How Short Term Loans Work

June 9, 2021 | Emma Frost

short term loans

Do need cash on short notice? One of your options can be getting these easy and fast short term loans that Idaho Title Loans, Inc. offers.

There are several options you can choose from depending on your specific needs, like signature installment loans, payday loans, and title cash loans. Read on to find out how each of them works and what’s the amount each type provides to determine the one that would suit you best.

What Are Short Term Loans?

Short term loans are fast loans you will need to repay by the given due date which is typically within a year or less (certain short term loans can be obtained for longer periods than others).

Idaho Title Loans, Inc. offers 3 types of short term loans to potential borrowers:

  • Title loans.
  • Payday loans.
  • Signature installment loans.

How Do Short Term Loans Work?

All short term loans share certain characteristics. They’re all designed to be as accessible as possible for potential borrowers.

There’re only a few qualifying requirements for each type, you can be eligible for all 3 regardless of your credit situation (good, bad, or no credit at all), they don’t go on your credit reports, and any kind of income can be used to qualify for these loans.

However, there are certain important distinctions between them. So, let’s break down how each of these short term loans works.

get up to 15,000 from a title loan

Type 1: Title Loans

Car title loans are a type of secured loans specifically for car owners. Secured loans require you to provide the lender with collateral for the loan – in the case of title loans, your car title will act as the collateral.

This security allows for simple approval policies, as Idaho Title Loans, Inc.’s assets are protected from the get-go. This is the only short term loan you need no provide proof of income for – you can easily qualify for title loans even if you’re unemployed.

Title loans are a good option if you need to cover large expenses as you could get up to $15,000.

What You’ll Need for Title Loans:

You need to be over 18 and own your car to be eligible for a title loan. Here’s what you’ll need to prove it:

  • A state-issued photo ID or driver’s license to verify your identity and age.
  • Your car to determine the maximum loan amount you qualify for.
  • The car’s lien-free title in your name to prove outright ownership.

Type 2: Payday Loans

Payday loans in Idaho are a type of unsecured short term loans. To qualify for them you need to be of legal age and have some sort of income.

That said, while you’re typically expected to provide your most recent pay stub as proof of income, it doesn’t mean being unemployed outright disqualifies you. Consult with the loan representative about your options – youmay be allowed to provide alternate proof.

Payday loans are a good option for those who only need a few hundred extra dollars to fix their financial problems – you can get up to $500.

What You’ll need for payday loans:

  • A government-issued photo ID.
  • Your most recent pay stub (or alternative proof of income).
  • A blank check from an active checking account in your name.

Type 3: Signature Installment Loans

Like payday loans, signature installment loans are unsecured loans. The main difference between the two is that signature installment loans can be for larger amounts than payday loans, and they’re paid over several installments (hence the name).

Signature installment loans could get you up to $1,250. They’re a good middle ground between title loans and payday loans if you need more than a few hundred bucks, but don’t want to put up an asset as collateral.

What You’ll Need for Signature Installment Loans:

  • A government-issued photo ID.
  • Your most recent pay stub (or alternative proof of income).
  • A bank statement from an active checking account in your name.

easy and quick short term loans

How to Get Short Term Loans

The application process looks basically the same for these 3 short term loans.

First, you’ll need to submit the correct online request form on Idaho Title Loans, Inc. When the form gets processed, the information will be sent to your local Idaho Title Loans, Inc. store and you’ll get a call from the store representative.

The store representative will check your information, provide further information, answer your questions, and schedule an appointment at a convenient time for you.

You’ll need to bring the required items with you. The store representative will assess everything to determine if you qualify for your preferred loan and what the specific terms of your loan should be.

If you qualify, they’ll walk you through the final steps of the process, helping you finish the paperwork right there and then.

This entire process typically takes no more than an hour – and could last as little as 30 minutes if the required items are in order.

Get Your Short Term Loan Today

There you have it, you now know how short term loans work and the amount of money each of them can provide you with. Choose the one that suits you best and apply now to get your cash before the end of the day.