Are you looking for personal loans in Waco, TX? If you have bad credit, you might think that there aren’t loans with monthly installments available that you could get approved for. However, cash loans are available right now that allow you to get out of debt on your terms. 

This article has the information you need to find loans in Waco, TX that work for you—and how to spot the loans to avoid. If you are ready to find your financial fix, read on!  

Waco, TX: The Basics 

Waco is a city in the east-central region of Texas, situated halfway between Dallas and Austin. It has a population of over 230,000—making it one of the state’s many bustling small cities. 

Settled as a village in 1872, Waco bears the name of the native Waco people of the Wichita Tribe. The city began to boom in the late 19th and early 20th centuries after building its iconic suspension bridge across the Brazos River, which allowed people and supplies to enter Waco easily. Today, Waco has many diverse offerings, from its abundance of natural resources to its convenient location and wealth of amenities. The city’s major employers are in the education, healthcare, and tech industries.

What Is a Personal Installment Loan? 

Personal installment loans are loans taken out in a lump sum and repaid in equal payments. These payments—or installments—are due monthly. You pay installments until your loan balance is zero. With any personal loan, you will owe more than you borrow. Loan fees differ depending on the lender, but there are a couple of common costs: 

Interest is the most basic cost associated with a loan; it’s essentially the lender’s profit. Your loan’s interest is an annual percentage rate (APR). Interest can either be fixed or variable. Variable interest rates can rise or fall with market trends. Installment loans have fixed interest rates, which remain the same throughout the life of your loan. Fixed interest rates keep your monthly payments the same, which means you can build them into your budget

Origination fees cover the administrative costs of processing your loan application and distributing your money if approved. Loan companies may charge origination fees or fold their administrative costs into the loan’s interest. Origination fees are most common in mortgages loans for a home or business, involving lots of attorneys and inspections.   

Unlike secured loans, personal loans are unsecured loans that don’t require any property or assets (collateral). Without the need to supply and risk an expensive, important piece of property like a house or car, unsecured loans are ideal for people with all types of income. 

Reasons To Get a Loan 

Personal loans are versatile money tools. Unlike student or auto loans, personal loans don’t have to cover a single, specific purpose. The most common reasons for personal loans include: 

Debt Consolidation 

A debt consolidation loan pays off multiple pieces of debt at once. A borrower can eliminate multiple monthly payments and focus on a single payment with debt consolidation. And since consolidation pays off other loan balances, they can save people hundreds in interest payments alone. Debt consolidation is ideal for tackling credit card debt and medical bills. 


Loans can also help you deal with the unexpected—and the expenses that come with it. Whether it’s car repairs or medical issues, an installment loan can take care of unexpected expenses without creating a crisis in your life. That way, you can focus on recovering from your emergency. 

Big Life Events  

From financing your wedding needs to funding an exotic vacation, installment loans can provide a way to pay for big purchases in a manageable way. Instead of spending years building savings, you can use installment loans to make your dreams a reality. 

Personal Loan Providers

As you look for lending options, accessibility matters most. When you choose the right lender, you can set up an installment plan you can afford. Let’s look at the pros and cons of the most common lenders.  

A bank can provide personal loans with good interest rates and long loan terms. As a bank customer, you can use your checking account to make automatic installment payments. But all of the advantages of a bank loan aren’t available to people with bad credit or no assets. Many banks offer loans on a highly selective basis to maintain their reputations. 

Credit unions are “members only” financial institutions that offer the same services as a bank. Professional organizations typically organize them; there are credit unions for teachers or employees of a company. As nonprofit organizations, credit unions provide those services at competitive rates. However, credit unions are only available to their members.    

Private lenders provide the widest range of options to borrowers from all backgrounds. Loan companies help people solve problems with installment loans that work. Private lenders tend to focus less on your history and more on your current behaviors to determine how they can help you. If you’re worried about your credit being a roadblock to getting your debt handled, private lenders give you options that banks and credit unions won’t provide. Additionally, online lenders provide super-fast application processes. While lenders may review your credit, their attention focuses on your payment history and debt-to-income ratio. 

