How Are Payday Loans Different From Online Installment Loans in Texas?

July 9, 2021 | Peyton Sawyer

payday loans vs online installment loans texas

There aren't many major differences between payday loans and online installment loans Texas provides, but there are enough differences in the details to make each of them its own unique option for common money problems.

In fact, over two million people use one of the online installment loans Texas offers each year, and that's mostly because they're rather easy to get. 

This is true even if you have less than perfect credit, a low income, or few items to use as collateral.

When traditional banks fail to offer the kind of help you need, this could be an option to consider. So, it’s important to understand how they work. Here's what you need to know. 

Benefits Of Online Installment Loans Texas Provides 

The online signature installment loans available in Texas have at least three unique qualities that every borrower should know, understand, and consider before signing a contract. 

1. You Can Get Quick Cash

Like payday loans and title loans, the process of getting an installment loan in Texas takes less than a day from start to finish. This is especially true if you begin online or over the phone. 

2. It Only Takes 24 Hours For Direct Deposits

In a hurry to take care of something urgent? Online installment loans Texas offers can give you your money and have it deposited in your bank in about 24 hours, helping to avoid late fees and finance charges that can damage your credit. 

no need for collateral

3. You Don't Need Any Collateral To Get Approved

Unlike traditional bank loans, you don't need to provide collateral or put up any assets to get approved for the loan. However, you must be at least 18 years old to qualify in the state of Texas. 

If you have specific questions about signature installment loans offered in Texas, don't hesitate to contact Texas Car Title and Payday Loan Services, Inc. to get your answers. 

How Are Online Installment Loans Texas Has Different From Payday Loans? 

While a payday loan in TX provides quick cash, that cash amount is based primarily on how much money you make at work. While the online installment loans Texas provides are based on other criteria, so you don't always have to make as much to qualify. Meanwhile, repayment schedules may be different as well and happen in installments. 

Typically, payday loan payments are structured to match your paycheck deposit date. On the other hand, with signature installment loans, you can stretch the loan repayment over a number of installments, which is where the name comes from. 

DID YOU KNOW: You can get up to $1,200 for a payday loan in TX, but you can also get as much as $1,500 when you choose a signature installment loan instead. 

Qualifying For Payday Loans And Online Installment Loans Texas Offers

Texas payday loans require a few things for rapid approval, including: 

  • Your most recent pay stub from work as proof of income.
  • Your driver's license or a government-issued photo ID.
  • A blank check from an active checking account in your name.

Installment loans are similar, but they require a few different items. So, here's what you'll need instead: 

  • Proof of income, such as your most recent pay stub from work, recurring passive income, etc. 
  • A checking bank account statement that is in your name.
  • Your driver's license or government-issued photo ID.

It also helps to know how much cash you need to address your financial emergency. So, always approach the situation educated.

Make a budget before you submit a request and determine how much money you want to take. The best way to do that is to track your income and compare it to your spending and upcoming bills. 

TIP: Write down all of your bills to figure out when each one is due. Then find the spot where your cash flow gets the thinnest and apply for a loan right before that. 

get your installment loan today

Where To Get Online Installment Loans Texas Provides 

To get one of the online installment loans Texas offers, you just need to follow a few easy steps.

This process works the same whether you start it online or do it over the phone. However, for the quickest and most convenient way possible, you can begin online. 

Start by filling a short intake form on Texas Car Title and Payday Loan Services, Inc.

The information will be sent to your nearest location, and a loan agent will contact you with further instructions and schedule an appointment with you.

You’d then take the required items to the nearest store for the loan agent to review your documents and determine whether you qualify.

If you are approved, you will have your money in your bank within 24 hours or less. 

TIP: Start the process as early in the day as possible to avoid common bank delays. 

Submit Your Online Form Today

Online installment loans Texas offers are simple and quick to acquire, and you can get yours in less than 24 hours! Submit your online form today to get your loan as soon as possible.