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Title Loans vs. Installment Loans: A Simple Breakdown

December 1, 2020 | Louis Tully

Deciding between title or payday loans.  

If you’re in a pinch and need money fast to deal with an emergency or cover a hole in a budget, then quick loans are sometimes the easiest solution. There are a few options on the market and a quick Google search for “quick loans” will yield several results. Some of the easiest loans that you can obtain are title and installment loans.

Title loans and online installment loans in Arizona are the ones people turn to most often when they find they 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.

Everything You Need To Know About Installment Loans

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 an unsecured type of loan: this means it doesn’t require a guarantor or collateral because you don’t have to own the title to your vehicle. This can be an advantage in two ways:

  1. It’s accessible to those who do not own a vehicle in the first place.
  2. There’s no need to risk your car as collateral even if you do have one.

Another benefit of an installment loan is that credit score doesn’t influence your ability to acquire it. As long as you have some type of steady income stream, we’re able to accept all forms of credit – whether good, bad, or nonexistent outright, the credit score simply won’t matter.

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:

  • You need to be at least 18 years old
  • You need to have a valid ID
  • You need to have an active checking account
  • And you need to be able to provide proof of income

If you do 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 spot, how much money you’ll receive.

You can start the process to secure your installment loan today!

 

Couple who received title loans.

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 type of loan that allows you access to your loan money. 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.

Either way, you choose to start your application, the next steps of the process will be reviewed by the representative, who will inform you of the next steps of the application and they’ll ask you a series of questions about your vehicle. Since the condition of your determines how much money you’ll receive on your title loan, the sooner you can provide your vehicle information, the sooner you’ll be able to receive your money. You’ll also be asked to provide the following information, which includes:

  • Your driver’s license
  • The title to your vehicle
  • Your vehicle for the inspection

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 easy to obtain either an installment loan, AZ, or a car title loan. When you’re facing an emergency, don’t wait until you can’t handle what you’re facing. Give us a car and start your application today. 

 

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