Installment Loans in
Texas

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 Online Installment Loans in Texas

When you need a loan in Texas, MoneyKey may be able to arrange an Installment Loan for you. MoneyKey arranges Installment Loans in Texas as a Credit Access Business (CAB). As a CAB, we’ll set up a loan between you and an unaffiliated third-party lender who provides the funding.

Applying for an Installment Loan in Texas is fast and secure. If you’re approved, funds are typically deposited into your bank account the next business day*.

We make you our priority and treat you with respect throughout the loan borrowing and repayment process. We have a fully-staffed, friendly Customer Care team working 7 days a week to help you with any loan-related questions you may have.

Summary

Loan Amount: $150 to $1,000

Loan Type: Installment Loan

Loan Term: ~6 months

Funding: 1 business day*

Pre-Payment Available: Yes

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Loan Details

Loan Amount

The amount you can borrow for an Installment Loan in Texas ranges between $150 and $1,000. After your application is reviewed, we’ll let you know if you’re approved and how much you may qualify for.

Cost of Loan

For a Texas Installment Loan, you will be responsible for paying back:

  • The principal, which consists of the amount financed and the CAB fee. If you receive your income weekly, bi-weekly or semi-monthly, your CAB fee will be the sum of $28 for every $100 of the amount financed that is outstanding at the beginning of each payment period in your payment schedule. If you receive your income monthly, your CAB fee will be the sum of $34 for every $100 of the amount financed that is outstanding at the beginning of each payment period in your payment schedule and;
  • Interest of 10% per year on the principal, charged by the third-party lender.

As the CAB fee is earned immediately and paid to MoneyKey by the third-party lender on your behalf, the principal of your Texas Installment Loan includes the CAB fee.

The annual percentage rate (APR), repayment amount and payment schedule will vary depending on the specific details of your loan, which are available in your loan agreement.

This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly.

Term of Loan

The Texas Installment Loan term is approximately 6 months. If you receive your income bi-weekly, semi-monthly or weekly, your loan will be payable in 11 installments. If you receive your income monthly, your loan will be payable in 5 installments.

Here are some examples:

Bi-Weekly Example


In this example, the APR is 740.67% for a $500 loan with an effective date of 09/28/2017, payable in 11 bi-weekly installments.



Annual Percentage Rate


The cost of your credit as a yearly rate


740.67%





Finance Charge


The dollar amount the credit will cost you


$1,187.66




Amount Financed


The amount of credit provided to you on your behalf


$500.00




CAB Fee


The dollar amount of the CAB fee


$1,149.41




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$1,687.66





 Payment Schedule







 Payment DatePayment Amount 
 10/13/2017$156.67
 10/27/2017$156.65
 11/10/2017$154.70
 11/24/2017$154.83
 12/08/2017$153.92
 12/22/2017$153.35
 01/05/2018$152.78
 01/19/2018$152.20
 02/02/2018$151.63
 02/16/2018$151.05
 03/02/2018$150.88





Monthly Example


In this example, the APR is 393.26% for a $500 Ioan with an effective date of 09/27/2017, payable in 5 monthly installments.




Annual Percentage Rate


The cost of your credit as a yearly rate


393.26%





Finance Charge


The dollar amount the credit will cost you


$634.74




Amount Financed


The amount of credit provided to you on your behalf


$500.00




CAB Fee


The dollar amount of the CAB fee


$606.03




Total of Payments


The amount you will have paid after you have made all payments as scheduled


$1,134.74





 Payment Schedule







 Payment DatePayment Amount 
 11/01/2017$231.76
 12/01/2017$228.43
 12/29/2017$226.26
 02/01/2018$225.29
 03/01/2018$223.00





Texas Disclosures

Consumer Disclosure Forms

The following links contain disclosures as required by the Office of the Consumer Credit Commissioner (OCCC) for all residents applying for an Installment Loan. These disclosures outline all of the estimated costs associated with Installment Loans of the following amounts:

Fee Schedule – Common Loan Amounts

Click here to view examples of the most common loans transacted by MoneyKey (opens in PDF).

Consumer Credit Notice

This business is licensed and examined under Texas law by the Office of Consumer Credit Commissioner (OCCC), a state agency. If a complaint or question cannot be resolved by contacting the business, consumers can contact the OCCC to file a complaint or ask a general credit-related question. OCCC address: 2601 N. Lamar Blvd., Austin, Texas 78705. Phone: (800) 538-1579. Fax: (512) 936-7610. Website: occc.texas.gov. Email: consumer.complaints@occc.texas.gov.

An advance of money obtained through a payday loan or auto title loan is not intended to meet long-term financial needs. A payday loan or auto title loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.

State Licenses

MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB) by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization by the State of Texas.

Click below to view the Texas licenses. 

Online Installment Loans in Texas: Frequently Asked Questions

  • How do I qualify for a loan?

    To qualify for an Installment Loan in Texas, you must:

    • Be at least 18 years old
    • Be a US citizen or a permanent resident
    • Be a resident of Texas
    • Have an active bank account
    • Have a regular source of income
    • Have a valid contact number and an active email address

    Please note that we currently do not offer credit products with rates that allow us to lend to covered members of the US armed forces and their dependents.

  • Is this a payday loan?

    No, this is not a payday loan. A payday loan is a short-term loan where you are typically required to pay back the loan in full on your next payday. This is an installment loan, which is different because unlike a payday loan, no lump-sum payment is required. With an installment loan, you pay back the loan in installments over time until it is paid off.

  • Can I get same day funding?

    If you are approved, you’ll typically get your funds the next business day*.

  • Can I pay my loan off early?

    Absolutely. Paying off your loan early may reduce the total amount that you’ll pay to the unaffiliated third-party lender and there’s no penalty to do so. If you’d like to make an early payment, or a larger payment to pay down more of your principal, please call us at 1-866-255-1668 or email customercare@moneykey.com.

  • I don’t live in Texas, can I still apply for an online installment loan?

    You have to live in Texas to be eligible for an online Installment Loan in Texas. Whether you live in a busy city or small town in the Lone Star State, applying for online Installment Loans in Texas is easy and secure.

    If you live in another state, please check our rates page to see if other online loans such as Installment Loans, Payday Loans or Lines of Credit are available in the state that you currently live in.

Have more questions? Please refer to our general FAQ page or contact our Customer Care team at 1-866-255-1668.

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