Who Is Eligible For Columbia Installment Loans?

Missouri Title Loans, Inc. is well known for supplying Columbia installment loans to citizens in the state, helping them to get through difficult financial periods, and giving them access to funds when they are struggling. Have you ever wondered if this might be worth looking into? If you’re facing large bills and having difficulty with paying them, it could be.

Columbia installment loans are paid off a little at a time, usually with set monthly payments, and they generally have a fixed interest rate. Learn more about them in the following sections.

Who Can Get Columbia Installment Loans?

Columbia installment loans are open to a wide range of people, but there are a few criteria that you must be able to meet if you want to apply for one of these.

Requirements:

• Government-issued photo ID. Firstly, you need to be a legal adult, having reached the age of 18 (at least) before you can begin an application.
• A checking account statement in your name. Beyond that, you’ll also have to have an open bank account, and a statement to prove that it is available. This is where the money will be paid, so it needs to be ready before you apply. If you don’t have an account, you can’t apply for one of these loans, as you won’t be able to receive the money. Installment loans aren’t paid out in cash.
• Proof of income. You will need to be able to show some income. This is often demonstrated through payslips or evidence of bank deposits, but if you have other official paperwork, this may be considered. Note that if you’re paid in cash or in other non-standard ways, it can be much harder to get an installment loan.

If you’re not sure what to do about this, get in touch with us today and we’ll see if we are able to offer any guidance on paperwork you can use. We may be able to accept other proofs of income, depending on the circumstances and the documents. The easiest way to find out about this is to talk directly to an agent.

Those are the only three things you need in order to apply, but it’s important to know that some things may make you less likely to successfully get an installment loan. Let’s look at this next.

Things That Could Affect Eligibility

Note that this section is intended for guidance only and that some of the items listed here won’t necessarily prohibit you from getting an installment loan – they just decrease your chances of success. You can still give us a call to ask questions about your personal circumstances, and we’ll do what we can to assist.

If You Have Poor Credit

There are a few things that can decrease your eligibility for a signature installment loan. One of the biggest issues is having poor credit. If you have a history of borrowing without repayment, bankruptcy, existing debts, etc., there’s a risk that you will not be able to get a signature installment loan.

We do run credit checks when you apply, and although poor credit won’t necessarily prevent you from taking out a loan, it can be a factor. Be aware of this and see if there’s anything you can do to improve your credit before calling. Sometimes, going through your credit rating and checking it thoroughly will turn up some errors in how it has been calculated.

Getting these corrected may boost your rating. Making a point of paying bills on time can also be helpful. Bear this in mind if you think you might need an installment loan in Columbia, Missouri at some time in the future.

Low Income

Being low-income may also affect your chances of getting an installment loan. Remember, this will be checked as part of the application process.

If it is clear that you can’t repay the loan in a reasonable amount of time, or likely that you will struggle, you are less likely to get approved for the loan. This is important to recognize, because signature installment loans can go as high as $1,500, and you need to be able to pay this back.

These aren’t the only things that can have an effect on your eligibility for a loan, but they are the biggest ones.

Begin Applying For Columbia Installment Loans Today!

Missouri Title Loans, Inc. is a viable option if you are trying to get Columbia installment loans and you aren’t sure where to turn. We will help with every step of the process, guiding you along the way. If you think a signature installment loan could be helpful in your situation, just let us know.

If you just want more information, touch base with us, and we’ll answer any questions you have. Installment loans aren’t the right choice for everybody, but they can help you get through a difficult patch. Find out more about them today!

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