Title Loans vs. Installment Loans: A Simple Breakdown
If you’re in a pinch and need money fast to deal with an emergency, pay a medical bill, or urgent home repair, or simply need to fill a hole in your budget, then quick loans are sometimes the easiest solution. A quick Google search for “Arizona quick loans” will yield several results on the market, but Southwest Title Loans can eliminate the time and stress that the process takes by offering some of the easiest loans that you can obtain: title loans and installment loans.
Title loans and online installment loans in Arizona are popular among borrowers who need to get some cash together fast – but what’s the difference between the two, and which one suits your needs best? Let’s break it down.
Installment Loans: What Arizona Borrowers Should Know
Installment loans AZ are one of the quickest and easiest loans to take out – generally, you only need to satisfy a couple of requirements, and the entire process will take less than a couple of hours, from when you start your application to the moment you receive your money. Furthermore, you can start your application from the comfort of your own home by filling out a short form found on our homepage.
An installment loan is unsecured, meaning it doesn’t require a guarantor or collateral like your car’s title. This can be an advantage in two ways:
- It’s accessible to those who do not own a vehicle in the first place.
- There’s no need to risk your car as collateral, even if you do have one.
- It offers the borrower the flexibility and low risk they are looking for in a loan.
Another benefit of an installment loan is that your credit score doesn’t influence your ability to acquire it. As long as you have a steady income stream, we can accept all forms of credit – whether good, bad, or nonexistent outright; the credit score simply won’t matter. However, there are some potential drawbacks that you should know about, like higher interest rates.
How To Apply For An Installment Loan
As mentioned above, while taking out an installment loan is easy, as long as you satisfy the following requirements:
- Are at least 18 years old
- Have a valid state-issued photo ID, such as a driver’s license
- Have an active checking account in your name
- And can provide proof of income
If you can satisfy these requirements and there are no problems with your documents, the application process will look like this:
- You’ll fill out and submit the application found on our homepage.
- Submitting that will allow a representative to contact you to review your information and cover the next steps.
- You’ll meet with the representative who will inform you, on the spot, how much money you’ll receive.
You can start the process to secure your installment loan today!
Everything You Need To Know About Title Loans
Unlike installment loans, which allow you to secure money without using the title to your vehicle as collateral, title loans are a secured loans that allows you to access loan money by using collateral to secure the loan with private lenders like us. They’re similar to installment loan applications in that they’re fast and can be finished in as little as 30 minutes, and, because the loan is dependent upon the value of your title, we welcome all forms of credit.
How To Take Out A Title Loan
The process for taking out a title is very similar to the process of taking out an installment loan in that you can start your application online by filling out a short form that will allow a representative to contact you quickly. Alternatively, and for a faster application, you can contact us directly for even faster approval.
In any case, however you choose to start your application, the next steps of the process will be reviewed by the representative, who will inform you about how the loan works and ask you a series of questions about your vehicle. Since the condition of your vehicle, like the age, condition, and mileage, can influence the loan value, a quick vehicle inspection will help determine how much money you’ll receive on your car title loan. So, the sooner you can provide your vehicle information, the sooner you’ll be able to qualify and receive your money. Title loans offer the largest loan amounts of up to as much as $15,000, though the loan amount you can receive will depend on your vehicle and ability to repay what you borrow. You’ll also be asked to provide the following information, which includes:
- A valid driver’s license or state-issued photo ID
- The lien-free title to your vehicle in your name
- The vehicle itself for the quick inspection to determine its value
We pride ourselves on our streamlined application process that can be completed easily and over the phone without compromising on our customer service. We understand that times, especially this year, are uncertain, which is why it’s easier to obtain either an installment loan, AZ, or a car title loan rather than dealing with a more traditional loan that has strict guidelines and long processing times. However, these loans may have a higher interest rate since their approval does not rely heavily on credit, unlike traditional bank loans.
Need Cash Fast? Apply For Arizona Quick Loans Today!
So, when you’re dealing with a personal emergency and need help fast, don’t wait until you can’t handle what you’re facing; get a loan with us today!
Ready to apply? Start your Arizona quick loans application online with us at Southwest Title Loans today and get cash fast.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
