Getting a $1,200 loan with bad credit is doable. Whether you need to pay utility bills, car payments, or overdraft fees, you can obtain a $1,200 loan today. You just need to find the right lender to work with you and provide a personalized financial offer that suits your needs. Luckily, you don’t need to look far for a reputable lender.
Power Finance Texas can provide funds with installment loans of up to $1,200. There’s no credit check, unreasonable qualification standards, or application delays. Keep reading if you want to learn how to borrow $1,200 fast. We’ll discuss how to obtain installment loans to address financial difficulties.
How Does a $1,200 Loan Work as an Installment Loan?
You can get a $1,200 loan as an installment loan. These are loans with a fixed amount that borrowers can use to pay off typical expenses, like travel costs or medical bills. You’ll pay off the loan in regularly scheduled payments. Typically, loans like these come with fixed interest rates.
Installment loans can also be secured or unsecured. Secured loans require collateral, and If you default on the loan, the lender can repossess the collateral to cover missed payments. Unsecured loans don’t require collateral, meaning you won’t risk your assets.
However, without collateral, you might receive higher interest rates for unsecured installment loans of up to $1,200. If you’re wondering what is the normal amount for an installment loan, there’s no clear answer. The amount a borrower receives depends on the following:
- The amount a lender offers
- The type of installment loan
- A borrower’s credit report
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.
Where Can I Get an Installment Loan of $1,200?
You can get an installment loan of up to $1,200 from public and private lenders, credit unions, or banks. For faster funding and lenient credit qualifications, turn to online lenders for financial support. Often, you’ll have a better chance of receiving your funds quickly with an online lender, even if you have bad credit.
How Much Will an Installment Loan Cost Based on Typical Rates?
Loan costs depend on the lender, the loan disclosure statement, and any additional fees as part of the agreement. For a better assessment of how much an installment loan will cost, here are some common expenses to consider:
- Origination fee
- Non-filing insurance (for loans that require collateral)
- Credit insurance
- Documentation fee
What Credit Score Do You Need for an Installment Loan?
Typically, you need a credit score of at least 580 to qualify for an installment loan. However, this figure is not absolute. Credit score requirements can change and depend on:
- Type of loan
- Debt-to-income ratio
- Employment status
- The lender
If you’re wondering whether you can get a loan with a 500 credit score, the answer is maybe. It depends on the lender, as some are stricter about scores than others. If your score is 500, you might be eligible for unsecured installment loans of up to $1,200. However, you’ll have to pay high interest rates because they’re unsecured.
How Hard Is It to Get a $1,200 Loan?
Your ability to obtain a $1,200 installment loan depends primarily on two conditions:
- Your credit history
- A lender’s requirements for approval
You might receive an offer with higher interest rates and fees if you don’t meet the qualifications. Fortunately, there are reputable lenders with lenient qualifications. Power Finance Texas is one of them.
With our installment offers, you can get a $1,200 loan with no credit check. What makes us a quality lender in Texas? We’ve been in business for over 30 years, working to address unique financial situations, no matter the circumstances. We believe in providing fast funds to those who need them, regardless of their credit score.
Wondering when you’ll receive the funds? Since our application is simple and the approval process is quick, you should get approved for a loan instantly and receive the money the day after we process the application. There’s no need to worry about delays keeping you from obtaining the cash you need for emergency expenses. Get a $1,200 loan today.
How Long Does It Take to Pay Back a $1,200 Installment Loan?
The predetermined payback period depends on what you and the lender discuss before submitting an application. The repayment process for a $1,200 loan can range from a couple of months to a few years. The general rule is that the larger the loan, the longer the repayment period.
You also must consider the interest you’ll be paying in addition to the principal. Regardless, talk to the lender to determine repayment options.
Are You Eligible for a $1,200 Installment Loan?
When you apply for a $1,200 loan with Power Finance Texas, you must have:
- An active checking account
- A job for more than 3 months
- A home or a cell phone
- A monthly income of $800 for in-store applications
- A monthly income of $1,000 for online applications
Before beginning your application, you must gather some essential documents. Here’s what you need to get started:
- A Texas Drivers License
- An active checking account
- Your most recent bank statement
- A payroll check stub
How Do You Pay Back the $1,200 Installment Loan?
There are a couple of ways to pay back an installment loan of $1,200 while putting yourself at a financial advantage. You can:
- Double the payments to pay down the principal amount quickly.
- Make bi-weekly payments if your budget allows it.
- Consider refinancing the loan to pay it off early.
With Power Finance Texas, there are no prepayment penalties if you pay off the installment loan early.
Still not convinced that we’re a reputable lender ready to deliver on financial needs? Check out some of our recent reviews below:
I just received my first loan from Power Finance today and the two ladies I spoke with where very helpful, patient and respectful. They went over all my information and also repeated it all back to me to verify everything I needed for my loan. I can’t remember the first young lady I spoke with, but thank you all.
My representative was VERY HELPFUL in completing my loan application and registration so that I was able to sign my loan documents. My device is slower because I don’t have internet connection at this time however she advised me correctly so that i completed the task in a timely fashion. I could not have ask for a better experience and the courtesy she displayed. Thank you again for a nice experience.
Secure a $1,200 Loan with Power Finance Texas
You can qualify for a $1,200 loan with bad credit. Even if you think you don’t meet the qualifications for financial support because of a low credit score, there’s always a lender willing to extend a hand. Power Finance Texas can help secure the funds you need to get through life.