How To Use A Signature Loan To Prevent Late Bills
Credit history is important in the grand schemes of our lives. Our credit score affects things like buying a home, purchasing a vehicle, or even renting an apartment. When we pay bills late, that is detrimental to our credit rating.
You can use a signature loan to prevent late bill payments. Here at Utah Title Loans, Inc., we help you stay on top of your bill payments so you don't take your credit score down. A signature loan is a safe option when you have extra bills or expenses pop up.
Emergency situations like medical bills, broken down appliances, home repairs, or car problems can make your other bills late. A signature loan prevents that. This guide will help you learn more about what a signature loan can do for you.
What Is A Signature Loan?
Basically, a signature loan is just what the name implies. It's a loan you get just by signing for it. Now, that's the highly basic explanation but it is quite simple to get one.
Signature loans aren't backed by any collateral. They also don't require you to have perfect or great credit. Signature loans are installment loans that are backed by your ability to repay them.
You're required to show your state-issued ID or driver's license, your most recent pay stub, and your most recent bank statement. You can borrow up to $1,500 in Utah. However, if you're approved, the amount you can borrow is determined by your income and your credit.
What Is A Signature Loan For?
Signature loans are designed to bring some financial relief when you need extra funds. Let's say your dishwasher breaks down when it's outside of any warranty and the cost to repair it is astronomical.
You might as well get a new one but you don't have the money to. You think your only option is to buy the new dishwasher and be late on a few bills.
You don't have to be late on your bills. A signature loan with us at Utah Title Loans, Inc. will help you stay on track to pay your bills. You can purchase the dishwasher while staying up to date on all your monthly bills. Late payments can hurt your credit history. You don't have to allow that.
What A Signature Loan Is NOT For
Before we move on, let's just touch on what a signature loan is not meant for. They're not meant for frivolous spending. As an example, you shouldn't use a signature loan to pay for a weekend getaway.
They're not meant to purchase things your heart desires. Don't take out a signature loan to buy a new phone or a gaming console. As a general rule, use signature loans to pay for needs and necessities, not wants.
Benefits Of Signature Loans
Some of the benefits of signature loans include the ease of getting one, few requirements, quick approval processes, and more time to pay them back. Our inquiry and application process is quick and easy.
You can start your inquiry on the website by requesting a phone call. A representative will contact you and explain the rest of the process. They will also schedule a face-to-face meeting with you at one of the store locations.
You don't need much with you for the in-person meeting. You are required to show your ID, your most recent pay stub, and your latest bank statement.
The loan specialist you work with will make a determination about your approval and amount, should you qualify. You can accept the loan by signing a few documents. You could have the cash in as little as 30 minutes. Typically, the latest you'll get the funds is the following business day.
Signature loans afford you more time to pay back the borrowed money. These are installment loans, so you will have a repayment schedule to adhere to that allows you to pay back the loan over an agreed-upon period of time.
Who Can Get Installment Loans?
You must be 18 years old or older to apply for an installment loan. You must be able to prove your income, as well as show you have an open checking account in your name. Installment loans are meant for people who need a little financial help so they are not late on their regular monthly bills.
What Are You Waiting For?
You don't need to wait to get extra cash when you need it. Go to our homepage right now and fill out the short inquiry form with your personal information. Once you submit it, one of our loan experts will reach out to you and guide you through the rest of the short process.
Don't get behind on your bills when you don't have to. Let us help you pay your bills on time even when financial burdens pop up.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.