Payday Loans Vs. Online Installment Loans In Texas

When seeking a fast cash loan in Texas, two options that may seem reliable for borrowers are payday loans and signature installment loans. Neither of these Texas emergency loans requires collateral, and most people can get approved for them. Although these emergency cash loans seem similar, there are some differences Texas borrowers should consider.

In this guide from Texas Car Title and Payday Loan Services, Inc., learn what installment and payday loans are and their differences. Use this blog as a guide to help you determine which Texas loan can better help get you emergency cash for your financial crisis.

What Is A Payday Loan?

A payday loan is a short-term, unsecured emergency loan that allows those who can prove their income to receive emergency cash. Otherwise known as a payday advance, this type of Texas cash loan allows people to borrow from a future paycheck to handle a financial crisis.

The idea behind a Texas payday loan is to receive quick emergency cash to handle an urgent emergency without needing to repay it over the course of weeks or months. Most borrowers receive their emergency funds and repay the loan by their next paycheck.

What Is An Installment Loan?

A signature installment loan is a similar fast cash loan that allows borrowers to receive a lump-sum payment and repay their loan over installments. This is where the name comes from, as repayment involves making installment payments. By providing your signature, you complete the approval process for a Texas signature installment loan.

You can get online installment loans in Texas to simplify the process, meaning you never have to visit an in-store location to get approved. Due to repayment involving multiple installments, it usually takes borrowers weeks or months to repay the full amount of their installment loans in Texas.

The Benefits Of Texas Payday Loans and Installment Loans

Payday loans and installment loans have similar benefits, as they are both quick cash loans that can help those needing financial help. Noth provide quick economic relief due to their simple processes and requirements. Those who need help during a financial crisis can turn to these Texas emergency loans for help in the form of quick cash.

The following are some of the benefits of payday loans and installment loans in Texas:]

• Easy approval process: At Texas Car Title and Payday Loan Services, Inc., we do not overcomplicate the process with tons of steps. We only require borrowers to complete a few easy steps that can take less than a day to get approved.
• Quick access to funds: The easy approval steps allow borrowers to receive their emergency funds faster than traditional loans. We use direct deposit, allowing borrowers to receive their money as soon as the same day or the next business day.
• No collateral needed: Unlike other types of emergency loans, such as title loans, you do not need collateral to secure these loans. You can get approved without needing to provide high-value collateral.
• All credit types accepted: At Texas Car Title and Payday Loan Services, Inc., we allow borrowers with all credit types because these are short-term loans. Creditworthiness will not affect your ability to get approved. You can get bad credit loans in Texas through payday loans and installment loans.

Payday Loans Vs Installment Loans In Texas: What Are The Differences?

Payday loans vs. installment loans in Texas come down to a couple of key differences. While these loans are quite similar, the details that separate them could make a huge difference in which is the better option for you. Everyone has a different reason for needing a Texas emergency cash loan. Consider that reason when reading about payday loans vs. installment loans in Texas.

The following are the differences between Texas installment loans and payday loans:

1. Loan Amounts

The major difference between payday loans and installment loans in Texas is how much you can borrow. You can borrow up to $1,200 in emergency cash with a Texas payday loan and up to $1,500 for an installment loan.

For this reason, some borrowers who need the full cash amount may be better off going with a Texas signature installment loan because they can borrow more money. However, Texas borrowers must keep in mind that just because someone can get approved for up to those loan amounts does not mean they will automatically qualify for the maximum amount.

2. How We Determine Your Emergency Cash Loan Amount

The process for determining how much borrowers can get approved for is also different for these two Texas loans. A payday loan is based on the borrower’s income level. At Texas Car Title and Payday Loan Services, Inc., we will look over a recent pay stub to determine how much the borrowers make regularly and decide on how much to lend based on their income level.

While a recent pay stub is required for a Texas installment loan, income level is not the only determining factor in the loan amount. It can contribute to the number, but we will also do a soft credit check to determine how much to lend. Your credit score will not affect your ability to get approved, but it can determine how much emergency cash you get approved for.

3. Different Checking Requirements

Payday loans and installment loans have very similar requirements. Both require borrowers to show a loan representative their driver’s license or other state-issued photo ID and a recent pay stub. The difference comes when verifying that they have an active checking account in their name.

Texas payday loans require borrowers to show a blank check from an active checking account in their name. In contrast, a signature installment loan requires borrowers to show a checking account statement from an account open in their name. These are similar, but the slight differences matter. Make sure you have the right requirements when getting approved for your Texas quick cash loan.

4. Repayment Periods

How long each takes to repay is also different. For a payday loan, the idea is to repay the loan with your next paycheck. That’s why it is sometimes called a payday advance; you’re borrowing for your next paycheck to handle an unexpected expense.

Texas installment loans will take much longer to repay. They are repaid in installment payments over the course of a couple of months. This means repaying less at one time but can extend the process far longer than payday loans. Which repayment works for you depends on what you wish for your repayment: would you rather make one large payment to repay quickly or a longer repayment period with smaller monthly payments?

Where Can You Find Payday Loans And Installment Loans In Texas?

Now that you understand the differences between payday loans and installment loans in Texas, you can find a trustworthy loan lender to help you with your emergency loan. At Texas Car Title and Payday Loan Services, Inc., we have a proven track record of helping borrowers with their payday loans and installment loans. We have an easy and efficient approval process that allows you to get the emergency cash you need today.

You can start the process online with our easy online inquiry form. After providing your basic information, one of our loan associates will call you to discuss your loan and what you need to do to get approved. You can get verified by bringing your required items to the in-person meeting, which can take place at one of our Texas store locations in Fort Worth, Houston, San Antonio, etc. You can receive your emergency funds as soon as the same day or the next business day.

Get A Texas Emergency Loan With Texas Car Title and Payday Loan Services, Inc. Today!

Payday loans vs. installment loans in Texas differ in loan amount, requirements, and repayment. If you need a quick cash loan to handle a financial crisis, Texas Car Title and Payday Loan Services, Inc. is here to help with both of our convenient loans.

You can get the emergency cash you need today by starting the process online with our online inquiry form. Hear soon from one of our loan agents over the phone to discuss your loan’s terms and what steps you need to take to get approved for emergency funds today.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.