In Austin, Hermosa Loans works with residents to help with financial emergencies. If you’re in need of fast cash, complete an online loan request.
is also known as a payday loan or cash advance. These are small-dollar loans that are usually repaid within two weeks.
or installment loan, is a larger sum loan. Installment loans are repaid in equal monthly payments over a period of time. These loans are usually repaid within six to 12 months, depending on the borrowed amount.
borrower uses their vehicle as collateral to secure the title loan. The loan term depends on the amount borrowed.
For example, Austin residents may get around 25% to 50% of the car’s appraised value. If the loan applicant defaults on the title loan, the provider may repossess the vehicle.
To request a title loan, most lenders may ask for the following documents:
In Austin, Hermosa Loans operates as a loan request service. We are not a loan provider, and the payday lending decision is not up to us.
Instead, we work with consumers to try and connect them to lenders who may be willing to offer financing options. Ultimately, the borrower’s eligibility for a loan will be determined by the lender.
Before requesting an advance loan from our website, ensure that you meet the basic requirements to borrow money in Austin. Payday lenders differ, but applicants must:
Be a Texas resident
Be at least 18 years of age
Have a steady source of income
Have a checking account
If you have a savings account instead of a checking account, a lender may still be willing to work with you. Some lenders may even provide cash disbursements.
Note that lenders may use your personal information to verify your identity and perform a credit check through a credit bureau.
Hermosa Loans is not a direct lender. Hence, you do not make any payments to us. Instead, lenders in our network may present you with several repayment options.
What are the requirements to qualify for a loan in Austin?
When submitting an application for a loan, the lender will ask you for personal and financial information. These documents often include proof of steady income, identity verification documents like a government-issued ID, proof of a checking account, and fair to good credit standing. Moreover, the lenders will require that the applicant be at least 18 years old and a resident of Texas.
What's the APR for a short-term loan?
APR in Austin often ranges around 400% to 500%. However, the rate can be higher based on the borrower's credit score, income, and credit history. Most often, borrowers with lower scores will have higher interest rates, and borrowers with higher scores may enjoy lower rates.
Does Hermosa Loans provide title loans in Austin?
Currently, Hermosa Loans does not connect consumers to title loan lenders. Instead, Hermosa Loans may be able to connect eligible consumers to lenders who may offer them short-term and long-term loans. Your options may include cash advances, payday loans, or installment loans.
What's the maximum number of loans I can have at the same time?
Austin doesn't specify how many outstanding loans a borrower can have at one time. To be on the safe side, it is best to only take out one loan at a time. Having more than one loan can cause you to incur more debt and negatively affect your credit score.
What's the minimum loan term?
The minimum loan term in Austin is seven days.