We are picking up today where we left off on our last publication regarding signature loans throughout the United States. Today’s signature loans listed here were approved by subprime lenders who provide personal loans to people who have poor credit ratings and live in San Antonio, Texas. We have two different loans to journal here today, and we are going to try and keep things as succinct and organized as possible this time.
In the past we have discussed San Antonio lenders, and some of the borrowers in the general area who were applying for some form of personal credit, but were unfortunately just not able to pull through with some kind of approval. We will list off some of the banks in the City of San Antonio where our applicants applied for their cash loans.
Both of these signature loans were clearly unsecured notes, and they were not approved by what most people regard as conventional lenders. A payday loan company or a cash advance company charges almost exactly the same amount in fees as these lenders do, due to the ongoing fact that so many people in the San Antonio area (and frankly, all throughout the state of Texas and across the entire nation) currently have bad credit ratings and are not eligible to qualify for any kind of unsecured note procured from conventional banks in the State. Unfortunately, this is a growing and emerging pattern in the small consumer lending market here in Texas.
Historically, signature loans (or unsecured notes of credit) are approved quickly by lenders who profit greatly from the high interest rates that they charge their customers. These San Antonio-based lenders charge extremely high interest rates in the form of fees, just like any PDL company charges. Any kind of USL will carry high interest rates and fees due to the fact that these lenders are constantly faced with the reality that they have a very high rate of charge-offs. If you don’t understand what a charge off is, it is when a borrower is, not only late on their payments to the lender, but they don’t pay back the lender at all. Then the lender has to “charge off” the note, and try to recoup their money by using some form of contract with a collection agency. Usually, these collection agencies use aggressive methods to try and recoup the money from the delinquent borrowers, and they purchase all of the outstanding charged off notes from the signature loan provider.
To illustrate how expensive these loans are, simply look at the two tables below for our San Antonio borrowers and lenders finalized loan agreements. Look at column #2/row #5 to see the actual effective fee per $100 placed on the signature loan for each customer. We use the definitive number (right to the last cent) to show the true cost of borrowing, including office administration costs, etc.
Also, take special notice of column #2/row #6 to see the true an effective APR charged on each loan. The dead giveaway when comparing your basic everyday signature loan with a payday loan advance, can be seen in columns #2/row #9 – this is where we show the range of weeks that these San Antonio lenders offer. There is no chance of an installment loan that stretches over a one month, two month, three month period, or more. These are not low interest products, and I hope we have made this perfectly clear so that you can avoid using this kind of high yield loan product.
These signature loans should only be used in dire situations or emergency situations, and never when you just want to have some fun, go on a trip, go to the casino, buy a new toy, flat screen, vehicle accessory, or a wild weekend. You only get these loans when you have absolutely no other options for credit, and it’s a matter of health, safety, and personal income, such as the requirement to have transportation to get to work and back.
We have chosen borrowers who have low FICO scores ranging between 550 and 590. We have done this to show that this is the average FICO score range of all the borrowers we see applying for these kinds of signature loans all throughout the state of Texas. We will now move on to discuss our first approved loan in North San Antonio. The last loan of interest was approved by a subprime lender, to a bad credit applicant living and working on the South side of San Antonio.
$700 Signature Loan in San Antonio – Cost and Applicant Purpose
As promised, we are starting in northern San Antonio where a borrower who lives in the Alamo Heights and Edison area. He needed to get a fast personal loan of $700 approved overnight, because his laptop was stolen from his vehicle when he was shopping at Costco up in the Regency Meadow/Oakland Heights area of San Antonio, which is near Interstate Highway 10 on Utsa Boulevard. He was there picking up some reading glasses, when his car was broken into and his laptop was gone when he came back.
He does have insurance for replacement of his laptop, but he needs a replacement immediately so he can continue with his rigorous college education. He is taking engineering at the University of Texas at San Antonio. Unfortunately, this young applicant has a severely damaged credit rating and was unable to access any form of credit such as a credit card or bank overdraft. He has absolutely no department store type credit cards either (which is always a good thing in your humble narrator’s opinion). He couldn’t get approved with any of his current bank branches that he was doing business with at the time, and his pride would not allow him to consider asking for loan from his family.
