Installment Loans: Your Most Common Questions Answered
December 16, 2020 | Emma Frost
In today’s economy, many people depend on loans for emergency expenses. There are a lot of different kinds of loans to choose from these days; the terminology can get confusing if you don’t work in the finance industry.
You may have heard of installment loans in Delaware and wondered what they are. You’re not alone. There are many commonly asked questions about installment loans that you should be asking in order to understand them fully.
What Are Installment Loans?
A Delaware signature installment loan is a convenient and easy way to get extra cash when facing a temporary financial emergency. This kind of loan allows you to borrow money in a lump sum at one time and repay the balance in payments or installments, rather than all at once. There are a predetermined or fixed number of payments you will make to pay off the full balance of your loan. The repayment schedule is something you will discuss in great detail with your loan representative, so you can make sure to choose one that is manageable.
Where Can I Find Signature Installment Loans Near Me?
If you are wondering where you can find signature installment loans, just head to Google and search “loans in Delaware” and you will quickly find all of our Delaware Title Loans locations. We have eight conveniently located locations all over Delaware – so the chances are great that you’ll find something near you.
Can I Start The Application Online?
Our application process is so simple, it begins right online! Just go to the Delaware Title Loans website and fill out our online form. Make sure to choose signature installment loans because we also offer title loans.
What do I Need To Qualify For An Online Installment Loan?
To qualify for a Delaware signature title loan, you must be 18 or older and have the driver’s license or ID to prove it. You must also have a checking account with a statement in your name and you must have proof of income – typically in the form of your most recent pay stub.
How Do Installment Loans Near Me Work?
After you go through our approval process and we are able to approve you for an installment loan, your payments will be calculated before receiving the lump sum. The total number of payments you must make to pay back your loan principal plus any loan fees is also determined.
After agreeing to the loan contract terms, you receive the lump sum to cover your expenses.
What Makes An Installment Loan Different From A Title Loan?
Both loans provide a lump sum upfront that you can use for emergency financial needs. However, there are plenty of main differences between signature installment loans and title loans.
With title loans, you are required to put up your vehicle’s title as collateral. This is what’s called a secured loan because you are putting something up in return for the cash. As opposed to signature installment loans where you are not required to put anything up as collateral. These are what’s referred to as unsecured loans.
Title Loans Benefits
Title loans can be a better option than installment loans for many people because, since they are putting something up as collateral, your credit isn’t as heavily important as it is with signature installment loans. Even though you can apply for either loan regardless of how your credit looks.
Another benefit is we do not hold your car until the loan is repaid. You continue enjoying the freedom of driving your vehicle throughout the loan contract. As long as you are sticking to the contract, you are free to keep your vehicle.
You are also free to use whatever vehicle you want – as long as you are the sole owner. So if you own a car, truck, SUV, motorcycle, or even an RV, you can use it as collateral. Just make sure the title is free of prior loans or liens.
The Purpose Of Signature Installment Loans And Title Loans
Regardless of which loan you choose, both are meant to help cover financial emergencies such as unexpected medical bills, home or auto repairs, emergency travel expenses, and so on.
The one thing to remember is title loans can help with bigger emergencies because you can qualify for more money. Since the amount you qualify for is based on the resale value of your vehicle, you can qualify for more cash than an installment loan.
With an installment loan, you can qualify for anything up to $1,500. With a title loan, you can qualify for anything between $300-$15,000. Either way, you can handle emergencies with either loan – and we just so happen to offer both loans at Delaware Title Loans.
How Do I Get An Installment Loan?
Like I said before, getting an installment loan in Delaware is easy! After you fill out our online form, it is sent to the nearest Delaware Title Loan, where a loan representative will give you a call to confirm.
After the call, you can make your way over to that location and let us help you finish the process. A loan rep will check your necessary items, do a quick check of your credit, and see if you are approved. If you are, they will help you finish the paperwork and hand you the cash. The application takes about thirty minutes or less, and that’s it.
If you’ve ever considered getting an installment loan, you will have to do your research. The next time you are speaking to one of our loan representatives at Delaware Title Loans, make sure to ask these questions.