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The Most Common Questions People Often Ask About Installment Loans

December 15, 2020 | Mason Roberts

Installment loan questions.

Many people prefer to take out installment loans, which they can repay over a longer period of time in easy installments, instead of a lump payment. Today, we will answer all the commonly asked questions about installment loans and online installment loans.

A lot of people struggle with financial issues and struggle to make ends meet. That coupled with the unexpected expenses that come up sometimes, such as medical emergencies, weddings, funerals, and urgent long-distance trips for family or work commitments, often makes people consider taking out an installment loan.

Your Installment Loan Questions Answered!

How Do Online Installment Loans Work?

Installment loans are those loans or credit that you have to pay back in a set of fixed regular payments over a fixed period of time. Whenever you take out a loan, there are some terms and conditions associated with it such as the interest rate, repayment term, and fees.

All these factors determine how much you will have to pay every month (or whatever the pre-decided interval is) and how often, until the entire principal along with the fees has been repaid. The repayment term can be spread out over months or years and the interest rate can be either fixed or variable.

Online installment loans are now becoming the more popular option amongst consumers because of how fast online applications are processed, and because they involve the least hassle. The type of loans that are typically paid back in installments is personal loans, auto title loans, and house loans.

Can I Get Installment Loans Near Me With Poor Credit?

Yes, you can! Many lenders these days, especially title loan lenders, do not do credit checks. Those who do, keep a very low cutoff for approving applicants. This means that even people with poor credit or nonexistent credit can be approved for a loan. With Southwest Title Loans, we welcome all credit scores, good, bad, and even nonexistent!

Can I Improve My Credit Through An Installment Loan?

Yes, you can improve your credit score through an installment loan, but you have to be responsible with your finances and repay every installment on time. If you follow the loan schedule promptly, it builds your credibility as a borrower and raises your credit over time. If you have no credit history presently, it will help you establish a good one.

Even after the loan has been fully repaid, this record will stay on your credit report for 10 long years and help you in acquiring finances in the future as well.

How Fast Can I Get Installment Loans Near Me?

We offer installment loans that can be secured on the same day that you submit your application. In fact, you can get the funds transferred to your account within 24 hours of approval.

Some loans, called “fast loans” (title loans are fast loans), are specially designed for emergencies, and you can get the loan approved and the money transferred all within a matter of minutes or hours. Such loans take a day to obtain, at maximum. Either way, we offer fast cash that can be used to handle any emergency.

Where Can I Apply For Installment Loans Near Me?

Our application for an installment loan is easy to start and even easier to complete and it begins with you filling out a short form found on our homepage and submitting it. From there, one of our representatives will contact you to schedule a meeting to review your information and complete your application. It’s easy, fast, and comes with all of the benefits included with installment loans, but you’re being backed by professionals who have mastered the art of helping people when they need it most.

We Can Help You!

What if an installment loan isn’t for you? Well, we offer title loans that can help you when you need it most.

  Man holding emergency title loan money.

What Are Title Loans?

Title loans are fast loans that you get in exchange for your car title. Your car will act as collateral for the loan. All you need is an original car title with no liens attached. There are no lengthy requirements, but you must:

  • Be over 18 years of age
  • Have a government-issued photo ID
  • Own a car with no liens

That is the only criteria and it is very basic. You do not even have to worry about low credit because all forms of credit are welcome! Let’s take a look at some more benefits:

  • Have very simple and easy applications.
  • Allow you to borrow large sums of money (because your car is worth a lot).
  • Allow you to keep your car and use it during the loan term.

How To Get A Title Loan

Securing your title loan today is easy and can be started by you filling out the short form found on our homepage. From there, you’ll receive a call from a representative who will schedule a meeting to have your car inspected. You’ll find out how much you’ll receive and be on your way to financial relief.

These 5 simple steps take only a few hours to complete and you can get your money within no time. The money from an installment loan can help you cover your urgent bills and give you some much-needed breathing space! Start your application today! 

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