Those who need more money than a payday loan can provide, but do not want a traditional title loan, may find that title installment loans or signature installment loans could be better options. These alternative financing products are hybrids that can help borrowers who need fast emergency funding. They are not offered by every private lender, and some lenders may offer one without the other.
If you have been asking what is an installment loan, this guide can help explain the differences between title installment loans, traditional installment loans, and title loans available through Nevada Title and Payday Loans, Inc.
Title Installment Loans
Title installment loans function similarly to traditional title loans because they are secured with your vehicle title. The difference is in the repayment structure. Instead of a short term setup, you make fixed monthly payments that include both principal and interest, which creates a clearer payoff date. Because repayment is spread out over several months, title installment loans may sometimes offer a larger borrowed amount than a traditional title loan.
For borrowers comparing loan types, this is one reason title installment loans may feel more manageable than other emergency borrowing options. The fixed monthly payment structure can make planning easier when you are already dealing with financial stress.
Signature Installment Loans
Signature Installment Loans are a hybrid of personal loans and payday loans. They are unsecured loans, which means they do not require vehicle collateral, and they are typically offered in higher amounts than a payday loan. Unlike a payday loan, a signature installment loan is repaid in equal monthly payments until the balance is fully paid off.
For many borrowers, a bad credit installment loan may feel more accessible than a bank loan because approval is not based on perfect credit alone. Income and other factors can still play an important role in the process.
Comparison To Traditional Installment Loans
Both of these types of loan options have some variations when you compare them to traditional installment loans issued by a bank. The biggest difference is that the amounts allowed for borrowing under these alternative financing methods may be larger.
A bank looks at your creditworthiness, income, and debt-to-ratio to determine how much you are eligible to borrow. Those offering title installment loans look primarily at the value of your car and your ability to repay. That is usually done by looking at your income rather than your credit history. Your debt-to-ratio isn't a factor.
Signature loans are more like the traditional personal loan offered at banks but has some distinct differences. Private lenders will check your credit history for this loan but emphasize your income. The application is simpler and even those with less-than-perfect credit may get approved, depending on other factors.
Key Differences With Traditional Loans
Both of these types of alternative financing options have two key differences from traditional personal loans. The first is getting approved. Both offer opportunities for those with problem credit to get financing for emergencies while a bank has stricter criteria for approval.
The second is the speed at which you get your money. Alternative lending can get you money within 48 hours while banks may take a few days, a week, or even two weeks. When there's an emergency like a busted water heater, you can't wait for the bank to process the paperwork.
What's Available In Nevada?
Every state has different lending rules. In Nevada, Nevada Title and Payday Loans, Inc. offers signature installment loans with a maximum amount of $1,500. This is an unsecured loan option for borrowers who are at least 18 years old.
To apply, you generally need:
- A driver’s license or state-issued ID
- Proof of income
- A blank check from an open and active checking account in your name
The lender accepts your most recent pay stub as proof of income and checks credit history during the application process. You must also have an active checking account to qualify. This means a bad credit installment loan may still be possible for some borrowers, but credit can still be part of the review.
About The Process
Nevada Title and Payday Loans Inc. has a simple application process that starts with you entering basic information on an online inquiry form on the website. This is not an application, but it lets the lender know you want more information.
A loan representative from a store closest to you will call and discuss your options. You will then take your required items to the store to meet with a loan representative. That representative will check your items and guide you through the application.
The simple paperwork can be filled out in as little as 30 minutes and you will receive a decision while you are in the store. Those approved will get access to money either the same day or the following business day.
Get More Information
The online inquiry form will help you get the information you need from Nevada Title and Payday Loans, Inc. A signature installment loan may serve you better than title installment loans if you are working. A signature loan is unsecured and could get you more cash than what you can get with a traditional personal loan. It's an option worth checking out.
Fill out the form and submit it today to see if this is a good fit for your needs!
FAQ Section
What is an installment loan?
An Installment Loan is a loan repaid in equal payments on the same date each month until the full balance is paid off.
Are Signature Installment Loans available in Nevada?
Yes. Nevada Title and Payday Loans, Inc. offers Signature Installment Loans in Nevada for qualified borrowers.
Can bad credit installment loans still be possible?
Yes. Some borrowers with imperfect credit may still qualify, although credit can be reviewed as part of the process.
What do I need to apply for a Signature Installment Loan?
You generally need a driver’s license or state-issued ID, proof of income, and a blank check from an active checking account in your name.
How much can I borrow?
Qualified borrowers may be able to receive up to $1,500 with a Signature Installment Loan.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
