Installment loans. Payday loans. Car title loans. SUV title loans. Regular payments. Emergency cash. Repayment plans. Vehicular collateral — it’s enough complicated jargon to make your head spin sometimes, so we’ll stop there with the lending industry technical terms!
Instead of covering everything that we offer at Your Loan Depot, we thought we’d focus on a particular loan type for the purposes of today’s blog. Perhaps you are in need of some fast cash and aren’t quite sure what they payday lending process looks like, simply because you’ve never been in this situation before. In fact, you aren’t quite sure what the difference between a payday loan, a title loan, and installment loan, or even if it matters at all.
If the above describes you in any way, we’d love it if you read the rest of today’s blog, because we are in the business of making payday loans, car title loans, and installment loans understandable for the good folks in Texas that we serve. So with that being said, allow us a few minutes while we do exactly that!
What Is An Installment Loan?
In the lending industry, you’ll find many examples of installment loans because it’s not a loan type that is exclusive to payday lenders. This is because the term “installment loans” simply refers to any kind of consumer loan that is paid back over a set period of time with regular repayments according to a fixed schedule.
Folks elect to go the installment loan route for a wide range of reasons. One of the most common forms of an installment loan is with a home mortgage or other large purchases. When people purchase a new (or used) car, it’s more often the case than not that they’ll pay off what they owe through an installment loan. Other reasons include for the purposes of consolidating debt or building credit.
How It Works
It functions just like any other bill you’d get in the mail or pay automatically through your credit card, so it shouldn’t be an intimidating idea from that perspective. But when you are considering going this way for a personal loan with a payday loan company like Your Loan Depot, you don’t have to justify what you intend to use the money for.
That means if you are planning to use the emergency cash for an investment opportunity, more power to you! If you have a medical emergency, you can use the cash for that too. It’s up to you!
Installment loans are sometimes confused with payday loans, which are bridge loans that need to be paid back in one lump sum. But because installment loans don’t require good credit, the lender (that’s us!) needs to protect their investment, otherwise we’d be out of business pretty quickly. That’s why for our most common type of installment loan, the title loan, we require vehicular collateral in the form of a car, truck, SUV, or RV in good operating condition.
Why Choose Your Loan Depot?
If you are in need of fast cash in sum as high as $10,000, consider Your Loan Depot for your installment loan needs in Texas. We have locations across the great state of Texas, each with their own team of representatives who are eager to help make sure you understand each aspect of whichever kind of loan you are interested in. We’ll make sure you feel confident about the decision you are making, whether you are applying for a payday loan, title loan, or another kind of fast cash loan in Texas!
At the end of the day, we are passionate about helping folks get the emergency cash they need. Find Your Loan Depot Texas location today!