How To Use A Signature Loan To Prevent Late Bills

Your credit score is a vital part of your financial life, as it reflects how well you manage your finances. You must have a high credit score to get approved for a car loan or home loan, but emergency costs that arise out of nowhere can affect it. Missing those payments can reduce your credit score by 50 points. If you need help paying for these costs, a signature loan can help.

In this guide from Utah Title Loans, Inc., we will explain how to use a signature loan to prevent late bills. We will also review signature loan benefits and explain why it’s the best loan for emergency expenses. Learn how to get approved for an installment loan below!

What Is A Signature Loan?

A signature loan is a type of personal loan that doesn't require collateral, meaning you don't have to put up assets like your car or home. It's called a 'signature loan' because your promise to repay—verified by your income—is the main requirement for approval.

By providing your signature, you agree to repay the loan in fixed installments over a few months. You can borrow up to $1,500 with this type of loan, with your ability to repay and income level determining how much you can borrow.

A signature loan is a great option when faced with an urgent emergency that you cannot afford.

What Is A Signature Loan Used For?

Signature loans are designed to bring some financial relief when you need extra funds. It should be seen as a last resort when a financial emergency arises.

For example, let’s say your heating unit broke down. If it’s the middle of winter in Utah, the last thing you want is to go without heat for an extended period of time. You can use an installment loan for bills associated with your heat. You should not use a signature loan for frivolous costs, such as new clothes, vacations, or buying luxury items.

Here are some emergency expenses you can afford with a signature loan:

• Affording medical bills your insurance doesn’t cover
• Late rent or mortgage payments if you lost your job or missed significant time
• Veterinarian bills for an injured or sick pet
• Auto or home repairs
• Unexpected travel costs to handle family emergencies

Now that you understand when you should get an installment loan, you should learn if it’s really the best option for you. Discover some signature loan benefits below to see if it can help with your emergency.

Signature Loan Benefits For Help With Late Bills

If you’re looking for the best loan for emergency expenses, you should consider a signature loan due to its long list of benefits. Those who need quick cash loan options can get fast emergency financing with a signature loan available to you within 24 hours. You won’t need to meet a long list of requirements, and your credit won’t affect approval.

Here are some of the benefits of signature installment loans:

• No collateral required – Many high-value loans require collateral to ensure the lender is protected if you fail to repay. That is not the case with a signature loan; you won’t need collateral to borrow up to $1,500 today.
• Simple requirements – Unlike traditional bank loans, you won’t need a long list of documents to get approved. Good credit is not a requirement, so you can get approved with bad credit or no credit at all.
• Fast approval process – You can get approved for a signature loan the same day you apply. The whole process takes just a few steps. You can begin with our online form, which only takes a few minutes to complete, and get approved in person in 30 minutes.
• Quick access to funds – You will receive your emergency cash later the same day or by the next business day. This allows you to handle your bills quickly and avoid late fees, lowered credit, and service disruptions.
• Long repayment process – Not everyone can afford to repay a loan right away. With a signature installment loan, you will pay it off little by little every month. A lower monthly payment over the span of a few months may help you more easily afford repayment than paying it all off at once.

If you're struggling to pay essential bills on time, an installment loan can provide temporary financial relief, ensuring you stay on track without damaging your credit. Read on to learn more about how to get approved.

The Required Items For Signature Loans In Utah

As we mentioned previously, you won’t need to meet many requirements to borrow a signature loan. We keep our requirements simple to allow more borrowers to get approved. First things first, you must be over 18 years old, as Utah law requires it for borrowing loans. You also must be able to prove your income and checking account.

Here are the required items for signature loans:

• A state-issued photo ID that displays your full name and date of birth
• Your most recent pay stub to prove your income
• A checking account statement that’s open in your name

If you have these required items, you should be able to get approved for a Utah signature loan. Proceed with the approval process below.

The Approval Process For A Signature Loan

Do you have all of the required items you need? Then, you can be assured with our fast, efficient approval process that takes less than a day. If you start early enough, you can even complete the process before 12 PM, increasing your chances of receiving your loan cash today. Apply with our simple, online loan form and get approved in person in less than 30 minutes.

Here is the approval process for a signature loan:

• Fill out our online inquiry form with your basic details
• Speak to a loan associate on the phone about signature loan terms
• Bring your required items to the nearest Utah store for verification
• If approved, sign the loan agreement to finish the process
• Receive your signature loan cash later the same day or by the next business day

Borrow A Signature Loan In Utah – Receive Up To $1,500 Today!

Need help with late bills you didn’t expect? Signature loans at Utah Title Loans, Inc. let you borrow up to $1,500 without worrying about your credit score or collateral. You can even get approved in less than a day. Don't risk late fees or credit damage—get the cash you need today! Fill out our online signature loan form, and one of our loan experts will help you get approved in person in 30 minutes.

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