What Is An Installment Loan?
April 27, 2022 | June McKaig
Installment loans are one of the most popular ways of borrowing cash. A lot of people head to Idaho Title Loans, Inc. as they are looking to borrow cash to cover emergencies and they feel that this type of loan is the best option for them. But what is an installment loan? What do you need to get approved for one? How can you use the cash? All will be explained.
What Is An Installment Loan?
An installment loan is similar to a bank loan. This means that you borrow an amount of cash (with Idaho Title Loans, Inc. this is up to $1,250), and the repayments are split up into equal installments. This way you always know when and how much you will be paying back. Simply put, you won't be paying the whole lot back in one go.
These loans are often used by those that need to borrow larger sums of cash, but they want predictable repayments to make it easier to work into their budget.
What Is An Installment Loan Used For?
Idaho Title Loans, Inc. will never ask you why you are borrowing from us. However, we do want to point out that installment loans are designed to cover emergency expenses. They are not to pick up frivolous items. We suggest people live by the following three rules when considering whether an installment loan is an option for them:
- Is the expense necessary? (e.g., medical expenses, home repairs, car repairs)
- Does it need to be paid right away? (i.e., can it be delayed to your next paycheck?)
If the answer is yes to the first question and no to the second, then an installment loan could be an option for you. Although, you are encouraged to consider other ways of sourcing the cash first, such as selling some of your possessions.
What Do You Need To Get An Installment Loan?
The requirements for getting an installment loan with Idaho Title Loans, Inc. are minimal. We will carry out a few checks throughout the process. However, the only documents you need for this process are:
- Your ID
- A recent statement from a checking account in your name
- Your most recent paystub
All of these are things that you should have on hand anyway, which will make the process a little bit easier.
The Installment Loan Process
If you head to a traditional bank, they will often have you jumping through hoops if you want to borrow cash. The process can take days, sometimes weeks. You will have to go through countless checks, and you may have to supply them with tons and tons of paystubs. Not Idaho Title Loans, Inc., Our process can take as little as 30-minutes.
Step 1: Let Us Know You Are Interested In An Installment Loan
If you are interested in an installment loan, then you need to let us know. The simplest way to do this is to fill in the quick form on our website. It should only take a few seconds.
Step 2: Speak To Us On The Phone
The information that you added to that form will be sent to one of our team members (securely). They will look over the information and give you a call. They will explain a little bit about installment loans (feel free to ask questions). You will also be told more about the installment loan requirements. If you wish to continue, then you will be told your closest Idaho Title Loans, Inc. borrowing location. That is where you will head next.
Step 3: Visit Your Closest Borrowing Location
Bring all your documents to the closest Idaho Title Loans, Inc. location. Here, we will inspect your documents and carry out a quick credit check. If you can borrow cash, we will let you know. We will also tell you how much you can borrow.
Step 4: Sign Your Loan Agreement And Receive Your Cash
Your final job is to sign your loan agreement. Once this has been signed, we will start the process of sending your loan money to your bank account. This process can take up to one working day, but most people will receive the cash within a few hours.
Get An Installment Loan From Idaho Title Loans, Inc.
So, now you know the answer to 'what is an installment loan?', let's explain a little bit about why you should get one from Idaho Title Loans, Inc.
For starters, we are fast. We have already explained this. Most loans can be issued in just 30-60 minutes. This means that you can cover your emergency expenses quickly. Very few lenders will be able to issue you with cash that quickly. Not to mention the fact that the money will often be ready in your bank account within just a few hours!
You will have to visit us in person. But, not to worry, Idaho Title Loans, Inc. has installment loan locations throughout the state. We shouldn’t be too far away from you. Most of our locations are easy to reach by public transport or even driving to us.
Yes. We will carry out a credit check before we can issue you a loan. However, you may find that the checks are not as strict as if you went to a traditional lender. This means that you don’t have to be afraid to inquire about an installment loan, even if other lenders have turned you down before.
Get a Loan Today
What is an installment loan? It is a way to borrow cash and pay it back in predictable installments. Many people use Idaho Title Loans, Inc. as a way to cover emergency expenses that simply cannot wait until the next paycheck. Interested in an installment loan? Inquire 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.