What is a Personal Installment Loan?
An Installment Loan is generally perceived as a loan that is designated for big purchases or debt consolidation. Although these are the most popular styles of installment loans, they are not the only types of loans that allow for a flexible monthly payment option with comfortable payment amounts that apply to the principle immediately. Here at Alamo Loan Company we strive to help our community with loans as low as $100 all the way up to $1400. Although you are welcome to pay the funds back immediately, we structure our loans to be repaid with 2 to 12 months; this allows a portion of each monthly payment to be applied to the principle (amount borrowed) and assist in paying down the total balance without accruing additional fees or excessive interest charges. With two loan options, and approval in as little as 30 minutes, we make it easy for you to obtain the funds you need.
What We Offer
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 borrower. If the loan is defaulted on and an open communication between the lender and borrower 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 borrower has sacrificed ownership of the vehicle in loo of paying their debt.
Income to Debt Ratio: Chances are you have some sort of debt whether it’s the monthly payment you pay to live in your home or an obligation to a creditor for credit cards or existing loans. We also take into account other expenses like groceries and gas for your vehicle. This is important because it determines if the loan payment plan we develop will be feasible to your current financial obligations.
Steady Flow of Income: Your Income Source can be through an employer, unemployment, social security, retirement, disability and any other source that is reliable. The income provided, and its source, must be verifiable through paystubs or statements.
Credit Worthiness: Once we have determined the the above criteria are met, we will run a credit check against your social security number. Although credit scores are a reflection of previous and existing payment history and credit availably, we understand that life happens and your score or history may not be perfect. When determining if we will be able to loan you the requested funds, we will review current debts and payment history rather than what your actual score is. This has more influence on our signature loans (unsecured) than our title loans (secured) since the promise to pay back the loan is on your word versus providing some form of collateral. Although we do not lend to potential borrowers who are in the process of a bankruptcy or rebuilding their credit afterwards, we do consider bankrupt applicants who have already re-established credit and show a positive payment history for a prolonged period of time.
Good Old Intuition: Alamo Loan Company is a family owned business who made the decision to remain small so we could maintain a relationship with every individual who has sought financial assistance through us. In addition to being a second generation owned company, in the last 32 years, we have provided loans to grandparents, parents and their children. Because of this, we look at every applicant as an addition to our continuously growing family.