3 Things Your CAB Must Have

As more Americans turn their backs on conventional lenders, financial services like Credit Access Businesses (CABs) are gaining popularity in Texas. They offer simple and convenient assistance to those individuals struggling to make ends meet. But more importantly, they do it with loans that have more flexible repayment terms.

But before you apply with the first CAB you find, it’s important to note that not all lenders are created equal. Before you can apply for online installment loans with confidence, you need to make sure your CAB has these 3 features.

1. A License to Lend
Licensing is an important feature of any business, no matter what they’re selling. You wouldn’t drop your kids off at a daycare that doesn’t have the right certification, nor would you make reservations at a restaurant that failed to meet the Texas Food Establishment Rules (TFER). So why would you borrow with aCAB that doesn’t have its license?

Each industry has regulations put in place to protect consumers, and the laws enacted by the State of Texas and the Office of Consumer Credit Commissioner are there to safeguard borrowers from predatory scams. Those CABs that fail to have the appropriate license are liable to provide debt traps orloans with such high fees and strict repayment terms that they make it impossible for borrowers to pay off their loans in time, resulting in rolling over and accruing late penalties. To give yourself the best chance at repaying your installment loan on time, confirm your lender has its license as both a Credit Access Business and a Credit Services Organization (CSO).

2. A Good Reputation
With nearly 27 million people living as your neighbors in the Lone Star State, you aren’t the first person to need an installment loan. Thousands of people before you have tested the waters, and thanks to the Internet, they can share their experiences with you. Don’t ignore what previous customers have to say about any CAB. They can reveal a side to a lender you wouldn’t otherwise realize by visiting their site alone. Take the time to search out customer reviews from trusted sources like the Better Business Bureau (BBB) and Trust Pilot. Weigh the positive reviews with the negative ones to determine if their services are right for you.

3. Rates, Terms, and Conditions You Can Handle
Ultimately, no license or reputation will matter if the APR and other associated fees of the loan push its assistance outside of your means. It’s your responsibility to understand your limits when it comes to what you can borrow. You may have to take some time looking at your income and expenses before you can determine if a financial product is for you. Under the pressure of the clock, this may seem like wasted time, but it can save you from weeks, months, or even years of consequences down the line. Figure out your budget and don’t hesitate to contact a CAB to clarify any of their rates, terms, or conditions before you apply.

When you confirm your lender has these 3 features as they’re outlined above, you improve your chances of securing a practical and responsible financial solution to your temporary cash shortage. Find a CAB you can trust, and see why so many Americans are choosing them over conventional lenders.