The Common Questions People Ask About Installment Loans
No matter how much we save or budget, financial issues are inevitable and can hit us at least once in our lives. Unemployment or emergencies like paying medical bills or urgent home repairs can really put us in a tight corner. In such situations, many of us consider installment loans.
If you are also considering getting online installment loans and need to know more about them then you have come to the right place. Here are the most common questions people ask about installment loans.
How Much Will The Loan Cost Me?
The first and foremost thing that people want to know is how much the loan will cost them. There are many loan calculators available online that you can use to calculate the monthly installments that you will end up paying. The monthly payments will depend on the structure and rates of the loan.
Once you are fully aware of the costs associated with the loan, you will be able to better gauge its affordability, but remember - our loan experts are here to help you and we’re willing to work with you for whatever we need.
Does My Credit History Matter?
Most lenders will first look at your credit history, and many loans have a minimum credit score threshold. However, you can find loans at pretty much any credit score. One thing to keep in mind though is that your credit score will affect the cost of the loan.
Your lender will calculate your monthly installments based on your credit score, needless to say, a better credit score will mean lower monthly payments. Before committing, thoroughly read the loan document to find out how your credit score will affect the loan and subsequent payments.
Furthermore, you should also check how the loan will affect your credit score. If you pay back an installment loan on time, it will significantly increase your credit score. This is the only one of our loans that are based on your credit score. If you don’t have a stellar score, you can still secure a payday loan and a title loan!
Can I Repay My Loan Early?
If you take out a loan to pay off an urgent expense, you expect to pay it off slowly over a long period of time. And this makes sense because a longer tenure means lower monthly installments. However, one thing you must know is that paying it back before maturity is not always easy.
Depending on the loan agreement, early repayment might be completely impossible. Even if there is an option for early repayment, you will most likely have to pay a fine. The reason behind this is that many lending institutions lump together loans of similar maturity and then sell them to other institutions. Early repayments change the maturity profile of such debt.
If you’re worried about your credit score affecting your ability to secure a loan – don’t worry! You can always take out a car title loan. Title loans are a short-term secured loan that allows you access to up to $15,000 in emergency loan money.
Consider Title Loans If Installment Loans Aren’t An Option
The Benefits of Car Title Loans
- Easy and Convenient. The main advantage of title loans is that they are easy to acquire and ensure same day cash payment. With Texas Title Loans, the whole process is hassle-free and takes just 30 minutes. All you have to do is to fill out an online application. Once your loan has been approved, the cash will be transferred to your account almost instantaneously. There is hardly any paperwork required at all.
- No Credit Checks. Another advantage of title loans is that you do not require a strong credit history. While traditional lenders go through extensive credit checks, with title loans your car is a good enough insurance so poor credit history is accepted as well.
- Easy Payback. Paying back your title is easy and can be done online. There are various installment and payback options available for you to choose from.
How to Acquire A Title Loan Near Me
In order to acquire a title loan, you can either visit a store the old fashioned way or you can go online. This is the step-by-step process for acquiring car title loans:
- Start your application by submitting a short-form found on our homepage.
- You’ll receive a call from a representative.
- They’ll schedule an appointment for you to inspect your car. You’ll be asked to bring the following items: Your ID, the title to your vehicle, and your vehicle.
- After the inspection, you’ll fill out the paperwork, and receive your loan money!
Whether it’s through title loans or installment loans, our loan experts at our store locations are here to help you with whatever you need. Apply today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.