Installment loans in San Antonio can help you deal with unexpected expenses. While we don’t have an actual brick and mortar store in San Antonio, we do market to areas we think we can be of greatest assistance. This type of loan is different from a traditional payday loan because you’ll repay the funds by making scheduled payments. Along with the principal amount, your installment loan payment will include the interest and any other fees. Repayment terms for this kind of loan range from six months to several years.
Installment Loans in San Antonio – Things to Consider
Installment loans San Antonio TX are available for those who have just begun to build their credit score as well as for those with bad credit. When seeking approval for an installment loan, lenders are likely to consider your:
• Debt-to-income ratio
• Employment situation
• Annual income
The Benefits of an Installment Loan
With an installment loan, you can establish a fixed budget. This will help you manage your money and ensure that you can pay the loan balance on time. If you’re able to get additional funds together, you can pay the loan balance early without incurring prepayment penalties. When you make larger payments, you will also reduce the amount of interest that accrues.
Installment loans may be able to improve your credit score. Since this type of loan is paid back with monthly installments, timely payments can increase your rating.
Loans for Bad Credit
When it comes to loans for bad credit, installment loans are a convenient option. Many companies are willing to overlook negative credit situations as long as you have a steady source of income. In many cases, installment loans in San Antonio can even be processed with no credit at all.
For loan approval, you must meet several requirements. For instance, you’ll need to be:
• At least 18 years old
• A checking account holder
• A United States resident
Keep in mind that the maximum amount that you can borrow in Texas through an installment loan is $2,400. The state also caps the amount at 25 percent of the borrower’s gross monthly income. Financial institutions may have their own lending limits in place.
Installment loans San Antonio TX can help you out of a tough financial spot, but before borrowing funds, determine the exact amount that you need. If you borrow extra, then you will have to repay more down the road. Also, select the shortest repayment period that you can as this will decrease the interest amount. Installment loans in San Antonio should only be used to cover necessary expenses.
About San Antonio
With its abundance of historical sites, shops and cafes, San Antonio knows how to keep its residents busy. Despite its standing as the seventh biggest city in the country, the city makes people feel welcome due to its small town vibe. In this Texas town, people bike to work, and they spend warm afternoons wandering along the River Walk. San Antonio also enjoys its festivals. Each spring, the Fiesta San Antonio causes the city to erupt in celebration. During the summer, the Arts and Jazz Festival comes to town. While the cost of the living is low in San Antonio, residents may run into urgent financial situations. If this happens to you, installment loans in San Antonio can help.
APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan. Larger loans with longer payback periods have lower interest rates. While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks. Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company.
Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $40 for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees are typically less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
Collection Practices: Collection practices will vary from State to State and Lender to Lender. Some common methods if a loan becomes delinquent include, attempts at collections internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower, and other internal attempts. Often, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith, or may take other action within their legal rights. Check with your lender and your State regulations to be informed of the collection practices used by your lender.