The applicant here was only 21 years old at the time of this loan application, and he had very little work experience under his belt to use as some sort of security or leverage with a bad credit lender in the city. There are some lenders who will provide loans to people who have bad credit scores living and working in San Antonio (and surrounding areas) but the key word here is “working”.
This young applicant works part-time in the evenings as a salesperson at Best Buy in northern San Antonio on La Cantera Parkway. He doesn’t make much money per month, but he satisfied this USL lender (in regards to the risk quotient) with his proof of employment, pay stubs from the last two months of work, and his print off(s) from his bank statements. Now let’s get into the banking establishments and branches that this applicant was declined credit at.
This applicant has one savings account and one checking account at the Wells Fargo branch on Northeast loop (Interstate 10) right beside the San Antonio International Airport. He was declined there for any kind of extra credit. After being disqualified at Wells Fargo, he tried his other bank branch which is the Frost Bank on Blanco road, which is up near West Avenue, and Parliament Street, near Winston Churchill High School. He was declined a low-limit credit card, as well as a personal loan of any sort. After trying and failing at his two banks, he thought that perhaps he might have better luck with a new bank that he has never done business with, or has any accounts with. He mistakenly assumed that his bad credit rating wouldn’t be in question if he went to a different bank. Of course, anybody with any kind of experience with money and personal banking, would fully understand that requests for credit follow you wherever you go to apply.
He tried to get approved with Citibank on Northwest loop, at the Sterling Bank (same road) and the Bank of America which is just down the street. All of these three banks declined him for credit. He realized that the only way he was going to get approved for a $1000 loan (this was the amount of money he was trying to borrow initially), or a $700 loan (which he was finalized for in this case), was if it was a signature only type loan, or a 100% unsecured loan of some sort.
This applicant found our website and used our form to make a pre-application on our system, and there was proximately half a dozen different subprime lenders who approve borrowers reviewing the request for cash. Two of these lenders approached the applicant, and offered their terms. The borrower chose to go with the lender based in Houston and in the table you can see the finalized fee structure on the $700, and the effective APR of 465% (approximately). The total cost of borrowing in this case was $250.32, and the loan term length came to four weeks.
This signature loan provider was repaid in the total amount as per their mutual lending agreement, with no overtures, late payment fees, or delinquency involved. Once the borrower was reimbursed by his insurance company, he paid back the lender with five days to spare.
$700 Signature Loan in San Antonio – Lender Service Area (North)
$700 Signature Loan in San Antonio – Interest, Principal, Term Length
Table of Data for $700 Signature Loan in San Antonio (pre and post app)
|Loan Data||Loan Values|
|Principal Sig. Loan Amounts (lenders average) #1||$100, $200, $300, $400, $500, $600, $700, $800|
|Principal Sig. Loan Amounts (lenders average) #2||$900, $1000, $1100, $1200, $1300, $1400, $1500|
|Principal of Signature Loan||$700|
|Loan Product Nomenclature||Unsecured Signature Loan (USL)|
|Loan Fee Per $100 (exact)||$35.76|
|Finalized Signing (Effective APR on Loan)||464.88%|
|Total Interest Charged by Lender||$250.32|
|Total Monies Paid To Lender||$950.32|
|Lender’s Loan Term Lengths||1 week, 2 weeks, 3 weeks, 4 weeks|
|Finalized Loan Term Length in Weeks||4 weeks|
|Borrower’s Area of Residence||North San Antonio, Olmos Park, Terrell Hills, Windcrest|
|Other Areas of Lender Service||Castle Hills, Leon Valley, Hollywood Park, Live Oak|
|Main City Center of Application||San Antonio|
|Lender Classification||Signature Loan Provider|
|Credit Score (FICO Number)||575|
$1500 Signature Loan in San Antonio, Texas (The Borrower Request)
The second borrower who lives in the southern half of the city. He lives in an area known as Avenida Guadalupe, which is just across Interstate Highway 35 from downtown San Antonio. She is also a fairly young person who has a bad credit score. She may have cleaned up her credit score recently since the time of this loan approval (we hope so anyway) so she may not be suffering with a poor credit score any longer. She may have learned her lesson, and learned how to spend less money, and make more money each month.
