Loans & Services

Loans

Power Finance Texas offers installment cash loans to help our customers through those little financial squeezes that happen every now and again. We offer short-term loans of up to $1,250, tailored to meet your needs, and ability to repay. Our loans can be applied for online, and we deposit the money into your bank account as soon as the next business day. For those who don’t have a direct deposit account, we can issue the loan as a check.

At Power Finance Texas we offer a simple and convenient loan that you can pay back over time.  We get you the money you need as quickly as possible.  So come visit us in any of our nearby locations, or apply online. Your information is confidential and secure, and you can be approved in as little as 60 seconds.

WHAT IF I CHANGE MY MIND AFTER I RECEIVE THE LOAN?

All contracts with Power Finance Texas have a 3-day cancellation period in which you can cancel the contract and return the funds without paying any finance charges, if you change your mind.

Types of Loans

Here at Power Finance Texas, we understand that some of the terms and language used to discuss loans can get complicated. There’s a lot of different labels, many of which have definitions that overlap with other loan terminology. Not only is it frustrating, it can leave you unsure about what kind of loan to ask for, and where to go to get it. Which, when you’re in a moment of financial need, only adds to the stress.

To ease some of your bewilderment, and to help clarify what’s so clearly confusing, we present to you this overview of common loan terms, complete with easy to understand (and easy to distinguish) definitions. We hope that this page will make choosing a loan, and choosing a lender, simpler and less aggravating.

What 4 things should you consider before taking out a loan?

  1. Do I really need to take out a loan or do I have another option?
  2. How long do I need to borrow the money for (short term vs long term)
  3. How much money do I need to borrow?
  4. Will I be able to repay this loan according to the terms of the loan agreement?

What’s the difference between a secured and an unsecured personal loan?

Unsecured loans work much like they sound, you are able to obtain a loan based on your credit worthiness instead of putting up an asset for collateral. Secured loans, on the other hand, require some form of collateral. For example, your car loan uses the car itself to secure the loan. If you were to stop making payments, your car would be repossessed so the lender could recoup the money they lent you that they are not receiving back.

Do I need to be employed? Can I be retired?

Power Finance Texas accepts income from an employer or benefits such as Social Security or retirement.

Do you loan to military?

Unfortunately, the US government puts regulations on loans that are issued to active duty military and our program does not fall within their guidelines.

Personal Loans

Personal loans are unsecured, non-business loans. Unsecured means the loan isn’t backed by collateral, like a home loan or a car loan is. With secured loans, should you default on the loan, the lender can repossess your collateral. Personal loans don’t have collateral attached to them, so lenders will usually underwrite you to ensure you have the ability to repay the loan.

At Power Finance Texas, our personal loans are paid back in installments over a 6 month period.  Fees are calculated using a simple daily interest model to ensure you don’t overpay.  Our installment loans can be paid off in full without any kind of prepayment penalty as well, giving you the most financial flexibility possible.  Contact one of our customer service representatives today to get started!

Personal loans can be used to fund a variety of activities, including:

  • Emergency Expenses
  • Auto Repairs
  • Travel Expenses
  • Unforeseen Circumstances
  • Or to Avoid Paying Late Fees

Installment Loans

Installment loans are loans that are intended to be repaid in regular “installments,” as opposed to all at once. This is typically what comes to mind when we think of loans, as most types of loans are paid back using this method.

At Power Finance Texas, our installment loans are paid back over a 6 month period.  We use a daily interest model in order to calculate your fees, that way you don’t overpay if you happen to pay off your loan early.  We amortize your loan over a 6 month period and calculate an equal payment which you pay back in installments.  With each payment, you are paying off a portion of your principal balance until the entire loan is paid, which will happen at the end of your 6 month contract.  If you decide to pay off early, we stop accruing fees and there are no prepayment penalties.  Ask one of our loan officers today about how installment loans work and they will be happy to assist you.

Installment Loans are often used for:

  • Travel Expenses
  • Auto Repairs
  • Unforeseen Circumstances
  • Or to Avoid Paying Late Fees

Payday Loans

AT POWER FINANCE TEXAS, WE DO NOT OFFER PAYDAY LOANS

We believe installment loans are much more friendly for consumers.  Installment loans offer the customer more flexibility because they have more time to pay them back when compared to a payday loan.  You can pay them back all at once or pay them back over time, and there is no prepayment penalty.  Installment Loans are better than a payday loan for many reasons.

Payday loans are short-term loans that are paid off in one single payment, typically on your next payday.  Typically, they are short-term loans of $1,000 or less.  Payday loans usually have quick turnarounds, sometimes issuing the money as soon as the next business day after applying for them.

Installment loans are intended to cover small financial gaps. The money from the loan is often used for things like:

  • Auto Repairs
  • Household Necessities
  • Travel Expenses
  • Financial Surprises

Do you need a CASH LOAN fast?

Power Finance Texas arranges installment loans from $100 to $1,250 quickly.  Most loans are approved within minutes.  All it takes is a checking account, a phone number and a few other simple qualifications.  See why thousands of people choose Power Finance Texas for their fast cash needs.

Short Term Loans

Short-term loans are loans that are intended to be repaid in full over a short period of time.  Often, short-term loans are paid in equal installments.  A type of short-term loan is an installment loan.

At Power Finance Texas we offer installment loans that are to be paid back within a 6 month period.  Every time a payment is made, you are paying down a portion of your principal, with the loan balance equal to zero at the end of the 6 month period. All fees are calculated using a daily rate, and there is never a prepayment penalty for paying off early.  This allows you the most amount of flexibility possible.

Cash Advances

Cash advances typically refer to installment loans.   You can get a cash advance at any time once verified and approved for one of our consumer friendly installment loans.  Apply online today and get approved for a loan within minutes.

At Power Finance Texas we offer cash advances in the form of a 6 month installment loan.  We believe these loans to be more consumer friendly than the typical payday loan or cash advance that many lenders offer.  Installment Loans are paid back over time, or can be paid off in full at any time.  They are much more flexible than a typical payday loan which is a single payment transaction.

Line of Credit

A line of credit, unlike a loan, is open ended, both in the repayment period, and in how much you borrow. When applying for a line of credit, a borrower is approved for up to a certain amount. The borrower takes out as much as they need, up to the preset limit, and repays it over time.  With lines of credit, there’s no set date to have the credit repaid.  You pay on the loan for as long as it takes to pay it all back, typically in installments.

At Power Finance Texas we do not offer lines of credit.  We only offer installment loans that are due over a 6 month period of time.  Of course, there is never a prepayment penalty for paying off early.