These 2 Loans For People On Disability Changed How Borrowing Works
Loans for people on disability have not always been an easily accessible option. However, there are two loan types that change the way borrowing works in Wisconsin: car title loans and installment loans.
We’re here to tell you more about these two loan types and how they have changed borrowing loans for people on disability since they became common to use.
2 Loans For People On Disability That Changed The Game
Historically, loans for people on disability have not been readily available. Instead, most loan types require some form of employment, which means the loans are not viable options for individuals on disability. Over the last years, two loan types have changed the game: car title loans and installment loans.
These loan types classify as short-term loans. They are options for many individuals, including those with bad credit scores or those on disability. Because these loans are available to so many people, they have truly changed the game for lenders.
1. Car Title Loans
A car title loan uses your vehicle as collateral. As a result, this loan type is an option for individuals without proof of employment or a bad credit score. All the while, it can get individuals up to $15,000, which is much more than many other secured loan types.
So, car title loans may be an option for you if you do not qualify for loan types that require employment or a good credit score. It is also an option for you if you need a bigger amount of money from the loan and you believe your car can secure that amount.
What You’ll Need
To apply for a car title loan from Wisconsin Auto Title Loans, Inc., you need three items: your driver’s license or state-issued ID, a lien-free title to your vehicle, and your vehicle for inspection. As long as you have these three items, you have a chance to qualify for one of these loan types.
How Much You Can Get
Wisconsin Auto Title Loans, Inc. offers title loans up to $15,000. The exact value you will be loaned is dependent on the value of your vehicle. For example, you can only get up to $10,000 if your vehicle can secure a loan worth $10,000.
How Long It Takes
The in-person process of applying for a car title loan from Wisconsin Auto Title Loans, Inc. takes as little as 30 minutes. This can let you get your title loan money on the same day or the next business day.
2. Installment Loans
An installment loan is a little different from a title loan. This unsecured loan type does not use collateral. Instead, your signature is your promise to pay back the loan. You will pay back the loan in predetermined installments, explaining the name of this loan type. Installment loans are an option if you only need up to $1,500.
What You’ll Need
To qualify for installment loans, you will need a driver’s license or state-issued ID, a checking account statement in your name, and proof of income. You can speak to our loan representative to confirm that the location will use your disability check as proof of income.
How Much You Can Get
Installment loans from Wisconsin Auto Title Loans, Inc. can get you up to $1,500. Factors such as your proof of income may determine the exact amount you can get.
How Long It Takes
Getting installment loans is just as fast as getting title loans. The in-person process can take as little as 30 minutes, and you can get the installment loan money on the same day or the next business day.
How To Get A Car Title Loan Or An Installment Loan
If you are interested in qualifying for a car title loan or an installment loan from Wisconsin Auto Title Loans, Inc., you can simply get your process started from the comfort of your home by:
- Fill out the simple form for loans for people on disability. Make sure to select whether you are applying for title loans or installment loans first.
- Wait for a loan representative to call you back. You can then set up an appointment with the loan representative from the closest storefront location.
- Bring your required items to the meeting and sit down with a loan representative.
- During the meeting, the loan representative will evaluate your qualifying items to determine if you can get a loan.
- If approved, you can get your loan money the same day or the next business day.
Apply For Personal Loans Today
Car title loans and installment loans can be used as loans for people on disability. If you’re interested in applying for either of these loan types, simply fill out and submit the online loan form to get your process started today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.