What's The Difference Between Title Loans vs Installment Loans?
March 17, 2022 | June Mckaig
Finding the right loan to meet your financial needs can be overwhelming – especially when you have an emergency expense looming around. With so many loans to apply for, choosing which one is best will come down to several factors. If you find yourself debating between applying for title loans vs installment loans, the differences between each can help you decide which one is right.
How To Decide Between Title Loans or Installment Loans
Differences Between Title Loans and Installment Loans
If you are trying to decide between title loans vs installment loans, one way to do that is by knowing the differences between them. One of the key differences when it comes to title loans and installment loans is the type of loan that they are.
Vehicle title loans from Idaho Title Loans, Inc. are short-term loans that require a lien-free title to your vehicle to use as collateral. As the collateral secures the loan, credit checks have less of an impact as to whether you will get approved or not with us. And you get to keep your vehicle while you repay the loan.
Quick signature installment loans, in contrast, are short-term loans that do not require you to put anything up as collateral. This is because our decision is based on your credit and your ability to repay the loan. The payments you make to us – if you are approved – are made in installments, which is usually a fixed amount due at a time we will discuss during the in-person meeting.
One thing to keep in mind, as this loan does not require any collateral, this means that your credit plays a much bigger role than it does with our title loans. So if you are worried about your poor credit holding you back, you should definitely consider this when trying to decide between title loans vs installment loans.
Differences In Amount For Title Loans and Installment Loans
Another major difference between title loans vs installment loans has to do with the loan amount that you can qualify for with us here. As title loans are secured loans, we here at Idaho Title Loans, Inc. will look at the vehicle title being used as collateral and the vehicle itself. When you apply we will inspect your vehicle, which helps us determine the loan amount that you could qualify for.
Installment loans are based on your income and your credit. This means we will require you to provide proof of income as well as a checking account statement from an active account in your name. Based on the information from your pay stub and your checking account, your loan amount – and if you will qualify for approval – will be determined accordingly.
Required Items To Apply For Either Loan
When it comes to title loans vs installment loans, applying for a title loan will require a different set of items or documents compared to an installment loan. To apply for a title loan, you will need a lien-free title. If you don’t actually own a vehicle or still need to make payments on it, then you won’t be able to apply for a title loan.
You’ll also need a driver’s license or a valid state-issued photo ID to show you are 18 years or older to be able to apply. And finally, you will need a vehicle – one that matches the title – for inspection to determine the loan amount you could qualify for.
To apply for an installment loan, you will need to have proof of your income in the form of your most recent pay stub. You will also need either a driver’s license or a state-issued photo ID to prove you are 18 or older. And finally, you will need to have a checking account statement from an account that is open and in your name.
Can’t Decide? Let Idaho Title Loans, Inc. Help
Still can’t decide between title loans vs installment loans? Thankfully, with Idaho Title Loans, Inc., you can explore your loan options with one of our representatives and select the right loan for you. Idaho Title Loans, Inc. offers its customers both title loans and installment loans to help you you’re your emergency expenses.
With Idaho Title Loans, Inc., you can potentially qualify for a title loan amount of up to $15,000. If you don’t require as large a sum of money as a title loan may provide, then an installment loan may be for you. With Idaho Title Loans, Inc., you can get an installment loan amount of up to $1,250.
We here at Idaho Title Loans, Inc. not only offer our customers different loan options, but we make sure you get your funds fast. The entire process can take as little as 30 minutes! You can then receive your funds as soon as the same day or the following business day. The application process for both loans is as simple as:
- Submit an online inquiry form to have a representative contact you and go over any questions you have, the required documents for either loan and the application process.
- Meet up with the representative at the nearest Idaho loan location and provide them with the required items. And allow them to do the vehicle inspection for the title loan.
- Find out if you qualify and for how much you qualify. If you do, we will go over the loan terms for either loan and help you complete the process with simple paperwork.
Get Started On Either Loan Process Today
So when you need help from one of our loans, you don’t have to worry about which one works for you. Deciding between title loans vs installment loans is made easy with this simple guide. Once you decide which loan you want, just go on our website and submit an online inquiry form to speak to a representative.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.