Online Installment Loans in Texas
When a bill can’t wait for your next paycheck, an installment loan lets you cover it now and pay it back in scheduled payments instead of all at once. With Wise Loan, you can apply online from anywhere in Texas, see your full cost before you sign, and choose a payment schedule that fits your payday.
One thing works differently in Texas, and it helps to know it up front: Wise Loan doesn’t make the loan itself here. We’re a licensed Credit Access Business, which means we arrange your loan with a third-party lender. Below, we’ll walk through what that means for you, what it costs, and how to apply.
How Installment Loans Work in Texas
An installment loan is money you borrow once and repay in fixed payments on a set schedule. If you’re new to them, here’s a closer look at how installment loans work.
-
You
Apply online and see both companies named in your loan documents -
Wise Loan (the CAB)
Arranges the loan and charges a CSO fee for that service -
Third-party lender
Provides the money and charges interest at 10% per year
In Texas, most short-term installment loans are set up through a Credit Access Business, or CAB. The lender provides the money and charges interest at 10% per year. The CAB (that’s us) arranges the loan and charges a CSO fee for that service. You’ll see both companies named in your loan documents, and the APR listed there includes both the interest and the fee.
This setup is authorized under Chapter 393 of the Texas Finance Code, and the OCCC licenses and examines businesses like ours. You can look up any lender or CAB, including Wise Loan, in the OCCC’s licensee search at occc.texas.gov.
What a Texas Installment Loan Costs
We’ll be straight with you: this is an expensive way to borrow. It’s meant for short-term needs, like a repair you can’t put off, not for ongoing expenses. Your cost depends on how much you borrow and how many payments you choose. Here are a few examples:
| Loan amount | Schedule | Payments | Payment amount | Total repaid | APR |
|---|---|---|---|---|---|
| $500 | Biweekly | 10 | $133.74 | $1,337.40 | 564.24% |
| $1,000 | Biweekly | 10 | $267.77 | $2,677.73 | 565.07% |
Paying early saves you money
$30 returned item fee
How Much Can You Borrow?
- First-time customers
- $200 to $1,500
- Returning customers
- Up to $3,500
First-time customers in Texas can borrow between $200 and $1,500. Returning customers with a good payment history can qualify for up to $3,500. The amount you’re offered depends on your income and your ability to repay, and you can have one Wise Loan open at a time.
You’ll pick biweekly or monthly payments. Most people choose whichever matches how often they get paid, so each payment comes out right after their paycheck lands.
Does Where You Live in Texas Matter?
It can. Around 45 Texas cities have their own ordinances for Credit Access Businesses, which can limit how many installments a loan has and whether it can be refinanced.
A note for West Texas
What You Need to Apply
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A government-issued photo ID showing you live in Texas
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An active checking account in your name
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Proof of regular income, like a recent pay stub
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A recent bank statement
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A debit card linked to your account, if you want instant funding
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A valid email address and phone number
You don’t need perfect credit. We look at your credit history alongside your income. If credit is your main worry, our page on bad credit loans in Texas covers it in more detail.
How to Apply Online
-
Fill out the application
It takes a few minutes, and you'll usually hear back quickly. -
Review your offer
You'll see your amount, payment schedule, APR, and total cost. Nothing is final until you accept. -
Sign and choose how to get your money
Pick a standard deposit or, if you're eligible, instant funding to your debit card. -
Repay on schedule
Set up automatic payments, or pay online or by phone.
When your money arrives depends on the funding option you pick, what time you’re approved, and how fast your bank posts deposits.
Get The Money You Need, When You Need It!
What Texans Use Installment Loans For
Most of our Texas customers borrow for expenses that can’t wait, such as unexpected car repairs, or high utility bills. Spreading the cost over several payments can make a surprise bill easier to handle without falling behind on rent or groceries.
Before You Borrow
If you have a cheaper option, like savings, a credit card with a lower rate, or help from family, it’s usually worth trying that first. Our responsible lending page explains how we approach this.
If you have a question about any loan or a complaint you can’t resolve with a lender, the OCCC’s Consumer Assistance Helpline is free: 800-538-1579.
Frequently Asked Questions
Are online installment loans legal in Texas?
Yes. Credit Access Businesses operate under Chapter 393 of the Texas Finance Code and are licensed by the OCCC. You can check any company’s license at occc.texas.gov.
Why do Texas installment loans have high APRs?
The lender’s interest is 10% per year, but the APR also includes the CSO fee for arranging the loan. Because these loans are short, that fee has a big effect on the yearly rate. Paying early lowers what you pay.
Can I get an installment loan in Texas without a bank account?
No. You’ll need an active checking account in your name, since your loan is deposited there and payments are usually drawn from it.
What happens if I miss a payment?
A returned payment carries a $30 fee. Call us as soon as you know a payment might be late so we can talk through your options.
Can I pay off my loan early?
Yes. There’s no penalty, and paying early reduces the CSO fee you owe.
Apply for a Loan in Texas Today
Applying is easy. See if you qualify.
Terms and Conditions for Texas
Always read the full terms and conditions and privacy policy before accepting a loan. Essential Lending, Inc. dba Wise Loan, is not the lender in Texas, and we cannot guarantee that your application will result in a funded loan. Essential Lending Inc. is a credit services organization (CSO)/credit access business (CAB). We help you to obtain a loan from a lender at a simple interest rate of 10% per annum. For this service, we will charge a CSO fee. The amount of the fee that you will be charged is based on the amount of loan you receive from a lender and the number of payments you choose for repayment. You are not required to pay the fee upfront, or in one lump sum. Each repayment amount will include a portion of the CSO fee, and you can save money by paying off your loan early. If any payment you make to Essential Lending or to the lender is returned for any reason, you will owe a returned item fee of $30. Please review the full terms and conditions and privacy policy for more information. Rates are calculated using the simple interest method. The APR shown on your loan documents will include the total of the lender interest and the CSO fee, and may vary based on loan term. Please see your loan agreement for the APR and other terms applicable to your loan.
OCCC Consumer Credit Notice
In Texas, Essential Lending, Inc. dba Wise Loan, is a registered Texas Credit Services Organization and a licensed Credit Access Bureau, operating pursuant to Chapter 393 of the Texas Finance Code. This business is licensed and examined by the State of Texas – Office of the Consumer Credit Commissioner. Call the Consumer Credit Hotline or write for credit information or assistance with credit problems: Office of Consumer Credit Commissioner, 2601 North Lamar Boulevard, Austin, TX 78705-4207 (800) 516-7840, consumer.complaints@occc.state.tx.us, http://www.occc.state.tx.us.
Texas Regulatory Contact Information
Office of Consumer Credit Commissioner. 2601 North Lamar Boulevard, Austin, TX 78705-4207. Phone: (800) 516-7840. Email: consumer.complaints@occc.state.tx.us
An advance of money obtained through a payday loan or auto title loan is not intended to meet long-term financial needs. A payday loan or auto title loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.