Why Title Loans Are a Good Idea If you have been hearing advertisements about car title loans, you may wonder why title loans are a good idea. Essentially, vehicle title loans come with a number of benefits that traditional lenders can’t offer or won’t offer. For instance, most credit unions and banks have very rigid […]
Why Title Loans Are a Good Idea
If you have been hearing advertisements about car title loans, you may wonder why title loans are a good idea. Essentially, vehicle title loans come with a number of benefits that traditional lenders can’t offer or won’t offer. For instance, most credit unions and banks have very rigid policies when it comes to credit scores. Typically, it is difficult to qualify for a loan if your credit score isn’t at least in the good range. Whereas, car title lenders don’t run credit checks because loans are secured with vehicle titles. Eliminating this step allows lenders to approve more people and process loans faster. Unlike banks that have been known to take weeks to approve loans, Title Loans Online can process applications, approve loans and pay out funds within 24 hours of receiving an application. When you consider how much easier it is to qualify and how quickly you can receive your money, the news about title loans is favorable and the choice is obvious.
Title Loans In A Nutshell
Car title loans offer countless benefits and features to consumers looking for financial help. Listed below are just a few examples of the neat benefits that borrowers have come to rely on and enjoy.
Our main focus is that you have some sort of income to repay your loan, but you don’t necessarily have to be currently employed. It is possible to get a title loan no job if you have other sources of income like retirement funds or government benefits like unemployment benefits.
We won’t be pulling any kind of credit ratings because loans are secured. So, there is no need to worry about credit scores.
In most instances, we are able to pay out loans within a few hours. At the very least, it could take 24 hours.
No Driving Restrictions
You will likely need your vehicle to earn a living, so you are free to continue using your vehicle during the loan period.
What You Can Expect From the Loan Process
Basically, the loan process consists of applying, consulting with a loan representative, qualifying, legalizing the loan and making payments according to your loan repayment schedule.
Applying for a Vehicle Title Loan
Title Loans Online offers interested consumers three methods to apply for loans. You can fill out our short online application, speak with a loan representative over the phone or stop by one of our nearby loan center stores to meet a representative and complete an application.
Completing an Application
It takes no more than a few minutes to complete an application. You’ll need to fill in the following vehicle and contact information:
- The odometer reading of your vehicle you are offering as collateral and the age, make, model and body style.
- Your first and last name, phone number, email address and zip code.
You can expect to receive a phone call from one of our loan representatives shortly after applying. He or she will verify you received your instant loan estimate and wish to continue with the loan process. We also need to verify that you meet a few requirements for loan approval. You should have the title to a vehicle, which must be paid off or almost paid for, your driver’s license to confirm you are at least 18 and some sort of income.
Applicants should be prepared to discuss their sources of income and monthly take home pay. We need to verify that you have enough income to be able to make loan payments. In addition, we want to make sure you don’t over extend your finances by taking out a loan. Once we have established what you can afford, we will work with you to choose the best repayment plan to meet your budget considerations.
Another reason why title loans are a good idea is because they come with contracts. Essentially, contracts summarize any agreements you may have discussed during your phone consultations.
By putting the terms and agreements on paper, both the title lender and the borrower can be assured they have the same understanding about loan obligations. Contracts must be written to abide by federal and state regulations for auto title loans. Legal agreements may include:
- The total amount of money you are borrowing.
- The interest rate you agreed to during your consultation.
- The cost of the interest.
- Any applicable loan fees.
- Minimum payment amounts.
You should take the time to read through your contract carefully to make sure the loan amount and interest rate agrees with what was discussed during your consultation. Please ask questions if anything seems confusing, so we can provide additional information about the loan terms or charges.
After reading and signing your legal agreement, you’ll be asked to complete the legal requirements for collateral by turning over your paper car title.
All borrowers receive a loan repayment schedule in their contracts. Check your repayment schedule to see when the first payment is due, and always make your payments on time.
Car title loans are processed quickly and are easy to get. You can spend your cash on anything you want or need.