When money gets tight, many people wonder if online installment loans could be a good option. But before applying, it helps to ask: Who uses online installment loans, and why?
Understanding who typically uses online installment loans, and the situations they’re used for, can help you decide whether this type of loan makes sense for your financial needs.
What Are Online Installment Loans?
An online installment loan is a short term borrowing option that is repaid through fixed monthly payments over a set period of time. At Delaware Title Loans, Inc., we offer signature installment loans, which means:
- No collateral required.
- Borrow up to $1,250.
- All credit types welcome.
To qualify, you’ll need:
- A government-issued ID.
- Proof of income.
- A recent bank statement.
- Your signature.
With these basics, many people in Delaware get quick approval and same-day funding.
Who 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.
Here are the most common groups who turn to online installment loans in Delaware:
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 many borrowers to move through the approval process without the obstacles they often face at banks 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.
If you’re trying to reduce financial stress long term, learning how to budget your money and build savings can make a meaningful difference alongside short-term solutions.
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. Programs like Delaware Healthy Children Program and Elderinfo offer low-cost healthcare, but if you don’t qualify, an installment loan could be a temporary solution.
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 An Online Installment Loan
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.
In many cases, pairing an installment loan with a clear budgeting plan can help borrowers avoid repeat financial strain.
Why Choose Delaware Title Loans, Inc.?
- No collateral needed
- All credit types welcome
- Up to $1,250 in fast cash
- Easy online form and friendly local reps
FAQ: Online Installment Loans in Delaware
Who typically uses online installment loans?
Borrowers include those with bad credit, people facing emergency expenses, or anyone who needs help covering bills or medical costs.
What do I need to apply for an installment loan?
You need a government-issued ID, proof of income, and a recent bank statement.
How quickly can I get the money?
If approved, you may receive your funds the same day or the next business day.
Apply For An Online Installment Loan Today
Online installment loans can be helpful in certain situations, especially when unexpected expenses or timing issues make it hard to manage monthly bills.
If this sounds like your situation, completing the online form is a simple way to find out what options may be available to you through a licensed Delaware lender, without any obligation to move forward.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
