How Installment Loans Work In New Mexico
October 1, 2021 | Emma Frost
If you’re looking into quick loan options in New Mexico, you might want to consider our signature installment loans. While most people usually start by looking into title loans when exploring their options with quick loans, it may turn out that installment loans are a better fit for your specific situation.
Have you never heard of quick signature installment loans before? No problem! Find out what you need to know about how installment loans work in New Mexico.
Important Things To Know About Signature Installment Loans
What Are Signature Installment Loans?
Signature installment loans New Mexico are a type of fast loans, like the abovementioned title loans. One crucial difference is that signature installment loans are unsecured types of loans. While title loans require you to put up the car’s title as collateral, you don’t have to put anything up to secure these loans.
The way how installment loans work is you get to pay back the loan in a series of installments – hence the name. We will go into more detail about how long you have and all the other repayment terms when you come into the store.
Who Can Qualify For Installment Loans?
With how installment loans work the short answer is – most people of legal age. If you have an identifying document, some kind of income, and an active checking account in your name, there’s likely a chance you could get an installment loan.
This kind of loan is designed to help those that have emergency expenses they cannot handle on their own. This means we want to make sure that our list of qualifying requirements is short and the process is quick.
New Mexico Title Loans, Inc. is open to all types of credit. This means whether you have great credit or terrible credit, you can still come in and qualify for approval. You can even qualify if you find yourself unemployed. Just make sure to have a secure way to pay back the loan – and the appropriate paperwork to go along.
While typical proof of income you’ll be asked to provide is your most recent pay stub to prove your ability to pay the loan off, New Mexico Title Loans, Inc. can possibly allow you to submit other forms of income to qualify. Make sure to talk to us for more details on what “appropriate paperwork” we mean.
As long as you tell the loan representative you’ll be working with about your situation and provide correct documentation as per our instructions – you should be able to use means such as unemployment benefits, court-mandated compensations, welfare checks, and even savings to pay off your loan in the future.
Installment loans could be an option if you aren’t a car owner, or if the title of the car you own is in another person’s name, thus rendering you unable to apply for a title loan.
When Should I Get An Installment Loan?
The main appealing characteristics of a signature installment loan are its accessibility and quickness – and as such sometimes there’s a temptation to grab one whenever a person finds themselves in financial trouble.
But do keep in mind that loan – any loan – can only work to your advantage if you’re smart and strategic about utilizing it. When it comes to short-term loans of any kind, they’re well-suited for situations when time is of the essence and the situation at hand could escalate if not handled quickly.
In short, considering how installment loans work – a simple process to go through, minimal paperwork, and easy terms to understand – they’re something you should consider when you need to amass some cash on very short notice.
Typical examples would be unexpected car repairs, need to cover emergency services from electrician/plumber/locksmith/etc., medical expenses, unplanned urgent travel you cannot postpone, and other expenses in a similar vein.
For more answers to your most commonly asked questions, visit our Installment Loans FAQs page.
How Do I Get An Installment Loan?
With how installment loans work at New Mexico Title Loans, Inc., the entire process shouldn’t take you more than a day. It’s designed to be as quick and straightforward as possible, to ensure efficiency and comfort.
Just fill out and submit an online form to your preferred store. When the form gets processed our loan representative will give you a call to double-check your information, answer your questions, and schedule a meeting with you.
You’ll need to take a few required items to the nearest location. Namely a government-issued photo ID to prove you’re over 18 years old, your chosen proof of income, and a blank check from an active checking account in your name.
The loan representative will check the items and determine the loan amount you qualify for as well as if you qualify for approval. If they decide you qualify for the loan, they will walk you through the terms and you can get your cash either the same day or the next bank business day. This entire visit isn’t likely to last more than 30-45 minutes.
Get Your Signature Installment Loan Today To Help You Out
When you have emergency expenses and don’t qualify for title loans, getting a signature installment loan can be your next option. Considering how installment loans work, you could get one today. All you need to get started is to submit a filled-out form on our website to get the process started.