Personal Loan Alternatives 

For many people with less-than-perfect credit, it isn’t easy to find lending banks and credit unions to work with. And while they keep getting denied, their debt continues to rise. Desperate borrowers feel like there are no other options and turn to loan alternatives to get fast cash. Here are some of the popular alternatives in use today. 

Credit Card Cash Advance

Major credit card companies allow customers to take a cash advance on their accounts. With a PIN and ATM, you can turn your available credit into extra money. Moreover, you can avoid the hassle of trying to qualify for a loan. A credit card cash advance is a fast route to a loan right now, but it may affect your finances for months. Every credit card company charges a service fee for cash advances. In addition to that extra fee, you are also paying interest, which begins to accrue immediately. 

Title Loan

You can get a loan if you hold the title on your car. A car’s title is a document that lists the vehicle’s legal owner. With title loans, people use the ownership of their car for a short-term loan. The lender holds your title until you repay your cash loan. A title loan has an average loan term of no more than 30 days. Title loans are installment loans that require collateral. But unlike most secure loans (like mortgages or car loans), title loans typically have high-interest rates. The lender may opt to give you an extension if you fail to repay your loan—after applying late penalties and additional interest. A defaulted title loan can result in the loss of your car to the lender; they will sell your car to recoup the money lost on your loan. And if the sale of the car doesn’t cover your outstanding loan, you are still responsible for the remaining balance.

Payday Loans 

Payday loans have been a popular loan alternative for years and remain one of the most volatile financial products around. The idea behind a payday loan is simple; you go to a payday loan store and borrow a small loan to cover expenses until your next paycheck. Online payday loans make the process even easier to get approved; many borrowers can apply and get a cash loan in just a few hours. Payday loans are due back within two to four weeks.

Payday loans seem like simple money solutions. However, the challenge with payday loans comes with the fees. These loans always carry high interest rates. When coupled with a short loan term, payday loans are very difficult to pay back for people already struggling with their finances. Like title loans, payday loans are renewed with more interest and fees if you don’t pay by the due date. But the process of renewing and applying interest repeats itself until you finish paying the loan. Payday loans should be seen as a last resort, not as an immediate go-to option for bad credit borrowers. Many people with poor credit think that installment loans are not an option after dealing with banks and credit unions and turn to the quickest solution they can find. For years, Waco residents with bad credit have had few options to turn to outside payday loans. But now, Waco has new choices in personal financing. 

Why You Should Choose CreditNinja 

Looking for a bad credit loan in Waco doesn’t have to end with a payday loan. Fortunately, Waco residents now have a better option for fast cash loans with CreditNinja! CreditNinja personal loans have helped thousands of customers find loans that work. Every loan we offer comes with these features: 

Fast Application Process 

If you have a few minutes and some online access, you can discover how CreditNinja’s installment loans can help you. And if you find a loan that works, and get approved, we’ll send the loan straight to your bank account. Instead of spending your days applying for loans or waiting around in a payday loan store, you can apply online anywhere, anytime. 

No Prepayment Penalties 

Some lenders charge more money for loans paid ahead of time. That’s right—you could get penalized for being better with your bills. CreditNinja loans come with no penalties for prepayment. We want you to get your budget back on track just as quickly as you do. 

Great Customer Service

Even with the simplest loan, you’re going to have questions. So when they come up, our Customer Care Team is ready with the answers. From making payments to making plans for the future, our team’s help is just a phone call away. 

Waco residents are jumping off the payday loan debt cycle and into CreditNinja’s affordable personal loans. Your ideal financial fix is waiting on you. Apply online today!

What our borrowers are saying

¹Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications approved before 10:30 a.m. CT Monday – Friday are generally funded the same business day. Applications approved after this time are generally funded the next business day. Some applications may require additional verification, in which case, the loan if approved, will be funded the business day after such additional verification is completed.