If you are going through a financial emergency, personal loans in Arlington, TX, may be the perfect solution you’ve been looking for. The best personal loans and loan places in Arlington, Texas, will come with benefits like:
- Easy qualification requirements.
- Fast application process.
- Competitive interest rates.
- Adjustable repayment terms.
Here, you will learn about your personal loan options, as well as other financing alternatives available for borrowers in Arlington!
An installment loan is a type of unsecured personal loan. Approved borrowers for personal installment loans receive their funds in a single payment and pay back their balance in equal monthly installments.
Many borrowers in Arlington, TX, prefer personal installment loans over other types of personal loans because of the convenient fixed rates. When loans have fixed interest, rates stay consistent throughout the life of the loan. So, fixed interest essentially means that monthly payments will remain consistent until the borrower pays off their loan amount.
Other types of loans may come with what are referred to as variable rates. When loans have variable interest, rates may go up or down each month depending on current market conditions. While this means that rates will be lower some months, resulting in smaller monthly payments, variable rates also mean that borrowers may have to pay higher monthly payments some months as well. Due to this uncertainty, borrowers who want to keep their finances organized may be better off with fixed-rate personal installment loans.
Other benefits borrowers in Arlington may be able to take advantage of with personal installment loans are:
- Fast Cash: Qualified borrowers may be able to get their money the same day or the next business day.
- No Prepayment Penalties: In fact, borrowers are encouraged to pay off their loan early if they can.
- Flexible Terms: Borrowers are able to work with their lenders to decide on a payment plan that fits their personal financial situation and budget.
- Variety of Uses: Installment loans come in both high or low loan amounts, meaning they can cover just about any financial emergency, whether you are looking to consolidate existing debt or pay for a quick unexpected expense.
No Credit Check Loans
Customers with poor or no credit often seek out no credit check loans for hassle-free loan approval. A no credit check loan is a type of funding where lenders skip the hard credit check during the initial loan application process. However, keep in mind that most lenders will have to look into your credit history in some way before they can approve borrowers for a loan.
Usually, lenders will request what is known as a hard credit check before they approve borrowers for a loan. A hard credit check is an official inquiry into a borrower’s credit history and current credit rating.
Other lenders will perform what is called a soft credit check. A soft credit check is technically an unofficial inquiry into a borrower’s credit report, although the results contain similar information found in hard credit checks. Lenders that perform soft credit pulls over hard credit pulls are usually just wanting to confirm that a borrower isn’t currently going through the bankruptcy process or enrolled in pre-bankruptcy credit counseling.
When applying for funding, try to limit the number of applications you submit. If possible, try to submit just one loan application. This is because every time you submit a loan application, credit bureaus will track the number of hard credit checks lenders request. If you submit too many loan applications within a short period of time, you may see a decline in your credit score the next time you pull a report.
Cash Advance Loans
A cash advance loan is a way for borrowers to access funding while they are waiting for their next paycheck. Depending on the lender you work with, cash advance loans may come with varying repayment terms, minimum loan amounts, and other requirements.
- Credit Card Cash Advance: Those with a credit card account can borrow against their approved credit limit to request cash back. Customers can take advantage of credit card cash advance options at financial institutions such as banks, credit unions, or ATMs. However, keep in mind that credit card cash advances do not work the same as regular credit card purchases. While the cashback amount will be included in the borrower’s monthly balance, interest rate charges may be higher when compared to standard credit card transactions.
- Employee Cash Advance: Employees may also be able to access advance cash loans from their employer. It is ultimately up to the discretion of each employer to determine if they want to grant an employee a cash advance.
- Cash Advance Financial Apps: There are also mobile apps that allow consumers to access a portion of their paychecks before their official payday. With cash advance mobile apps, borrowers connect their bank account to the mobile app to receive funds. Then, when the borrower receives their next paycheck, the mobile app will automatically take money out of the borrower’s bank account to pay back their balance. Cash advance mobile apps may also come with restrictions like bank account minimums, added fees, or cash-back limits.
Online Bad Credit Loans
Borrowers who have a low credit score or no credit history at all may consider online bad credit loans. This type of funding was designed specifically for subprime borrowers and may even help consumers increase their credit scores over time. Before you apply for your bad credit loan, it may be a good idea to gather some basic documents first. That way, you may be able to help your approval process move along even faster! Here is what you will need:
- Government-issued form of photo ID (such as a driver’s license, passport, etc.).
- Proof of income (you can use a paystub, Bank statement, or even certain tax documents).
- Proof of residency (you can prove your residency with documents like a lease agreement, mortgage statement, or utility bill).
- Bank account information (lenders may require your bank account and routing number so they may distribute your approved loan funds via direct deposit).
Just like with any type of loan, a bad credit loan may come with added fees. One of the most common types of fees included with loans an Origination fee. An origination fee is an extra charge some lenders require when borrowers sign their loan agreements. Before committing to any one loan type, talk with the lender and ask about application fees or other charges that may come with your loan.
Payday Loan Alternative
Committing to any kind of loan, even a bad credit personal loan, is an important financial decision. To ensure you are making the right choice, be sure to consider all your financing alternatives.
- Payday Loan: A payday loan is a type of unsecured loan designed to assist consumers with extra cash while they wait for their next paycheck to arrive. Payday loans usually come in low loan amounts and have high-interest rates. Furthermore, lenders for payday loans usually expect borrowers to pay back their loans in full within about two weeks or less.
- Car Title Loan: A car title loan allows consumers to use their free-and-clear vehicle title as collateral in exchange for loan funding. During the title loan repayment terms, the lender will sign onto the borrower’s vehicle title as a lienholder until the borrower pays off their loan.
There are also non-loan alternatives to consider. For example, if you have sufficient funds in your checking or savings account to cover your expenses, this will most likely be your best option. When you use your savings account to cover your emergency expenses, you don’t have to worry about a monthly payment, interest rates, or loan applications!