Texas Personal Loans: The consumer
comes out ahead in Texas.
Understanding all the confusing fine print in regards to
signature loans has just became easier in Texas. Seventh-grade
reading level writing for loans under $500 was recently approved
by the Finance Commission of Texas for use with signature
loans. The use of plain language makes it easier for borrowers
to understand a contract’s terms as well as borrower
rights and obligations. The Finance Commission approved the
model contracts and accompanying rules for loans of $500 or
less and within the next 18 months, the Finance Commission
will consider plain language versions of consumer installment
loan contracts, certain home equity loan contracts, and motor
vehicle sales financing contracts. Consumers who enter into
plain language contracts are in a much better position to
make sound financial decisions according to the Consumer Credit
Commissioner. The loans in Texas are now 1,400% more readable.
Loan contracts are normally confusing and hard to understand,
putting customers at risk of making poor financial choices.
Simplifying contracts can have a huge impact: According to
a 1996 Ford Motor Credit press release, borrower complaints
and questions decreased by half when the company introduced
a more plain language version of their auto finance contract.
Loans up next for adoption are consumer installment loans
of $500 to $12,000.
If you are interested in applying for a loan of $500 or less
check out our payday loans section.
Texas Credit NEWS:
Nationwide Credit Report says Dallas scores lowest
Dallas residents have the worst credit of the nation's top
20 cities with an average score of 653 on a scale of 330 to
830. Houston came in next to last at 655, followed by Phoenix,
Los Angeles and Atlanta. Dallas has often been known as a
boom or bust town, where fortunes are made and lost quickly,
but Experian's study is actually based on credit reports that
analyze long-term trends rather than overnight changes. Credit
reports summarize a consumer's available credit, outstanding
debt, and payment history. A bankruptcy or unpaid loan can
damage a credit report for years. Some blame the credit problems
of the residents of Dallas a factor of the dot com bust and
high tech fallout, but others say it is people in Dallas are
not budgeting their money and are not consolidating debt.
If you are a Texas resident and wish to get a higher credit
score then lets order
you a credit report and help you consolidate
your debt.
In case you are wondering who scored the best average? Minneapolis,
at 707. Boston citizens averaged 705, followed by Washington,
Seattle and Cleveland.
Apply for
a Personal Loan in Texas!
If you are interested in learning more about texas loans
then check out our information
on Home Equity loans in Texas.
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