What Is A Personal Installment Loan?
February 25, 2022 | Daniel Dewitt
Are you looking for a loan and wondering what is a personal installment loan? You’re likely not the only one. Personal installment loans can come in handy when you need cash fast and need time to repay the loan. The first step to deciding if it is the loan for you is to get a better understanding of what it is. To find out the basics of how we define installment loan, here is what you need to know.
Installment Loan Defined
Quick signature installment loans are unsecured loans that typically fall under the term personal loans. Below is exactly how we define installment loan. This is important for you to know because you want to make sure to choose the right kind of loan. This is especially true when you come see us at New Mexico Title Loans, Inc. because we also offer title loans.
Installment Loans Are An Unsecured Loan
An unsecured loan means that you won’t have to use collateral to obtain the funds you are applying for. This means that you won’t have to risk losing whatever it is that you may otherwise use for collateral for other types of loans. Instead, if you do not pay off the loan within the terms of the agreement, then your credit score may suffer for it in the long run.
As installment loans are not secured, the loan is instead backed by a promise and your signature. For this reason, you’ll often hear a personal installment loan referred to as a signature installment loan. As it is an unsecured loan, it is often referred to as a good-faith loan.
How We Define Installment Loan
When you define installment loan, you will find that the name of the loan is pretty self-explanatory in how repayment works. Installment loans are a type of loan where an individual borrows a certain amount of money for emergency expenses.
When they borrow that money, they agree to pay it back over a specified amount of time that we and the borrower agree upon. Instead of paying it all off in one lump sum as other loans may require, this type of loan is paid off over a number of payments called installments. Typically, the payments are set at a fixed amount, meaning you are paying the same amount whenever there is a payment due.
How Much Can You Qualify For A Personal Installment Loan?
Just like any loan, you will want to consider if you need a loan for the financial situation you find yourself in and also for how much money you need it for. Knowing how much a personal installment loan from New Mexico Title Loans, Inc. can get you is important. With this kind of loan here, you can get anything up to $1,250 to help you out.
Signature Installment Loan Emergency Uses
When it comes to what is a personal installment loan, it was not designed to help with frivolous spending. It also was not designed as a way to permanently fix your finances. It was, in fact, designed as a way to help you pay for emergency expenses while giving you time to repay the loan.
What most situations have in common is that an individual is unable to gather funds in time to address the financial situation. Or they may have limited options when it comes to getting together the funds they need. This is how we define installment loan and how you should use it. Some of the more common emergencies that personal installment loans are used for are:
- Medical Bills.
- Utility Bills.
- Rent Payment.
- Urgent Home Repair.
- Urgent Auto Repair.
- Important Travel Costs.
Where To Get A Personal Installment Loan
Now that you understand what is a personal installment loan, the next step is to find where to get a personal loan that best fits your needs. If you find yourself in need of fast cash then New Mexico Title Loans, Inc. can help you.
As our name suggests, we offer title loans. But if you do not have a lien-free title to use as collateral, we also offer you installment loans. And our process for this loan is just as simple as a title loan. To get through our simple process, all you need to bring in is the following three items:
- Driver’s license or state-issued photo ID.
- Your most recent paystub to show proof of income.
- A statement from a checking account that is in your name and active.
If you are 18 years of age or older and can supply the three documents above, you can begin the simple application process. Just submit an online form and answer your phone when a representative calls. After the call, go over the required documents and application process with the representative, as well as ask any questions you have.
Once you are done on the phone, bring the documents to the nearest installment loan New Mexico store location to determine if you qualify for a loan. We will quickly determine if you do and for how much. If you do get approved, complete the simple finalizing paperwork and receive funds the same day or the following business day.
Get Started Today
The next time you have an emergency you cannot handle alone, come to New Mexico Title Loans, Inc. for our personal installment loan. To find out more about what is a personal installment loan, submit an online form today. Keep your phone close by when you do, and speak to a loan specialist to get the ball rolling on your application.