What are Installment Loans?

Are you feeling the weight of these tough economic times? An installment loan could be the answer! Whether unexpected expenses have you strapped for cash or you need extra money to make ends meet this month, installment loans can be an option to help you gain control of your finances.

The purpose of installment loans is to allow borrowers to receive a lump sum of money upfront and then repay it over a set period of time by making regular monthly payments called installments. Unlike payday loans, which typically require full repayment in as little as two weeks, installment loans are meant to provide borrowers with more flexibility and manageable repayment terms.

That being said, there are many benefits to choosing installment loans for fast funding, including the following:

  • Predictability: One of the biggest advantages of installment loans is the predictable monthly payments, which makes budgeting a lot easier. Since installment loans are repaid in equal monthly installments, you know exactly how much you need to budget for each month for your loan payment.
  • Flexibility With Your Funds: Some installment loans can be used for various purposes, such as consolidating debt, covering unexpected expenses, or making a large purchase. The flexibility of these loans allows you to use the funds in a way that best suits your needs.

Some of the most common types of installment loans include:

  • Auto Loans
  • Personal Loans
  • Title Loans
  • Mortgage Loans

For mortgage loans and auto loans, the use of your funds is limited to a specific purpose, such as buying a home or vehicle. With personal loans and title loans, you have a lot more flexibility with your funding. Whether you need to tackle a large medical bill or pay for a large expense upfront, installment loans can be a lifeline. Both personal loans and title loans are common types of installment loans, but personal loans may be tougher to get approved for if you do not have a strong credit history. Although not every car title loan is an installment loan, every title loan is secured by collateral, which is the title to your vehicle and your ticket to getting fast funding.1

Every individual has unique financial needs. If you want to get approved for a quick loan that is flexible, convenient, and has a smooth application process, a title loan can be the answer. If you need fast cash, look no further than a ChoiceCash title loan!1

What are Tips for Getting Approved for an Installment Loan?

installment loans funding

If you have decided to pursue an installment loan, you may be wondering how to get approved for funding. Lenders typically consider several factors when evaluating loan applications, including your credit score, financial information, and debt-to-income ratio.

You will find that the tips listed below are also best practices to help you maintain a healthy financial lifestyle overall!

  1. Work on Getting a High Credit Score: Whether you decide to apply for a personal loan or car title loan to get funding, a lender will typically look at your credit score. A higher score typically equates to more opportunities to qualify for new credit and lower interest rates. If you are working on your credit score, understand that increasing it will take a considerable amount of time. Some of the most important tips and tricks to help you increase your credit score include keeping your credit card balances low, avoiding multiple loan inquiries in a short amount of time, and making sure all of your payments are made on time! A bad credit score makes applying for a personal loan much more difficult than applying for a title loan since personal loans are often unsecured, and title loans are secured. Secured loans require collateral, so the application process is much more flexible, even if your credit score is below average. You don’t need a strong credit score to apply for a ChoiceCash title loan serviced by LoanMart!1
  2. Provide Accurate Information: A huge advantage of applying for ChoiceCash title loans online is that you can access a fast application process. However, providing inaccurate or incomplete information on your application can slow you down! When applying for installment loans online, make sure that all of your documents are valid and that all of the information you provide on your application is accurate. During the application process for a title loan, for example, you are expected to provide documents to verify your information, vehicle ownership, and proof of income. Be proactive and gather the necessary paperwork in advance to make sure your application is processed as quickly as possible.1
  3. Choosing the Right Type of Installment Loan: From mortgage loans and auto loans to title loans and personal loans, there are many different types of installment loans available. Choosing the right type of installment loan for your needs will affect your chances of obtaining approval. For example, if you do not have a higher credit score, obtaining ideal loan terms and competitive interest rates will be tough when you choose a personal loan. Getting approved for a title loan can be much less stressful! Title loans can cater to applicants with bad credit scores, making them an ideal choice for those who aren’t confident with their credit histories. Approval for title loans is primarily based on the value of the applicant’s car and their income instead of just their credit score. Therefore, having a poor credit score does not automatically disqualify you from getting approved for a title loan.1

By following these tips, you can work on improving your chances of getting approved for an online installment loan. If you have additional questions or if you are looking for more information about applying for a ChoiceCash title loan, call 855-422-7402 today to speak with a friendly loan agent who can help guide you through this process!1

Understanding the Costs of Applying for Installment Loans Near Me

apply for a installment loan

When considering any type of loan, it is important that you completely understand the costs or additional fees associated with the loan. If you are approved for a loan and review your loan contract, some of the costs you may see in loan paperwork include:

  • The Interest Rate
  • Additional Fees, such as Prepayment Penalties or Origination Fees

