What Is An Unsecured Installment Loan?
When you have emergency expenses you cannot handle alone, you can look to an unsecured installment loan to help. You’ve probably heard of loans that are secured and require some kind of collateral, but maybe you haven’t heard about signature installment loans that are unsecured. To find out exactly what an unsecured installment loan is, here is what you need to know.
What Exactly Is An Installment Loan?
An unsecured installment loan SC is a loan that you get when you have emergency expenses and cannot handle them alone. These can be anything from medical bills, medication payments, bill payments, or even emergency travel. While there are similarities to our title loans, there are big differences as well.
One difference is you do not need any collateral for this kind of loan. When you come to Carolina Title Loans, Inc. for a signature installment loan, you can get anything up to $1,500 to get the help you need. We make sure to also keep our process quick and simple for anyone to understand. One thing to note is we do check your credit when you come in to see us.
What Does Unsecured Mean?
Loans can be either secured or unsecured. Our signature installment loans are unsecured loans. Again, unsecured loans imply that a loan does not require a borrower to put up collateral. Not all loans would fall under the category of unsecured. For a better understanding, think about the difference between secured loans and unsecured loans.
The easiest example is when you are purchasing a house and applying for a mortgage. Whatever lender you use, the mortgage lender may ask that you provide a list of your assets to find out what you have in collateral available. These items may be used to lower your interest rate or act as additional collateral if you fail to pay back the mortgage.
In most cases, the house itself is what you will use as collateral. In this example, the loan is a secured loan. Instead of a secured title loan that uses your vehicle’s lien-free title as collateral, our unsecured installment loan does not require any collateral for you to receive the money if you are approved.
Instead, we use the borrower’s promise, backed by signed paperwork, that we will get the money we lend as per the terms of the loan agreement. As the loan is backed by your signature, you may even hear our unsecured installment loan referred to as a signature installment loan.
We also will check your credit and your income when you come in. This helps us determine if you qualify for approval and how much you could qualify for. For this reason, an unsecured installment loan may be the more appropriate loan for you if you don’t happen to have a lien-free title to use as collateral for our title loan.
How Much Can You Get With An Unsecured Installment Loan?
One thing about unsecured installment loans is that you cannot get as much money from the loan as with a secured loan. Nevertheless, if you are faced with a financial emergency an unsecured installment loan can typically get you the funds you need in a pinch. Again, when you come to Carolina Title Loans, Inc. for your installment loan, you can get up to $1,500.
Where To Get An Unsecured Installment Loan
If you are looking to apply for an unsecured installment loan, then any of our friendly and knowledgeable loan representatives can help you out. We make sure to make our process simple and not bog you down with a crazy and confusing list of required items. All you need to bring in is the following:
- Your driver’s license or state-issued photo ID.
- Your most recent pay stub to show proof of income.
- An open checking account statement in your name.
With just these three items you can find out today if you qualify to receive a signature installment loan. You begin the process by filling out the online form found on our website. This form sends your contact information to the nearest South Carolina installment loan location so we can get in touch with you.
When we do call you, we will go over the required items and set up a time for you to come in. Once you are done on the phone, bring the required documents to the store. You will sit down with a loan representative so they can assess your information and run your credit to find out how much you can get and if you are approved.
If you are, we will go over the loan terms and have you sign the paperwork once you understand everything. Once you are ready, you can sign the necessary paperwork to complete the application. With Carolina Title Loans, Inc. you can get the cash you need on the same day or the next bank business day!
Get Started On Your Application Today
The next time you need help, don’t make yourself handle those expenses alone. If an unsecured installment loan is what you need, get started on your signature installment loan process today. Just fill out the online form to get started and get the cash you need sooner rather than later.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.