How Do Installment Title Loans Work?

If you’re looking to get a title loan online, but you think you will need more than 30 days to repay your loan, an installment title loan from Title Loan Fast may be just what you need. Not sure what installment title loans are, or how they work? Let’s explain the basics now.

Difference Between Traditional Title Loans & Installment Title Loans

The primary difference between a traditional title loan and an installment title loan is the length of the loan term. A traditional title loan is typically issued for 30 days. At the end of 30 days, your entire loan balance is due in full.

An installment title loan, as the name suggests, breaks the loan up into multiple installments, allowing you to keep your loan for a longer time, and make multiple repayments. We offer 6, 9, and 12-month installment title loans at Title Loan Fast. Just like any other installment loan, you will pay a portion of the loan toward the interest and principal of the loan each month, until it’s paid in full. 

How Does an Installment Title Loan Work? Understanding the Process

Getting an installment title loan online from Title Loan Fast is quick and easy. Here’s how the process works.

  • Apply online & get your loan – You can apply online, just like you would for a traditional title loan. Make sure you meet our requirements, and you can get approved for a loan term of 6, 9, or 12 months.
  • Repay monthly or biweekly – If you are paid monthly you will owe a single monthly payment until your loan is paid in full. If you are paid biweekly, you will have to make two biweekly payments per month until your loan is paid in full.
  • Pay off your loan and get your title back – Once you’ve paid off your 6, 9, or 12-month installment title loan, you will get your title back. If you want, you can also repay your loan early. There are no prepayment penalties, and you’ll save more on interest the earlier you repay.

Get the Cash You Need with Installment Title Loans!

Installment title loans from Title Loan Fast are a great alternative to short-term title loans if you need more time to repay your loan, and they’re simple to understand. So, don’t wait. Apply today, and see if you qualify for one of our installment title loans online.