Do Installment Loans Require Collateral?

March 7, 2019

When you are looking to get some extra funding, you might consider the idea of taking out an installment loan. However, if you want to do this, you might want to know one way or another if you will have to put up some form of collateral.

MaxCash is here to shed a little light on the situation so that you can make an informed financial decision when choosing a loan.

Do Installment Loans Require Collateral?

Yes and no. It really depends on what kind of installment loan you are looking to take out. When it comes to installment loans that offer larger sums of money, you more than likely will end up having to use collateral to obtain the loan. The lender you want to work with needs to know that the loan is going to be repaid, so they will need the security of an asset.

However, there are a wide variety of installment loans that do not require any collateral whatsoever. These loans just require your signature and a promise that you will pay back the lender on time. But if you don’t want to use collateral, know that lenders will expect you to have decent to good credit.

Installment Loans That Require Collateral

There are a variety of installment loans that do require collateral. These loans are meant to be used for a specific purpose, but this is not always the case. This is because the lender will want to know what their money is going to be used for.

Some installment loans that require collateral include (but are not limited to):

  • Auto Loans – Collateral is your vehicle that you are using the loan to purchase.
  • Mortgages Collateral is the house you are using the loan to purchase.
  • Title Loans – Collateral is the title of your vehicle.
  • Recreational Vehicle Loans – Title is the recreational vehicle you are purchasing.
  • Boat Loans – Collateral is the boat you are purchasing.
  • Home Equity Lines of Credit – Collateral is your home.

Installment Loans That Do Not Require Collateral

If you want to take out an installment loan, but do not want to risk losing a valuable asset, there are still options for you to look into.

Depending on your current financial situation, you could obtain one of these loans:

  • Signature Loans – Loans that require nothing but your signature and a promise.
  • Credit Cards – Borrowing money on credit and paying it back as you go each month.
  • Personal Lines of Credit – Usually given by banks, loans that you can borrow and pay. back only what you use, getting that amount available to take out again when you pay it back.
  • Student Loans – Loans that are used to fund higher education
  • Peer to Peer Loans – Loans that people can take out from individuals

Get an Installment Loan with MaxCash Now!

Are you currently looking into the possibility of taking out an installment loan, but are not sure how to go about starting? If the whole process of seeking out and negotiating the terms of an installment loan seems a bit too exhausting to you, come to MaxCash and let us do the work for you!

Here at MaxCash, we have built up strong, close relationships with several of the most reputable lenders nationwide. We know who to go to directly and can negotiate the best deal possible for you!

We begin by collecting some information about you to relay to lenders. We call lenders and make a case on your behalf. If they like what they see, they’ll make a loan offer. MaxCash will compare loan offers and use their financial expertise to find a lender that is compatible. We’ll take into account the rates, terms, loan amount, and loan duration. All you have to worry about is whether you like the deal we find for you.

Start the easy process today by getting in touch with us. You can do this by:

  • Calling us at 833-207-9052
  • Emailing us at info@maxcash.com
  • Coming to our physical office at 1270 E. Broadway Rd, Suite 208, Tempe, AZ 85282

DISCLAIMER:
The MaxCash website does not offer or provide loans, but rather, it offers a service. It should not be construed as a lending agent or broker. The site does not endorse any lenders and does not charge visitors any fees. The website owners do not evaluate potential lenders’ applications, nor do they approve or deny credit. The MaxCash website does gather applicants’ personal information and transmits it to lenders that are part of the site’s lending network. No one is required to make use of this website, nor are they under any obligation to begin contact with site operators or to attempt to secure a loan with any of the site’s lending partners. Transmission of your financial and personal information on the website in no way obligates lenders to offer you a loan or any other kind of credit product. Be aware that cash transfer times can vary, depending on the lender and the bank you use. It may be necessary to fax information under certain circumstances. All questions about loans, and any concerns you may have should be directed to your lender. These loans are intended as short-term financial solution to satisfy borrowers’ needs for immediate monetary relief. This is not intended to be part of a long-term financial plan for individuals. These services are not offered in all states. Potential borrows may undergo credit check if lenders choose to use any of the major credit reporting bureaus, including Equifax, Trans Union and Experian. They may also use other alternative sources to check credit ratings. Your request for a loan constitutes your agreement and acknowledgement that (A) your personal data may be shared with lenders and perhaps other third-party partners, and (B) lenders can acquire credit bureau reports that detail your credit history. Reports from major credit bureaus, such as Equifax, Experian and TransUnion may be obtained and used to evaluate your reliability as a borrower.

1Loan amounts by the lenders vary based on qualifications.

2Since we do not lend money directly we cannot offer you a solicitation for a loan. In all serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans are not available in all states and all areas.

3Loans such as, Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan. Other types of loans may have pre-payment penalties as well.

4All lenders are responsible for their own interest rates and payment terms. Max Cash has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

5The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you. Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time, in the circumstance for an auto title loan. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically, larger loans or higher risk loans use a GPS.

In some circumstances faxing may be required. Use of your cell phone to receive updates is optional. Please review our privacy policy.

Loans such as Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long-term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

Signature and personal loans are only available in Georgia and Florida. Loan amounts differ at locations. Account approval requires satisfaction of all loan eligibility requirements, including a credit inquiry, and, if applicable, motor vehicle appraisal.

Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

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