The lending offers provided by Premier Title Loans give borrowers in Arkansas the chance to get cash using the equity in their vehicle. These secured loans allow you to tap into your car’s collateral and use that cash as security for the desired loan amount. A title loan allows anyone with a paid off car to borrow a fair amount of money and you can be approved with no credit history or a poor credit rating.
It’s widely known that it can be hard to find lending options in Arkansas. There are few direct loan companies and banks and installment loan companies will ask for a good credit score. With a car title loan though, the amount of time it takes to underwrite your application is minimal and we can often process a loan application on that same day!
How To Qualify For Car Title Loans In Arkansas
To qualify for a car title loan in Arkansas, you’ll need to bring the following documents with you or have them ready to upload if you’re applying entirely online:
Proof of Residency – A utility bill or other document with your name and address is typically accepted
Vehicle Title In Your Name – The title to your paid off vehicle must show you as the owner and there can’t be any liens on the title. You must have the paper copy of the pink slip as that’s what the lender holds as collateral. You can get a certified copy that same day at any Arkansas DMV location in the state.
Vehicle Registration and Insurance – Both of these documents will have your name on them and can be used as proof of residency. Your registration can be obtained from any DMV location while your insurance is something you likely already have as it’s required by law to drive in Arkansas.
These are the general secured lending requirements but there may be a few additional things needed. For instance, some licensed lenders will want to see proof of income or employment. This helps them verify that you’ll be able to repay the loan amount in full. Other lenders in Arkansas may not require this, but could still ask for other documents such as bank statements or references that show you made recent loan payments.
How Are Arkansas Title Loans Different From Payday Loans And Cash Advances
The biggest difference between an Arkansas title loan and a payday loan is that a title loan uses your car as collateral while a payday loan does not. This means that if you default on your title loan, the lender can repossess your car. With a payday loan, the lender can sue you or send your debt to collections, but they cannot take your car away. The interest rates for title loans are sometimes lower than those associated with payday loans and the majority of title loan providers in Arkansas will offer much larger loan amounts versus payday advance companies. The average title loan amount in Arkansas is around $1,500 while the average payday loan comes in at $500.
Where To Find Places Near Me In Arkansas That Offer Auto Title Loans
There are a few licensed lenders that offer car title loans in the state of Arkansas. Most of these companies have walk in locations in Little Rock And Fayetteville and will let you apply online and complete the document check in person. When it comes to the vehicle inspection you can expect a loan representative to come to you as most lenders have a field agent that covers the entire state. Some of the bigger companies that offer car title loans in AR will mandate a detailed inspection of the car and this will take place at any lending location. The inspection is the last step before you sign the loan documents and get your cash! This last part of the funding process should take less than an hour and is even quicker when done in a retail setting.
Do Arkansas Lenders Offer Vehicle Title Loans Without A Credit Check
The fact is that you’re probably considering a title loan in AR because you have bad credit. Many applicants have low credit scores or no credit at all and are looking for a fast loan option that doesn’t require a perfect history. The good news is that most title loan providers will not perform a hard inquiry on your credit report and will instead focus on the value of your vehicle. The amount you can borrow is based on this value and not your ability to repay the debt like with other types of loans. If you have any questions about whether or not a lender in Arkansas will run your credit, just ask before applying and make sure you know what the current credit check requirements are!
What Else To Know About Instant Car Title Loans In Arkansas
These secured loans can have a quick funding time that’s much faster than the days or even weeks you can expect from a personal loan company. Most lenders in Arkansas can fund your title loan in less than 24 hours and some will even offer same day funding! The process is quick and easy and you can get started by applying online or visiting a retail location near you.
You should always have a plan for how you’ll repay the debt before taking out any loan and this is especially true for car title loans. Title loans have a high APR and can be expensive if not paid off quickly and you could end up losing your vehicle if you default on the payments. Confirm you understand all the terms and requirements of your loan agreement before signing the certified loan agreement and only take out what you can afford to pay back each month
Now that you know more about getting a car title loan in Arkansas, look for online lenders near you to apply today and get cash for your vehicle!