Do This Before You Fill Out Your First Loan Application

November 10, 2021 | June Mckaig

consider this before submitting a loan application

If you need to borrow cash, you may be tempted to fill in a loan application without giving it enough thought. However, there are a few things that we suggest you consider before you even contemplate the idea. That’s exactly why we are going to cover some of the things that you need to think about before you borrow cash.

Things To Consider Before Taking Out A Loan

1. Consider Whether You Really Need A Loan

Some people may start a loan application even when they don't really have an urgent need to borrow money. These people may have not exhausted the options available to them, including for example selling some of their unneeded items or using the timeframe available to earn some extra income.

When you borrow cash, you are taking on debt. You will only want to take on debt only if you have a genuine need to do so. This means that you have something that needs to be covered quickly and you have no time or ability to seek other options.

2. Consider The Types Of Loans Available

There are plenty of different loan types out there. Each has its own benefits. It would be nearly impossible for us to talk you through each of them here.

If you do not have a perfect credit score and stable employment, then you stand little chance of getting approved for a traditional bank loan. However, Utah Title Loans, Inc. has options available for people with all types of credit. This includes:

  • Utah title loans for those that own a lien-free title to their vehicle.
  • Payday advances for those that wish to borrow smaller sums of cash to pay back on their next payday.
  • Signature installment loans for those that wish to get a personal loan without the huge credit score requirements (your credit may be checked though).

calculate how much you need to borrow

3. Consider How Much Cash You Need To Borrow

As we said before, you shouldn't be putting yourself into debt unless you have no other choice. This means that if you do need to borrow cash, you should only ever borrow the amount that you need to cover those vital expenses.

Before you fill in your loan application, think about all of the emergency expenses that need to be covered by the loan. Making a list of those expenses will also give you a rough idea about which type of loan may be right for you.

For example, a Utah title loan can provide you with up to $15,000, depending on the value of your vehicle, while a payday loan in Utah can go up to $500.

4. Gather All Of Your Required Documents

The reason why you would want to gather all of the required documents before you fill in your loan application is that this can help to speed up the process. This means you don't have to search for your documents mid-application.

Each loan type will have its own required documents. A title loan will often have the least documents required. For example, with a Utah title loan, you don't even need to provide us with proof of income or a checking account. You just need the following:

  • A government-issued ID
  • The lien-free title to your vehicle.
  • Your vehicle itself.

5. Check How Reputable The Lender Is

Obviously, you only want to be borrowing cash from reputable lenders. This means a lender like Utah Title Loans, Inc., which has stores throughout the state.

You may also want to read reviews online. This should give you a rough idea about whether a company may be worth working with. It will also give you an idea of how many people they have helped. Of course, the more positive reviews, the better.

qualifying for title loans in utah

How To Start My Loan Application With Utah Title Loans, Inc.

Once you have considered these 5 things, you may see a loan as an option that fits your needs. One of the loan options we offer at Utah Title Loans, Inc. is title loans. This option works if you have a lien-free title to your vehicle, in which case you can borrow up to $15,000.

Title loans can be simple to acquire since they do not have any income requirements. We welcome people of all types of credit, so if everything goes smoothly, you can have access to your money as soon as the same day you apply or the next business day.

The process for inquiring about a title loan through us is easy:

  • Start by filling a short form for title loans Utah. The form will request your basic information and it will help you connect with your closest Utah Title Loans, Inc. location.
  • One of our representatives will call you. They will provide you with further instructions and answer any questions you may have. They will also schedule an appointment with you at a location of your choice, including but not limited to any of our stores or your own home.
  • Once you meet with our representative, they will have your vehicle inspected to determine its value. They will also review your documents to make sure that you qualify.
  • If you are approved for a title loan, you will be asked to sign your loan agreement.
  • You can receive your money on the same day or the following business day.

Consider How A Title Loan May Assist You

There are several things to think about before you fill in your first loan application. Make sure to go over our list and give yourself the time to reach a decision that fits your needs.

Once you have considered everything there is to consider, you can start your process to get a title loan online through our simple form. If all your requirements are in order, you can gain approval before the end of the day!