Signature Loans in Texas - What It Is, What You Need, and How to Apply

Signature loans are one of the most popular types of loans in Texas today, and for good reason.

It is one of the easiest types of personal loan to get.

In this article, we're going to have a look at what exactly signature loans are, what the requirements are, how the monthly payment system works and how exactly you can apply for one in Texas.

Let’s dive in!

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

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What Are Signature Loans?

Signature loans are a type of unsecured loan that you can get by providing the lender with your income details, your credit score, and, of course, your signature. 

This is the opposite of secured loans. In a secured loan, there is a collateral placed, such as a vehicle.

An unsecured personal loan on the other hand, is a type of loan where there is no collateral, and approval depends mostly on the trustworthiness of the borrower.

That said, there are several factors that come into play when it comes to getting a signature loan.

What's the Difference Between a Signature Loan, Personal Loan, Unsecured Loan, and Other Types of Loans?

The funny thing is, signature loans are also personal loans and unsecured loans as well!

All these terms overlap with one another.

To help you understand, here's a short dictionary:

Unsecured Loans - Loans where there is no collateral involved. Types of unsecured loans include student loans, credit cards, and, of course, signature loans.

Signature Loans - A type of unsecured loan where the borrower takes a lump sum of money and will pay interest in monthly installments.

Personal Loans - Loans that are intended for personal use. You may use the money borrowed from personal loans for medical bills, repairs, holidays, or anything you want. This is unlike business loans where the money borrowed should be for business purposes only.

With those three definitions, you should know exactly what a signature loan is!

How to Get Approved for a Signature Loan

When it comes to unsecured loans like a signature loan, the lender is always the one at risk. Since there is no collateral, the borrower can technically “run away” with the money.

Of course, that would be a crime, and the borrower will run into dozens of problems if they attempt to do this.

Nonetheless, the requirements of signature loans are all pointing towards proving that you are a trustworthy person who can pay back fixed monthly payments.

The requirements of a signature loan typically include:

Proof of Identity

Aside from your IDs, getting a signature loan often requires that you provide your social security card or social security work card.

It is also common for lenders to ask for some character references such as your boss or your landlord.

They may call these character references and ask them about you and how trustworthy you are.

Make sure you tell your character references about a potential call before listing them down! Nobody wants unexpected phone calls!

Permanent Address

Another vital piece of information for a signature loan is your permanent address.

When you want to get a signature loan, your chances of approval will be much higher if you live close to the loan office. Lenders aren't very attracted to people who live in other cities further away.

But don't worry, you don't need to own a house to have a permanent address.

If you're renting, having a tenant certification will help you get approved.

Proof of Income

Perhaps the most important requirement of getting a signature loan is a proof of income.

Since there is no collateral in unsecured personal loans like these, this is one of the first things that a lender will look for.

Proving to your lender that you have a solid salary that can easily handle the monthly payment + interest rates will greatly increase your chances of approval.

How to Get a Signature Loan in Texas

Now that you know how to get approved, let's take a look at the step-by-step process of getting a signature loan in Texas!

Step 1: Choose a Good Loan Company with Transparent Installment Payments

There are a lot of horror stories when it comes to borrowing from banks, credit unions, online lenders, and more.

Some of these lenders carry higher interest rates, tricky loan terms, and other tactics that can put you in a very bad spot.

Here at Hermanos Loans, we are committed to providing you with transparent payment schemes.

The way our monthly installments works is like this:

You can borrow up to $1,600 in cash - and all you have to pay is $4 per $100 plus a fee of $10 per $100.

So if your personal loan amount was $250, and you pay it back in six months, here's what the breakdown would look like:

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

Step 2: Apply Online and Wait for Contact

The next step is to head to our online loan application and fill out the form!

Once you've submitted your form, our team will review your application and will get in touch with you quickly - sometimes in just a few minutes!

Tip: It's a good idea to ask the agent all your questions during this call.

Step 3: Head to the Office and Bring Your Documents

After the call, all you have to do is head over to the office and bring your documents.

Here are some of the typical documents we here at Hermanos Loans ask from our borrowers when applying for signature loans:

  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

And, of course, the borrower's signature (hence the name).

The more consistent and trustworthy your documents are, the better your chances of getting approved

Step 4: Wait for Approval and Go Home With Your Cash!

Once your documents are verified, your signature loan will be approved and you can go home with your cash!

Ready to Apply for a Signature Loan?

Signature loans are not for everyone.

However, if you are highly trustworthy, you can get approved for a signature loan quickly, and enjoy the cash you need in no time at all.

If this is you, then why not apply for one right now?

How Much Do You Need?

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

Apply Now