What Is A Signature Installment Loan?
People often need help paying for financial emergencies, such as medical bills, home or auto repairs, or late bills, that come out of nowhere and they do not have the money to afford. One way to come up with the money to afford these urgent expenses is to get a quick emergency loan, such as a signature installment loan.
In this guide from Utah Title Loans, Inc., we will explain a signature installment loan, its benefits, the requirements for getting one, and the approval process.
Signature Installment Loan Explained
A signature installment loan is a type of unsecured loan that allows you to receive emergency money without needing collateral. While a loan like a title loan requires your car title as collateral, a signature installment loan only requires your signature.
Utah Title Loans, Inc. allows borrowers who get approved for a signature installment loan to receive up to $1,500 for financial emergencies. We keep the process simple, allowing qualified borrowers to provide their signatures and receive their emergency money within one business day.
What Can You Use Signature Installment Loans For?
Signature installment loans are best for paying for unexpected expenses or emergencies. They aren't for long-term financial issues, as you can only receive up to $1,500. Instead, they're designed for short-term cash flow problems arising from emergency situations.
The following are some financial emergencies that may require a signature installment loan:
- Unexpected medical bills
- Unforeseen urgent travel costs
- Late bills or utility payments
- Home or auto repairs
- Emergency veterinarian bills
Remember, you should only get a signature installment loan in a financial emergency. You will have to pay this money back in fixed monthly payments. Only seek a signature installment loan if you need the money fast and do not want to suffer from late fees, service disruptions, or negative credit implications of failing to pay an urgent expense.
How Does A Signature Installment Loan Differ From Other Emergency Loans?
Utah Title Loans, Inc. offers two other types of emergency loans: car title loans and payday loans. What’s the difference between these loans?
The difference between a signature installment loan and a car title loan is collateral. A car title loan requires it in the form of a lien-free car title, while a signature installment loan does not. If you do not drive or have not fully paid off your car, a signature installment loan would be a better choice for you.
What about signature installment loans vs payday loans? A payday loan allows you to borrow from a future paycheck, meaning the amount you can qualify for is less than a signature installment loan. You can borrow between $100 to $500 for a Utah payday loan, which is fine if you have a cheap expense. However, a signature installment loan would be better for those with larger expenses.
What Are The Benefits Of A Signature Installment Loan?
Signature installment loans have unique benefits that make them more appealing to some borrowers than bank loans and other emergency loans. They have a fast process and allow all types of borrowers to get approved without worrying about needing expensive collateral. You can receive money fast to handle large financial emergencies.
The following are some of the benefits of signature installment loans:
- No collateral required
- All credit types can get approved
- In-person approval process takes less than 30 minutes
- Receive your emergency money within one business day
- Fixed monthly payment for repayment
What Are The Signature Installment Loan Requirements?
Unlike traditional bank loans, you don't need to meet a long list of requirements to be eligible for signature installment loans in Utah. At Utah Title Loans, Inc., we allow borrowers to get approved with a small list of requirements to make it easier for them to get their money quickly to pay for their urgent expenses.
The following are the signature installment loan requirements:
- Age: Must be at least 18 years old
- State-issued photo identification: Driver’s license or other photo identification
- Proof of income: Your most recent pay stub
- Proof of checking account: A checking account statement from an account open in your name
What Is The Process For Getting A Signature Installment Loan?
Understand what signature installment loans are and feel you need one? At Utah Title Loans, Inc., it only takes a few short steps to get approved for your emergency money. The process takes less than a day, and our loan representatives can guide you through it to make it easier for borrowers.
The following are the steps to getting a signature installment loan in Utah:
- Provide your information on our online form
- Answer a call from one of our loan representatives
- Verify your information and ask any questions you have about signature installment loans
- Set up a convenient location for the in-person meeting
- Gather your required items and go to the in-person meeting
- Have a loan associate verify your required items
- Provide your signatures on necessary loan documents
- Receive your emergency money on the same or the next business day
Contact Utah Title Loans, Inc. For A Signature Installment Loan Today!
Getting a signature installment loan is an option when you're struggling to meet an unexpected payment or getting the funds needed for an emergency. The process at Utah Title Loans, Inc. is straightforward and lets you acquire the money as soon as the same or the next business day.
Start the process by completing our short inquiry form on our website’s homepage. One of our representatives will call you soon to guide you through the rest of the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.