What Is An Installment Loan? A Simple Installment Loan Definition
Life can present you with a financial emergency from time to time, which is why it helps to know what a personal installment loan is. These loans can help with a short-term cash flow problem and urgent expenses, making them an option you can consider when seeking emergency funds. You can qualify for installment loans in Wisconsin in less than a day through Wisconsin Auto Title Loans, Inc., with minimal requirements, which shows how simple these loans can be.
So, if you are still asking yourself, ‘What is an installment loan?’, keep reading for more guidance. We’ll go over the simple installment loan definition before covering what's required to qualify.
What Are Installment Loans? A Quick Guide
An installment loan is a type of loan 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, or 'installments, over time.
Installment loans are not intended to be permanent solutions to long-term financial problems. They’re intended to be an option available to you when you are in urgent need of money to solve a temporary cash-flow problem.
How To Qualify For A Signature Installment Loan
An essential part of learning what an installment loan is is learning what you need 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. Another is that all credit types are welcome to apply, so no matter if your Equifax credit report shows good or bad credit scores, you can still qualify, as long as you can meet the following requirements.
The only things that you need to bring when applying for an installment loan are:
- Your driver’s license or another form of valid government-issued photo ID to prove your identity.
- 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.
Step-by-Step Process For Securing An Installment Loan In Wisconsin
The process of getting an installment loan with Wisconsin Auto Title Loans, Inc. is quick and easy. This is one of the reasons why resources like these are gaining consumer popularity.
- To get started, you can fill out and submit the online installment loan from the comfort of your home. Once that's done, you will quickly be contacted by a loan representative from Wisconsin Auto Title Loans, Inc.
- 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.
- Once all of this is done, make sure to review the payments, terms, and interest rates in your agreement, before signing to get your signature installment loan money on the same day or the following business day.
The Most Common Questions About Wisconsin Installment Loans
Now that you know what an installment loan in Wisconsin is, you may have several questions for lenders 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 Apply?
Yes, you do need to have an active checking account 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?
No, you do not technically have to be employed to apply for a signature installment loan, as long as you can provide the lender with proof of some sort of income to make payments on your loan. Signature installment loans are unsecured loans, meaning that you also do not have to provide collateral to secure the loan the way you would if you were applying for a secured loan from a traditional bank.
Wisconsin Auto Title Loans, Inc. welcomes alternative sources of income such as alimony checks, social security payments, and unemployment insurance benefits as long as proper documentation is provided.
4. What Is The Minimum Age To Apply?
The minimum age to apply for a signature installment loan is 18 years old. You must be considered a legal adult to qualify.
5. Can You Qualify Without A Driver’s License?
You do not have to have a driver’s license 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 to prove your identity when you apply.
Get The Emergency Cash Loan You Need Today
Now and then we all face a personal emergency that can present a short-term cash flow problem. If this happens to you, you don’t need to explore your loan options when you know there is one you can consider right now.
If you read this article, you know what an installment loan is and what you need to qualify for one from Wisconsin Auto Title Loans, Inc. today. To get started, submit the online inquiry form to show interest in our installment loans and receive a call from one of our loan representatives soon after.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.