Southwest Securities, FSB, is a savings association based in Dallas. It was founded in 1972, has $1.26 billion in total assets, $614 million in loans, 145 employees and, in 2014, reported a net revenue of $266 million. Although it has its headquarters in Dallas, it has banking centers throughout Texas and New Mexico. The bank is owned by Southwest Securities, Inc., which also owns SWS Financial Services and Southwest Insurance Agency.
How Does It Work?
Southwest Securities is a full service bank with branches in Arlington, Dallas, El Paso, Fort Worth, Granbury, Waxahachie, Albuquerque and Ruidoso. Although it offers personal loans, it specializes in commercial and residential lending. To apply for a loan, call or visit one of its branches.
What Are The Interest Rates?
The interest rate for eligible borrowers is fixed at 9.25%.
How Much Money Can I Borrow?
There are no set limits for loans, but larger amounts will require some type of collateral. The maximum term is 36 months, so a $10,000 loan with an interest rate of 9.25% will have monthly payments of $319.16 and a total cost of $11,489.76.
What Is the Application Process Like?
As well as completing a loan application form at a branch, borrowers must provide two years of tax returns and a financial statement that indicates access to substantial amounts of cash. Southwest Securities requires borrowers to have a credit score of at least 700. Applicants with lower credit scores may have to provide collateral to qualify.
How Is It Better Than Other Lenders?
Southwest Securities is one of the largest financial institutions based in Northern Texas. It provides customers with full investment and insurance services, and interest rates on personal loans are a little below the average for savings banks. Southwest Securities, FSB, is not geared toward personal loans. The fact it requires proof of liquid assets will make its loan inaccessible for many borrowers. Also, its loan officers require more financial information and have more stringent credit requirements than most lenders.