Can You Take Out Another Quick Cash Loan? Here’s What To Know

Signature installment loans and title loans can become a quick and easy way to get extra cash when faced with emergency expenses, like medical bills or home repairs. At one point, you might start asking yourself, “installment vs title loans – what option should I go for?” You may also wonder if you could possibly get one of both to borrow a large sum of money.

In this guide from Utah Title Loans, Inc., we will explain installment vs title loans to see which can help during your emergency. We will also explain why you can only get one loan at a time and how you can borrow a title loan or signature installment loan responsibly.

Is It Possible To Have More Than One Loan At A Time?

When working with Utah Title Loans, Inc., you cannot have more than one loan at a time. The amount you qualify for is the amount we feel you can afford to repay, so we will not allow you to get a second loan until the first one is fully repaid.

This is to make sure you borrow our loans responsibly. A second loan would also add a lot more stress to your life. You would have to consider the terms and conditions of more than one loan, and your monthly payments would most likely double. Not every client would be able to fully pay off both of the loans without any issues.

One loan is hard enough to handle, especially when you face a financial emergency you cannot afford, so you need to choose one loan type to address your situation. We offer two different categories of loans: secured and unsecured.

Should You Go For A Secured Or Unsecured Loan?

A secured loan requires collateral – a valuable asset that would be used as a guarantee that you’re going to repay what you owe. With such loans, you would typically be able to qualify for bigger amounts, which can come in handy if you need to cover a hefty bill. One such loan is a title loan, which lets you borrow up to $15,000 using your lien-free vehicle title as collateral.

Unsecured loans do not require collateral, but you might be asked to provide proof of income. Some of the most popular unsecured loan types include payday loans and signature installment loans.

Just as the name suggests, with the latter option, your signature will act as a guarantee that you’ll repay the loan. With a payday loan, you would generally be able to settle the loan once you receive your next paycheck. Learn more about the three loan types below to see which fits your financial situation.

What Type Of Utah Loan Fits Your Financial Situation?

There is a reason why lenders offer different types of loans. This will help more clients find the option that would work best for them. The variety of different loans should not scare you. In fact, choosing the right one will be very easy if you know exactly what amount you need to cover your emergency and what documents you can provide.

Here are our loan types and what emergencies they may help with:

• Title loan – If you have a car, truck, or van that you own outright, you can choose to go for a title loan. Only those who have a clear title can qualify, so make sure you meet this important requirement. Apart from a lien-free title, you’re only going to need your state-issued photo ID and vehicle. The loan amount depends on your car's value, and in some cases, you may qualify for up to $15,000. This fact makes a title loan a convenient option for those who need a relatively large amount to pay for their urgent bill, such as medical bills or home and auto repairs.
• Payday loan – With a cash advance, you can get anywhere between $100 and $500. You borrow money based on your income amount and ability to repay with your next paycheck. The required items are a state-issued photo ID, your most recent pay stub, and a checking account. You might want to consider this type of loan if you need only a small amount to quickly pay a bill and then repay it within a few weeks. You can use a payday loan to afford overdue rent or emergency travel costs.
• Signature installment loan – By providing your state-issued photo ID, proof of income, and a checking account statement in your name, you can get access to up to $1,500. You wouldn’t have to provide any type of collateral, but the lender will check your credit before coming up with a loan decision, so poor credit might become an obstacle in this specific situation. You will have to agree to repay the loan in fixed monthly installment payments. This option can help those who have a medium-sized emergency and who need a few weeks or months to rebuild their finances.

Once you have chosen the loan type that fits you, gather the required items and proceed with the loan approval process. You can start the process for each on this website with our online form before completing the process at one of our Utah store branches.

The Utah Loan Approval Process: A Step-By-Step Guide

No matter what loan you decide to go for, the process will be straightforward and quick. You can get approved the same day you apply after completing just a few steps. Our in-person process takes less than 30 minutes, allowing fast approval for emergency cash.

Here’s how everything will go:

1. Fill out our online form – The first thing you need to do is let us know that you’re thinking about taking out a loan. You might want to do that by completing an online inquiry. This is an incredibly fast way to share your basic info with us. Simply enter your name, phone number, email address, zip code, and vehicle details for title loans, and we will review this information before calling you.
2. Speak to us on the phone – Once you’re on the phone with one of our representatives, make sure to ask everything that you want to know about the process. The expert will explain the required items and help you choose among the loan options offered. By the end of the conversation, you’ll get to schedule a meeting with one of our agents at the nearest store location.
3. Visit us in person – Gather the necessary items and come to the store. There, the expert will verify your documents and conduct a quick car inspection if you decide to take a title loan. After that, the professional will tell you whether you qualify and for how much. The best part is that the process might take only 30 minutes.
4. Sign the loan documents – Finally, if everything goes well, you will be asked to sign the loan agreement. You will find out how you can receive your money as soon as the same or the following bank day.

As you can see, regardless of what type of loan you’re going to take out, you’ll be able to take full advantage of the professionalism of our representatives and get the financial boost that you need in the shortest timeframe.

Borrow Our Utah Emergency Loans – Get A Fast Financial Boost Today!

Do you need fast financial relief for an emergency? Utah Title Loans, Inc. can help with one of our three loans. Borrow these loans the same day you apply. Our friendly loan associates will guide you through the entire process to ensure approval is simple and stress-free. Apply with our online loan form on this website before visiting us in person to get approved in less than half an hour.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.