Texas Terms & Rates

As of August 2018, Leap Credit became a Credit Access Business (CAB) in the State of Texas.

In Texas, Leap Credit serves as a Credit Access Business (CAB). What does that mean? Leap Credit does not issue loans in Texas. Instead, we help you connect with a third-party lender that issues the loan. Then, Leap Credit services the loan you receive from the lender. Once the loan is issued, you deal directly with Leap Credit for all questions and concerns regarding your Texas short-term installment loan.

Unexpected situations may lead to the need for a Texas online installment loan. Because short-term installment loans are intended to be “quick fixes,” it is important to remember that these are not long-term financial solutions. Texas consumer installment loans also offer a quick, convenient solution when a medical need arises, or if there is an unexpected death in the family. An installment loan serviced by Leap Credit allows you to bridge your financial gap and focus on the pressing needs of daily life.

Texas short-term installment loans are a useful alternative to payday loans. While there are similarities between the two, an installment loan from Leap Credit will typically give you better pricing and structured payments.

The benefits of a Leap Credit Installment Loan in Texas include reasonable terms, affordability, lower prices and exceptional customer service.
More than 10 million Americans use installment loans annually, borrowing amounts that range from $100 to more than $3,000. The loans are issued by consumer finance companies, which differ from lenders that issue payday and auto title loans and have much lower prices than those products. Loans are repaid in four to 60 monthly installments that are usually affordable for borrowers.

How does a Leap Credit Texas installment loan work?
As an applicant, you would start by completing our online application or you can call 1-888-532-7842 to speak with one of our customer service agents. Once you have identified the amount of money you need to borrow and you’ve reviewed the repayment terms to make sure they are consistent with your ability to repay, your application will be submitted. If you’re approved, Leap Credit will transfer the funds directly into your bank account within two business days.
When paying back your loan, you have the option to have money directly debited from your bank account, or you can make manual payments. Your online installment loan in Texas loan payments will be due at regular intervals–usually for the same amount per month. If, at any point, the repayment plan causes financial strain, contact Leap Credit immediately. We can help. We base our business model on the knowledge that you want to repay the loan. We’re in this together—partners in your financial security.

In some cases, borrowers have been able to pay off the loan quicker than their repayment terms. There are no penalties for paying the loan back early. Paying a short-term installment loan back early helps you save money on interest in the long run. Knowing this is possible with an installment loan makes it a more viable option for most borrowers.

Loan Repayment
Your repayment schedule will be detailed in the loan agreement issued by the third-party lender. You are required to repay your loan in full. There is no penalty for making an early or partial payment. Paying off your loan early may result in Leap Credit waiving part of your CAB fee.

Consumer Disclosure Form:
Below are disclosures required by the state of Texas for residents applying for a multi-payment CAB loan. Each link contains a complete outline of the fees associated with a CAB loan serviced by Leap Credit.

• An Estimate of the Costs of a 12-Payment, bi-weekly, $500 Loan
• An Estimate of the Costs of a 12-Payment, bi-weekly, $750 Loan
• An Estimate of the Costs of a 12-Payment, bi-weekly, $1000 Loan

Tips for borrowers
Borrowing wisely is crucial to your financial success. Because installment loans in Texas are short-term loans, it is important to make payments consistently and on-time. Here are a few points to consider when repaying an installment loan:

Pay down principal, in addition to interest. When discussing your repayment terms with the lender, notice how payments are set up. Typically, you’ll be paying some interest, as well as principal. A minimum payment is designed to pay down your interest first, and then principal. Adding money to your principal payment will allow you to pay off your loan much quicker. How to do this: Simply adding several dollars to the minimum payment each month will help you slowly chip away at the loan principal. It certainly adds up!

Break up your paycheck. Set up your installment loan payments to correspond to your income schedule and other financial obligations. Every situation is different. Work out your payments so that you only need to spend a small amount of your paycheck on your loan payments. Allow yourself flexibility to afford day-to-day activities and needs.

Consider length of the loan. In some instances, you may be able to make payments to pay off the loan quickly. However, if the need arises, consider taking longer to pay back the loan. Leap Credit will work to take all financial factors into consideration as you go through the application process.

Remember: Installments. Don’t get overwhelmed. You don’t have to pay back the entire loan all at once. (If you are able to, certainly consider that option.) Set up your installment payments to fit your budget. However, don’t be lax if you can afford the payment. You are accruing interest, so make installment payments as often as you are able.

You deserve a credit option that sees you as more than a credit score. We look at your entire borrower profile—and we see you. That’s why we’re confident that you will repay the installment loan on time. Mutual respect is the foundation of our philosophy here at Leap Credit. And it’s how we plan to earn our place as your lifetime financial partner.