How Much Can I Get For Installment Loans In Idaho Falls?

Installment loans in Idaho Falls can help you out of a pinch when you need urgent cash, but the question on everyone’s mind is, “how much can I realistically get for an Idaho Falls installment loan?” From Idaho Title Loans, Inc., here’s a quick rundown of what you can expect.

We offer installment loans in Idaho Falls up to $1,250, but the amount you can expect to receive is largely dependent on your income and your credit. A higher credit score and income will result in a higher loan amount, while a poor credit score may impact your chances of approval or the amount you could qualify for.

There’s a pretty simple relationship between credit and borrowing amounts: the higher your credit, the more you can get on a loan; however, there’s more to the story. In this article, we’ll explore how much you can get on your loan and how you can get started as soon as today.

Why Is Credit So Important?

Now that we’ve established credit is directly linked to the amount you can borrow when it comes to installment loans in Idaho Falls, let’s discuss why credit is so significant.

First, credit is an indicator of trustworthiness and helps assure that you will repay what you owe when you take out a loan. The same principle is used by banks and other financial institutions when considering you for a loan or financing on a big purchase.

The more you consistently pay your bills and debts, the more trustworthy you will be to financial institutions that are entering a long-term relationship with you.

Installment loans typically last about a year, depending on the terms of your individual agreement, and — to put it bluntly — any loan company will want to ensure they get a return on their investment.

If you’ve consistently proven your creditworthiness, you can be trusted with more money. If your credit isn’t great, don’t worry! You might still be approved, just for a lesser amount.

Unlike other types of loans, an installment loan is secured by just your signature and the promise of repayment. That’s why it’s sometimes called a signature installment loan.

Other types use security in the form of collateral, an asset you put at risk as a promise to repay the loan. Title loans, for example, use your car’s title as collateral. In these cases, credit doesn’t matter as much because you’re incentivized to recover the collateral.

Installment loans have no such conditions, which is nice if you don’t have a car to use as collateral, but just be mindful that credit will impact what you can borrow.

Income

Similarly, your income is reflective of how much you’re able to borrow and confidently repay, which is why we ask you to provide proof of income via your most recent pay stub.

This information offers a good snapshot of your earnings and assures us that you’re continuing to earn and are committed to repaying the loan on time. Again, for loan companies, it’s all about minimizing the risk of lending, which is why so many loan company requirements are the same across the board.

What We’ll Need

If you’re interested in installment loans in Idaho Falls, here’s what we’ll need from you:

• Your driver’s license or state-issued ID – Verifying your identity is a must. Aside from your driver’s license, you can also use a non-driver’s license, passport, student ID, or military ID to meet this requirement.
• A checking account statement open in your name – An open checking account statement proves you have a bank account, which is required for an installment loan.
• Proof of income – Your most recent pay stub denotes your income and gives us valuable insight into what you can afford to pay back, affecting the total amount you could qualify for.

Our Application Process

Now that you’ve got a general idea of how we scale our loans to fit your individual needs, here’s how you can get started:

1. Complete the short request form, which will send your basic information to a nearby Idaho Title Loans, Inc. storefront. You can alternatively contact us by phone during business hours.
2. Shortly after, a representative will call you back to confirm your info, answer your questions, and review the required items. They’ll also let you know what you could qualify for.
3. Head to the store and complete the approval process (which could take 30 minutes or less). If you’re approved, you may be able to get the money you need that day or the next business day.

Sign Up Today!

Idaho Title Loans, Inc. makes getting an Idaho Falls installment loan as easy as can be. Once you’ve completed the form, a representative will be able to give you a quick estimate of how much you qualify for.

In an emergency situation where you’re scrambling to cover unplanned expenses, we can help. Give us a call to see what we can offer you on installment loans in Idaho Falls today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.