of income. That way lenders will know that you can pay back in monthly installments.

Permanent Address

The closer you live to the loan office, the better your chances of approval.

When you are going to borrow money from a lender, make sure you have proof of address such as a utility bill.

Proof of Identity

Another thing you shouldn't forget is to prove that you are who you say you are!

This means providing valid IDs, your social security number, and some character references as well.

It's also a good idea to inform your character references before listing them down. Lenders will often call these references to confirm.

How to Get an Installment Loan in Texas

Now that you know how to improve your chances of approval, let's take a look at the step-by-step process of applying for an installment loan in Texas!

Choose a Good Loan Company

Finding a loan company isn't hard.

It's finding a reputable one that's difficult.

Too many personal loan companies have shady terms, and it's not too difficult to find someone who has a horror story borrowing from them either.

That's why you should choose Hermanos Loans.

Hermanos Loans has been serving Texas as far back as 1998. When it comes to installment loans, you can be sure that you'll be getting a fixed payment plan from us.

Plus, we are 100% transparent with our payment terms.

Here's how it works!

Desired Loan Amount: $250

Loan Maturity: 6 months

Interest Fee: $4 x 2.50 = $10

Interest Fee Applied over Loan Months: $10 x 6 months = $60

Acquisition Fee: $10 x 2.50 = $25

Total Fees: $85

Final amount for repayment: $335

Amount to pay per month: $335 / 6 = $55.83 per month

Our interest fee is $4 per $100 borrowed, while our acquisition fee is $10 for every $100.

This means that if you borrowed $250, and pay it back in 6 monthly installments, your monthly payments will be at $55.83. (see picture above for breakdown).

Apply Online!

You can apply for installment loans at our offices, but we recommend you do this online instead to make things more convenient for you.

To apply online, head to our loan application form, and fill out your details.

Our team will review your application and call you to discuss your options. During the call is the time to ask any questions you have.

Send Documents

Next is to present your documents to us.

Here at Hermanos Loans, we typically require the following documents:

  1. Loan application form (fill online here!)
  2. Valid ID
  3. Social Security Card / Social Security Work Card (TIN #)
  4. SSN awards letter 
  5. Proof of income (i.e., pay stub, payslip, certificate of employment)
  6. Utility bill
  7. Six personal references

You may head to one of our offices to present these documents. Or, if you're going for online loans, you can send this via email.

Get Your Money and Enjoy

Once that's done, you can get your cash and enjoy the small monthly payments back with fixed interest rates.

Again, personal installment loans can be used for almost anything, so whether it's repairs, a vacation, or an emergency, you'll have the cash you need.

Ready to get an Installment Loan?

So there you have it!

Everything you need to know about installment personal loans in Texas.

You may contact us if you have any more questions. But if you're ready to apply for a loan, then why not apply online today?

How Much Do You Need?

$100 - $300 | $300 - $900 | $900 - $1,600

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