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What Are Installment Loans?

An installment loan online in Texas may differ from other types of loans that you’ve heard of. With an installment loan, you’re paying back the loan over a certain amount of time in installments. This differs from a credit card loan, for example, which is an open-ended loan that allows you to reuse the loan as you pay it off. In an installment loan, you’d have to submit a request for a new loan. Installment loans are a type of closed-end loan because once the loan is paid in full, the loan account completely closes.

Every payment with an installment loan is made up of a principal payment as well as interest. With an installment loan, you’ll also find that there are fixed payment dates.

What Do I Need to Receive an Online Installment Loan in Texas?

Residents have many reasons for searching for Texas loans. Here's what you'll need to get started:

• Proof of Identity: You'll need something to verify who you are, like a driver's license or passport.
• Income Verification: Pay stubs or bank statements work great to prove you have a steady income.
• Proof of Residency: You can use a utility bill or lease agreement to show you're living in the Lone Star State.
• Bank Account Details: You'll need to provide the details of the account where the loan funds will be deposited.

Requesting a loan online is pretty straightforward, and Lightning Money Loans is here to set you on the right path.

Specific Loan Terms & Repayment Details

These will vary from lender to lender, but usually, the time frame will be less than a year for paying back your installment loans with specific times for you to make payments, but this may vary from lender to lender! However, if you’re ready to make a payment early, you can usually do that as well, just as long as your payment isn’t late.

Your APR, or annual percentage rate, is the cost of borrowing money over the span of a year. Your interest rate will vary from loan to loan, and so will other fees.

Reasons to Get an Online Personal Loan in Texas

There are many reasons why someone might need an online loan. Here are three common ones.

• Medical Emergencies
  A medical emergency can happen at any time. You might get a rattlesnake bite hiking in Big Bend. Your child could suffer severe heat rash from playing in the Texas heat. Grandpa might break his dentures on BBQ ribs at the cookout and need replacements. A personal loan could help cover these and other unexpected expenses.
• Auto Repairs
  Most major Texas cities have excellent public transportation, but in rural areas, a car is essential. A breakdown can disrupt errands, like grocery shopping or dropping the kids off at Little League, and might even prevent you from getting to work, impacting your income. An online loan in Texas provides the funds for auto repairs, with manageable installment repayments.
• Wedding
  You planned a Big Texas wedding and invited all your friends and family to celebrate your special day. Perhaps you underestimated costs, and you need a quick influx of cash to order the cake, reserve the venue, or handle other expenses. A Texas online installment loan could save the day.

When the unexpected comes up, it can be difficult to cover the extra costs while staying on top of all your bills. Luckily, online Texas installment loans can help.

Frequently Asked Questions

Loans can be a tricky business and are sometimes difficult to understand. Here are some frequently asked questions that may assist you.

• Are online installment loans available to residents of all Texas cities? As long as you’re a Texas resident, you’re all good to submit a request for an online installment loan!
• Can I use an online installment loan for anything? Yes, what you use the funds for is entirely up to you.
• Can I pay off my loan early to save on interest? You can usually do that! If you have the money available, it’s a great idea to save on interest by paying off your loan early. Please check with the lender terms and conditions to verify that this is the case.