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We have about three signature loans applied for from applicants who have adverse credit ratings, coming in from Dallas Texas every day. Not all applicants get approved for funding though, and our statistics show us that about 30% of the people who apply for signature loans in the Dallas area actually get approved and funded.

The reason being, is that so many of the borrowers who have adverse credit have FICO scores that are extremely low. Most lenders have to see that the applicants have some way to pay off the loan, and can prove that they are worth the risk. High risk loans are always difficult to get approved for, and they generally carry with them high rates of return on interest for the lenders.

As some readers may already know, there is no limit to what lenders can charge in APR in the state of Texas, because the Texas laws are very slack compared to other states in the US. Today we are going to look at two specific loans that were approved for funding, and they were approved fairly quickly. The first loan in northern Dallas has an applicant with the FICO score of 563, and the second loan the borrower had a fico score of 543. Both of these are so low that the banks these borrowers have their accounts with wouldn’t approve them for credit. Nevertheless, they were approved by private lenders through our database system.

Take special note of the FP100 numbers in both of these loan applications. These Dallas-based lenders charged really high rates, with the first loan being charged $37.21 for every $100 borrowed, and the second signature loan was approved with an even higher rate at $55.75 per $100 borrowed.

Whenever you apply for a signature loan anywhere in the state of Texas, you better be aware of the fact that you could be spending a lot of money in interest by the time you pay back the lender in full. Your humble narrator suggests that you don’t even bother with signature loan providers unless you have a good chunk of money coming your way before the end of the term is up. The reason we say this is because a late payment fee will result in the loan costing you even more, and you can see by these tables below that these loans are already crazy expensive.

The only way we can endorse a signature loan (unsecured loan) is if you already know for sure that you will be receiving some kind of bonus income, perhaps coming from a legal settlement, inheritance, cash out of stocks, or perhaps the sale of an item, such as a car or truck.

We see applicants applying for RV loans and boat loans on a regular basis who are trying to get a signature-based approval when they don’t have any collateral or even a trade-in. We even see some people trying to pay off their student loans by applying for signature loans in the state of Texas. Not so much in Dallas mind you, but we see this all over the state in cities such as Lubbock, Arlington, Fort Worth, Houston, Corpus Christi, San Antonio, and Galveston – just to mention some of the busiest cities.

$1100 Signature Loan in Dallas, Texas – Cost and Purpose

Our first borrower lives in an area of northern Dallas known as Richardson, and they live in an area called Buckingham, just North of Lyndon B. Johnson Freeway. She works for the city and has been working there as an assistant manager for over a decade.

She wanted to get an $1100 cash loan approved overnight, but was finalized for approval in 48 hours. She paid a fee of over $37 for every $100 borrowed on the $1100 principal, and she paid back the entire loan within two weeks. She wanted to get a term of one month, but the lender would only allow 14 days. This lender recently approved loans in other areas, such as Garland, McKinney, Bedford, Louisville, Frisco, and Denton (all in Texas of course). This signature loan provider is a high risk lender that approves loans at a rapid pace to borrowers that live primarily in the Dallas area, the Houston area, and the San Antonio area.

You can see the increment range for this lender starting at $100, and ranging up to $1500 maximum. They provide high risk loans for small amounts of money and for very short terms. In fact, almost all of the loans that they have approved in the past through our database have been two week terms.

This borrower does her banking at the State bank of Texas, on Wes Belt Line Rd., and at the Chase Bank on North Central Expressway. She was unable to get approved for a loan with either one of these banks, and tried to get approved at the American First National Bank on North Greenville Ave. She also tried to get approved at North Dallas bank and trust company and at the Dallas telco federal credit union, but was unable to get approved.

The reason she needed the money was because she had some overdue payday loans that needed to be paid off. She had three different payday loans, with two different cash advance companies, and she was getting harassed on a daily basis from collection agencies. She had one payday loan with the Cash Store on East R.L. Thornton Freeway, and with EZMoney Loan services on Greenville Avenue.

She has been getting phone calls and letters that threatened legal action if she doesn’t immediately pay off these payday loans. It has cost her a great deal of stress, and she has learned her lesson when it comes to taking out payday loans that she can’t afford to pay back on time. We are assuming that she will never use PDL companies again in the future. She realizes now that payday loan companies are nothing more than legal loan sharks, and that doing business with them is a bad choice.

$1100 Signature Loan in Dallas, Texas – Lender Service Area

$1100 Signature Loan in Dallas, Tx – Interest, Principal, Term Length

Table of Data for $1100 Signature Loan in Dallas, Texas (pre and post app)

$2500 Signature Loan in Dallas, Texas

Our second borrower (who also has adverse credit), got a loan for $2500 over a one month period of time. He needed the money to fix his 2003 Ford Taurus, and he also had some credit card debt that needed to be attended to. See the table below – you will notice that the total pay back to the lender was almost $4000, after the interest and fees were paid for $1393.75. This was certainly a loan shark level loan, and there was absolutely no collateral on the note. No security whatsoever on this signature loan, except for the fact that he had a steady job driving a bus for the city of Dallas. He has been a bus driver for over 15 years, and found himself a little bit behind the eight ball in regards to all his financial responsibilities.

