Unsecured Loans
for Temple, Rockdale, Waco, TX & the Surrounding Areas

An unsecured loan is a loan that does not require collateral. They are also known as signature loans because generally a signature will be all that is required of you. Because an unsecured loan is more risky than other types of loan, your lender might have higher requirements or charge more in interest. It is therefore harder to get approved for an unsecured loan. However, acquiring this type of loan can be incredibly convenient when you need it. An unsecured loan can provide fast access to needed funds without requiring collateral or risking the loss of assets, allowing you to easily consolidate debt. If you have strong credit, your interest rate might even be more competitive.

If you are looking into seeking an unsecured loan, there are several things to consider. You might have a shorter period of time in which to pay back the loan, or receive a higher interest rate. Your own individual circumstances will affect the particulars of your unsecured loan.

At Family Loans of Temple, we offer dependable personal loans at a fixed rate. We are committed to helping you take charge of your debt and continue on your path to financial freedom.

You want to be cautious when you start applying for credit, especially unsecured credit. This includes credit cards and personal loans. Ask your questions BEFORE you fill out the application. Each place you apply for credit will access your credit report. These show up on your credit report as INQUIRIES. If you have several inquiries in a short amount of time, every place you apply for credit sees them.  Having no way of knowing whether or not you opened the accounts, they can assume that you did, bringing an additional payment you’ll have to make each month. This is not the case when you shop for a vehicle. If you shop at 10 different places, there will be 10 different inquiries on your report, but these are considered to be one inquiry. Always read the fine print. Are any extra fees or charges mentioned? 

Interest Rates

Most personal loans have the advantage of fixed interest rates. Some loans can change your interest rate depending on an underlying index rate. Your payment history will be taken into consideration also. With personal loans, once the loan agreement is signed, the interest rate and terms do not change for the duration of the loan. This makes it much easier to stick to a monthly budget. Most loans allow early pay-off, which can greatly reduce the amount of interest. 

Due Dates

Most personal loan providers will report your payments to credit bureaus. Don’t be misled by the “10-day grace period.” If your due date is the 17^th of the month, it’s late if you pay it on the 18^th. The creditor has to wait 10 days before a late charge can be added. When you sign the contract, if the due date isn’t going to work for you, ask if it can be changed by a few days so it falls closer to your payday. The worst they can do is say no. 

Will You Need References?

You will probably be asked for credit references. These would include any place (loan companies, car dealers, furniture stores, credit cards, jewelry stores, etc.) where you have made monthly payments, paid off or still open. Any new accounts can’t really be used as credit references until you have made payments on them long enough to establish a credit history, usually 4 to 6 months. It’s a good idea to get a copy of your credit report before you start applying for credit so you know what is on it. Mistakes are common, make sure everything is correct. You can get a free credit report from all 3 bureaus at annualcreditreport.com. If there are mistakes, such as incorrect information about your credit, wrong phone number or address, you can take steps right there at that website to clear it up. The credit bureau will help you dispute anything that isn’t correct, and they do it for you for FREE. 

Things to Know

It is illegal for a loan company to request any money “up front” when you apply for credit. The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against any applicant on the basis of race, color, religion, national origin, sex, marital status, because all or part of the applicant’s income is derived from any public assistance program; or because the applicant has exercised any right under the Consumer Credit Protection Act, such as Consumer Credit Counseling. The federal agency that administers compliance with this law is the Federal Trade Commission, Equal Credit Opportunity, Washington, D.C. 20580.  

Typically, personal loans can be used for any reason you choose, though there are some restrictions. Most people use an unsecured loan for upcoming expenses, such as home improvements or repairs, medical costs, unexpected expenses, or even tuition. Unsecured loans come with less demanding qualification and application requirements than secured loans; they can also be acquired more quickly, allowing you to attend to emergency situations more quickly.

Keep in mind that unsecured loans do pose a greater risk to lenders, so they often come with higher rates and less favorable terms compared to secured loans in order to compensate for the added risk.

There are several different kinds of unsecured loan. Common types that you might have heard of include:

• Unsecured Personal Loans
• Personal Lines of Credit
• Unsecured Credit Card
• Student Loans

An unsecured loan is a great option for people who have good credit and don't want to offer up collateral. The application process is simple and straightforward, making it easier than ever to get the funds you need quickly. Our team will be happy to review your options with you. Simply reach out today!

At Family Loans of Temple, we would be happy to lend $100 to $1,600 at a FIXED rate with monthly payments set from 1 to 24 months. We offer unsecured loans which means we will not require forms of collateral, titles, or consigners. If you need assistance with paying off accounts, we welcome you to apply by phone or visit our Temple, TX office today! We're proud to offer our short-term loans to those throughout Georgetown, Belton, Killeen, Rockdale, Troy, Cameron, Harker Heights, Gatesville, and Waco, TX.