Installment Loans vs Title Loans: Which Type Of Loan Is Best For Me?
Title loans and signature installment loans are two of the most common loan options that serve as alternatives to traditional loans from banks.
Despite that these types of loans are becoming more and more common every day; some people may be a little bit confused about how they work and which type is right for them. So, we figured that we would clear things up a little bit. We will explain Delaware installment loans and title loans. This will allow you to determine which route you may want to go down.
Signature Installment Loans
A Delaware installment loan is similar to a traditional bank loan. This means that you take out a loan, and you pay the loan back over the course of several installments. When you qualify for installment loans through Delaware Title Loans, Inc., you can borrow up to $1,250.
There are a few requirements to obtain a signature installment loan with Delaware Title Loans, Inc.:
- You must have proof of income.
- You must have a recent bank statement from an active checking account.
- You must have a government-issued photo ID.
Who Are Installment Loans Right For?
Signature installment loans are an option for those that do have some source of income. It does not necessarily have to be employment income. It could be income from disability or unemployment benefits. However, there does need to be proof of income provided.
While a credit check may be done during the loan process, Delaware Title Loans, Inc. welcomes borrowers of all credit and income backgrounds. The credit check does not play a major role in our loan process.
Car Title Loans
Delaware title loans will still have you borrowing money, much in the same way as an installment loan, however, the requirements are slightly different. This means that it may be a borrowing option suited to a slightly different group of people.
With a title loan, you are borrowing money against the title of your vehicle. This, essentially, means that you will be borrowing a sum of money that’s related to the value of your vehicle.
With title loans from Delaware Title Loans, Inc., you can borrow up to $15,000. The exact amount of money that you can borrow will be dependent on the value of your vehicle.
The requirements for title loans from Delaware Title Loans, Inc. are still simple and few. They are:
- Your state-issued ID.
- A lien-free title to your vehicle.
- Your vehicle for inspection.
Who Are Car Title Loans For?
Title loans are only for those that have a lien-free title to their vehicle. While this group is quite big, it’s also specific. It includes people who have no outstanding charges on their vehicle's title. The vehicle's title must also belong to a car, truck, or van.
There are no income requirements for a title loan. This means that they could be an option for those that do not have an income at the moment. For example, for those that may be waiting on benefits.
Delaware Title Loans, Inc. welcomes all credit types for title loans.
Of course, they can also be an option if you wish to borrow larger sums of cash. However, once again, the value of your vehicle will determine how much cash is available to you. You won't be able to borrow thousands of dollars if your vehicle is only worth a couple of hundred dollars. Your vehicle will be inspected to allow us to determine how much it is worth.
Qualifying For A Loan From Delaware Title Loans, Inc.
Whether you are looking for signature installment loans or title loans, you can work with Delaware Title Loans, Inc. to qualify for the loan that fits your needs.
Our company has allowed people to borrow cash to cover emergency expenses such as:
- Ensuring rent payments are made on time.
- Preventing bills from going late.
- Covering emergency repairs to their home.
- Covering emergency appliance replacement.
- Covering vehicle repair costs.
- Covering medical expenses.
We could be an option for those that need to cover expenses that simply cannot wait until their next paycheck or until they put together some cash through other means.
Whether you are inquiring about signature installment loans or title loans, the process is simple and fast. You could have the money that you need on the same day you start your process or the following business day.
The process can be started online by submitting the loan form on Delaware Title Loans, Inc. From there, a loan representative will call you to explain the loan requirements, answer any questions you have, and schedule an appointment with you (for title loans, this appointment can be at a location of your choice).
Make sure to have your required items when you meet our loan representative so they can review everything to determine if you qualify. If you do, you will be asked to sign a few forms to finalize the process. You can then receive your money on the same day or the following business day.
Qualify For A Loan From Delaware Title Loans, Inc. Today
There you have it; the main details you need to know before making a decision whether installment loans or title loans work better for you.
You can get started right now by filling in the short online form, and our loan representatives will help you throughout every step of the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.