8 Installment Loan Terms And Definitions To Learn
If you’re considering coming to Texas Car Title and Payday Loan Services, Inc. for help getting an installment loan, it’s important to learn about some common installment loan terms you’ll come across. Getting familiar with these terms will better prepare you for the process you are about to begin. This article will cover the top eight words to know, including the definition of installment loan, that will help you fully understand this loan.
8 Installment Loan Terms To Know
Once you understand these eight terms, you will make sure you aren’t caught by surprise during any point of our simple process. This will result in you learning quickly if you can get this loan to help you out with whatever you are going through. There are plenty of loans out there, so you need to know the terms specific to this loan. Here are the eight installment loan terms you’ll come across during the loan process.
1. Installment Loans
Knowing the definition of installment loan is a vital place to begin. You don’t want to confuse this loan with other personal loans and then be disappointed to find out this wasn’t the loan you wanted in the first place. Our installment loan is a loan that allows you to repay in installments – hence the name. This loan was designed for people that need emergency cash quickly, but also need time to repay the loan in full.
2. Unsecured Loan
There are two types of loans you will come across: secured and unsecured. Installment loans from Texas Car Title and Payday Loan Services, Inc. are unsecured loans. This means this loan does not require you to put anything up as collateral to secure the money. Instead, your signature will secure the loan. This is why this loan is also referred to as a signature installment loan. This means we look closely at your financial situation and your credit before we can decide if you qualify.
Secured loans like our title loans, on the other hand, require you to put up an item you own fully as collateral. For example, some banks will use your car or even your home as collateral for a personal loan. If you fail to repay the loan, the bank will have a legal right to seize your property for themselves. As we said, our title loans are secured loans because they require you to put up your lien-free vehicle title as collateral.
3. Required Items
When it comes to required items, this is important that you understand. These items are what tell us if you qualify for approval. Now, understand that just because you may have the required items, that doesn’t guarantee you approval. But if you don’t have the required items, you definitely won’t be able to get through the process. The good thing is we keep the list of required items short so that you can make sure you have everything. You need the following items:
- Your driver’s license or state-issued photo ID.
- A checking account statement that is open in your name.
- Proof of income in the form of your most recent pay stub.
4. Credit Check
Your credit is also vital for determining if you qualify for approval. As we said in the beginning, this loan is unsecured. This means you don’t have to put anything up to secure the money. This also means we need to look at your financial situation to gauge whether or not you have the means of repaying us. Besides looking at your income, we will also run a quick credit check to determine if you qualify for approval.
5. In-Person Meeting
While you can begin the process either online or through the phone, that doesn’t mean you can finish the entire process there. There is an in-person meeting that you’ll have to attend for us to determine if you qualify. This is where you’ll gather your items and come see us so we can assess them and run a credit check. The good thing is we make sure to be as quick as possible. In fact, the entire process can last around 30 minutes.
6. Emergency Situation
When it comes to getting a loan, you should know exactly why you want one in the first place. While we won’t question why you are getting this loan, that doesn’t mean you should get it for frivolous purchases. This loan was designed specifically to help you get through an emergency situation as quickly as possible. By emergency situation, we mean anything that will get worse if not dealt with right away. You can use this loan for the following:
- Medical bills.
- Emergency home repairs.
- Emergency vehicle repairs.
- Late utility bills.
- Emergency travel.
7. Loan Terms
The loan terms detail exactly what is required of you if you get this loan. So part of your loan terms would be the repayment schedule and how much you are to pay back. If you are approved for the loan, we will sit down with you and fully go over these loan terms. Likewise, the paperwork you have to fill out will also detail these terms. And if you have any questions about them, feel free to ask us during any part of the process.
8. Proof Of Income
When it comes to getting an installment loan here, we require you to show us proof of your income. This shows you have some money coming in to help repay the loan on time. We ask that you use the most recent pay stub you have as your proof. If you happen to be unemployed, you might be able to use other means of income if you have the appropriate paperwork to prove it. Come talk to us, and we will be able to give you more information about what we can accept.
How To Get An Installment Loan
Once you understand these installment loan terms, you can move on to the process. If you understand the definition of installment loan and are ready to apply for your installment loan today, complete the online form on our homepage and wait for a call from us to get started. We will remind you of the required items and help you set up your meeting at the nearest store location. If approved, you can get the money either on the same day or the next bank business day.
Access Your Cash Today
Now that you are well-versed in the definition of installment loan and know the installment loan terms, it’s time to get started on your application. Our representatives are happy to answer any of your questions and walk you through the process. The in-person application takes as little as half an hour, and you could have your money by today or tomorrow. Reach out to us now to take the next step to secure your financial future.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.