What Is An Installment Loan?

March 8, 2022 | Daniel Dewitt

what is an installment loan

 

To put it quickly, an installment loan is a type of loan where you borrow a lump sum of money at once and repay it over a pre-determined number of payments (i.e., installments). Generally speaking, your repayment amount stays the same throughout the loan's lifetime, making it easy to slot it into your budget.

Learning more about this loan in detail is simple. When it comes to us at Mississippi Title Loans, Inc., we make sure our process is simple and convenient for you to fully understand – and even simpler for you to get started on the process. To learn in more detail what an installment loan is, here is some important information.

What An Installment Loan Is And What You Should Know

When it comes to loans, you probably think of traditional bank loans right away. Well, our MS signature installment loan is slightly different from a traditional bank loan. The main difference you should know about is our fast process and how quickly you can get the money if you are approved.

If you get through the entire process and we determine you qualify for approval, you can get the money you need on the same day. Not only that, but you can also get through the entire process in around 30 minutes. This quickness allows you to get your emergency expenses handled right away.

The other good thing about this loan is you do not have to submit anything as collateral. There are certain loans that require you to put something up to secure the lender’s cash and to ensure that you will pay back the money. An example of this kind of secured loan would be our title loans where you have to put up your vehicle’s title as collateral.

But when it comes to what is an installment loan, this loan is what you would call unsecured because you do not have to put up collateral. That means that we base your loan on your promise and ability to repay the loan, as well as your credit. That also means we will check your credit when you come see us.

What Can You Use A Signature Installment Loan For?

Like any financial obligation, you shouldn't rush into a signature installment loan agreement. However, when it comes to what is an installment loan, they are an option if you need to pay for unforeseen, urgent expenses and don't have a large enough emergency fund to foot the bill. You can use this loan for circumstances such as:

  • Funding emergency travel.
  • Paying for unforeseen medical or vet bills.
  • Funding emergency home repairs.

When deciding whether a signature installment loan is right for you, ask yourself the following two questions: will the situation get worse if you don’t pay for it immediately? Or do you have the time to wait for money from a different avenue? If you have time to find money from elsewhere, do so. But, if you need to handle it right away, an installment loan is an option.

 

installment loan representative

 

What Do You Need To Get An Installment Loan?

One thing to note on your journey of discovering what is an installment loan is that you can borrow up to $1,250 with us. They're smaller loans designed with relatively inexpensive emergencies in mind. One other thing to keep in mind is, unlike traditional bank loans, you don't need to meet a long list of required items. Instead, you just need to be over the age of 18 and ensure you have:

  • A driver's license or a state-issued photo ID.
  • Proof of income in the form of your most recent pay stub.
  • A checking account statement from an active account open in your name.
  • As little as 30 minutes to spare.

How Do You Get An Installment Loan?

Now you know exactly what is an installment loan. But there's still one piece of the puzzle missing — how do you get one? With Mississippi Title Loans, Inc. it's easy to acquire an installment loan provided you have the correct documents to hand. Simply follow the five steps below:

  1. Fill in the online form on this website. It sends your information directly to your closest Mississippi installment loan storefront location.
  2. Answer the phone when one of our loan representatives from your nearest store calls you. They'll explain the required items and set up the appointment for you to come in.
  3. Head to your nearest store with your required items when you are off the phone with our loan representative – after they’ve answered any questions you have, of course.
  4. One of our expert loan representatives will verify your items, run a quick credit check, and let you know if you’ve qualified for approval and for how much.
  5. If you do get approved, they will go over the loan terms and help you finish the paperwork. Once done, you can receive the cash on the very same day or the next bank business day.

Submit Your Installment Loan Inquiry Now!

So now you know in detail what is an installment loan and how to get one with us. So, now it's up to you to decide whether it's the right financial decision for your situation. After careful deliberation, you can submit your installment loan inquiry using our online form or give your local Mississippi Title Loans, Inc. branch a call.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.