Never Heard Of Installment Loans? Read It - Explained In Super Simple Terms
August 27, 2021 | Louis Tully
One of the most frustrating things about researching a type of loan is reading up on the specifics, as it is often filled with a ton of technical terms that make it difficult to understand. If you are looking to get a better understanding of what installment loans are, then look no further.
If you don’t know what an installment loan is, you wouldn’t be the first. With many different types of loan options out there, you may have only heard the mention of installment loans in passing. If that happens to be the case, you’ve come to the right place to find out what an installment loan is and whether it is a good option for your financial needs.
Installment Loans Explained
What Is An Installment Loan?
To many people’s surprise, installment loans are a common type of loans that many use when they need a lump sum of money. With an installment loan, you can get a lump sum of money all at once using a few simple documents: a driver’s license, proof of income, and a checking account statement. This sum is then paid back to the lender through monthly payments, otherwise known as installments until the loan is fully paid back to the lender.
Who Can Qualify For An Installment Loan?
Anyone who is of legal age (18+), has some income, and a bank account has chances to qualify for an installment loan. Here’s a detailed list of qualifying requirements:
- Your driver’s license or state-issued ID
- A bank statement from an active checking account in your name
- Proof of income (your most recent pay stub)
- Must be 18 years of age or older.
Many people are concerned about the possibility of being rejected when getting a loan due to a low credit score or low income. While these factors play an important role in qualifying for a personal loan from a bank, it doesn’t work the same way with emergency installment loans, especially if you choose Idaho Title Loans, Inc. to be your primary lender. The company welcomes applicants from all credit backgrounds and accommodates all types of income.
When To Get An Installment Loan?
Installment loans are a great financial option for emergencies that require cash fast. Emergencies associated with home or auto repair can be time-sensitive, while unexpected hospital bills, visits to the ER, or unexpected travel can drain your bank account and leave you behind on bills. Whatever emergency finances have caught you off guard, an installment loan just might be the answer you are looking for when you find yourself in a bind.
Why Get An Installment Loan?
- It is an easy process. You won’t have to go through a bunch of hoops to apply for an installment loan. In less than a handful of steps, you can get the cash you need asap. The process has become so convenient that you can apply for installment loans online.
- Installment loans are a great option for people who need a lump sum of money quickly, especially if the problem is time sensitive. Due simplicity of the installment loan process, you can get that emergency money the same day you apply.
- Another perk with getting an installment loan is that Idaho Title Loans, Inc. accepts a wide range of credit and works with all types of income. As a result, getting an installment loan can be a possible option for those with poor or bad credit.
How And Where To Get An Installment Loan
Now that you know what an installment loan is, you may be wondering how and where to get the loan from. Thankfully, Idaho Title Loans, Inc. understands the financial burden that comes with emergencies and offers installment loans up to $1,500.
To get an installment loan with Idaho Title Loans, Inc, just fill out our online request form or call 800-514-7724 to speak to a customer representative. Once the form is filled out, a representative from the nearest storefront will contact you which is definitely more convenient than Googling “installment loans near me” for hours.
When an Idaho Title Loans, Inc. representative finishes reviewing your papers, they will determine the loan amount you qualify for and ask you to sign a few forms if everything is to your satisfaction. You could get money either the same or next business day depending on the time of the day you apply and on your bank delay policies.
Get Started Today!
Don’t let that emergency weigh on your shoulders more than it needs to. Fill out a short request form for online installment loans in Idaho today and have those emergency expenses covered in no time!