What Is a Signature Loan?
You need urgent funds and are considering loan options. That’s where signature loans come in.
Signature loans are personal loans that are typically easy to apply for—often requiring only your signature, a few pieces of documentation, and promise of repayment. Signature loans don’t require collateral like a car or home and can have advantages over other types of loans.
What Can You Use a Signature Loan For?
Signature loans can be used for a variety of reasons. Common uses for signature loans include emergency expenses, medical bills, and home repair projects. Depending on your circumstances, signature loans might also be used to consolidate debts, allowing you to manage multiple repayments through one convenient loan.
How Do Signature Loans Work?
Signature loans are typically repaid in installments over a period of time, ranging from months to years. Since signature loans aren’t secured by a car title or mortgage — they may come with higher interest rates and/or penalties and fees when you miss a payment.
What Do I Need to Apply for a Signature Loan?
Signature loans often require proof of stable income and other supporting documentation. However, perfect credit is not usually required. Advance America signature loans, commonly called installment loans, require a government issue ID, Social Security Number, proof of income, active checking account with personal check if you come into our store and an active email address. Signature loans often have a fast application and approval process and can be applied for online or at a lender’s location.
How Do Signature Loans Compare to Other Loans?
Signature loans can have relatively flexible repayment terms built to meet your needs. Compared to payday loans, signature loans may also allow for larger dollar amounts and are sometimes referred to as installment loans.
The above information is provided for informational use only. Advance America is not responsible for any loss or damage resulting from your reliance on the material provided. This information is accurate as of the time it is posted; but it may not be updated regularly, so it may not be current information depending on when you read it. You should consult with your own financial professional when making financial decisions.