A small loan can help ease the stress of having to come up with extra cash to pay a surprise bill or to clear the burden of outstanding expenses. Whatever your needs may be, a small installment loan is an excellent and useful solution to all types of financial requirements. Even if your credit history is less than perfect, there is no reason to worry. At Loan Ridge, we have made it easy for you to seek the funds you need quickly through a range of credit access options designed to assist you when you need it most.
Here is what you can use a Texas small loan for:
- Medical Payments
- Emergency Repairs
- Paying Off Pending Debt
- Unexpected Payments
- Utility Bills
- Auto Expenses
- Maintenance Expenses
- And much more
How Texas law applies to a small loan
Texas Finance Code Chapter 342 covers regulated consumer lenders, the license a company needs to make consumer loans at rates above 10%. Chapter 393 covers credit access businesses, which arrange loans through a third-party lender. Loan Ridge lends only in Texas, Missouri and Utah, and a small loan taken out here is a written credit agreement with a set repayment schedule, not a payday advance.
Checking your lender is licensed in Texas
Look the company up in NMLS Consumer Access, the registry Texas now uses for consumer-credit licensing, or call the OCCC on (512) 936-7600. The regulator is the Texas Office of Consumer Credit Commissioner (OCCC), Finance Commission Building, 2601 N. Lamar Blvd, Austin, TX 78705, phone (512) 936-7600. We would rather you checked.
What this looks like in Texas
A borrower in Houston with a 580 score and a steady paycheck is the sort of application Texas banks routinely decline. That is the gap a small regulated consumer loan fills. We serve borrowers in Houston, San Antonio, Dallas, Austin and across the rest of the state.
Texas questions about small loans
Who regulates lenders in Texas?
The Office of Consumer Credit Commissioner (OCCC) licenses and examines consumer lenders in Texas. Regulated consumer lenders operate under Chapter 342 of the Texas Finance Code, and credit access businesses operate under Chapter 393. You can check any company in NMLS Consumer Access or call the OCCC on (512) 936-7600.
How do I check a Texas lender is licensed before I apply?
Search the company name at nmlsconsumeraccess.org, and if anything looks off, contact the OCCC directly at 2601 N. Lamar Blvd, Austin, TX 78705. Never send money up front to anyone claiming to release a loan afterwards.