She needed to get a $1500 loan on an unsecured basis. She chose the ever-expensive signature loan product as well, and ended up paying an FP100 of $27.54. This ended up making the effectual APR 477% (rounded down), with a total pay back to the signature loan provider of $1913.10. This was a three week term that eventually, and unfortunately, included a late payment fee that we have added to the table below. There are State laws in Texas regarding how much money a signature loan provider can charge for late payments, and of course this lender chose to charge the maximum amount allowed by Texas law.
The length of term of this loan was three weeks, and in actuality, the loan was paid back over four weeks. This borrower should have opted for the one month term in the first place.
This signature loan provider services all of San Antonio, including all areas, and neighborhoods. The last unsecured loans that this lender provided were to applicants and borrowers in the Jefferson Heights, Lackland AFB, China Grove, Hot Wells, Harris, and Somerset areas of San Antonio. This is why we chose this lender for our data in this installment.
You can also see that the most common loan amounts this lender has approved range in $100 increments starting at approximately $1500, and up to $3000. They have been providing signature loans to people who need unsecured credit all throughout the State of Texas, including the cities of Dallas, Houston, San Antonio, Galveston, Corpus Christi, Waco, Fort Worth, Lubbock, and the city of Amarillo (Northern Texas). They have been lending money to applicants in Texas for over 15 years now, and they are a 100% legal lending institution. We don’t provide the names of our lenders, as they have all chosen to use our database to view different leads, and they will approach bad credit customers by their choice, and choose not to be inundated with applications and loan requests from the masses.
Now this borrower is a private stationed at the military base of Lackland AFB which, is in the Southwest area of San Antonio, if you have never been to the city before. He has been on active duty in the military (United States Air Force) for seven years now, and did two tours of duty in Iraq and Afghanistan. Because he is a military man, this signature loan provider had to abide by the laws of the federal government in regards to providing loan products to military personnel.
Technically, you could call this a “military loan”, but this lender chooses not to label their products in this manner. They provide loans to people who have bad credit ratings from all walks of life, all social economical backgrounds, marital statuses, and employment statuses. The only thing that this lender insists on is that the borrower has a steady monthly income, and can prove they are gainfully employed with the use of their previous two months bank statements, and employment pay-stubs. In this case, the borrower only needed to provide his last two months pay stubs from the US Air Force.
Before this applicant finally went online to look for a fast signature loan, he tried to get approved with his bank branch, and with a couple of other banks as well. We would like to touch on a few of these failed applications before we sign off today.
He tried to get some credit extended to the tune of $1500 at his bank branch which is the SACU (San Antonio Credit Union) on General Hudnell Drive just North of the Lackland AFB. He also tried to get approved at the Southside Credit Union over on Nogalitos, and at the Bank of America. None of these establishments would approve him for a loan.
$1500 Signature Loan in San Antonio – Lender Service Area (South)
$1500 Signature Loan in San Antonio – Interest, Principal, Term Length
Table of Data for $1500 Signature Loan in San Antonio (pre and post app)
|Loan Data||Loan Values|
|Principal Sig. Loan Amounts (lenders average) #1||$1600, $1700, $1800, $1900, $2000, $2100, $2200|
|Principal Sig. Loan Amounts (lenders average) #2||$2300, $2400, $2500, $2600, $2700, $2800, $2900|
|Loan Principal Finalized||$1500|
|Loan Product Nomenclature||Unsecured Signature Loan (USL)|
|Loan Fee Per $100 (exact)||$27.54|
|Finalized Signing (Effective APR on Loan)||477.36%|
|Total Interest Charged By Lender||$413.1|
|Total Monies Paid To Lender||$1913.1|
|Lender’s Loan Term Lengths||1 week, 2 weeks, 3 weeks, 4 weeks|
|Finalized Loan Term Length in Weeks||3 weeks|
|Borrower’s Area of Residence||South San Antonio, Jefferson Heights, Lackland AFB|
|Other Areas of Lender Service||Somerset, Macdona, Lytle, China Grove, Harris, Hot Wells|
|City Center of Application||San Antonio|
|Lender’s Classification||Signature Loan Provider|
|Credit Score (FICO Number)||582|
Both of the signature loans were paid back to the perspective lenders and the borrowers managed to dig themselves out of their steep debt over the next 6 months – to a year. Whenever you are entertaining the prospect of a high-interest loan, you must also take a serious look at your present financial situation – in other words, learn to spend less money, and find methods of making more money each month and year.