Quick online title loans to get you through tough times
A title loan is a simple and easy way to access short-term loans. The best way to access vital information about car title loans is by doing thorough online research as it is important to get a loan from a credible and reliable credit services organization. Different loan companies provide different loan amounts based on the value of your vehicle, your ability to repay and repayment period among others. Most loans online have easy and simple application processes and in case you have any queries, customer service teams are available, so make use of them.
If you own the title of your car and it is fully paid for, you will find a lender easily.
Benefits of title loans
Most lenders have a quick approval process. Once you successfully complete the online application, within 30 minutes you can have cash in your account.
With title loans, all credit types are welcome. If your credit history is not good, do not fret. If you own a car, it can get you the cash you need.
All car makes and models are accepted. Most lenders will not have strict restrictions on what is acceptable or not
With the influx of lenders, you will enjoy favorable interest rates as the companies strive to remain competitive.
Even after putting up your car as collateral, you still get to drive it around. In addition, you get to have several payment options at your disposal, you can pay through the lenders app that can be linked to your account, do direct transfer or opt to pay over the counter.
Requirements for vehicle title loans
Some mandatory requirements by all companies include:
- Identification Documents
All loan companies will need to verify your identity. They will, therefore, require you to provide your driving license and your social security number. If you own a vehicle but not licensed to derive, you can issue your valid state issued ID cars, military ID or your valid passport.
- Proof of Residency Documents
Sadly, title loans are not available in all states, therefore you need to prove that you come from a state that allows them. These documents also help verify your identity. Such documents may include a recent utility bill, phone bill, lease or a statement from your landlord.
- Proof of Income and other Financial Documents
It is not enough that you are putting up your car as collateral. The lender has to determine if you are in the position to meet the monthly payments. For wage earners, you may be required to submit at least four weeks of pay stubs. For self-employed individuals, you may be asked to provide one to three tax returns records, business financial records, and bank statements. For the unemployed who depend on public assistance or social security, they must supply statements from the department of social services. Finally, retired individuals seeking payday loans will be required to submit pension, SSA or retirement account statements.
- Vehicle Documents
If you are to put up a car as collateral to secure an auto title loan, you must prove there is no unaffiliated third party, and that you are the rightful owner. All lenders will ask for vehicle title and registration in this effect. You will also be obligated to provide proof of insurance. This is so the lenders ensure they are secured against loss in case of an accident, theft or damage to the vehicle. If the car had another lien in the past, providing lien release paperwork from that lien to you is vital.
- Reference Information
References help lenders determine your character and ability to repay the loan. Most loans online lenders will ask for three to five references. The companies do not necessarily contact your references unless you default on payment and are unable to reach you. The references should be a combination of personal and professional, their names, phone numbers, and relationship to you.
Schedule a Quick Inspection to Get Fast Cash
It is almost impossible to get a title loan without a car inspection. The car inspection goes towards helping the lender know how much you qualify for. You may undervalue or overvalue your vehicle, putting yourself in a position to ask for less than you should or for too much that may be denied.
Choose a lender who is close by so you don’t have to go too out of your way for the inspection. Take advantage of your daily routine. If the title company is 5-10 minute drive away, you can drop by during your lunch break, or on your way home after work.
There are several online title loan companies that advertise they provide loans with no inspection. This is but a marketing gimmick, do not fall for it. Keep in mind the lender will take possession of your car title until the last payment, only then will they release your title.