Where Can I Get A Car Title Loan?
You have many options when you finally make the decision to use your car as collateral for a loan. That wasn’t the case just a few years ago. Back then you had to physically go and meet with a local lender that provided equity loans. This meant that many consumers in rural areas have little to no chance of getting cash for a car’s pink slip.
In some neighborhoods, there is a title loan company or payday lender on every block. Many of us know these services are widely available in the local area and online. That leads some people to take advantage of quick money loans to meet the costs that come with an unexpected bill. Take our site for example. You can use a site like Premier that offers car title loans online to get a quote for your vehicle’s equity. It will often take less than 10 minutes to submit an application. That’s an efficient time to get cash and it makes your life simpler. There is a downside when it comes to securing a loan with a vehicle. Like credit cards, or payday loans, a secured loan when used responsibly can be a huge lifesaver. On the flip side, if the full amount is not repaid by the due date, the penalties and finance charges are costly. That’s why you need to evaluate your financial and budgetary situation to find out if this type of funding is in your best interest.
We all know that cash advance loans have minimal paperwork. In most circumstances these loans don’t go through the long underwriting process that we see for a typical bank approval. The same is true with a pink slip loan. In this situation, online title loan companies will determine the amount you can borrow. Most funding decisions are based on your vehicle’s equity. Most online companies issue these loans on a short-term basis to persons experiencing cash flow problems. Banks and other financial institutions allow repayment of an online loan over a course of several months. Cash advance or payday loan companies will need full repayment within two weeks. Some companies allow 30-day loans. For this matter, a fast money advance can be ideal during emergencies. Nonetheless, applicants need to repay the full balance plus fees within a short time frame.
Most people are attracted to title loans because of the easy approvals. Applying for a personal loan from a bank is frustrating, and often results in a loan denial. Why? For starters, banks are cautious when it comes to lending money. Even if you have good credit and a sizable income, it may be hard to acquire a bank loan. But, cash advance companies approve funding minus the headache. There are no credit checks, and collateral is not necessary. Applicants who meet a few basic requirements can have funds within 24-hours. The title lender will want to verify some employment information. They may request and review pictures of your vehicle and send a notary out to verify the car in person. The money is deposited into a bank or checking account. Unfortunately, nothing in life is free. Before applying for a short-term personal loan, inquire about loan fees. Furthermore, it may be in your best interest to research different companies, and choose the lender with fewer fees. Cash advance fees are based on the amount borrowed. Companies that let you use a car as collateral will charge $10 – $30 for every $100 an applicant obtains. If choosing a 30-day loan, the fees will double. Avoid excessive fees by borrowing as little money as possible. Pay back the money quick and work out a budget for each month. Most financial companies do not tolerate late payments. Once the payment is late, interest and payments will incur until the loan gets back to a current status.
What is different between an online title loan company or local lender?
Applying for title loans online can be easy. There are two options available to quick cash loan applicants. Some borrowers will want to work with local companies in their neighborhood. Bring a copy of your most recent paycheck stubs, banking statement, and driver’s license. Complete a loan application, and wait for a quick response. Applications are often approved on-the-spot after a quick vehicle inspection. Another option is to submit an application with an online company. This process is simple and won’t take much time to complete. You will need access to a fax machine. This is necessary for providing documents to the company. Funds will be sent when a borrower submits a loan application and gets approved. On average deposits take up to 24 hours after the vehicle inspection. Some lenders offer one-hour or same day cash advance loans.
Jessica has blogged about the title loan industry since 2012. Before that she managed a team of customer service representatives for one of the largest payday loan companies in the US. Since coming to Premier Title Loans she’s overseen our sales and marketing department and looks forward to educating consumers on their different financing options. Jessica is always open to feedback and questions that relate to short term loans!