Bad Credit Signature Loan in Killeen Texas
We have seen a definite uptick in loans being applied in the Killeen Texas area for amounts of $100 all the way up to $10,000, and sometimes even in the $100,000 range, keeping in mind that these are loans that are signature loans which are personal, unsecured and not for mortgage purposes.
This loan came from a Killeen Texas resident who wanted to borrow $5000 in unsecured cash, and they wanted to make the payments in monthly installments for under $200 per month. They had done the math on what they could afford to pay each month in the way of disposable income, and he wanted to make sure that their pocketbook wouldn’t be too overly stressed.
The surrounding areas of Killeen are towns and cities such as Temple, Waco, Georgetown, Austin, Hillsborough, and round rock Texas. The particular lender in this case has lend money to bad credit borrowers in all of these areas. In the past five years this lender has provided over $2 million worth of personal bad credit loans to people throughout the state of Texas. This is actually a very small amount of money if you compare it to what conventional lenders and banks lend out throughout the state over a year. This
In the table we presented this personal loan was approved for a total of $5000 in principal. The total interest on this loan ended up being just under $980, over a three-year term of monthly installments. The monthly payment was $163.70, with a closing payment of $245.42.
$5000 Bad Credit Signature Loan in Killeen Texas – Cost and Purpose
This borrower has a very low fico score at 588, and they were beside themselves with concern about getting approved for a signature style personal loan, meaning that they didn’t have any collateral in which to use, which is why there interest rate was fairly high at just under 13%. A 13% APR is definitely not uncommon when you consider how expensive some signature loans can get when the borrowers credit rating is severely damaged, and the conventional banks will not even consider the application for longer than 30 seconds.
This borrower lives in Killeen Texas, but actually works at Fort Hood, because she is a private in the military and has been in the military for over five years now (well, at the time of this application anyway). We find that their are numerous loans applied for by military personnel who work at the Fort Hood base, which is just West of Killeen. You would have to say that military personnel make up about 50% of the online loans being applied for and approved the from this area. Army personnel have to be treated differently when borrowers are serving them because there are federal laws in place that do affect the lenders in the state of Texas. You can charge too much in APR when you are giving loans to people who are serving in the military, and this affects the amount you can charge in effective APR, and in the fees and penalty fees structured into the small personal loans.
$5000 Signature Loan in Killeen, TX – Lender Service Area
Interest, Principal, Term Length for Killeen Loan
Table of Data for $5000 Signature Loan in Killeen (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||$5000|
|Loan Product Nomenclature||Unsecured Signature Loan (USL)|
|Loan Fee Per $100 (exact)||n/a – installment based|
|Finalized Signing (Effective APR on Loan)||12.65%|
|Total Interest Charged by Lender||$974.92|
|Total Monies Paid To Lender||$5974.92|
|Lender’s Loan Term Lengths||3 years|
|Monthly Installment Payments||$163.70|
|Borrower’s Area of Residence||Killeen|
|Other Areas of Lender Service||Temple, Waco, Georgetown, Round Rock, Austin, Hillsboro|
|Main City Center of Application||Killeen|
|Lender Classification||Unsecured Signature Loan Lender|
|Credit Score (FICO Number)||588|
Killeen Borrower’s Loan Experience
This applicant wanted to borrow $5000 so that they could have a low interest month the payment and pay down multiple payday loans that they had accumulated in the last eight months. Unfortunately they used payday loan lenders to finance some of their personal activities, and used PDL companies to try and solve some of their monthly and daily shortfalls. This quickly ballooned out of control, and it is still questionable whether these payday loan lenders were even allowed to give multiple loans to this member of the United States Army.
There are obviously civilian lenders and borrowers doing business in Killeen, and we will be documenting some of their business and transactions in the future. The average amount of money borrowed by civilian customers in the city of Killeen is between $500, and $3000. This is just an average that we have taken from our database. The average interest rate charged by the lenders who service this area is between 8% and 15%, as long as they are not considered to be predatory lenders or payday/cash advance companies. There are no real limits in the state which keep these lenders under control, so it really comes down to the due diligence of each borrower to make sure that they are not getting direct off with any massively high interest rates, compounding over and over and over.