When it comes to how quick installment loans are, it depends on what kind you are trying to obtain. There are several kinds of installment loans out there, and they all have varying process times. How quick you receive an installment loan depends on the size of the loan you are going for, terms and conditions, and what your intent with the money is.
The greater the sum of money you are trying to borrow with an installment loan, the more likely it is that the process will take longer to come through. There are various types of installment loans that can be obtained much quicker, though usually they are for less amounts of money.
Installment Loans You Can Get Today
When it comes to getting an installment loan today, or at least in a relatively short amount of time, you may have quite a few options. Some installment loan options include:
A title loan is a basic kind of installment loan. How it works is that if you qualify, you get offered an amount of money to borrow based off your income and the value of your vehicle. Once you sign on, the lender will sign onto your vehicle’s title as a lienholder while you repay your loan in order to ensure security. Once you finish paying the loan off, the lien will be released, and the title will be solely in your name once again.
Personal loans are quick and easy loans to take out. They are popular because they do not require any collateral to obtain and borrowers could receive their loan money the same day they apply. All that is needed is a signature and a promise to pay back the borrowed money that is lent plus the interest.
Peer to Peer Loans
Peer to peer loans are a newer kind of loan that have gained a great deal of traction and popularity lately. The way that they work is you make a post stating how much money you need on a P2P website. From there, an investor will offer you the money you need. You will deal solely with them, rather than a big financial company like a bank.
Personal Lines of Credit
A personal line of credit is a loan a financial institution (usually a bank, but not always) gives you. This loan will allow you to borrow up to a certain amount, though you do not have to borrow it all at once. When it comes to repayment, you only pay back what you used. Once you do pay back what you borrowed, you then have the ability to take out that money again.
Installment Loans with Lengthier Process
There are quite a few kinds of installment loans that will take longer than a day or a few days to get. These are usually for larger amounts of money, and more often than not are meant to be used for a specific purpose.
Some of these lengthier installment loans include (but are not limited to):
Auto loans, as the name would suggest, are loans that you take out in order to purchase a vehicle. This type of loan typically requires many steps, and so it is not usually a kind of loan that can be acquired in a short amount of time.
Mortgages are typically used to buy houses or other types of property. They make such purchases more accessible to a wider range of people who may normally not be able to do such a thing. Houses cost hundreds of thousands of dollars in most cases, and thus receiving such a loan can take around a month or longer.
Get the Installment Loan You Need Today with MaxCash!
Need to get an installment loan in a short amount of time, but you do not know where to go or what kind of installment loan you should try to apply for? Come to MaxCash! We help connect reputable lenders to potential borrowers every single day of the week!
To get started with finding a quick installment loan, get in contact by:
- Calling us on our toll-free number at (833) 207-9052
- Sending us an email at Info@MaxCash.com
- Coming down to our physical office at 1270 E. Broadway Rd, Suite 208, Tempe, AZ 85282