Common Questions You Should Ask About Loans From Utah Title Loans
December 18, 2020 | June Mckaig
Here’s the deal, most Americans will need to take out a loan in their life. Multiple surveys have shown that the majority live paycheck to paycheck and wouldn’t be able to come up with $500 on the spot to deal with an emergency. And emergencies in the US tend to cost a lot more.
So be it for big purchases, or to deal with some unexpected expenses – most of us will need some outside help. And usually, that help comes in the form of a loan. One kind of loan you can get at Utah Title loans is an installment loan.
If you’re one of those Americans, looking to acquire some cash and are looking for more information, here’s what you need to know about our installment loans, title loans, and payday loans.
1. What Even Are Installment Loans?
A signature installment loan is a convenient and easy way to get extra cash when facing a temporary financial emergency. With an installment loan from Utah Title Loans, you could qualify for $1,250 to help in an emergency.
2. How Are Installment Loans Different?
Installment loans have a few differences from our other two loans. When it comes to payday loans, instead of having to pay your loan back in full by your next paycheck, you have a little more time to pay off your loan with installment loans. You pay in installments instead of all at once – which gives you a little more time to get your cash situation together.
Compared to our title loans, installment loans are different because they do not require collateral. With a title loan, you are putting up your vehicle’s title as collateral for the cash. With an installment loan, you are not required to put anything up as collateral. This loan is based on your income and credit history.
3. What Are The Advantages Of Installment Loans Near Me?
Our installment loan process is easy and quick for anyone to go through. We do not require a lot of paperwork or an unending list of required items. And if you are approved, you will get your cash the very same day you apply; in fact, the process could take all of 30 minutes to complete!
4. What Are Payday Loans?
Now, our payday loans are perfect for those who are in between pay periods at their place of employment and require quick cash. With a payday loan, you can qualify for anything up to $500 to help in your emergencies.
5. How Are Payday Loans Different?
With our payday loans, you usually have to pay back your loan with your next paycheck – in about two weeks. But, of course, if that doesn’t work then we can work on coming up with another option. Unlike title loans, you do not have to put up any collateral for a payday loan. It is based on your income and credit history. But that doesn’t mean you can’t apply if you happen to have bad credit. We will try to work with you regardless of how your credit looks.
6. What Are the Advantages of Payday Loans Near Me?
With a payday loan, if you have the cash available, you could get them taken care of by your next paycheck. They are a smaller amount compared to title loans, making them a bit more manageable for borrowers. You also get your cash the same day your loan representative is able to approve you – about 30 minutes after you apply.
7. What Are Title Loans?
The last kind of loan we offer is title loans. Title loans are loans you receive when you use your vehicle’s title as collateral for a specific cash amount. With our title loans, you can qualify for anything between $300-$15,000 to help in your emergencies.
8. How Are Title Loans Different?
Title Loans are different because these are the only loans offered at Utah Title Loans that require collateral. You are using your vehicle’s title as collateral and not relying on your credit and income alone. These loans also offer you more money than our other two loans. And you can either have our loan representative meet you to complete the process or come to us.
If you do have them meet you then you will get your cash – if you are approved – the very next bank business day. If you come to the store and get approved, you will get your cash the same day.
9. What Are The Advantages Of Title Loans Near Me?
There are many benefits when it comes to title loans. First, you don’t have to give up your car for this loan. We are using your title as collateral, not your car. So if you keep up with your repayment schedule, you will be able to keep your car and use it how you want.
You also are able to get a title loan with any vehicle you own. If you don’t have a car but you do have a motorcycle, truck, SUV, or some other kind of vehicle, you could still use it as collateral. And the process to get one is simple and quick.
10. How do I Acquire These Loans?
It takes only a few things to be eligible for a title loan. You should be at least 18 years old, you should be a vehicle owner with the vehicle title in your name, and you must have a government-issued ID. The vehicle title in question should also be completely lien-free.
As long as your documents are in order, the approval process will be smooth sailing. For whichever loan you want, you will have to fill out our online form and clearly mark which loan you are applying for. For title loans, after you submit the form, the process is:
- Wait for a phone call from one of our loan representatives from the nearest location;
- Either they meet you or you come to the nearest Utah Title Loans with the three required items;
- They will check your ID and title and do a quick inspection of your vehicle;
- They will let you know if you’ve been approved. If you have then you will have your cash either the same day or the next bank business day.
When it comes to installment loans and payday loans, the process is pretty similar. Fill out the online form, clearly stating which loan you want, and then:
- Wait for a call from one of our loan representatives;
- Gather your ID, a blank check from a checking account in your name, your most recent pay stub, and a checking account statement;
- Have the loan representative look at your documents and run a quick credit check for installment loans;
- If your application comes back as approved, you will be handed the cash you qualify for.
If you are thinking of getting a loan to help in your situation, it is important you know everything you can about our loans. Keep this guide in mind when you are applying for either an installment loan, payday loan, or title loan in Utah.