Which Loan Option Is Right For You: A Signature Installment Loan Or Title Loan?

Choosing a loan can be a stressful process, but with Wisconsin Auto Title Loans, Inc., it doesn’t have to be. We provide two loan options, including a signature installment loan and a title loan. Both can be useful in certain situations, so it’s important to understand how they work.

Not everybody knows the difference between them, but there are some significant factors to consider. Keep reading this article to learn the differences between them so you can make the right choice!

Should You Get A Signature Installment Loan Or A Title Loan?

When it comes to emergency expenses, you want to handle them quickly – however, we know that may not always be possible to do on your own. This is especially true when an emergency hits you out of nowhere.

When that happens, finding the right loan to help can make all the difference. While either our installment loan or title loan can be a big help to you, you need to know certain things about each loan to know which one to choose. Here are some differences you should know.

Signature Installment Loans

If you want to get a signature installment loan, it is based on a credit check and your financial history, so it’s important to think about this if you are going to go for this loan. You may still be eligible for this loan even with poor credit, but your credit score is certainly a factor here.

To find out more about this, you should get in touch with us. Signature installment loans can give you access to cash ranging between $100 and $1,500, depending on your personal circumstances.

To be eligible, you need to be able to show your state-issued ID or your driver’s license, some proof of income such as a recent pay stub, and a blank check from a checking account that’s open in your name. One of the benefits of this kind of loan is that you don’t need any collateral in order to get one. If you don’t have any personal assets or you don’t want to use them for borrowing money, a signature installment loan could be the right option for you.

Title Loans

Getting a title loan is very different in that it does depend upon collateral to secure it. As the name suggests, you can get this loan by putting up your vehicle’s lien-free title to secure the loan.

That may sound like a disadvantage, but if you have a poor credit score, you’ve got a much better chance of getting a title loan than a signature installment loan. Additionally, title loans give you access to far more money: the maximum amount you can borrow is $15,000 with us.

If you’ve got big expenses to cover, this could be significant. However, you must have a suitable vehicle for this kind of loan, and the vehicle’s condition, age, make, and model will affect how much money you can borrow.

You don’t need pay stubs or other proof of income, which some people may prefer, and you also don’t need evidence of a bank account. If you have the vehicle’s lien-free title in your name and some state-issued identification, you may be eligible for a title loan from us.

Which Loan Is Better?

With two very different kinds of loans, there’s no single answer to which one is right. This depends heavily on your personal circumstances.

If you have a vehicle title that you want to use as collateral and you need a large sum of money, a title loan may be a better option for you. On the other hand, if you don’t want to use your vehicle title as collateral, a signature installment loan might be preferable.

It’s important to remember that both of these loans could get you money quickly. Both loans come with a quick process, and if you’re successful, we make sure you get the money either on the same working day or the following working day.

That means these loans make it easy to take care of urgent expenses and keep your finances on track. If you’ve got emergency bills piling up, such as vet fees, medical costs, travel expenses, home repairs, or something else, you can use either of these loans to take care of them and rebalance your budget.

Get In Touch For Loans!

Whether you think you’re going to opt for a signature installment loan or a title loan, Wisconsin Auto Title Loans, Inc. may be able to give you the assistance that you’re looking for. Both the signature installment loan and the car title loan have their ideal uses, but understanding their main differences makes it easier to determine which is right for you. Once you’ve settled on the loan that suits you the best for your situation, go ahead and fill out the online form to begin 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.