What Is An Installment Loan?
Asking the question, “what is an installment loan?” is the first step to making a good financial decision. After all, you always want to know what a loan is before you sign any papers. Basically, an installment loan is just one form of a short-term loan.
Unlike other loan types, installment loans are paid back in installments, meaning you know exactly when the loan will be paid back in full. To learn more about what is an installment loan and to decide if it is right for you, here is what you need to know.
Learn What Exactly An Installment Loan Is
In short, an installment loan is a short-term loan that is unsecured and paid back in installments. Because of these two facts, installment loans are sometimes called “signature installment loans.” Let’s break apart this name to fully understand this loan type.
For starters, signature installment loans are unsecured, which means no form of collateral is used. Instead, your signature is your promise to pay back the loan, explaining why “signature” is the first word in this loan’s name. You essentially are making a promise to pay back the loan when it is due.
Secondly, signature installment loans are paid back in installments. Installments are pre-fixed dates on which part of the loan is due. Because these installments are predetermined, you will know when payments are due and when you’ll pay off the loan in full.
What Is Required For An Installment Loan?
If you are wondering what is an installment loan, you are probably wondering what you need to qualify for this loan. The requirements for an installment loan differ from place to place. Here at Texas Car Title And Payday Loan Services, Inc., you will need the following three items:
- Your driver’s license or state-issued photo ID.
- A checking account statement in your name.
- Proof of income in the form of your most recent pay stub.
In other words, you will need your driver’s license, a bank account open in your name, and a form of income – usually your most recent pay stub – in order to qualify for unsecured installment loans. Something else to think about is that your credit will be checked before you can qualify.
However, you don’t need to have perfect credit though. If you are worried about your credit, you can always call us directly to learn more about how your credit will impact your chances of getting an installment loan. Just make sure you have these items and we can go over your options.
Is An Installment Loan Right For Me?
If an installment loan is right for you ultimately depends on how much money you need, why you need it, and if you meet the requirements. At Texas Car Title And Payday Loan Services, Inc., you can get anywhere from $100 to $1,500 with installment loans. If you need more than $1,500, you will need to look at a different loan type.
Additionally, you might want to consider a different loan type depending on why you need a loan in the first place. Installment loans are an option for individuals who find themselves in an emergency and need money quickly. For example, installment loans can help you out if you find yourself in an emergency or need to go on unforeseen travel.
Lastly, you simply cannot apply for installment loans with us if you don’t have the three items mentioned above. If you don’t meet these requirements, look elsewhere for loans that you do qualify for. So, an installment loan is right for you if you need $1,500 or less, find yourself in an emergency situation, and meet the requirements mentioned above for this loan type.
How To Apply For Installment Loans
If an installment loan sounds right for you, you will need to apply. The application process is fast and easy at Texas Car Title And Payday Loan Service, Inc. for anyone to get through easily. First, head over to our home page to fill out this inquiry form. As soon as you click submit, the form will be sent to the closest storefront location so that we can give you a call.
Make sure to answer this call so that we can set up an appointment to apply at the nearest Texas installment loan location. The good thing is we have plenty of locations all around Texas. At the time of your appointment, bring all of your documents and sit down with a representative.
The representative will look through your documents and determine if you qualify. This in-person process can take as little as 30 minutes in total. If you are approved for an installment loan, you can get your installment loan money the same day or the next business day.
Apply For An Installment Loan Today!
What is an installment loan? Once again, it is an unsecured short-term loan that is paid back in installments. It may be an option for you if you need $1,500 or less and find yourself in an emergency situation. Just make sure you meet the requirements first.
If an installment loan sounds right for you, you can get started right now by filling out the Texas Car Title And Payday Loan Services, Inc. inquiry form. Fill out this form now, and a representative will get back to you shortly so we can walk you through the rest of the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.