Personal Loans in Texas - Everything You Should Know

Need cash fast?

One of the best things you can do is to get a personal loan.

These loans are one of the fastest and easiest types of loans to get. They can get you out of any sticky situation you find yourself in.

In this article, we're going to take a closer look at personal loans in Texas.

We'll go over what exactly they are (and how they're different from other types of loans), what you need to apply for one, how to improve your chances of getting loan approval, and a step-by-step process of applying for your first personal loan!

Let's dive in!

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How Much Do You Need?

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

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What are Personal Loans?

Personal loans are loans that you get for personal uses. They can be obtained for almost anything; repairs, emergencies, debt consolidation, and even vacations. The opposite of personal loans would be business loans, which are reserved for business transactions only. 

“Personal loans” is a blanket term. There are plenty of different types of loans that fall under it. As long as the money you are borrowing is for personal use, that is a personal loan.

What's the Difference Between Secured and Unsecured Personal Loans?

Personal loans can be either a secured personal loan (such as an auto title loan), or an unsecured personal loan (like a signature loan).

Secured personal loans are easy to get as long as you have collateral. With something highly valuable, such as your vehicle, this is probably the easiest type of loan to get approval for.

Approval for unsecured loans, on the other hand, depends on how trustworthy you are as a borrower.

You don't have to put anything as collateral, a solid proof of income, and a few other things that will prove to the lender that you can handle the monthly payment rate of your personal loan.

Here at Hermanos Loans, we are committed to helping everyone get a loan - even people without a perfect credit history.

Apply for a Signature Loan Here

What Are Monthly Payment Installment Loans and Payday Loans?

Two other types of personal loans you'll find are monthly payment installment loans and payday loans.

Monthly payment installment loans typically allow you to borrow thousands of dollars and let you pay it back (with fixed monthly payments) slowly.

Payday loans, on the other hand, rarely allow you to borrow over a thousand dollars and may demand payment as soon as your next paycheck arrives.

The annual percentage rate (API) of monthly payment loans is much lower compared to payday loans.

Overall, monthly payment loans are safer with their fixed interest rate and low monthly payments. Payday loans do not have a great reputation, even though they do not require a high credit score, their interest rate can get very high fast.

Apply for a Monthly Installment Loan Here

How to Get a Personal Loan Approval in Texas

Getting approved for a personal loan will greatly depend on what type of personal loan you are applying for.

If you are going for a secured loan, you'll find that approval will depend greatly on the collateral that you offer.

Regardless of what type of personal loan you are getting, there are a few basic requirements that most lenders have.

If you have all of these, your chances of approval and better loan terms will be much higher.

Proof of Income

Having solid proof of income is a must for anyone looking to get a personal loan.

You don't necessarily have to be earning a lot, but you must have the papers and the evidence to show that you have a steady flow of income every month.

This is one of the most important requirements. If your credit score isn't perfect, you can still get approval from several lenders if you have good monthly income and proof of it.

Proof of Identity

Aside from IDs, lenders will often ask for other proof of identity.

These include things like your Social Security Number, bank account details, and character references as well.

Having these prepared before applying for a loan is a great idea.

It's also a good idea to let your character references know before you apply for a loan. It's common for lenders to call your boss or landlord to confirm your details before approving your loan - so you might want to let them know in advance!

Proof of Address

Having a permanent address that is nearby the loan office is another factor in approval.

Lenders typically don't want to lend money to someone living hundreds of miles away from them. Of course, lenders in rural areas can go further, but you generally want to go to a loan office that is near you.

What's more, you should also have a document proving that you live at your address.

Land titles, utility bills, credit card statements, or just word from your landlord that you live at your address should suffice as proof of address.

How to Get a Personal Loan in Texas

Ready to apply for a personal loan?

Here's how to do it!

Step 1: Choose a Reputable Loan Company with a Transparent Payment Scheme

Too many people grab a loan from the first loan company they find. And as a result, they can end up in a pretty bad situation with an exorbitant interest rate.

That is why it is a great idea to find a lender that has a good reputation and one that tells you exactly how much you are expected to pay per month.

Here at Hermanos Loan, we are 100% transparent with our payment method.

You can borrow up to $1,600 in cash from us, and all you'll be paying is a fixed interest rate of $4 per $100 / month. You'll also pay origination fees, $10 for every $100 borrowed.


Let's give you an example:

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

If your loan amount is $250, and you pay it back in 6 months, your interest fee will come out to a total of $60 ($ x 2.5 = $10, $10 x 3 = $60). While your origination fees will come out to $25 ($10 x 2.5 = $25).

This will bring your total amount to pay to $335, with a monthly payment of $55.83 per month ($335 / 6 = $55.83).

Step 2: Apply Online or At the Office

Next, you'll want to apply for your loan!

We highly recommend that you apply online. This makes things a lot easier and more convenient for you.

To apply online, head over to our online loan application form, fill it out, and once it's submitted, wait for us to contact you!

We will review your application and get in touch with you shortly.

During the call, we will explain to you all your options. It's also a good idea to ask any questions you have during this call.

Step 3: Bring Your Documents

Once you've discussed your options and have agreed to loan payment terms, all there's left to do is head to our office and bring your documents!

Hermanos Loans currently has offices in Houston, Edinburg, and McAllen. The documents to bring include:

  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

Step 4: Get Cash!

Once your documents are approved, you can get your cash right away!

Easy isn't it?

Ready to Get a Personal Loan?

By now, you should know everything you need to know to get personal loans in Texas!

So whether you need money for repairs, or just want to go on a vacation, Hermanos Loans has you covered.

Apply now and get your cash fast!

How Much Do You Need?

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

Apply Now