Learn Installment Loans Definition And What You Need To Qualify
Getting an installment loan from Utah Title Loans, Inc. is helpful in your time of need, but you should learn the installment loans definition first to see if it's for you. Read through this guide to learn more about what an installment loan is, what you need to get one, and what the application process will look like for you.
What’s The Definition Of Installment Loans?
The installment loans definition is straightforward to understand. In a nutshell, an installment loan is a financial tool that helps you borrow money at short notice when you need cash urgently.
For example, you might find yourself in a tight spot struggling with a financial emergency like having to pay medical bills. Alternatively, you might have urgent repairs on your house or car that you have to pay for and can’t delay.
When that happens, you only need to provide a few required items to apply for an installment loan. The in-person part of the application process could take as little as 30 minutes for you to complete before you get a loan decision.
Then, if you’re approved, the money you need can be in your hands as soon as the same day or by the next business day.
Best of all, you don’t have to wait for regular business hours to get started. Instead, you can kick-start the entire application process at any time of the day by submitting the online form with your required details.
What Do You Need To Qualify For Installment Loans?
Many borrowers are surprised that the installment loans definition doesn’t show just how minimal its requirements are. You only need a few things to complete your application, which are:
- Identification: First, you must provide a valid form of identification. You can use your driver’s license for this purpose, but if you don’t have one, any other state-issued ID can work.
- Proof of income: You must also provide proof of income to apply for an installment loan. More specifically, you’ll have to bring along your most recent pay stub when applying.
- Checking account: Lastly, you must also have a checking account that’s active and registered to your name. You’ll require a blank check from that account to complete your application.
These three things are all you need to apply for an installment loan, and you likely already have them with you. Even if you don’t, it won’t take long for you to gather the necessary items and begin applying.
What Benefits Do Installment Loans Offer?
Installment loans are a helpful option for borrowers because they offer many useful benefits. The installment loans definition itself hints at some of them, but here’s a more in-depth list of the benefits they offer:
- Few requirements: First, these loans only have a few requirements that you must fulfill. That means you won’t have to run around collecting a long checklist of items, unlike some other kinds of financial instruments.
- Quick application: Second, an installment loan takes little time to apply for. You can start at any time by filling out the online form. A loan representative will call you shortly after to walk you through the remainder of the process.
- Fast decision: Next, you won’t have to worry about waiting a long time to find out if your application is approved or not. The in-person portion of the application can take as little as 30 minutes to complete, and you’ll get a loan decision by the end of your time there.
- Swift payouts: Last, if your loan is approved, you could get the money as early as the same day or by the next business day.
Overall, the process is straightforward and free from any fuss. That can surely take a load off your mind when you’re struggling with a financial emergency and have very little time or energy to deal with a lengthy application process.
How Do You Apply For An Installment Loan?
The installment loans definition makes it clear that they’re easy to apply for. That’s certainly true when you look at the steps to apply for one of those loans, which are:
- Step 1: Fill out the online form with your required details. Soon after that, a loan representative will call to explain the application process to you and set a time to meet in person.
- Step 2: You’ll meet the loan representative in person so they can verify your documents and finalize the application with some simple paperwork. Then, they’ll determine if you qualify to borrow money and, if so, how much you can borrow.
- Step 3: If your loan is approved, you could receive the money on the same day as your application or by the next business day.
The application process is as easy as 1-2-3, and you can get through it quickly!
Now that you understand the installment loans definition, all that’s left is to get started with Utah Title Loans, Inc. to get your loan. All it takes to start is to fill out the online form with your basic details! Soon after, a loan representative will call your phone, so keep it close by. They’ll guide you through the rest of the application process and answer any questions you might have.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.