Apply online or at 10 branches across the Lone Star State — but watch out for high APRs.
Texas residents with less-than-perfect credit might want to consider an installment loan from Power Finance Texas. You can apply online or at one of its 10 branches scattered throughout the state. But APRs can reach as high as 766% — and it doesn’t have the best borrower reviews.
| Product Name | Power Finance Texas installment loans |
|---|---|
| Min. Loan Amount | $100 |
| Max. Loan Amount | $1,250 |
| Loan Term | Up to 6 months |
| Loan Security | Unsecured |
| Turnaround Time | Same day with in-store pickup |
| Requirements | Checking account open 30+ days, $800+ monthly income, employed for 3+ months or receive Social Security benefits, valid phone number |
- Earn a monthly income of $800 if applying in person or $1,000 if applying online
- Be employed for at least three months or receive Social Security benefits
- Have a checking account open for at least 30 days
- Use direct deposit set up if applying online
- Have a valid phone number
What is Power Finance Texas?
Power Finance Texas is a credit access business (CAB) that offers installment loans to Texas residents. You can apply online or at a branch location, and you may be eligible to borrow up to $1,250 with terms up to 6 months — even if you don’t have the best credit.
It’s not cheap, though — you could see APRs as high as 766% depending on how much you borrow and your loan term. This is because CABs aren’t technically direct lenders, but instead connect borrowers with third-party lenders. So on top of paying interest and fees from the lender you’re connected with, you’re also on the hook for a CAB fee for using its service.
If you apply in person, you may be able to get your funds the same day you’re approved. Otherwise, borrowers who apply online will have the money deposited into their bank account the following business day.
Where does Power Finance Texas have branches?
Power Finance Texas has 10 branches located across the state:
Because of Texas law and city ordinances, the exact terms of your loan may vary based on which location you visit. Read our guide to short-term loans in Texas for more information.
What are the benefits of a Power Finance Texas installment loan?
Here are a few perks of taking out an installment loan from Power Finance Texas:
- Borrow in store or online. Power Finance Texas has 10 branch locations and an online application to make getting a loan simple. However, the income requirements are different depending on whether you visit a store or apply online.
- Don’t need direct deposit. Unlike many lenders that require you to have direct deposit set up, Power Finance Texas accepts borrowers that receive their pay in printed check form if you apply in person.
- Referral bonus. Earn $50 for every customer you refer to Power Finance Texas that takes out a loan.
What to watch out for
Consider these potential drawbacks before taking out a loan with Power Finance Texas:
- Not technically a direct lender. Because of the way Texas law regulates short-term lending, Power Finance Texas is a CAB, not a direct lender. This means you’ll have to pay a CAB fee on top of other costs, which can lead to APRs as high as 766%.
- Limited reach. Only residents of Texas are eligible for an installment loan from Power Finance Texas. And unless you live near one of its store locations, you’ll have to apply online.
- Confusing website. Power Finance Texas doesn’t have the most streamlined website out there. And it uses different terms to refer to the one installment loan product it offers, which can get confusing.
Compare more installment loan providers
Is it safe to apply for an installment loan with Power Finance Texas?
In general, yes — though no website can ensure your information stays 100% secure. Power Finance Texas does its part by encrypting the personal details you enter on its application.
It also has an industry-standard privacy policy that outlines what information is collected and how it’s shared. However, unlike other short-term loan providers, you won’t be able to limit this sharing.
What do borrowers say about Power Finance Texas?
There’s little information out there on Power Finance Texas as of May 2019 — but what’s there isn’t good. It isn’t rated or accredited with the Better Business Bureau (BBB), though 12 people have filed complaints against the company. These criticisms include harassing phone calls and extremely high fees that made it difficult to repay their loan without renewing.
Unfortunately, this is an almost characteristic experience for many short-term loan borrowers. APRs are typically quite high, and even though Texas limits the interest a lender can charge, Power Finance Texas acts as a CAB. This allows it to charge as much in fees as it sees fit, which can lead to paying back over seven times the amount you borrow.
Before accepting any loan offer, carefully read your loan agreement to make sure you understand exactly how much it will cost you.
Am I eligible?
To qualify for an installment loan from Power Finance Texas, you need to meet the following requirements:
- Earn a monthly income of $800 if applying in person or $1,000 if applying online
- Be employed for at least three months or receive Social Security benefits
- Have a checking account open for at least 30 days
- Use direct deposit set up if applying online
- Have a valid phone number
How do I apply?
When you’re ready to apply, you can visit a store location, call 855-319-7288 to speak with a representative or use the steps below to complete an online application.
- Visit the Power Finance Texas website.
- Enter your full name, phone number and email. Click Apply Now.
- Enter information about yourself, including your date of birth, address, monthly income and bank account numbers.
- Click Apply Now to complete your application.
It may take a few minutes for Power Finance Texas to fully process your application. If you’re approved, your funds will be deposited into your bank account as soon as the next business day. If you aren’t approved, you can choose to submit your application to a Power Finance Texas affiliate — just keep in mind a different lender may not offer similar terms.
What documents do I need to apply?
To complete your application, you’ll need to have the following information on hand:
- Driver’s license or state ID
- Check — if applying in person
- Most recent bank statement
- Recent pay stub
I got the installment loan. Now what?
Once you have your loan, it’s time to think about repayments. Because Power Finance Texas is a CAB — not a direct lender — you’ll pay both interest and broker fees, which can quickly increase the cost of your loan.
If you aren’t able to make a payment, get in touch with Power Finance Texas as soon as possible to avoid any late charges or nonsufficient funds (NSF) fees. You may be able to renew your loan — but know that this will cost you.
Bottom line
Power Finance Texas may offer convenient access to cash when you have bad credit, but it can quickly get expensive. Before you borrow, read our guide to payday loans to compare more short-term loan options. Or consider one of these payday loan alternatives instead.
