Explore These Loan Options For Emergency Funds

Weighing up title loans vs installment loans when you need emergency funds can be challenging, but Wisconsin Auto Title Loans, Inc. is here to help. We recognize that different loans suit different circumstances, which is why we provide both loan options to our customers – but how do you know which is the right one for you?

Let’s check out some of the advantages of each loan and help you narrow down which one you should choose. You can contact us, and we’ll be ready to assist you.

What Loan Options Are For Emergency Funds? 

What Are The Benefits Of A Title Loan?

There are numerous benefits to taking out a title loan, with one of the big ones being that you can borrow a significant chunk of money. Our title loans range as high as $15,000, depending on your car’s make, model, age, and condition.

Not everyone will get that much, but you can pay a significant sum with one of these loans, helping you access emergency funds. Title loans are also pretty easy to apply for and don’t require you to provide much documentation.

If you’ve got your identification, the title of the vehicle, and the vehicle itself ready for an inspection, you’re well on the way, and there’s not much else you’ll need to do. Note that the title must be lien-free and registered in your name, and your ID must be state-issued, but that’s all the requirements you’ll have to meet.

Another benefit of a title loan is that you don’t need excellent credit to get one. You’re using your vehicle as collateral for the loan, so although we may perform a credit check, your credit doesn’t matter enormously, and you can be eligible for a good loan even if you have a poor credit rating.

What Are The Benefits Of An Installment Loan?

Installment loans also have some significant benefits, with one of the big ones being that they don’t require you to have any assets to be eligible for one. If you don’t have a vehicle (or don’t want to use one) or many other assets, some loans can be challenging to get, but our installment loans don’t require collateral. Instead, they are based on a credit check and your most recent pay stub.

That makes them attractive to some individuals and allows you to borrow money even if you’re not rich in assets. It does make the credit check more significant, but you may still be able to get this kind of loan even with poor credit –get in touch with us to find out more.

Signature installment loans are quick and easy to get, and you may be eligible for up to $1,500. That’s less money than a title loan offers, but that may suit you better in some circumstances.

Which Kind Of Loan Should I Choose?

Each individual needs to assess this based on their unique financial situation, but the above information will hopefully make it easier for you to decide. If you’ve got a car that you want to use as collateral or need a more significant amount of money than an installment loan offers, a title loan is likely the best option. That’s also true if your credit rating is abysmal.

However, a signature installment loan may be the better choice if you don’t want to use your vehicle or borrow a small amount of money with your pay stub as evidence of your income.

Both of these loans can help if you need emergency funds, giving you access to a lump sum of cash in your bank account. Which is preferable will depend on your unique situation and preferences when it comes to borrowing money, so you’ll need to weigh the pros and cons to decide.

Submit An Online Inquiry Immediately!

Suppose you’ve got all the information you need to make a decision. In that case, you can submit an inquiry to Wisconsin Auto Title Loans, Inc. right now and see if you’re eligible for a signature installment loan or a title loan. If you’d still like more information or want to talk to one of our agents, you can still use the online form to get in touch, and we’ll give you a call to see how we can help.

We know that if you require cash in an emergency, you will need prompt action on our end, so whichever kind of loan you get, we make the transfer quickly. If you’re approved, it takes just two business days for the money to reach your account, and sometimes it happens even more rapidly than that.

 

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