By CreditNinja
Modified on January 19, 2024

If you are going through a financial emergency, consider personal loans in Corpus Christi to help you out! A personal loan is a special type of installment loan that allows consumers to receive quick and efficient funding and pay it back in manageable monthly payments. 

Here, you will learn about personal loans, how they work, and how you may be able to access your fast cash in as little as one business day or less! 

Installment Loans

An installment loan is a type of personal loan where funds are distributed in one lump sum, and the balance is repaid in even monthly installments. The fixed interest rates make monthly installments for personal loans consistent and manageable. When loans have a fixed interest rate, borrowers can rely on their minimum payment due being the same from month to month. With other types of loans, like variable interest rate loans, borrowers must be prepared for their payments to be higher some months. 

Personal installment loans from a direct lender can also come with other perks, such as: 

  • Industry-wide competitive interest rates. 
  • Flexible repayment terms. 
  • Easy qualification requirements (borrowers with bad credit or even no credit may still qualify). 
  • Streamlined approval process online.

Borrowers can also use installment loans for a variety of purposes, such as medical bills, debt consolidation, car repairs, home improvements, and more. 

No Credit Check Loans

Some traditional types of lenders, like banks, tend to focus solely on an applicant’s credit history and credit score when determining loan approval. A bank may often immediately deny an application if they see the applicant does not have a very good credit score. Thankfully, not all lenders are like that. 

Some lenders, like payday lenders, don’t care about your credit score at all and may be willing to offer you a no credit check loan. Other lenders look at additional factors surrounding an applicant’s financial situation, not just their most recent credit score. For example, lenders also care about the income of their applicants. Since they don’t want to set you up with a loan you cannot afford, personal loan lenders will ask about your general income. This info can help your lender determine approval status, as well as how much money they are willing to allow you to borrow. 

Although your credit report is not the end all be all of your loan approval, it may still be a good idea to double-check your credit report and score before applying for personal loans. Your credit report can help guide you toward lenders and financial products that will be able to offer you the kind of financial assistance you’re looking for. 

Cash Advance Loans

Another form of funding available to residents of Corpus Christi are cash advance loans. Consumers can access a cash advance loan in a few different ways. 

  • Credit card cash advance: If you have a credit card account, you can request cash at most ATMs, banks, or credit unions. Funding from credit card cash advances come from your credit limit, which means you’ll have to pay back what you take out, just like a regular credit card purchase. However, interest rates may be slightly higher with credit card cash advances compared to standard credit card purchases. In addition, they usually don’t have a grace period, which means interest will begin to accrue immediately.
  • Payday cash advance: Payday lenders and some mobile apps offer consumers online payday cash advances. But these cash advance options usually come with short payback terms and very high interest rates. So, be prepared to pay back your loan within two weeks or less if you decide on one of these cash advance options. 
  • Employer cash advance: Employees going through extreme financial emergencies may be able to request a cash advance from their employer. With employer cash advances, employees receive a portion of their future paycheck early. 

Online Bad Credit Loans

Thanks to the efficient, streamlined online application process, borrowers don’t need to worry about visiting an Corpus Christi local branch in order to receive funding from a bad credit loan. With online loans, borrowers can apply, work with a lender, and even receive their approved loan funds without ever having to leave their living room! Below is a breakdown of how the lending process works for online bad credit loans.

To begin, visit your lender’s website to apply online. There you will fill out a quick application form with information like your name, address, and general income. Your lender will use this basic information to determine your pre-approval status. 

Next, your lender will get in contact with you to review some details of your loan. This is when you can discuss loan amounts, interest rates, and even payback terms with your loan agent. 

Before distributing your funds, your lender will ask for a few pieces of documentation to confirm the information given on your initial inquiry form. These documents may include the following: 

  • Government-issued photo ID. 
  • Proof of income. 
  • Proof of residency. 
  • Bank account information (for direct deposit). 

The last step of the process is to read over your loan contract and sign it. After that, you should expect to receive your approved funds as soon as the same or the next business day depending on the lender.

Payday Loans Alternative

Personal loans are not the only financial solution available for residents of Corpus Christi. Before you begin your personal loan application, you may want to consider the other financial products and options that are available. 

Many poor credit borrowers in Corpus Christi, Texas, turn to payday loans when they need quick cash. A payday loan is a type of bad credit loan designed to help people who need extra money while they are waiting for their next paycheck. However, unless you can pay back your entire loan amount in two weeks or less, you risk being stuck with extremely high interest rates. Although payday loans typically come in very low loan amounts, the high interest rates may still cause your payday balance to actually increase from month to month, even when making your required minimum payments.  

Another bad credit loan option is car title loans. Car title loans are secured loans that require the borrower’s free-and-clear vehicle title as collateral. Similar to payday loans, car title loans also come with high interest rates. Furthermore, customers who miss payments or default on their car title loan risk having their vehicle repossessed and brought to an impound lot by their lender. 

You may also consider non-loan alternatives to take care of your financial needs. If you do not have one already, set up a budget to keep track of the money you have coming in and the expenses you are responsible for. You may find through simply organizing your finances that you actually have sufficient funds already and do not need to apply for an unnecessary loan. Or, to save money consider dipping into your emergency fund/savings account. When you use your own savings to take care of your expenses, you don’t have to worry about applications, hard credit checks, or interest rates!

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