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Christine Tait

Last updated: 10/2019

Find the Best Personal Loan for Your Needs

Houston, Texas offers a plethora of personal loan options for people wanting to pay off the rest of their student loans, pay off the car, or take a trip. However, although a personal loan seems like a beneficial and important financial decision, there are a couple aspects to consider before applying for a personal loan. Your credit score, loan lender, and interest rates are just a couple of the important factors of taking out a personal loan. Let’s dive further into what to know if you want to take out a personal loan in Houston, Texas.

Houston Credit Score

The importance of a good credit score should never be overlooked. When considering taking out a person loan the most important aspect of taking out a personal loan is the amount you desire to take out, which is directly dependent on your credit score.

With the average credit score in Texas being 674, which is below Equifax’s national average of 696, lenders take your credit score as an extremely important aspect of taking out a persona loan. Therefore, it is important that aspects of your credit score such as debt amount, utilization, and on-time payments are in good standing to ensure the best loan with the lowest interest rates. If your score is lower then it may be a good idea to work with bad credit direct lenders.

Personal Loans in Houston, TX

3 Personal Loan Shopping Tips

1. Weed Out the Scammers

At times, a loan may sound too good to be true, and it might be. There are numerous scam companies out there looking for targets whom have not done their research. This is especially true for online installment loans. Therefore, always do your research, read reviews, and meet with a reputable company. To know a lender is a scam, never pay upfront fees, verify the lender’s physical address, and contact them for information.

2. Low Fees Are Better

Keep in mind there are fees that you will have to pay alongside the interest rate of the loan. These fees include an origination fee, and in the case of late payments, a late fee. With that said, always read the fine print and ask questions if you are unclear.

3. The Best Possible Interest

To ensure the best possible interest rate for the personal loan, shopping around is crucial, but also going for a company that works with people with your credit score. Certain lenders will give lower interest rates for smaller loans, as well as more leeway on the loan if you happen to have a low credit score or collections. Therefore, to end up with the best possible interest, shop around and ask questions. Use a personal loan apr calculator to help compute all this.

 

Are Payday and Title Loans the Same as Personal Loans?

No not really. A payday loan, or cash advance, is easier to get and has a shorter term(unless it’s a longer installment option) but higher fees and much higher interest than personal loans. The same is true for title loans with the addition of your car being used as collateral. Be very cautious with these types of loans.

Personal Loans in Houston

Personal Loans in Houston,Texas
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GBC Finance Co

405 S Main St #640, Houston, TX 77002, USA
(713) 227-8209
http://www.gbcfinance.net/
4.3 / 5 Stars

Atlas Credit Co., Inc.

2030 Little York Rd d, Houston, TX 77093, USA
(713) 692-1997
https://www.atlascredit.com/
5 / 5 Stars

Courtesy Credit

7006 Woodridge Dr, Houston, TX 77087, USA
(713) 228-0281
http://www.courtesycredit.net/
4.3 / 5 Stars

Friendly Loans, Inc.

9030 N. Freeway (45) #110, Houston, TX 77090, USA
(281) 445-5454
http://www.friendlyloansonline.com/
4.3 / 5 Stars

Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.

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