Who Uses Online Installment Loans?
If you’ve been wondering if online installment loans are good for you, it may help to consider who else uses them — and why!
By comparing yourself to other people who use online installment loans, you can figure out whether you seem to fit the pattern and whether your circumstances call for this kind of financial aid. But first, let’s start with the definition of Delaware installment loans.
What Are Online Installment Loans?
Installment loans are financial aids that require repaying over regular monthly payments (i.e., installments). Signature installment loans, like those offered by Delaware Title Loans, Inc., are an unsecured kind of loan. In other words, you don't need collateral to acquire one.
You can borrow up to $1,250 with just a government-issued ID, proof of income, bank statement from your checking account, and your signature. But let's see if your situation actually calls for this sort of loan before you start the loan process.
Who Typically Uses Online Installment Loans?
The demographic involved in the use of online installment loans is broad. Many people believe that small-dollar loans like signature installment loans are used by people on small incomes and few to no assets.
But the truth is that while some people using these loans do fall into the low-income bracket, 20% of borrowers earned a net income over $40,000 per annum (gross income of $53,000 per annum).
Similarly, an entire third of people who used online installment loans own their homes. Not to mention that over 40% of users have at least a four-year college degree.
As you can see, the popular belief is pretty far from the truth. But let's take a look at a few specific groups that tend to use online installment loans.
1. People With Bad Or No Credit
Yes, those with bad to no credit often turn to online installment loans since traditional banks won't help them. Online lenders such as Delaware Title Loans, Inc. are more welcoming, allowing you to breeze through the approval process and get the money you need in record time.
Just be aware that our associates at Delaware Title Loans, Inc. will run credit checks when you request a signature installment loan, but it doesn’t play a major role in your approval chances since we welcome people with good or bad credit alike.
2. People Who Need Help Covering Their Bills
There are plenty of government-led and non-profit charity programs available that can help you cover your monthly bills. However, they often come with stringent eligibility requirements. So, people turn to signature installment loans online to ensure they don't incur late fees or penalties.
With that said, we recommend checking the federal and state schemes before choosing to go down the loan route. Some programs you might qualify for are as follows:
- Emergency Assistance Services and Rent — For help paying rent, for food, utilities, and emergency shelter. Its main aim is to prevent homelessness and ensure maintainable self-sufficiency.
- Mortgage Assistance and Foreclosure Prevention Programs — Supports you when you can't pay your mortgage or need to stop foreclosure. The program can also help you find low-cost or free housing.
- General Assistance — It provides cash to low-income families and people who aren't eligible for federal aid programs like TANF or Social Security.
- Food Stamps — For those who are struggling to buy healthy food and groceries. It aims to provide everybody with a healthy, nutritious diet.
3. People Who Require Medical Care
If you don't have medical insurance or the treatment you require isn't covered, it's tricky to find the money to pay the fees. In which case, many people decide to use online installment loans when they can't qualify for programs like Delaware Healthy Children Program, Elderinfo, or low-cost/free medical care.
4. People Who Need Help Paying for Emergencies
Air conditioning breakages, pest infestations, etcetera. Anything can go wrong at any time. And sometimes, you just don't have the funds to handle it. Online installment loans are an option in these situations since you'll get funding through a rapid process.
How To Get Online Installment Loans?
If you find that you relate to any of these groups, you may find online installment loans to be worthy of your consideration. Here is the process that you can follow to qualify for one today:
- Fill out the simple online form on Delaware Title Loans, Inc. It sends your information straight to the closest branch.
- Make sure to pick up the phone when one of our loan representatives calls you. The conversation will ensure you understand the process and the required documents. You can ask any questions that you have as well.
- Afterward, head to your nearest Delaware Title Loans, Inc. location with your government-issued photo ID, proof of income, and a bank statement from your checking account.
- The loan representative will inspect your documents to confirm that you qualify for our online installment loans when you arrive.
- If you are eligible, the representative will walk you through the final steps of the approval procedure. You can put your signature wherever it’s required.
- Finally, you will receive the money you need on the same day or the following business day.
Qualify For Online Installment Loans Today
Getting online installment loans through Delaware Title Loans, Inc. is simple and quick. But we encourage you to consider the list of those who usually use them to see if your situation truly calls for one.
If you find that you do, we’d be happy to help you qualify for a signature installment loan today. Submit the online form to get your process started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.