Tips For Getting Approved For A Signature Installment Loan
Getting a reputable lender’s approval to take out a signature installment loan might be a lot easier than you think.
You don’t need to have a valuable asset to put up as collateral and your credit score doesn’t have to be perfect. Furthermore, you might get approved even if you’re currently unemployed. However, there are a few important things that you would have to bear in mind. Keep on reading to find out how to increase your chances of getting qualified for an unsecured loan.
How To Get Approved For A Signature Installment Loan
Check Your Credit
Checking your credit on a regular basis is a healthy financial habit that you might want to pick up. Requesting free annual credit reports from the major reporting agencies will help you evaluate your creditworthiness and find areas for improvement.
If you have discovered that your credit score is not as high as you would want it to be, you might want to boost it before applying for a loan. For example, you can increase your credit limit, double-check the reports for errors, and ask to have the negative entries that have been paid off removed from the report.
The credit score typically updates at least once a month. So, if you’re not dealing with a financial emergency, slightly increasing your score before the application won’t hurt.
Gather The Right Documents
If you manage to bring in the right items to the lender’s store, you will not only save yourself plenty of time but you might also increase your chances of qualifying.
To apply for an installment loan, you would have to show your ID, proof of income, and a bank statement from your account.
Your state-issued ID or driver’s license would be used to prove your identity and age (you should be above 18 to take out a loan), while the rest of the documents will show the lender that you have sufficient income and that you will be able to repay the loan.
Customers typically choose to bring in their most recent pay stubs as proof of income. But if you’re currently unemployed or self-employed, the lender might allow you to show alternative documents. Companies would typically agree to consider tax forms, as well as social security checks, alimony records, or a letter verifying your unemployment benefits.
Pick A Reputable Lender
You will drastically increase your chances of getting approved for a loan if you manage to choose the right lender.
The company has to be trustworthy and have plenty of positive reviews on third-party websites.
Also, pay attention to the ratio of people who haven’t managed to qualify and those who have. There would be a few negative reviews from people who got declined in any case, but you would want to make sure that the number of individuals who actually got their loan amount is a lot bigger.
How To Apply For An Installment Loan
Applying for a loan offered by Wisconsin Auto Title Loans, Inc. involves only 5 simple steps.
- Submit a short inquiry form or contact the nearest store by phone.
- If you chose the first option, wait for the lender representative to give you a call, so that you can schedule an appointment with an agent.
- Arrive at one of the convenient store locations with the required documents.
- Wait for the agent to evaluate your documents, and find out if you qualify or not and for how much (the process may take only 30 minutes).
- Sign all the necessary documents and find out how you can get your money.
FAQs About Installment Loans
Will My Application Immediately Get Declined If I Have A Poor Credit Score?
Wisconsin Auto Title Loans, Inc. will check your credit before approving you for a loan, but your score is not the only factor that will be taken into consideration. So, you might end up qualifying even if your credit is less-than-perfect.
How Much Cash Can I Get?
You can qualify for up to $1,500.
Do I Need Any Collateral To Apply For An Installment Loan?
An installment loan is an unsecured one, which means that you wouldn’t have to put up any form of collateral, in order to apply.
Submit Your Inquiry Today!
No reputable lender can guarantee approval, but if you manage to gather the right documents and find a trustworthy company to work with, you might end up qualifying for a signature installment loan in the shortest timeframe. With Wisconsin Auto Title Loans, Inc., the in-person application process may take just half an hour.
By the way, the lender has plenty of convenient store locations across the state, so the chances are high that you wouldn’t have to spend too much time on getting to the store. Ready to put our tips into practice? Then fill out the short inquiry form right now!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.