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.
Max Cash® 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 the 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
Max Cash 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 Max Cash and let us do the work for you!
Here at Max Cash, we have built up strong, close relationships with several of the most reputable lenders nationwide. . If they like what they see, they’ll make a loan offer. Max Cash 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 any of our physical Max Cash® locations
