Should I Get Short-Term Installment Loans?
The old adage, “Just because you can doesn’t mean you should” certainly applies to short-term installment loans. Here is some essential information to help you decide whether this loan is right for you.
An installment loan is designed as a short-term financial resource for when you don’t have the money for important essentials. In any circumstances where inaction would cause further expense or damage to your assets, it’s worth considering an installment loan.
Now that you’ve got a basic overview of when you should consider these financial resources for yourself, let’s dissect this truth a little more to explore what installment loans are for, how these resources work, and how you're able to get going as early as today!
Is An Installment Loan The Right Choice For Me?
Understanding whether you should get a short-term installment loan comes down to assessing the nature of installment loans as well as your current situation.
How Do Installment Loans Work?
Installment loans are simple in nature. A lender lets you borrow money on the promise that you will repay it, plus interest, and you receive a lump sum of money to utilize for a financial emergency. Of course, in practice, there’s a bit more to it.
You will have to present the following in order to get approved for an installment loan:
- Driver’s license or government-issued ID
- Proof of your income
- A statement from your checking account
It’s important for your lender to verify your identity, as well as assess your capability to repay the loan Your driver’s license works well for identification, but if you can’t use that for whatever reason, any type of photo ID issued by the government works as well.
Do I Have To Have Good Credit And A High Income To Apply?
Verifying your income is also important to lenders in general since there’s never any collateral involved in a signature installment loan—just a signature and a handshake.
As such, Mississippi Title Loans, Inc. will want to see your most recent stub and a statement from your checking account. These are financial ‘snapshots’ that help them assess your ability to repay the loan as needed.
Credit also plays an important role in your qualification. Mississippi Title Loans, Inc. will run your credit before you are approved to get a loan, but even with poor credit, you may be approved. Just be aware that your terms may change.
Are Installment Loans Always The Right Choice?
Understanding how short-term installment loans—and loans in general, for that matter—work is important to make an informed decision, but you should also dedicate some thought to why you need an installment loan.
To put it simply, installment loans are never your only option, and they’re certainly not a catch-all for when you need money. It’s usually better to sit down and take a hard look at the budget to see what needs changing to make ends meet.
When Should You Consider Short-Term Installment Loans?
You may have to make some difficult decisions, but it’s usually better to do so than to borrow money. With that being said, there are circumstances that call for consideration of borrowing.
Any situation that leaves you unable to pay, but where nonpayment would cause further expenses via fees or overdue bills can be a time to consider installment loans. After all, the additional you pay on an installment loan will likely be less than the fees you incur by not paying at all.
In a similar vein, any situation where choosing to do nothing would result in damage to your valued assets is a time to think about borrowing money. For example, if your car needs an urgent part replacement, it’s always better to get it done sooner rather than later, lest you face more complications with the car in the long run.
How To Apply
If you think short-term installment loans are a good call for your financial emergency, then here’s how you can get started today:
- Complete the easy loan inquiry form provided on the website.
- Wait for a ring back from one of our loan associates to review the process with you.
- After the call, bring your items (ID, pay stub, checking account statement listed in your name) to the branch, and a loan associate will welcome you in.
- After verification is done, the associate will close the final stage of the application with you, including some basic paperwork. If you get approved to receive the loan, you may receive your money either that same day or the next business day.
Apply For Your Loan Today!
Short-term installment loans are a resource to consider during hard times, but they’re not always the best option. That’s why it’s prudent to ask yourself, “Should I get short-term installment loans?”
If you can make room in the budget, it’s best to deny yourself to make ends meet than to borrow money; however, if you’re already running on empty and need emergency funds, then Mississippi Title Loans, Inc. might have just the resource you need. Consider applying today to get the quick cash you need!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.