Simply put, a signature loan is a loan that does not require collateral to back it up. This type of loan is also referred to as an unsecured loan and it is backed up by the good credit of the borrower. The lender has nothing more than your word, your signature, to ensure that you will repay the loan. To qualify for the loan the lender will take a close look at your credit score and income. Now, like any other loan you shouldn’t rush to apply for one without giving serious consideration into the costs of a monthly payment, making sure you truly need the funds and know exactly how you plan to repay the loan.
When you need extra cash quick, a signature loan may be a good option for you to consider. You can use a signature loan to pay for almost anything. You can use the loan to pay for home improvements, major purchases, weddings, vacations, medical procedures, debt consolidation, education; just about anything!
They are easy to apply for and the debt is generally paid off in a relatively short period of time. The payment terms for most signature loans can vary, but are often from one to five years. Check with your lender to see what other payment term options may be available. You’ll also want to make sure the lender doesn’t have prepayment penalties so you can pay the debt off quicker if you can.
The loans are usually one-time loans, so you apply for the money you need and receive the money all in one lump sum. If you need to borrow more, you would need to apply for another loan.
The rates for signature loans can vary depending on your credit score. If you have good credit, you can get a great low, single digit rate. If your credit score needs some work, you can expect rates to be higher.
How to get a signature loan at WesTex
- Apply for the loan. Complete a basic loan application and provide the details and information being requested on the form. WesTex will review your credit score and other information necessary to approve the loan. The WesTex loan application can be found here: Basic Loan Application
- Receive funds WesTex will deposit the funds directly into your WesTex account. .
Repay the loan. A monthly payment schedule will be set up for you. You’ll pay the same amount every month (although you can pay extra).