Do I Need A Bank Account To Get A Signature Installment Loan?

A signature installment loan may be just the thing to get you through times when finances are tight. But what do you need to qualify for a signature installment loan?

Missouri Title Loans, Inc. requires you to have an open bank account with your name on it. You'll also need to provide your most recent pay stub as income proof. You must show a current state-issued ID, as well.

In this post, you'll learn why you need a bank account for a signature installment loan with Missouri Title Loans, Inc., so read on for much more.

Signature Installment Loan Requirements

When you're shopping for a loan, the first thing you should be looking for are the requirements for your application. Find out all that's needed so you are prepared when you start your initial inquiry.

Let's look closer at the requirements for a signature installment loan.

1. Applicants Must Have An Active, Open Bank Account

Generally, you'll need a bank account for all types of loans. It's especially important for a signature installment loan because it's an unsecured loan. There is no collateral backing up the loan, only a signature.

Missouri Title Loans, Inc. requires you to have an open bank account in your name so there is somewhere to deposit the funds. Research shows it is also more likely for those who own bank accounts to pay back the loan according to the terms established.

2. Applicants Must Provide Proof Of Income

You'll need to provide your last paycheck stub to acquire a signature installment loan. You must be able to make the payments back to the company along with interest charges and any fees assessed. 

Income proof is also more important with an installment loan because you aren't borrowing against anything. The loan company cannot take possession of anything in the event you aren't able to make your payments. Your level of income, along with your credit score, and financial history will be used to decide whether you're approved for your loan.

3. Applicants Must Show A Current State-Issued ID

You will not be eligible for an installment loan with Missouri Title Loans Inc. if you do not possess a valid state-issued ID. Any banking establishment or loan company needs to verify your identity with a state-issued ID.

You can provide either an adult identification card or a state-issued driver's license as proof of your identity. There may be cases where a passport could be accepted but state IDs are best.

Can I Use A Bank Account In Someone Else's Name?

The bank account you provide on your application for a signature installment loan cannot be in someone else's name. Your name must be on the account. That being said, it's ok if you are a joint owner of an account and provide that to Missouri Title Loans, Inc. The requirement is that your name be listed on the account as an owner.

The entire loan would have to be approved on the credit and merit of the account owner if you provide another bank account. The information you provide has to be yours or all in the name of the account holder.

What's The Best Use For A Signature Installment Loan?

Signature installment loans are good for debt consolidation in some cases. You can also use them to pay for projects in your home or to supplement income during the year. 

Installment loans are called such because the payments are made in installments, usually monthly, that are all the same amount until the full amount has been paid back. 

Provide Your Bank Account And Apply For Your Loan

You can start your application process with Missouri Title Loans, Inc. right here on this website. We have an easy inquiry form you can fill out that will let us know you're interested in hearing from one of our loan representatives.

Once you submit your inquiry, you'll hear from us regarding what your next step is to finish your application process. There isn't much to it. Just make sure you have an open bank account in your name, a valid state-issued ID, and your most recent pay stub ready to submit for a fast turnaround.

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