How Installment Loans Work And Other Questions Answered

It might seem surprising, but sometimes even people who’ve used short-term fast loans before don’t know much about installment loans, usually defaulting to title loans. Whether you’re a newbie or an experienced borrower who simply hasn’t explored other options and wishes to know how installment loans work – this article is for you.

The Basics of Installment Loans And How They Work

What Are Installment Loans?

Installment loans are a short-term type of borrowing that enables you to fund an emergency when you need money on short notice.

How Do Installment Loans Work?

With online installment loans in Missouri, you can get up to $1,500 and pay off only the amount that you spend. This lets you have a little more freedom and be more flexible with your repayment options. Installment loans require source on income.

Unlike title loans requiring collateral, installment loans are unsecured type of borrowing, and your signature is what guarantees that you’ll repay the borrowed amount. For that reason, the credit requirements for applicants are a little stricter, though bad credit doesn’t automatically disqualify them from getting one.

Who Is Eligible For Installment Loans?

The biggest appeal of how installment loans work is that they’re one of the most accessible loans around. They’re designed to cover costs associated with short-term emergencies, so the list of requirements is short and easily fulfilled. Almost anyone who is over 18 years old and has some kind of income has a chance of qualifying for installment loans.

What Are Installment Loan Requirements?

There are just 3 requirements you need to meet to qualify for an installment loan at Missouri Title Loans, Inc.:

• Be over 18 years old – and provide a valid identifying document to prove it (a state-issued ID or driver’s license);
• Provide a bank statement from an active checking account open in your name;
• Provide proof of income – most commonly (but not necessarily) a recent pay stub.

Can I Get An Installment Loan If I Don’t Have An Active Bank Account?

Unfortunately, no. With the way installment loans work at Missouri Title Loans, Inc., you need an active checking account in your name to qualify.

I’m Currently Unemployed. Is There A Chance I Could Qualify For An Installment Loan?

Yes, absolutely. While the most recent pay stub is a common proof of income, you can substitute it with other means if you’re currently unemployed. Just make sure not to blindside the loan representative you’ll be working with and inform them about your financial situation, so they can give you appropriate instructions.

Proof of income is required to qualify for an installment loan, because it’s an unsecured type of loan – so the lender needs to see you’re able to pay off the loan. As long as you provide necessary documentation proving your ability to repay the loan, you should be able to use alternate types of income, such as unemployment and welfare benefits, court-mandated compensations, alimonies, or pensions.

How Much Money Can I Get With An Installment Loan?

At Missouri Title Loans, Inc. you can get up to $1,500 with an installment loan. The loan representative you’ll be working with will determine the actual maximum loan amount you qualify for based on the proof of income and checking account statement you provide.

Can I Get An Installment Loan With Bad Credit?

Yes! Missouri Title Loans, Inc. welcomes clients of all credit types. You can qualify for an installment loan not only if your credit is bad – but even if you have no credit history to speak of!

Will Getting An Installment Loan Damage My Credit?

No. Installment loans aren’t reported to any credit bureaus, that’s why they can neither hurt your credit nor help you rebuild it. This is because Missouri Title Loans, Inc. has a strict privacy policy prohibiting us from sharing our clients’ loan information with third parties.

How Do I Get An Installment Loan?

Just submit an online request form on the website to get started. A loan representative from your local store location will get in touch with you to provide the necessary instructions and answer any questions you may have.

After making sure you’ve got all the relevant information, the loan representative will arrange a meeting with you. You’ll need to take the required items (your state-issued ID or driver’s license, proof of income, and a statement from an active checking account in your name) to the meeting.

The loan representative will assess your documents to determine if you qualify and what the terms of your loan should be (the maximum loan amount you qualify for, in how many installments you should pay the loan off, etc.). If they decide to approve you, they’ll help you finish the final paperwork on the spot and you’ll get the cash the very same day!

Get Your Installment Loan Today!

Now that you know how installment loans in Missouri work, go ahead and apply for one online! Up to $1,500 could be yours by the end of the day! For more questions and inquiries, call Missouri Title Loans, Inc. at 514-2274 or use the live chat function to get 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.