Studies show that we become accustom to everyday stressors in our life including expected financial obligations.  Even when money is tight, if we know how much we have coming out and how much we coming in, we are able to figure out how to meet these obligations and still maintain a satisfactory way of life.  Unfortunately, those same studies show that when an unexpected stressor disrupts this sense of stability, the emotion impact can be detrimental to our personal wellbeing and that of those around us.  A large, or even small, unexpected financial obligation is no exception to this rule especially when not having the funds to resolve it quickly causes further threat to the livelihood of us and those we love and care about.  That is why when choosing the best way to obtain those funds it is important to fully understand the short term and long term expectation of the funding and how further financial difficulties can result in excessive interest payments, loss of collateral and a negative impact to your credit score if the wrong loan type and company is selected.  

There are multiple causes for needing to take a personal loan.  It could be as simple as your hours getting reduced at work or unpaid sick time to an unexpected expense that your saving is not able to cover.  The great thing about a personal installment loan is that no matter what you need it for, it comes with the flexibility of monthly payments spread out over a prolonged period of time.

Why Take Out a Personal Loan?

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Automotive

  • Down Payment

  • Car Payment

  • Inspection/Registration

  • New Tires

  • Unexpected Repairs

  • Scheduled Maintenance

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Home

  • Rent

  • Utility Bill

  • Home Repair

  • Appliance Repair or Replacement

  • Groceries

Medical Consultation

Medical

  • Insurance Deductible

  • Emergency Room/Urgent Care/Doctor Visit

  • Medication Costs

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Education

  • Tuition

  • Books or Supplies

  • Transportation

If your reason for seeking a personal installment loan is not listed here, that’s okay.  Unlike an auto or home installment loan, there is not set reason to apply for a personal loan and we know that every borrowing need is unique to the individual.  We look forward to being able to assist you in whatever your personal need is for requesting an installment loan today.  

Know the Difference 

What is an Installment Loan

If you have ever purchased a home or vehicle, or even smaller ticket items like furniture or an appliance, with the help of a loan then you have had or currently have an installment loan.  Unlike a Payday loan or standard title loan, installment loans are spread out over an extended amount of time with the interest worked into the loan and paid off along with the principle each time the monthly payment is made.  Although the examples provided tend to be in large sums and stretched out for several years, an installment loan can also be obtained in the smaller sums you may need to pay for an unexpected vehicle repair or a bill you are just a little short on.  Personal installment Loans also offer shorter term repayment options that can be as short as couple months and as long as a couple of years.

What is a Payday Loan

A Payday loan is meant to be a short-term borrowing option to get you through to your next payday.  This type of loan requires you have a valid checking account in good standing and the agreement to repay the full amount on the date of your next paycheck.  While these loans can be extended, up to 4 times in the state of Texas, the payment made for the extension only applies to the owed interest and the principle (amount of money borrowed) will not be paid down till the actual amount owed is repaid is owed.  An example of this is if you borrow $300 and the total repayment in $366.  Should you decide to extend the loan, you will pay $100 and on your next payday you still owe $366.  If you decide to extend this loan the max amount of times, you have paid $630 for the loan rather than $366.  

What We Offer

Now that you have a better understanding of what an Installment Loan is, and how it compares to a Payday Loan, it is time to learn about the two types of Installment Loans we offer at Alamo Loan Company: An Unsecured Loan and a Secured Loan.

Signature Loan (Unsecured Loan)

The most popular type of personal loan sough is an unsecured loan, or a signature loan.  After the applicant is approved and a loan offer is extended, their signature is all that is required as their promise to repay the loan.  Although this type of loan is favored, the criteria to qualify is slightly tougher than that of a secured loan since the repayment is based off of the applicants credit worthiness, debt to income ration and perceived character rather than providing a a monetary item to be used as collateral on the funds being obtained.

Title Loan (Secured Loan)

A secured loan provides the lender with collateral in addition to the applicants promise to make their monthly payments on the agreed dates and for the agreed upon length of time.  This type of loan is a title loan.  Although the borrower is able to keep their vehicle, they are required to provide the lender with the clear title to the vehicle; once the loan has been paid back in full it will be returned to the borrow.  If the loan is defaulted on and an open communication between the lender and borrow subsides, the vehicle will be confiscated and sent to auction in order for the lender to recoup the remaining balance owed on the loan.  In other words, the borrow has sacrificed ownership of the vehicle in loo of paying their debt.

Always Borrow Responsibly

According to multiple sources 78% of Americans live paycheck to paycheck regardless of annual income.  With a number that high it is no wonder that credit card debt has jumped 20% in the last decade and the needs for small personal loans, when an unexpected expense comes about, has grown at a rapid rate as well.  When deciding whether or not to obtain another credit card, a short term loan such as a payday loan or a long term signature or title loan, you should assess which one makes the most sense to your existing financial situation.  Credit cards tend to have annual fees and their minimum payment are mostly applied to interest so even with low monthly payments, you can find yourself stuck with the debt for years at a time.  A payday loan is a short term option and if you are confident you can pay back the full amount, with interest on your next payday, then it may be a quick temporary solution.  Generally though, when we live paycheck to paycheck, and an unexpected expense comes about, a quick payoff isn’t realistic.  This is where an installment loan can a good option.  The lender will discuss a monthly payment that makes sense to your current situation with repayment options from 2-12 months.  This creates a manageable payment schedule that results in a the loan being repaid in a way that is comfortable to your existing circumstance.  Although multiple borrowing options exist, only you know what you can afford without putting a further strain on you and your family.  With this said, we always recommend thoroughly assessing your existing situation before seeking extra funds and making sure that whatever option you select with bring you relief rather than additional distress.

Signature Loan (Unsecured Loan)

The most popular type of personal loan sought is an unsecured loan, or a signature loan.  After the applicant is approved and a loan offer is extended, their signature is all that is required as their promise to repay the loan.  Although this type of loan is favored, the criteria to qualify is slightly tougher than that of a secured loan since the repayment is based off of the applicants credit worthiness, debt to income ration and perceived character rather than providing a monetary item to be used as collateral on the funds being obtained.

Title Loan (Secured Loan)

A secured loan provides the lender with collateral in addition to the applicants promise to make their monthly payments on the agreed dates and for the agreed upon length of time.  This type of loan is a title loan.  Although the borrower is able to keep their vehicle, they are required to provide the lender with the clear title to the vehicle; once the loan has been paid back in full it will be returned to the borrow.  If the loan is defaulted on and an open communication between the lender and borrow subsides, the vehicle will be confiscated and sent to auction in order for the lender to recoup the remaining balance owed on the loan.  In other words, the borrow has sacrificed ownership of the vehicle in loo of paying their debt.

Where Every Loan Begins with a Conversation and Ends with an Air Hug

Personal Loans from $100 - $1400

Monthly Installment Payments Up to 12 Months

Approval in as Little as 30 Minutes

Contact Us!

Alamo Loan Company

Telephone: 210-736-4898  

Address: 534 Bandera Rd, San Antonio, TX 78228