Life is unpredictable, and there may come a time when you need a little extra cash to help you get through. If you’re looking to consolidate your debts, make important household repairs, or cover any other sudden expenses, taking out a signature loan may be a wise decision. 1-800 Title Loan is proud to provide the people of San Fernando Valley and elsewhere in the Los Angeles area with quick and simple signature loans.
What Is a Signature Loan?
A signature loan is so named because approval only requires the borrower’s signature and promise of repayment. You can borrow anywhere from a few hundred dollars to several thousand dollars with a signature loan, and you don’t have to use your car, house, or any other piece of property as collateral. Since signature loans are unsecured, they typically have higher interest rates than title loans. Still, the simple terms of a signature loan make it an easy means of securing cash quickly, and there is no pre-payment penalty.
Signature Loan Requirements
On paper, signature loans are very easy to secure. However, a responsible lender won’t grant a signature loan to just anyone. Here are a few of 1-800 Title Loan’s requirements for approval.
- Older than 18 Years: If granted to the wrong person, a signature loan could lead to considerable debt. All applicants must be U.S. citizens who are at least 18 years old.
- Gainfully Employed: Applicants must be able to prove that they can repay a signature loan in the time allotted. If you have a job and receive a steady paycheck, you may be eligible to take out a signature loan.
- Valid Bank Account: A good credit score is not necessary for securing a signature loan. Still, you should at least have a valid bank account.
Reasons to Take Out a Signature Loan
A signature loan is a popular lending option because borrowers can use it for virtually anything. Here are a few of the most common reasons why people take out signature loans.
- Debt Consolidation: If you have considerable credit card debt or other kinds of debt with high interest rates, you might consider paying them off with a signature loan. Dealing with one relatively low interest rate is better than dealing with several high interest rates at once.
- Vacation Expenses: Booking airfare and hotel rooms can be pricy. If you need help covering the expenses of an upcoming vacation, a signature loan may be an excellent solution.
- Large Purchases: There are countless reasons to take out a signature loan. For example, you could use the funds from your signature loan to buy new furniture, a replacement HVAC system, or a new TV.