standing in front of installment loan

What Do I Need To Know About A Signature Installment Loan?

A signature installment loan might be something you’ve heard about as a suggested borrowing option during hard financial times, but how do they work and what can they do for you? Here’s everything you should know about a South Carolina installment loan.

A signature installment loan is a borrowing opportunity that lets you access a set amount of cash to use as you see fit. It never requires any kind of collateral to be put up, and you may be eligible for up to $1500.

There are a number of cases where obtaining a loan might assist you in a rough spot, but understanding when to use them, how they work, and how to apply isn’t always as simple. In this article, we’ll walk you through the basics of what you’ll have to keep in mind to get a South Carolina installment loan.

Here's What You Should Know About Installment Loans

What Are Installment Loans?

First, it’s important to discuss the basics of installment loans and how they work. Like any other loan, a signature installment loan lets you have access to money issued by a lender to use for emergencies.

With Carolina Title Loans, Inc., that amount is up to $1500. Of course, the actual amount you qualify for will be dependent on your credit and other eligibility factors.

man reading signature installment loans agreement

Once you receive the money, you’ll start making monthly payments called installments to pay off the loan. The ‘signature’ in the name refers to the fact that there’s no collateral in the loan. It’s just your signature as a promise to repay it. In order to obtain a signature installment loan, you’ll need the following:

  • Driver’s license or state-issued ID – If you don’t have a driver’s license, you can alternatively use a non-driver’s license, passport, or military ID.
  • Checking account statements open in your name – This snapshot of your finances offers some assurance that there's cash going into your personal account, and you are therefore able to pay back the loan.
  • Most recent work stub – Similarly, Carolina Title Loans, Inc. will kindly ask you to provide proof of your income to verify your ability to pay back the loan.

Credit is also important when it comes to these loans, and we will run your credit before you are approved. If you don't have perfect credit, don’t worry. You could still get approved to have a loan, but your conditions may vary based on your individual circumstances.

Generally, the terms of your loan are laid out up-front so that there are no surprises. You borrow a specific amount of money and pay it back over the course of several payments, referred to as installments.

You'll generally start making payments a month after you receive the initial loan amount as agreed upon. As mentioned, the loan is guaranteed by your signature alone and your commitment to repaying the loan.

There’s no collateral involved, and when you apply with Carolina Title Loans, Inc., the process is as brief as half an hour

When To Use A Loan

It’s pretty intuitive to understand when you're in need of money, but loans aren’t always the wisest option; in fact, it’s best to save this resource as an emergency fallback rather than using it frivolously.

woman holding installment loan cash

Consider using an installment loan when your ability to pay is impaired and when not paying for a bill or service would lead to more expenses or complications. You might entertain getting a loan in the following situation:

  • Your car breaks down
  • Your home needs urgent repairs
  • You have medical bills to pay
  • You need to fund urgent travel

How The Loan Process Works

Now that you’ve got the basics down, here’s how applying works:

  1. Head online to complete the basic form to send your details to the nearest branch.
  2. Wait for a ring back from the loan associate to review the loan arrangement and schedule a meeting.
  3. Bring your necessary items (ID, proof of your income, bank statement) to the meeting for the associate to review and wait for their decision.
  4. If qualified for approval, you’ll finish up some of the closing paperwork. You may get the cash you need that very same day. If not, Carolina Title Loans, Inc. will issue you the cash on the next business day.

Apply For A Loan Today!

A signature installment loan can help you recover from financial hardship in many different scenarios, whether it’s costly auto bills or expensive medical treatment. Whatever the case may be, a South Carolina installment loan is a great short-term emergency resource to keep in mind.

Now that you understand the basics of what they are and how they work, you can consider them when it’s appropriate to do so. Start the online form to begin your loan request today!

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

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.