Every loan inquiry requires a different set of specific information. For home loans, it’s going to be information about the house you’re interested in purchasing. For auto loans, you’ll want to provide information on the make and model of your vehicle.
But what kind of information will you need to successfully apply for an installment loan? Stick with Max Cash® through this article to find out.
What are Installment Loans?
Installment loans are much more common than you’d expect. Chances are, if you’ve ever taken out a loan before, it was an installment loan. You might not think that’s impossible but let us explain exactly how it works.
An installment loan isn’t one specific type of loan-it’s a category that contains different types of loans within it. Within that installment category are some of the most common loans out there. Some loans in this category include:
- Auto Loans
- Home Loans
- Student Loans
- Business Loans
- And More!
Notice a pattern amongst these? All that defines an installment loan is the repayment method. So long as repayment is a slow gradual process instead of a lump sum, it qualifies as an installment loan. So, unless you’ve never used a loan before, or only ever had a payday loan in the past, chances are you’ve had an installment loan before.
Part One: Installment Loan Information
Now that you know what an installment loan is, let’s get into how you could apply for one. First up: the information you’ll need to provide Max Cash.
Once there, you’ll need to provide the following:
- Your Address-Every loan inquiry is going to need a residential location, but the specific level of information will vary. Loans relating to houses and homes will need a specific address on file, but other loans will generally only need your zip code, city, and state of residence.
- Your Monthly Income Rate-The amount of money you make each month is always going to be relevant no matter the loan. Estimating the income amount you earn each month will help your lender understand just how much you can afford to pay back each month.
- Your Contact Information-When working with Max Cash, you’ll need to stay in contact throughout the process. Providing your contact information allows that to happen.
- Any Other Required Info- Depending on the type of loan you’re getting, there might be additional information you’ll need to supply. An auto loan, for example, would require information and documents about the make and model of your desired vehicle.
Step 2: Installment Loan Discovery
Once your information is received, Max Cash will be able to take the reins and get to work finding you a lender. Their first course of action will be to take your location information and use it to narrow down their list of lenders to just those that serve your area.
Next, they’ll use the loan-specific required information to ask lenders whether they’d be interested in working with you based on that information. If they are interested, they’ll send in an initial offer to Max Cash. Max Cash will negotiate with lenders to acquire suitable terms and rates on your behalf.
Step 3: Finishing Up the Installment Loan Process
Once Max Cash has identified your ideal lender, it’ll be up to you and that direct lender to discuss the finalities of the installment loan. In order to do this, Max Cash will need to put you and your lender in contact with each other. Depending on your preference, this can be done over the phone or via email. Either accomplishes the same goal and allows you to make any final preparations.
Amongst those final preparations will be the method by which you and your lender will be handling payment. This method will be applied for not only the initial delivery of your funds but also the handling of your repayment plan. You generally have three methods to choose from:
- In-Person Transaction
- Mailed Checks
- E-Commerce Websites
All three options have their upsides and downsides, but all three have the same result in the end. You get to finish the installment loan process and put your funds to work. So no matter what payment method you choose, you’ll be all set.
Sounds like a breeze, right? Then why not get started right now? Head over to Max Cash’s installment loan inquiry webpage to get started.
