By CreditNinja
Modified on January 19, 2024

Feeling overwhelmed by debt and don’t know what to do? An online personal loan may be able to provide the financial relief you’ve been searching for! With a personal loan in Grand Prairie, you can find loan amounts ranging from a few hundred to a few thousand dollars, enjoy competitive interest rates, and receive loan terms designed with your personal budget in mind! 

Installment Loans

An installment loan is a type of unsecured loan available to people with either high or low credit scores. Since installment loans are unsecured, borrowers don’t have to worry about putting up any of their property as collateral. Other types of loans, called secured loans, require that borrowers put up a piece of their property as collateral. Common examples of secured loans are mortgages, which require the borrower’s home as collateral, or title loans, which require collateral in the form of the borrower’s free-and-clear vehicle title. 

Loan proceeds from personal loans in Grand Prairie can be used to pay for costs like: 

  • Past-due payments. 
  • Medical bills. 
  • Home repairs. 
  • Unexpected payments. 
  • Car maintenance. 

The process for getting an installment loan in Grand Prairie is also extremely simple, thanks to the streamlined online process. After visiting your lender’s website and filling out an online application, a loan representative will contact you with your loan approval status. After that, your lender will request a few documents from you to confirm your initial information. Then, sign your loan contract and receive your approved funds. 

Before you sign your loan contract, make sure you read it over and ask your lender for clarification if anything doesn’t make sense. Your loan contract is a very important document that will contain all the details of your loan, like the funding amount, loan term, interest rates, and additional costs such as origination fees. 

One of the most beneficial advantages of personal installment loans in Grand Prairie is that they can be used for a multitude of purposes. Personal loans can be the perfect financial solution for people looking for a quick cash advance loan or for people looking for a few thousand dollars to fund a long-term financial endeavor. Before you apply for Grand Prairie personal loans, think about how much money you will need, how long you want to take to pay it all off, and if you would like the ability to pay off your loan early. These questions will help you decide exactly what type of loan will work best for you. 

No Credit Check Loans

In some cases, not all applicants need to go through a hard credit check in order to get approved for a loan. A no credit check loan is a type of loan that skips the official credit check during the application process. However, while your lender may not pull an official credit report to view your credit history, they most likely will need to see some kind of credit report before they can tell if you qualify for funding or not. 

In lieu of pulling an official hard credit report, some lenders may only request a soft credit check. A soft credit check is a request for your credit history that doesn’t involve pulling an official report from one of the three major credit bureaus. The main reason lenders will do this isn’t to check specifically on your current credit score. Instead, lenders just want to make sure an applicant isn’t currently going through bankruptcy or the pre-bankruptcy credit counseling process. 

Cash Advance Loans

A cash advance loan is a type of funding commonly used by consumers who are in between paychecks and need a bit of extra money. One of the most common types of cash advance loans are payday loans. However, this type of cash advance usually comes with very low loan amounts and extremely high interest rates. So, unless you are able to pay off your entire loan within two weeks or less, a payday loan may not work well with your budget. 

If you are in an extreme financial emergency you may consider asking your employer for a cash advance. With employee cash advances you are essentially being paid for work you have yet to do. Keep in mind that your paycheck may be significantly smaller in the following weeks after you receive a cash advance from your employer. But, after you have worked off what you borrowed, your paycheck will return to normal. 

Lastly, credit card holders may be able to request cash back at an ATM, bank, or credit union. With a credit card cash advance you will be borrowing against your credit limit, just like a regular credit card purchase. However, the interest rates on credit card cash advances will be higher than rates charged for standard purchases. 

Online Bad Credit Loans

While you may not need a perfect score in order to get bad credit loans, know that they may still have the ability to affect your future credit score and credit reports. For example, it’s extremely important that you pay back your loan in timely installments. Payment history accounts for 35% of your credit score, making it the most influential factor that can affect your score. 

Other factors of your loan that may contribute to your credit score are: 

  • The Loan Amount: How much debt you have associated with your name accounts for 30% of your credit score. Credit bureaus will also use the amount of debt you have compared to your income to calculate your debt-to-income ratio. 
  • Loan Type: Lenders, credit bureaus, and other financial institutions care about the different types of credit accounts borrowers have. Usually, financial institutions like to see consumers having a diverse credit portfolio that is comprised of more good debts rather than bad debts. Good debts are loans that give the consumer something back besides loan funding, like student loans or mortgages. Bad debts are loans that don’t provide the consumer with anything other than funding, like payday loans. 
  • How Many Loans You Apply For: Credit bureaus keep track of your credit inquiries by recording your hard credit checks. New credit inquiries account for 10% of your credit score. While this is not a huge portion of your overall credit, multiple credit applications can cause your score to drop about five points. 

Payday Loans Alternative

Applying for and receiving a loan is an important financial decision that can affect multiple areas of your finances. So, before you commit to filling out an application, consider your alternatives and other loan options. 

One popular personal loan alternative for residents of Grand Prairie is loans from payday lenders. A payday loan is a type of unsecured funding that offers customers low loan amounts and high-interest rates. The purpose of payday loans is to assist consumers with a bit of extra cash while they are in between paychecks. Since these loans were designed to help people get by until their next paycheck, payday lenders often expect borrowers to pay back their entire loan in full within about two weeks or less. 

Another place borrowers may access emergency cash is with car title loan lenders. Car title loans, also called auto title loans, are a type of secured loan that requires the borrower’s free-and-clear vehicle title as collateral. When you get a car title loan, your lender will sign onto your vehicle title as a lienholder. This position gives your lender the legal right to repossess your vehicle if you default or violate your loan contract. 

Banks or credit unions may also offer borrowers quick emergency cash. If you decide to apply for a loan with a bank, make sure you check your credit score first. As traditional lenders, banks usually only work with applicants with exceptional credit scores. If you decide to go with a credit union, make sure you check the qualification requirements before applying. Many credit unions only extend funding to members who live within a certain area, work within a specific field, or who have a credit score within a particular range.

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