Title Loans are Easier Than You Think When you are facing a financial emergency and need money quickly, it can feel like you have nowhere to turn. Even if you have good credit and a stable job with the same employer, traditional bank loans require weeks to underwrite and fund. The good news is you […]
Title Loans are Easier Than You Think
When you are facing a financial emergency and need money quickly, it can feel like you have nowhere to turn. Even if you have good credit and a stable job with the same employer, traditional bank loans require weeks to underwrite and fund. The good news is you can qualify for secured loans online as long as you own your own vehicle.
With car title loans online, you can apply for and receive funds in just 1-2 days — regardless of credit and source of income. A title loan can give you the solution you need to get back on your feet and get through your short-term emergency, whether you need to make car repairs, pay bills, or buy groceries. You will continue driving your vehicle while you pay off your loan; only your vehicle’s title serves as collateral.
Not sure if a title loan is the right solution for you? Here’s what you should know about taking out a secured loan on your car.
What are Title Loans?
A title loan is a short-term, secured loan that is usually less than $1,000, but may be much higher. This type of loan is secured by your vehicle, not your credit or form of income, so it’s very easy to qualify as long as you own your own vehicle with no outstanding loans. The entire process takes about 1-2 business days to receive your money and your car’s title will be the collateral. You keep driving your car while making your payments and your title will be returned when the loan is paid in full.
Now that you know what is a title loan, you most likely qualify for a title loan if:
- You are at least 18 years old
- You own your vehicle outright
- You have the ability to repay. You need some form of steady income, whether it is wages from a job, self-employment, or disability income.
How Do Car Title Loans Work?
You may be asking yourself, “How Do Car Title Loans Work?”. We have your answer, applying for an online title loan is fast and easy. Our website makes it simple to apply and get approved. All you need to apply is basic contact information, basic information about your finances (such as whether you have a job or some type of steady income), and information about your vehicle. The amount of your loan will be based on just two factors: your ability to repay and your vehicle’s fair market value. This is determined by your car’s year, make, model, style, and mileage.
After applying, the loan amount and terms will be provided and you will be contacted to finalize your loan. If you agree to the terms, your loan will be funded very quickly. In many cases, you can have the money in your bank account in about 24 hours.
Why Consider a Title Loan?
There are many reasons you may be considering a title loan. Many borrowers turn to car title loans because they can’t qualify for a traditional loan or they simply need the money now — not in several weeks. There are actually many benefits to title loans that you may not know, however.
- Fast and easy approval process. While banks take weeks to underwrite loans and have very high income and credit standards, title loans require no credit check and the process usually takes no more than 1 day. Your loan is secured by your car’s title so you will qualify with steady income and a clear title to your car. Only two factors are considered to approve your loan: the value of your vehicle and your ability to repay.
- Funding within 24 hours. In many cases, you will have the cash in your bank account within 24 hours, although it can take up to two business days. Compare this to the weeks it can take banks to fund a loan.
- Keep driving your car. Pawn loans also give you fast access to money, but pawning an item means giving it up as collateral until the loan is paid back. With a title loan, you keep driving your car while you pay off the loan.
- Any type of income qualifies. A bank has strict income standards, requiring any income be easily verifiable and come from wages. Banks also require you hold the same job for at least two years. Title loan providers can approve you when a bank cannot, no matter where you get your income. As long as you have steady income from wages, disability, self-employment, Social Security, a pension or any other source, you can get approved.
- Flexible payment options. Your title loan can be customized to your needs and income schedule with a tailored repayment schedule. Whether you need weekly, bi weekly, or monthly payments, your loan will be structured to make the most sense to you. You can also choose to pay off the loan early without prepayment penalties or renew it if you need more time to pay off the balance.
- No restrictions on loan use. When you get a bank loan, you will likely be restricted to using the loan proceeds in a specific, approved way. With a title loan, you can use the money for anything.
- Save money and your credit. Did you know a title loan can even be used to save money and protect your credit score? The cost of a title loan is generally lower than the late fees you can face on credit cards and utilities. You can also avoid disconnection/reconnection fees from utility companies and other costs you may incur if you aren’t able to pay bills on time. By ensuring your bills are paid, you will also be guarding your credit score.
Car title loans offer an affordable solution when you need money soon and own your own vehicle. Getting a loan against your car is easier and faster than you may think, and there’s a good chance you already qualify. Get started today by completing the short application on our website to get a quote and funding in 1-2 days.