Installment online loans in Texas

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Key takeaways

Many Texas loans come with same-day funding, but interest rates and fees can vary.
Payday loans are easy to qualify for but often need to be paid within two weeks and come with higher costs.
Installment loans offer more flexible payment options, making them a better choice for larger expenses.

Do you need a little extra cash to cover an emergency expense but don’t have time to visit a bank and wait days for a decision? That’s where online loans come in. Many financial institutions have moved online, making it easier than ever to borrow money. You can find online installment loans, payday loans, or advances – anything you need from the comfort of your home. Many online installment loans in Texas don’t even require a credit check.

If you’re interested, read on to learn more about personal loans you can find in Texas and how to get fast cash.

Same-day loans with instant funding

If you need immediate financial help, loans with same-day funding can be a fast and convenient option. Many financial institutions in Texas offer instant approval, so you can receive your funds within hours of applying. Some don’t even require a credit check. Auto title loans, payday advances, and installment loans are all options for instant cash. To find one of these products, look into a credit access business near you.

Auto title loans

An auto title loan uses your vehicle’s title as collateral in exchange for cash. The lender gives a lump sum of 25% to 50% of your vehicle’s value. To qualify, you must own your vehicle outright. You repay the money – plus interest typically equivalent to a 300% APR (annual percentage rate) – within 30 days. If you fail to do so, the lender can repossess your vehicle.

Payday loans in the Lone Star State

Payday loans or advances are for small amounts—$800 on average. You can typically find instant approval and fast funding with no credit check. Instead, you must provide a paystub and have an active bank account to qualify. The application process is straightforward, and the money is sent either to your bank or debit card.

Online payday loans in Texas come in two forms: single or traditional (due within two weeks or one month) and installment loans (due within four to six months).

The catch is that they come with high fees. UStatesloans.org found that the APR can exceed 400%, the minimum term is only seven days, and there are no restrictions on rollovers. The short repayment term of seven to 180 days, coupled with the high APR, makes advances difficult to pay back on time. Many borrowers end up rolling them over, leading to a cycle of debt.

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Bad credit installment loans in Texas

An installment loan is when payments are made over a few months to a few years. The regular monthly payments make it easier to budget. Many institutions offer online installment loans in Texas. You can access up to $50,000, depending on the institution and your qualifications.

It is possible to secure online installment loans, even if your credit isn’t perfect. Many lenders will consider your income, education level, employment history, and debt-to-income ratio, putting less emphasis on your credit score.

You can also visit a payday lender and be approved the same day. They will require you to repay the funds over four to six months. While easier on your budget, they are still an expensive form of borrowing. Pew Charitable Trusts found that a $500 payday advance paid over four-monthly installments comes with $645 finance charges, equal to a 527% APR. That means that the full repayment amount is $1,145.

No matter which type of borrowing you choose, compare offers from multiple financial institutions and read the fine print. Instant approval is appealing, but it can be costly.

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Texas online installment loan details

Texas installment loans provide a flexible alternative to short-term cash loans. They allow borrowers to repay the money over an extended period in a fixed schedule of monthly payments. The term ranges from a few months to a few years.

Interest rates vary depending on the lender and your credit score. The APR typically ranges from 6% to 35.99%. Rates can go higher, especially if you have a score below 670. In addition to interest, you’ll likely pay fees. Before you sign an agreement, always read through the terms and conditions carefully to fully understand the costs.

Installment loan amounts range from $100 to $50,000. The exact amount you’re approved for will depend on your qualifications and the lender’s criteria. Borrowers with better credit scores and higher income usually qualify for higher amounts, while those in a lower income bracket will likely be offered smaller sums.

Most lenders provide same-day funding. If they cannot send the money to your bank account or debit card on the same day, you can expect it in one to three business days.

How to secure online loans in Texas

The application process for an installment loan online is straightforward.

Find out your credit score
Research lenders
Prequalify before you apply
Compare interest rates, fees, and terms
Select the best lender and fill out an online application
Receive your funds

Before you start the application process, you need to know your credit score. This will let you narrow your personal loan search down to lenders whose credit score requirements you meet.

Next, take the time to research potential lenders. Make sure they are licensed as a credit access business in Texas by the Office of Consumer Credit Commissioner and registered as a Credit Services Organization by the State of Texas. Look at reviews on the Better Business Bureau and Consumer Affairs to see past consumer experiences and how they’ve handled complaints.

Once you’ve found reputable financial institutions, prequalify before you apply. This extra step lets you see if you meet their basic criteria without impacting your credit score. Plus, you can compare offers to find the best one for you. Prequalifying does not guarantee you’ll be approved when you formally apply, but it does give you an idea of your chances.

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Submit your online loan application. Most applications require the following:

Full name
Social security number (SSN)
Address
Income
Employment history
Documentation including a government-issued photo ID, pay stub, W-2, or tax return.

Once you submit your application, it goes through an underwriting process. The process determines if you’re eligible, and if so, will dictate your terms and amount. Once approved, you’ll get the funds in your checking account. Some lenders can send the money to a debit card, especially if you’re a repeat borrower. Many offer same-day funding, while others may take one to three business days.

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Repaying your online loan

Now that you’ve secured credit, it’s essential to pay the funds back as agreed. Most online installment loans come with fixed monthly payments. You can put payment reminders in your calendar or even set up autopay to never miss a due date. If you miss a payment, the lender may report to the credit bureaus (Equifax, Experian, and TransUnion) resulting in a negative mark on your credit report and a lower score.

Short-term payday advances are typically repaid in full on your next payday. This can be challenging if you’re not prepared. You may be able to get an extension or rollover, but these usually come with additional fees and interest. To avoid falling into a cycle of debt, it’s best to pay back the money as quickly as possible and stick to the original payment plan.

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Frequently asked questions

1. Can I pay my creditor back early?

You can typically pay your creditor before the due date. Some will charge a prepayment penalty, but not all. Review the terms of your agreement before deciding to pay off your balance ahead of schedule.

2. What is the easiest way to borrow money?

Payday advances are very easy to get. They typically have minimal requirements and no credit check, making them accessible even to those with poor credit. Fill out an online application and you can receive instant funding in one business day.

3. Is it possible to get a payday advance without a credit check?

Yes, almost all payday advances do not require a credit check. Instead, you must provide a paystub to be approved.

4. How much can I borrow with personal loans online in Texas?

Common loan amounts range from as little as $100 to as much as $50,000, depending on your financial needs, the lender, and your creditworthiness. Borrowers with strong credit are likelier to qualify for larger amounts and better interest rates.

5. What are the rules for payday advances in Texas?

Texas law has few regulations for payday advances since lenders are considered a credit access business. There is no maximum financing fee, no maximum amount, and no restrictions on rolling them over or taking out multiple cash advances simultaneously. While the state has few regulations, over 45 Texas cities have passed stricter laws since 2011. These regulations include the following: amounts (including fees) cannot exceed 20% of the borrower’s gross monthly income and borrowers can only roll over a payday loan three times.

Bottom line

Texas residents have a wide range of options. Whether you’re looking for a short-term cash advance for a small amount or a larger sum with a longer repayment term, you’ll be able to find what you need.

No matter what you choose to do, it’s very important to understand the terms and fees. Payday advances can be an easy way to secure cash, but they can be expensive, especially if you can’t afford the payments. They are not designed to meet long-term financial needs. Always weigh your options and compare offers to find the most affordable one. By taking the time to research and choose wisely, you can find the best credit products in Texas for you.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

7. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

8. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

9. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

13. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

14. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

15. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

32. Tipping or not tipping has no impact on your eligibility for SpotMe®.

33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

Online loans in Texas

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