Personal Loans for Texas Residents
Texas residents can find themselves in need of a personal loan for a variety of reasons. Whether it’s a vacation that is out of budget, a large purchase that is looming overhead, or an unexpected home or auto repair, a personal loan can come in handy when circumstances are out of your control. Whether you live in Mineral Wells or Marshall, finding a personal loan can give you the financial stability you need when unexpected expenses pop up.
What is a Personal Loan?
A personal loan is a set amount of money that you borrow for personal expenses and pay back in installments for a set amount of time. A personal loan is an unsecured loan because you don’t need to put up collateral, such as your home or car, in order to get the loan.
Since there is no collateral required, personal loans are an attractive option for those who don’t own a home or assets with substantial value. Taking out a secured loan, backed by collateral, can mean a lower interest rate. However, you risk losing the property you use as collateral if you default. Creditors base personal loan approvals and interest rates on factors such as credit score and debt-to-income ratio.
What Can I Use a Personal Loan For?
Personal loans allow borrowers to buy something they may otherwise be unable to afford, and pay for it in smaller payments, with a fixed interest rate, over a period of time. The benefit of taking out a personal loan over using a credit card is that the limit is usually higher, and the interest rate is typically lower. Some of the common reasons people take out a personal loan include:
- Pet expenses
- Medical expenses
- Consolidating high-interest credit cards
- Costly home appliances and gadgets
- Home or car repairs
If you are living in Texas and need a personal loan, Western Shamrock has over 50 years of experience in the financial industry, and we are here to help. Reach out to our knowledgeable team with any questions, and we will be happy to help meet your financial needs. If you are ready to get your application process started, fill out our convenient application today.