5 Surprising Facts about Online Installment Loans

Considering current times, it probably wouldn’t surprise you to learn that the majority of Americans wouldn’t be able to handle an emergency of even $400 without going into debt. Covid-19 hit the entire world hard, after all.

But did you know that even before Covid-19, around 60% of Americans lived paycheck to paycheck?

When it comes to emergency expenses, the pandemic, unfortunately, didn’t change our ability to handle them without assistance – rather it impacted our ability to get assistance.

If it seemed like getting a personal loan from a bank or even getting online loan information was an unnecessarily complicated process before – it has only become worse after the pandemic. You could provide half a dozen documents, wait for two weeks, and still get denied – either because your income source isn’t “sufficiently stable”, because your credit isn’t good enough, or for some other reason.

So, what can you do if you’re facing financial troubles that are impossible to cover with just your paycheck alone?

Luckily, there are more options for personal loans out there with the benefits of installment loans.

Understanding Installment Loans And When To Get One From A Lender

Let’s make one thing clear – going into debt should never be your first choice of action.

Unfortunately, sometimes we find ourselves in situations when the problem at hand is time-sensitive and could escalate if not handled immediately. Medical emergencies, car breakdowns, and unplanned home repairs are all good examples of such situations.

And in said situations, waiting could cost more in the end. So, getting the facts about online installment loans, dealing with the problem ASAP, and paying off the loan later could be the better option.

Interested?

Then here’s what you need to know about installment loans before you apply.

5 Surprising Facts About An Online Installment Loan

1. You’ll Only Need A Few Documents To Qualify

It’s easier to qualify for an installment loan online than not to. There are only a few qualifying requirements, and the lenders will do their best to accommodate your situation, as they’re interested in putting cash in potential borrower’s hands when needed.

To receive the benefits of installment loans from Missouri Title Loans, Inc., you’ll need:

• A state-issued photo ID or driver’s license to verify your identity and age (you must be over 18);
• A checking account in your name;
• Proof of income – typically your most recent pay stub, but alternatives could work;

2. All Credit Types Are Welcome

You can apply and still get approved for online installment loans even if your credit is less than perfect. Good, bad, nonexistent – all credit types are welcome and considered.

While the loan representative may have a look into your credit history, it doesn’t mean you will be rendered ineligible for the loan, as long as your required items are in order.

3. Online Installment Loans Won’t Influence Your Credit History

Missouri Title Loans, Inc. doesn’t report to any credit agencies.

This means that the loan information will remain entirely between you and the lender. Getting a personal installment loan won’t have any impact on your credit score – be it negative or positive.

4. You Can Apply Even If Your Income Is Below Average

While providing your last pay stub as proof of income for a loan is customary (and can help speed the process along), unlike banks, private lenders work with alternative means of income if necessary. Missouri Title Loans, Inc. will accommodate such sources as unemployment benefits, worker’s compensation, pensions, or even savings.

However, ask your loan representative about it while applying, so they can inform you about the documentation you’ll need to provide.

5. You Could Get Personal Loan Cash TODAY

Online personal installment loans are fast.

Filling out the form online should only take you a few minutes. After that, the most time you’ll need to spend on the loan is visiting the store for the representative to assess your documents.

The entire process typically lasts less than an hour – and could be as fast as 30 minutes. If you get approved, you’re likely to receive the cash you qualified for the very same day or by the next business day.

How To Apply For An Installment Loan:

1. Make sure to have all the required items – a valid state-issued ID/driver’s license, proof of income, the statement from an active checking account in your name – on hand;
2. Go to the Main Page of our website, fill out the online form for installment loans, and submit it;
3. Answer when the loan representative gives you a call with further instructions.
4. Take the required items to the meeting the loan representative sets up for you;
5. Let the loan representative assess your documents and guide you through the process, so they can determine if you qualify for the loan, and the amount you qualify for (could be up to $1,500);
6. Get approved, finish the easy paperwork on the spot, get the cash, and repay the loan in easy installments!

Submit The Form Today And Reap The Benefits Of Installment Loans!

Emergency expenses can cause a lot of stress, especially when you don’t have the money to handle the urgent issue promptly. 

Take care of your urgent financial issues by getting an online installment loan offered by Missouri Title Loans, Inc., and take the stress off your shoulders in as little as 30 minutes. Call us today or submit the inquiry form online 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.