Common Loan Questions People Ask Mississippi Title Loans
December 17, 2020 | Daniel Dewitt
Everybody can do with a little extra cash to help them get by, be it for an emergency home repair, a baby on the way, or another major life event. Today's world isn't getting any cheaper, but luckily there are tons of resources out there that can provide financial assistance to those in need.
But with all these resources at your disposal, it can be difficult to make a well-calculated choice that's best for your financial situation. Especially when it comes to loans— there are so many options out there that it can seem a little overwhelming.
If you're considering taking out a loan, it's important to keep certain things into consideration. Here are some frequently asked questions that are worth considering when taking out a loan.
What Is An Installment Loan?
An installment loan is an umbrella term that refers to the myriad of personal and commercial loans available to borrowers. Simply put, any loan that is repaid in scheduled installments is a type of installment loan.
Installment loans in Mississippi Title Loans can get you any amount up to $1,250 to help you out in emergencies.
What Is The Difference Between A Collateral And A Non-Collateral Loan?
Loans come in many types and forms in Mississippi Title Loans, and they can be either collateralized or non-collateralized. A collateral loan – which is our title loans – is one in which borrowers put up their vehicle titles with monetary value in exchange for a loan amount. The title can be from any kind of vehicle. You just need to make sure you own it fully.
The asset is given to us when the borrower receives the loan and is returned to the borrower when the loan is repaid in total.
On the other hand, non-collateral loans are unsecured loans that don't involve putting up an asset as collateral. Typically, non-collateral loans are approved based on the creditworthiness of the borrower. Our installment and payday loans fall under this category.
Which Loan Type Is Best For Me?
There are hordes of different loan types out there, and which one is best for you depends on your own circumstance.
For example, a payday loan is a short-term loan, typically offered in small amounts, that requires borrowers to repay the loan amount on their next payday. Payday loans are a great option for people in need of some quick cash to help them get by until their next paycheck. They're fast loans that usually get approved within the same day of applying.
On the other hand, car title loans are a great option for vehicle owners in need of quick cash. Title loans are short-term loans wherein borrowers put up their car titles for collateral in exchange for a loan amount. They're also quick and easy to obtain, making them a popular option among car owners.
And installment loans are also small loans that you use for immediate emergencies you cannot handle on your own. This is a good option for people that do not own a vehicle – like they need for a title loan, and cannot pay back their loan by their next paycheck – like with a payday loan.
What Are The Requirements To Be Eligible For Our Loans?
The criteria for eligibility depend on the type of loan you're going for. For example, title loans, installment loans, and payday loans have much fewer requirements than commercial loans. To be eligible for a personal loan, you'll need to provide your credit history, whereas, for a title loan, your loan approval is based more on your title and vehicle.
The best way to find out the criteria for eligibility for the loan you want to get is to go on our Mississippi Title Loans website and find out what each of them requires.
What Are The Repayment Terms?
Perhaps the most important part of getting any one of our loans is to ensure that our loan representative and you agree on a repayment scheme that is feasible for you. You don't want to agree on a repayment scheme that you can't keep up with.
Luckily, we offer flexible repayment schemes that will work for you, so make sure to discuss your situation and decide on the terms of repayment.
Our Mississippi Loans are Fast and Easy
The Benefits Of Our Loans
While all the loans have their differences, there are the same benefits for installment, payday, and title loans. All loans are quick and easy to obtain and come with a ton of benefits:
- There is fast access to cash. borrowers typically learn whether they are approved for their loan within 30 minutes of applying.
- Few requirements and paperwork compared to traditional bank loans.
- Whether you have good or bad credit, you can apply for any of our loans.
- Our application process is simple and convenient for anyone to go through.
How To Apply For Our Loans
Applying for our loans is simple. All you have to do is follow this step-by-step guide:
- Go on our website and fill out our online form. Here you can select which loan you are interested in.
- Wait for a loan representative to give you a call to go over the required items and answer any questions.
- Come to a title loan location nearest you with the required items. For title loans, bring in your ID, vehicle title, and your vehicle. For payday loans, bring in your ID, your most recent pay stub, and a blank check from an active checking account in your name. For installment loans, bring in your ID, proof of income, and a checking account statement in your name.
- Let the loan representative go over your items. For title loans, they will have to inspect your vehicle to determine how much you qualify for.
- If they are able to approve you, you will get the cash for whichever loan you applied for.
When you are thinking of going for either a title loan, payday loan, or installment loan, you have to consider a lot of factors. Remember this guide before applying.