Installment loans can be a great help to anyone looking to make a big purchase in the future. Even if you don’t have all the funds upfront, installment loans can provide you with an affordable way to make your purchase.
But how could Max Cash® help you obtain an installment loan? In this article, Max Cash will provide helpful information to cover exactly how the installment loan process works.
A Quick Installment Loan Definition
Before getting into the process of obtaining installment loans, it is important to provide information on what installment loans are. If you’ve dealt with loans before, you may already be familiar with the installment loan process. How? As it turns out, installment loans are way more prominent than you might have imagined. And they might be hiding in plain sight.
Installment loans are a category of loans rather than a specific type of loan. Any loan in which you borrow a large amount at the beginning, followed by a slow gradual repayment is considered an installment loan. As you probably now realize, the most common loans could be considered installment loans.
The types included under the installment loan banner include:
- Auto Loans
- Home Loans
- Title Loans
- And more!
The only thing that keeps installment loans from covering every type of loan is the existence of payday loans and other similar loan types. Instead of making small, long-term payments, payday loans require a larger, one-time payment. One lump sum loan at the beginning, one lump sum repayment at the end, plus interest.
Now that you know what installment loans are though, it’s time to get into how to obtain them.
Step 1: Installment Loan Inquiry
Your first stop along the installment loan train ride will be the online inquiry process. You’ll first need to navigate your way to Max Cash’s website and click the “Apply Now” button at the top of the page.
Or if you prefer, head to the webpage about the specific type of installment loan you’re looking for. From there, you’ll find more information, as well as a link to a page where you can contact Max Cash.
Once you contact Max Cash, you’ll be asked to provide some information in order to obtain an installment loan. That information will include:
- Your Address – The specifics of this will vary between the different loans. Some loans, like home loans, will require a specific address. Other loans, like auto loans, will be less concerned with that aspect and will ask for general location information. At the very least though, you will need to provide your city, state, and zip code.
- Estimate of Monthly Pay – The amount of money you earn each month is going to be relevant no matter what type of installment loan you wish to obtain. In order to estimate the length and amount of your loan, lenders will need to know how much you can afford to pay monthly. Honesty and accuracy are important, as inaccurate estimates can result in receiving a loan smaller than desired or monthly payments that are too high to handle.
- Means of Contact – In order to make the process possible, you’ll need to share some contact information, usually a name, email, and phone number.
- Additional Information – This is where things tend to vary most, based on the loan you’re looking to receive. Refinancing a prior loan will require details of the existing loan. A first-time loan will need details on what you’re trying to purchase. Provide the necessary information for your variety of loans and you’ll be finished with this step of the process.
Step 2: The Lender Search
The title of this step might be daunting, but there’s nothing to worry about. There’s very little you’ll need to be doing during this step. In fact, you won’t be having to do much of anything at all. Because it’ll be Max Cash tackling this step for you. Any loan-searching duties will lie squarely on their shoulders.
First, Max Cash will use your provided address information to identify which lenders could provide service in your area. Once they’ve discovered those lenders, they’ll share the loan-specific information you provided with those lenders. Based on this information, lenders will decide whether they’re interested in working with you. Interested lenders will send Max Cash initial loan offers.
Using those offers, Max Cash will move forward with the negotiation phase of the process. After negotiating, Max Cash will review the offers and compare them to find the most suitable deal for you.
Step 3: Final Dealings
Once the lender with the best offer has been found, Max Cash will present the offer to you for a once-over. If you choose to proceed with the loan offer, Max Cash will connect you to the lender to finish the process directly with them.5 Generally, you can choose to interact with your lender over the phone or via email.
After reviewing the loan information and signing the loan agreement, there will only be one thing left to do. Receive your money! There are usually three methods by which this can be accomplished.
- In-Person – For those who prefer a more direct approach, money could be pick up in-person by visiting the lenders brick and mortar location.
- Money by Mail – For many though, in-person meetings aren’t an option due to distance or discomfort. An alternative option is to have a check sent through the mail.
- Online Transactions – The final and most common method involves using direct deposit. You could have the money deposited into the online banking service of your choosing.
Amongst these three methods, one will end up being the best fit for you and your lender. But all of them have the same result: the completion of the installment loan process and receiving of your funds.
The Max Cash installment process sounds great, doesn’t it? If convenience and speed are for you, why not go ahead and check out Max Cash’s installment loan page to find out more.
