What Is An Installment Loan?

April 26, 2022 | Emma Frost

 what is an installment loan

A signature installment loan is a type of short-term loan that you can use to borrow cash and repay it in installments over time. This is different from title loans and payday loans because you do not need to put up any collateral.

In this article, we will explore all there is to know about “what is an installment loan?”

Loans Demystified: Installment Loans Defined

A signature installment loan is a type of short-term loan. With this loan model, you borrow a certain amount of money and then you pay it off over time in installments. This is different from both title loans and payday loans because you are not basing the value of the loan off your car’s title or your next paycheck.

How Do I Get a Signature Installment Loan?

The process of applying for a signature installment loan is simple. To get started you can go ahead and fill out the easy online inquiry form to send your basic information to the store location that is closest to you.

If you do not want to fill out this form, you can also go ahead and call the nearest store location directly. If you do fill out the form, you will just have to wait a few minutes to get a call from a friendly loan specialist agent at the store.

During this phone call, you will talk to the loan specialist agent to confirm your basic information and that you have all of the materials that you need in order to apply for the loan.

They will also answer any questions that you might have about the process of applying for signature installment loans, and they will help you make an appointment to come into your nearest Nevada Title and Payday Loans, Inc. location.

When you show up for your meeting, you will be greeted by your loan specialist agent. They will check your paperwork and do a quick check of your credit score to see how much emergency cash you qualify for with your signature installment loan.

Once this is done, they will be able to answer any final questions that you might have, and they will help walk you through the last steps of the application process. Once all of this is complete, you can get up to $1,500 in emergency cash that very same day. After this, you simply pay your loan back in installments.

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What Do I Need to Get an Installment Loan?

There are just a few things that you need in order to apply for a signature installment loan with Nevada Title and Payday Loans, Inc. The items that you need to bring with you are:

  • Your driver’s license, or another valid form of government issued photo ID
  • A checking statement from a checking account that is open in your name
  • Your most recent paystub to provide proof of your income and your ability to repay the loan

Why Should I Get An Installment Loan?

There are a lot of advantages that come with applying for a signature installment loan with Nevada Title and Payday Loans, Inc. Some of these advantages include things like:

  • You do not have to own a vehicle
  • You can get more emergency cash than you can with a payday loan
  • You pay your loan off in installments
  • You can get quickly approved for up to $1,500 same day cash
  • You get to experience wonderful customer service

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Where Can I Get an Installment Loan?

If you are interested in applying for a signature installment loan, you can apply for one through Nevada Title and Payday Loans, Inc. They also offer title loans and payday loans.

Frequently Asked Questions About Installment Loans

Now that you know the answer to “what is an installment loan?” you probably have lots of other questions. Here are the answers to some of the most common questions people have.

Do I Need a Bank Account to Get an Installment Loan?

Yes, you need an open bank account in order to apply for a signature installment loan. Specifically, an active checking account that is open in your name.

Can I Apply With Bad Credit?

Nevada Title and Payday Loans, Inc. will check your credit score when you apply. You can discuss this further with your loan specialist agent. Depending on your circumstances, they may be willing to accept good, bad, or nonexistent credit.

Do I Need Any Collateral to Get a Signature Installment Loan?

No, you do not need to have any collateral in order to apply for a signature installment loan. This makes signature installment loans different from other loans, such as title loans and payday loans.

Final Thoughts

What is an installment loan? It is a type of short-term cash loan that you can use to borrow emergency cash and then repay the loan in installments over time.

 

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