Interest is essentially the cost of borrowing money from a lender or financial institution. By factoring in the interest rate, you can gain a better picture of what you are paying over the duration of the loan. Installment loans typically come with the advantage of fixed monthly payments and interest rates. This advantage helps you understand exactly how long you have to repay the loan and how much you will repay in total over the life of the loan. Understanding the total amount you are expected to repay in total and per month is crucial, especially if you are trying to stick to a budget! The factors that will affect the total amount you are expected to repay include the following:

  • The Loan Amount
  • The Interest Rate
  • The Length of the Loan Term

With installment loans, the length of time you have to repay the loan is typically anywhere from two to seven years. Review your loan terms carefully so that you are aware of your interest rate, the amount of time you have to repay the loan, and any fees associated with the loan. Generally, the more time you have to repay the loan, the more you will typically pay in interest.

Sometimes, there are various fees and charges that come with an installment loan. These fees can include origination fees, prepayment penalties, and late fees. An origination fee is a charge that is assessed by the lender for processing the loan.

If you pay off the loan before the established payoff date, you may encounter a prepayment penalty, whereas if you make a late payment, you may incur a late fee. The best installment loans should not have prepayment penalties, however! With ChoiceCash title loans, the goal is to provide you with the best loan experience possible. You can expect no prepayment penalties or hidden fees. If a title loan sounds like the right fit, go online and fill out a short inquiry form, or call 855-422-7402 today to get started and see if title loans are allowed in your state!1

How to Choose the Best Installment Loan

When it is all said and done, you know yourself best! Only you can determine what is the most appropriate loan type for your specific financial situation. If you feel overwhelmed by your choices, thorough research is one of the simplest ways to ensure that you are making the most informed decision possible.

Comparing your options is a crucial step in your research process. First, start by scoping out a few different options and comparing the benefits and costs of each option.

Additionally, before you sign on the dotted line, make sure to read all the loan terms and conditions carefully. Consider what the monthly loan payment might look like when incorporated into your current budget. Then, determine what you can realistically afford to pay each month. This is why it is so important to have an established budget and a clear understanding of your financial situation.

Aside from comparing different loan options, you may also want to research online customer reviews and testimonials. Websites like Trustpilot can easily help you find reviews from past customers, both good and bad, so you can fully understand the type of loan experience you may have when choosing a lender. In order to check the trustworthiness of an online lender, you will want to make sure they are easily researchable, and there is plenty of customer feedback available about their services. Good companies want to be reviewed and evaluated by their customers! Remember, while it will be nearly impossible to find a company that has all 5-star reviews, you will want to get a general idea of where the majority of the reviews sit on the scale. If most of the reviews and testimonials are positive, that is a great sign!

The best place to get a title loan can be online, so you can skip the hassle of driving to a store. From the easy online application process to competitive interest rates and flexible repayment options, you can expect to experience convenience when you choose ChoiceCash title loans serviced by LoanMart. Whether you are looking to consolidate debt, pay off emergency expenses, or cover a large expense, a title loan has you covered. Call 855-422-7402 to speak with a loan agent and get started, or ask any questions you may have about applying for online title loans. Unlock financial possibilities with a ChoiceCash title loan today!1

Why Choose a ChoiceCash Title Loan When You Need an Installment Loan?

The process of finding installment loans online can be overwhelming, especially if you are in a time crunch and have a lot of options to choose from. If you choose to apply for a ChoiceCash title loan serviced by LoanMart, you can take advantage of many different benefits, like the ones listed below:1

  • Smooth Application Process: The ChoiceCash title loan application process is smooth and efficient because your time is valuable, especially when you are in a financial crisis. When you apply for a ChoiceCash title loan serviced by LoanMart, you can complete the application online from the comfort of your own home. You don’t need to jump through hoops to find out if you can qualify for fast funding online!1
  • Convenient Timing: For most title loan applicants, time is of the essence! You may not have any time to waste, and you need a loan option that can keep up with you. Not only is the ChoiceCash title loan application process streamlined, but qualified applicants can access their funds in as little as one business day.1
  • Flexible Repayment Options: Everyone is unique and may prefer to repay their loan in different ways. ChoiceCash title loans can offer flexible repayment options, so you can choose from repaying your loan online, over the phone, through a check in the mail, or in person at a participating money transfer location near you.

If a ChoiceCash title loan sounds like the right fit for you, don’t wait to find out if you are eligible for instant pre-approval! Simply fill out a short prequalification form online or call 855-422-7402 to get started.1

Jessica R.
Jessica R.
In 2013, Jessica R. graduated from Illinois Wesleyan University and received a Bachelor of Arts Degree in both French and English. In her ten years as an educator and content writer, she has gained a great deal of experience and expertise. As a valued member of the ChoiceCash content team, Jessica is responsible for creating educational and engaging financial content that tackles various topics, including budgeting, secured loans, and more.