He wanted the loan to be approved immediately online, but this is not the way it went down. He applied for the loan online at around 10 PM in the evening, and was approved the next day by the afternoon. In his case, he did have some extra funds coming his way to the tune of $8000. He was getting a three thousand dollar cash influx due to some expensive items he recently sold on eBay. He used to be a full-time musician when he was a kid, and he had some very expensive studio equipment he could sell for a pretty penny.

He tried to get a loan with some banks based in Dallas, and was not able to use his studio equipment for collateral. Most consumer-based banks will not consider musical equipment as a secure form of collateral. Most banks like to see home-equity as collateral, or a new model car, truck, RV, boat, or perhaps an ATV.

Sometimes, banks in Dallas (anywhere actually) will accept a new model motorcycle for collateral, but this all depends on each bank, their policies, the branch, and the loan officer’s involved. When you walk into a loan office asking for extended credit, you should try to have some kind of acceptable collateral on your requested loan, or you will end up paying extremely high interest on the note. That is exactly what happened to this borrower, who had no collateral to provide, and the only realistic security he could provide on the signature loan was proof of his long-standing employment with the city of Dallas.

His bank branch is the Comerica Bank on Main Street, just a few blocks from the North Central Expressway, and he couldn’t get approved there. He had a meeting with a loan officer there and they tried to help him out the best they could, but with his low FICO score that is less than 600, he was unable to get qualified for approval.

He also tried the Regions Bank on Akard street and was declined there as well. He had a friend who suggested getting a loan with the Sterling Bank, so he made an appointment with a loan officer at their MacKinnon Street branch. The meeting looked fairly promising at first, but when the loan officer looked up his credit score in their system he was quickly denied credit.

The private lender that he got approved with for the signature loan approves notes between $1500 ranging up to $3000 and you can see this in the table below. There are some basic stipulations and criteria that have to be met before this lender will approve loans to people who have adverse credit. Mostly, they want to see that your DTI level is fairly low (below .40), and they want to see if you have gainful employment. They need to see that you have been working for the same employer for more than a year, and they want to see bank statements and pay-stubs to prove it.

If you don’t have a cash bonus, or lump some of money coming your way in the near future, we highly suggest you avoid these kinds of loan shark rates from high risk lenders. In the State of Texas you will find scads of high risk lenders that are providing predatory style loans to borrowers who have extremely bad credit, and you have to be on the ball when you are reading their loan agreements.

Always read the loan agreements thoroughly, even if this means that you have to take the loan agreement home to read through. Make sure you take out your reading glasses if you need them so that you can magnify the small print. You will notice that the FP100 value is extremely high, and you will also notice that the penalties for defaulting on repayment are excruciatingly high. You must avoid these kinds of signature loans as much as possible.

$2500 Signature Loan in Dallas, Texas – Lender Service Area

$2500 Signature Loan in Dallas, Tx – Interest, Principal, Term Length

Table of Data for $2500 Signature Loan in Dallas, Texas (pre and post app)

As you can see with the above approved signature loans based in Dallas, that the cost of borrowing with loan sharks, high risk lenders, and adverse credit lenders is cost prohibitive for almost all consumers - and so they should be. We want you to know how expensive this kind of borrowing can be, and we want you to be a savvy applicant so that you can avoid falling into the trap of high interest debt.

Unless you have a large, lump sum, amount of money coming your way in the next couple of weeks, getting a loan approved with one of these lenders is not worth your while. You may just sink yourself further into the great black void of debt further.

You can very well hurt your credit rating even more by applying with multiple banks and lenders, and find yourself in an even worse mess than you were initially. Your best course of action is to find some form of collateral, a cosigner, or perhaps some home-equity to use as security on a conventional bank note. This way you can get a much lower interest rate, and you can get some reasonable payments on a monthly basis set up.

Ideally, you should try to get an installment loan with an interest rate below 10% APR. Then (most importantly) you should change your lifestyle to suit your monthly income. Try to sit down with a piece of paper and pen and write down all of your monthly expenses, and compare them to your monthly income. Once you see (in black-and-white) how much you spend each month, compared to how much you make each month, you can make a strategic plan to avoid going into further debt in the future. If you have to get a debt consolidation loan, then that is a good idea as well. If you don’t take this action you may end up claiming personal bankruptcy.

You must adjust your spending habits so that your proclivity for following further into debt is eradicated completely. I know that this is difficult when you don’t have a lot of money coming in each month, but if you have a reasonable job you can succeed in this quest. We get thousands of different loan applications coming in each month from people who have adverse credit, and it is all too common to see people who have extremely bad credit scores taking on even higher cost loans in an attempt to solve their problem debt. Don’t be one of them.

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