Since they require no collateral, traditional unsecured loans depend heavily on prime credit scores, which is why it can sometimes be difficult to qualify at traditional financial institutions. However, alternative services and credit access businesses like Loan Ridge can help connect you with flexible lending options by taking more factors into account, such as your steady income and overall debt.
Unlike a mortgage or an auto loan, unsecured loans can be used for a wide range of purposes:
- To start your own business
- To put a down payment on a new home
- To lower credit card debt
- To pay your tuition fees
- To go on a vacation
Loan Ridge offers you the convenience of applying for an online unsecured loan in a few easy steps. Our streamlined application process makes it simple for Texas consumers to seek short-term funding in a matter of hours.
How Texas law applies to a unsecured 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 unsecured 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 unsecured 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.
