woman thinking about what an installment loan is

What Is An Installment Loan?

If you're wondering "what is an installment loan," you've come to the perfect place. Generally speaking, installment loans are longer-term loans that allow you to pay them off in fixed, regular monthly repayments, known as installments. They're aptly named. Mortgages, auto loans, and many personal loans fall under this umbrella term. But we're going to focus on a specific type — signature installment loans.

Things You Need To Know About Installment Loans

What Is An Installment Loan?

A signature installment loan is often called a "good faith loan." They don't require any collateral, meaning you don't risk any assets like your car or house. Instead, you supply the necessary documents and your signature, promising to repay it.

With signature installment loans from us at Delaware Title Loans, Inc., you can borrow up to $1,500 and pay it back in regular chunks. But before jumping into any new financial obligation, it's worth understanding its benefits and the situations that genuinely justify an installment loan.

Why Get An Installment Loan?

Our installment loans aren't for long-term purchases (like a mortgage) or solving financial hardships. They are best saved for emergencies, such as:

  • Unexpectedly high utility bills
  • Paying an overdue bill to avoid late fees
  • High or unforeseen medical bills
  • Necessary car or home repairs
  • Urgent travel costs

If your situation fits one of the categories above, installment loans likely make sense. With that in mind, let's take a look at some of the benefits you gain when getting this type of loan from us.

1. Easy To Budget

Firstly, the fixed repayments make them wonderfully easy to slot into your budget. You don't need to worry about fluctuating amounts. If you have money left after covering your bills, slotting the loan repayment into the mix shouldn't be so bad.

woman calculating delaware installment loan payoffs

2. Super-Fast Process

Traditional loans come with long wait times and excruciatingly tricky processes. Signature installment loans, on the other hand, do not. The in-person process takes as little as 30 minutes, and you receive your money within 48 hours. It simply couldn't be quicker! Plus, the requirements (more details later) are easy to comply with.

3. Get The Amount You Need

Provided you don't need more than $1,500, our signature installment loans are an option. You can get the amount you need without overborrowing, making it easier to repay.

4. Reduces Stress

When a crisis strikes, it can feel like your entire world is burning, especially your financial environment. But taking out an installment loan can ease the pressures, enabling you to fund the emergency and move on with your life. Our loans don't impact your life long-term. Instead, you pay them off as quickly as possible.

What Do You Need To Get An Installment Loan In Delaware?

So far, we've covered what is an installment loan and its benefits. Now it's time to move on to the requirements. Thankfully, you don't have a long list of criteria to contend with here. Instead, you just need three things:

  • Driver's License Or Government-Issued Photo Identification — If you don't have a driver's license, that's fine!
  • Proof Of Income — Typically, our customers use their most recent pay stub.
  • Checking Account Statement — The statement must come from an active account open in your name.

Before approving you for a Delaware installment loan, a store will complete a soft credit check. Bad credit will not automatically disqualify you, but it’s always better to have a higher score if you want to receive a bigger amount.

How To Get An Installment Loan In Delaware

Acquiring a Delaware installment loan from us isn't as difficult as you may believe. Our process consists of just five steps, allowing you to move swiftly through proceedings with as few headaches as possible.

Follow the step-by-step guide below:

  1. Complete the form found on this website. It sends your information directly to your nearest Delaware Title Loans, Inc. location.
  2. Wait for one of our loan representatives to get in touch. They'll discuss the process and ensure you have the correct documents.
  3. Head to your nearest Delaware Title Loans, Inc. storefront. Don't forget to bring the required items as we discussed earlier.
  4. One of our loan associates will examine your required items and confirm your identity before walking you through the final steps of the process.
  5. Once you've completed the simple paperwork, you receive the money you need on the same or very next business bank day.

woman signed a contract for a delaware installment loan

Get A Delaware Installment Loan Today!

Thanks to our discussion, you'll never have to search "what is an installment loan?" again! Start the process with us by completing our signature installment loan online form now.

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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.