Dallas rental loans help when emergency assistance grants are denied

Dallas rental loans are helping thousands of local tenants who have been denied emergency rental assistance grants. As grant funding dries up, tenants are finding that a proper loan could help them avoid late fees and evictions.

Of course the key to finding a rental loan that can actually help you requires that you find one with realistic repayment terms. Rental loans may carry interest rates above 30% APR could be more difficult to repay as the finance charges tend to add up substantially.

Dallas rental loan providers range from payday lenders and title loan companies to more acceptable shorter-term lenders such as banks and credit unions. Somewhere in the middle of that range is where you might find consumer finance companies.

How much are cash advance loans?

ACE Cash Express is one of the more prominent payday loan providers in the Dallas area. This credit services organization helps to match borrowers with lenders that can provide loans ranging from $200-$1500. The company charges a fee of $30 for every $100 that you borrow. You would have to pay a fee of $450 to borrow the maximum rental loan of $1500. If you borrowed the money for just two weeks you would pay the equivalent of a whopping 792.05% APR. This is 25 times the cost of what an acceptable rental loan should cost you.

The Cash Store is another credit services organization that provides title loans and installment loans for rent and other purposes in the Dallas area. Unsecured installment loans carry interest rates of 581.72% APR. Even if you secure your loan with your vehicles title, expect to pay a minimum APR of 286.42%.

These rates are typical for payday loan and cash advance companies that offer rental loans of a short-term nature. The cost is simply too high.

How much are credit union rental loans?

Neighborhood Credit Union offers memberships to residents of Dallas County. You may also become a member if you work anywhere in the county. Unsecured signature loans go as low as 9.49% APR and allow you to repay your rental loan over several months rather than just a couple of weeks. Neighborhood Credit Union also provides Quick Cash Loans to tenants who have been a member of the credit union for at least a year and in good standing. The application fee is only $20. Call 214-748-9393 for more information.

Credit Union of Texas where requires $15 to open a savings account and become a member. Once you are a member you may apply for personal rental loans to help you get through a short-term cash crunch. Personal loan rates range from 7.99% to 18% depending on your credit history. Repayment periods can also vary from several months all the way up to 60 months. The credit union even offers holiday loans at rates of just 5.59% which are normally available until just after the new year. For more information call Credit Union of Texas at 972-263-9497.

GO Federal Credit Union provides rental loans through their unsecured signature loan product. You could take up to three years to repay the loan with an interest rate as low as 10.99% APR. Again you simply have to live or work or even worship anywhere in Dallas County in order to be eligible to become a member of the credit union. Call 214-742-6551 for more information.

Once you see the huge difference in cost for Dallas rental loans you can see why a community bank or credit union would be a much better option than a cash advance or payday loan provider. The decision to borrow money is an important one. You need to understand the costs and consequences of your loan. Still there are also costs and consequences associated with late rent payments and evictions. You need to weigh the pros and cons of each decision carefully so that you make the right choice.