Installment Loans in Idaho
Deciding On Getting An Installment Loan In Idaho
Installment loans have started becoming a key product as personal loans in Idaho, a state that allows alternative loans. One of the reasons why is because some Idaho residents do not use or qualify for credit cards, and often the only other ways they can get a loan is to have a valuable item or property they can borrow against. But installment loans Idaho don’t need a home or a vehicle to use as collateral, so when your options are thin, they might be the loans that would work for you. You still may want to check with friends or family before you take out an installment loan to see if they can offer their assistance. But if they can’t help, our company Platinum Lending might be able to.
What “Installments” In Installment Loans In Idaho Are
Installments in an installment loan, or really any loan are simply payments of the loan that are scheduled to pay off the principal and interest in portions over time instead of all at once. Most traditional loans are scheduled this way, so installment loans aren’t really all that different from auto loans in their structure. They just have to be paid off usually within a few months as opposed to years. You can receive all your funds in your bank account immediately, and then automatic withdrawals will be scheduled on the payment dates up until the loan is repaid.
How You Apply And Qualify For Installment Loans In Idaho
Getting one of our personal loans Idaho is mostly a matter of verifying that you have income in order to repay a loan, and proving that you are both a legal US and Idaho resident. We may also ask for documents detailing payments such as rent and utilities, but usually the following are the most important for qualifying for installment loans Idaho:
1. Driver’s license, passport or official state-issued photo ID to prove you are at least 18 years old
2. A copy of your pay stub, bank statement or W2 detailing your income
3. A voided check or other document verifying you have a checking account that’s been open for several months
The first step to applying for an installment loan online is to fill out our estimate. Simply fill out the requested information in the specified fields, and you’ll receive your estimate for how much you might be eligible to borrow. This is not necessarily the final amount, it’s merely a quote based on estimated information. Once we contact you, take you through our online loan application and complete our approval, then you’ll know the final amount you’re eligible to borrow.
We Are Licensed In Idaho
The Idaho Department of Finance regulates installment loans Idaho and other alternative lenders. Going with a licensed lender is important because applying for a loan does involve putting personal information in the application, and unscrupulous lenders could take advantage of consumers in unlawful ways. As a licensed lender, our personal loans Idaho fall within the guidelines of the Idaho Credit Code. You should familiarize yourself with Idaho laws to ensure you are eligible for an installment loan, and to be certain the loan agreement falls within state law before you sign it.