If you’re in need of cash and have bad credit, a title loan could be a good option for you and the best part is you can get your cash in less than 24 hours! Title loans are now available in Louisiana and most people can qualify in less than an hour.
You can typically expect to pay high interest rates for title loans, so it’s important to only borrow what you absolutely need and always use a title loan calculator to determine the exact interest amount and payoff terms for your quote. There are many title loan companies operating in Louisiana, so be sure to shop around for the best deal. You can apply for a title loan online or with a neighborhood lender near you. No matter which option you choose, it pays to shop around for the best deal so you can save on the APR and monthly payments!
How Does A Title Loan Work In Louisiana & How Much Can I Borrow?
A title loan is a short-term loan that uses your car title as collateral. These are secured loans and the vehicle equity is the most important factor here when a lender underwrites your loan.
The amount you can borrow will depend on the value of your car and your ability to repay the loan. Most title loan companies in Louisiana will lend you up to 50% of the value of your car, but some lenders may offer more. Expect loan amounts between $2,000 and $5,000 for most qualified vehicles with higher funding amounts for cars that are newer with low mileage. In general, you can expect to pay a high APR for vehicle equity loans and pink slip loans, so it’s important to only borrow what you absolutely need.
What Do I Need To Qualify For Title Loans In Louisiana
The first and most important requirement is a paid off vehicle. This means there are no other loans or liens on the title. You’ll also need to have a regular source of income and a state issued ID or license. Some title loan companies may require additional documentation such as vehicle insurance and proof that you can make the monthly payments, but this is usually minimal.
Where Can I Get A Title Loan In Louisiana?
It all comes down to whether you want to apply with an online company or a local finance company in Louisiana that offers in person loans. Some applicants prefer to work with a local title loan company because they feel more comfortable dealing with a real person face to face. But more and more consumers are turning to the convenience of online title loans. Not only can you apply from the comfort of your own home, but you can often get your cash in as little as 24 hours!
Here at Premier Title Loans, we work with finance companies in New Orleans and all throughout Louisiana so we can help connect you with the best lender for your needs. We make it easy to compare rates and terms so you can find the perfect title loan for your situation. And because we work with many different lenders, we can help you get funded even if you have bad credit!
Do I Need A Good Credit Score To Get Approved For A Title Loan In Louisiana?
No, your credit score is not a factor when you apply for title loans. That’s because title loans are secured loans and your car equity is the most important factor here. As long as you own a vehicle with a clean title that’s paid off, you should be able to get approved regardless of your credit history! Most companies won’t even require a credit check when you apply.
How Fast Can I Get My Cash From A Title Loan Company Near Me?
The amount of time it takes to get your cash is often less than one business day and that can even be quicker if you apply with any of the larger lenders in New Orleans or Baton Rouge. These companies can complete your vehicle inspection onsite and hand over the cash for your car title in less than an hour after you apply.
It may take a bit longer to get money from an online company, but that’s not because the application process is any slower. We can get offer title loans that are completely online with no credit check and get everything processed in less than an hour. The only hold up is the amount of time it takes for your bank or credit union to process the ACH payments into your bank account.
Anything Else To Consider Before I Apply For Title Loans In Louisiana
There are a few things to keep in mind before you apply for title loans in Louisiana. First, remember that title loans are very expensive. The average APR on a title loan is around 300%, so you’ll want to be sure that you can afford the monthly payments before you sign on the dotted line.
It’s also important to remember that title loans are a short-term solution and are not meant to be used for long-term financial needs. If you’re struggling to make ends meet or have significant debt, title loans are not the answer. You may want to consider other options such as personal loans, credit counseling, or debt consolidation.
And finally, keep in mind that title loans are secured loans which means your vehicle is always at risk of being repossessed if you were to fall behind on the payments. Repossession laws in Louisiana can protect borrowers in most cases from an unlawful seizure. But lenders are well within their rights to take back a vehicle if someone were to default on the loan. You won’t go to jail if you fail to pay back a title loan, but that’s not something you want to occur, because you will likely lose your vehicle and be in default on the payments.
How Can I Apply Today For A Louisiana Title Loan?
Applying for title loans in Louisiana is easy! You can apply online or give us a call at 800-250-6279 and we’ll be happy to help you get started. We work with title loan companies all across the state of Louisiana, so we can help you find the perfect lender for your needs. And because we work with many different lenders, we can help you get funded even if you have bad credit!