Do You Offer An Alternative To Payday Loans?
Payday loans are a popular option for many people, but their short repayment period and small loan amounts make them impractical when you need a larger chunk of cash for major expenses. Here are the payday loan alternatives that you can find at Idaho Title Loans, Inc.
Idaho Title Loans, Inc. offers vehicle title loans as an alternative to payday loans. These secured loans can provide you with larger borrowing amounts and longer repayment periods to help you handle bigger emergencies than other types of loans.
There are a number of reasons that Idaho residents are turning to title loans to handle big bills and emergencies. The rest of this article will cover the alternative to payday loans that you can consider.
What Are Title Loans?
Vehicle title loans are a type of secured loan that leverages the value of your car’s title to get you the quick cash you need for an emergency.
The concept behind the loan is pretty simple. Once you’ve applied, you’ll meet with a representative who will make sure your car title is lien-free and listed in your name, as well as check the overall condition of your vehicle.
If you’re approved, you’ll get the money you need, and the lender will keep the vehicle title for the duration of the loan. You can still drive the vehicle even while the lender is holding onto the title, so don’t worry about not being able to use your car.
As an alternative to payday loans, title loans can get you a large loan amount to use for bills that other types of loans may not cover.
The Differences Between A Payday Loan And Title Loan
Payday loans are very short-term, usually being loaned and repaid within a month. On the other hand, vehicle title loans last anywhere from 1-3 years of regular monthly payments.
As such, you can focus on meeting your regular monthly repayments for a title loan, instead of stressing over one massive payment.
Since payday loans can be thought of as an advance on your next check, they usually can only get you a few hundred dollars.
Expensive car repairs, home repairs, or medical bills can run in the thousands, which is why a title loan offering up to $15,000 is a more attractive prospect in many situations.
What Is A Signature Installment Loan?
Another alternative to payday loans is a signature installment loan. Getting you up to $1250 in borrowed cash, you’ll get a lump sum of money to use for an emergency that needs to be paid back in regular installments.
To get personal installment loans, you’ll need to have a state-issued ID, your most recent pay stub, and a statement from a checking account in your name.
What Is The Difference Between A Signature Installment Loan And A Payday Loan?
Compared to payday loans, signature installment loans usually allow for larger borrowing amounts. A representative will be able to sit down with you to discuss the amount you qualify for, but signature installment loans are a great option if you need quick and convenient cash to cover expenses.
You don’t need to take out any collateral or fill out a blank check to get a signature installment loan either.
How Does The Loan Process Work With Idaho Title Loans, Inc.?
The process of getting a loan will look a little different depending on what type of loan you get. If you’re opting for a title loan, you’ll start by filling out the online request form, which will get you connected with a representative from your nearest store.
Once your info has been confirmed, you’ll chat with a representative to discuss a meeting location.
At the meeting, you’ll need to provide your required items for verification, and your car for a quick inspection to determine how much you qualify for. Again, you’ll need to make sure your car title is in your name and lien-free to qualify.
If you’re approved, you’ll get the money you need on the same day or the following business day.
For a signature installment loan, once you fill out the form, a representative from your local Idaho Title Loans, Inc. store will give you a call back to confirm your info, answer any questions you may have, and go over your required items.
After that, you’ll know the amount you qualify for and can get the money you need the same day or the next business day.
Get Started Today!
If you need an alternative to payday loans, then you’ll want to consider vehicle title loans and personal installment loans. Both of these offer you a great opportunity to get the cash you need quickly to pay off important repair costs or medical expenses.
To get started, just fill out Idaho Title Loans, Inc. online form and a specialist will give you a call shortly after.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.