What Is An Installment Loan? A Simple Installment Loan Definition

February 23, 2022 | Emma Frost

what is an installment loan

Life can present you with an emergency from time to time, which is why it helps to know what is an installment loan. These loans can help with a short-term cash flow problem, which makes them an option available that you can consider when seeking help.

In Wisconsin, you can qualify for an installment loan in less than a day through Wisconsin Auto Title Loans, Inc., which shows how simple these loans can be. So, let’s go over a simple installment loan definition before covering what items you’ll need.

An Easy Installment Loan Definition

An installment loan is a type of borrowing that enables you to borrow a certain amount of quick emergency cash to deal with any financial emergencies that you might have. You then pay the loan back in a series of payments over time.

Installment loans are not intended to be permanent solutions to long-term financial problems. They’re instead intended to be an option available to you when you are in urgent need of money to solve a temporary cash-flow problem.

What Materials Are Needed To Get A Signature Installment Loan?

An essential part of learning what is an installment loan is learning what you need to do to qualify for one.

One of the major advantages that come with applying for signature installment loans with Wisconsin Auto Title Loans, Inc. is that you do not need to bring a large number of documents with you to qualify.

The only things that you need to bring when you are qualifying for an installment loan are:

  • Your driver’s license or another form of valid government-issued photo ID.
  • A checking account statement from an active checking account that is open in your name.
  • Your most recent pay stub so that you can provide proof of income.

what do i need to get an installment loan

What Are The Steps For Getting An Installment Loan?

The process of getting an installment loan with Wisconsin Auto Title Loans, Inc. is quick and easy. This is one of the reasons why these loans are gaining popularity.

  1. To get started, you can simply fill out and submit the online installment loan Once you have this completed, you will quickly be contacted by a loan representative from Wisconsin Auto Title Loans, Inc.
  2. This agent will schedule your appointment and answer any questions that you might have about the loan application process. When you arrive for your meeting, the representative will examine your documents, determine if you qualify for an installment loan, and help you complete the loan process.
  3. Once all of this is done and you sign the agreement for the signature installment loan, you can get your money on the same day or the following business day.

The Most Common Questions About Installment Loans

Now that you know what is an installment loan, you may have several questions about the process of applying for one. These are the answers to some of the most common questions:

1. How Much Money Can You Borrow?

When you apply for an installment loan through Wisconsin Auto Title Loans, Inc. you can borrow anywhere between $100 and $1,500. The exact amount of money that you are eligible for depends on the required documents you provide.

2. Do You Need A Bank Account To Get An Installment Loan?

Yes, you do need to have an active checking account in order to qualify for a signature installment loan. This is because you will need to provide a statement from this checking account when you are applying for your loan.

3. Do You Need To Have A Job To Qualify For An Installment Loan?

No, you do not technically have to be employed in order to apply for a signature installment loan. Signature installment loans are considered to be unsecured loans, meaning you do not have to provide collateral for the loan the way that you would if you were applying for a traditional bank loan.

Wisconsin Auto Title Loans, Inc. welcomes alternative sources of income such as alimony checks, social security payments, and unemployment benefits as long as proper documentation is provided.

4. What Is The Minimum Age To Apply For An Installment Loan?

The minimum age to apply for a signature installment loan is 18 years old. You must be at least a legal adult in order to qualify.

5. Can You Qualify Without A Driver’s License?

You do not have to have a driver’s license in order to qualify for a signature installment loan. However, you do need to present Wisconsin Auto Title Loans, Inc. with a valid government-issued photo ID in order to prove your identity when you apply.

get an installment loan today

Begin Your Installment Loan Process Today

Every now and then we all face an emergency situation that can present a short-term cash flow problem. If this happens to you, you don’t need to worry since there are options that you can consider. You can learn what is an installment loan and qualify for one from Wisconsin Auto Title Loans, Inc. in a single day. Simply submit the online form to get started today.