debt and signature installment loans

Can I Get A Signature Installment Loan If I Have Existing Debt?

If you already have debt, you might be wondering if you can still get approved for a signature installment loan. Debt can get in the way of a lot of things, so it is only natural that you’d assume it would get in the way of you coming to Wisconsin Auto Title Loans, Inc. to get an installment loan. But, it isn’t as simple as debt preventing you from approval. There is actually more that goes into us determining if you qualify. Keep reading to find out exactly what we mean.

How Debt Plays A Role In Your Signature Installment Loan

You Can Still Qualify Even If You Have Debt

Many loans take your finances into account when they are determining whether or not they should approve you for the loan. They check things like your income, as well as your expenses, which naturally include debt. Lenders want to know that you are making enough money to pay back the loan they are giving you. That being said, merely having debt does not prevent you from getting a signature installment loan.

After all, if you actually think about it, nearly everyone has debt. Most people have credit cards, and most people have some sort of balance at any given time. A lot of people have student loans and mortgages as well. This is why you aren’t automatically turned away at Wisconsin Auto Title Loans, Inc. for an installment loan. Instead, we take the entire picture into account to determine if you qualify for approval.

existing debt with installment loan

How Does Debt Affect My Approval For An Installment Loan?

At the end of the day, debt is a monthly expense just like any other. It's pretty much exactly like having to pay a utility bill or rent. You can factor it into your budget just like any other expense you aren't currently paying. Imagine, for sake of simplicity, that you make $1,000 a month. You spend $800 of it every month on mandatory expenses. That leaves you with $200 to spend as you will.

You could afford to add another monthly mandatory expense of $100. But you could not afford to add another monthly mandatory expense of $250. Thus, you probably shouldn’t add a loan to your payments if you had this hypothetical budget, and the monthly payment would be $250. This is why it is important for you to know your payment situation in detail. You need to be able to decide if you really should go into a signature installment loan or not.

What If I Already Have A Loan Out?

Now, another form of debt to consider is if you already have a loan out. Keep in mind that for a signature installment loan, we will have to run a quick credit check before we can determine whether you are approved or not, which means any loan you have from another company will show up. One thing to keep in mind is that this current loan doesn’t necessarily mean you won’t be approved for our loan.

If you are currently paying off a different kind of loan with us there are a few things that can determine if you can get a signature installment loan. When it comes to this situation, your chance of qualifying depends on Wisconsin policy, as well as your standing with your current loan. Your chances can even depend on your income and if you can’t show that you make enough money to pay back both loans. Your best bet is to just come talk to us so we can go over your options.

How Do I Get An Installment Loan?

If you feel that a signature installment loan is a good choice for your financial situation, come see us at Wisconsin Auto Title Loans, Inc. for help. we have a quick and easy application and approval process that will help you get the money you need without any hassle. First, you'll need to call us directly or submit an online inquiry form on our website. Once you are in contact with one of our loan representatives, they will walk you through the rest of the process.

All you will need in order to apply is your driver’s license or a state-issued photo ID, a checking account in your name, and proof of income such as your most recent pay stub. The representative will help determine when you can come to the nearest Wisconsin installment loan store location. They will verify all of your documents and determine if you qualify for the loan and how much you are eligible for in the event that you do.

debt with installment loan

Get Your Wisconsin Installment Loan Today

As we’ve said throughout this guide, if you have debt, that doesn’t necessarily mean you won’t get approved for a signature installment loan. The main thing we emphasize is that you come in and check out your chances with us. Our representatives can easily tell you if you are approved and how much we can lend you. So just fill out the online form on our website and we can help you get started.


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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.