Medical emergencies, car accidents, home repairs, the sudden loss of a job, and other unexpected situations can put a strain on your finances. If you’re short on cash, it’s important to know where to turn to get the money you need as quickly as possible.
Taking out a traditional personal loan is one option. However, many people don’t qualify for these loans due to their credit scores. Plus, it can take a long time to get approved for a traditional loan, and you might not be able to afford to wait. Fortunately, there is another option available.
If you own a vehicle, you can use it as collateral to borrow money through completely online title loans. You won’t need to give up your car in order to borrow money. You can continue to drive it while you make payments on your title loan. The best part? You can complete the entire application process online, which makes it easier than ever before to get the cash you need to make ends meet. Here’s what you need to know before applying for title loans online:
What Are the Eligibility Requirements for Online Title Loans?
Because title loans are not like traditional personal loans, you may qualify for a title loan even if you don’t qualify for a traditional personal loan. Eligibility requirements can vary from lender to lender, but in general, you may be eligible for a title loan if you meet these conditions:
- You are at least 18 years old.
- You own a vehicle, which means your name is on the title.
- You are willing to consent to a credit check.
- You have a reliable source of income.
- You have equity in your vehicle.
- Your vehicle meets the title loan company’s minimum value requirement.
Your lender may have slightly different eligibility requirements, which is why it’s best to check with them to find out if you qualify for a title loan.
What Will You Need to Apply for Title Loans Online?
If you apply for a title loan, the lender will ask you to submit a number of documents while your application is processed. Be prepared to provide:
- The title to your vehicle
- Your driver’s license or another type of government-issued ID
- Proof of income such as recent pay stubs, bank statements, or tax returns
- Proof of auto insurance
- Proof of residence such as your driver’s license, recent utility bills, lease agreement, or mortgage statement
Your title is used as collateral, so it’s one of the most important documents you will need to submit during the application process. If you can’t find your title, let your lender know right away. They can help you obtain a new title so you can complete your application and get the money you need.
Can You Get A Title Loan Online If You’re Unemployed?
Money troubles often arise as a result of unemployment. If you’re unemployed, you may be wondering whether this will impact your ability to get a title loan. The answer to this question will depend on whether you have another source of income.
You must have a reliable source of income to qualify for a title loan. However, this source of income does not need to be a job.
For example, if you are unemployed, you may still qualify for a title loan if you receive veterans’ benefits from the government. Other examples of reliable sources of income may include disability benefits, retirement benefits, alimony, or rental income.
The bottom line is you may still qualify for a title loan even if you are unemployed. All you need to do is prove you have another source of income that you can use to repay your loan.
How Much Can You Borrow From Online Title Loans?
Title loans range from $2,510 to $50,000. The amount you will be able to borrow will depend on several factors, including:
- Your income: Your lender will evaluate your income when determining your eligibility to ensure you do not borrow more than you can afford to repay.
- Your vehicle’s resale value: Because your car is used as collateral, its resale value has a major impact on how much you are approved to borrow. To calculate your vehicle’s resale value, your lender will assess its make, model, year, mileage, condition, and trim level. You cannot borrow more than your vehicle is worth.
- Your equity: You must have equity in your vehicle to qualify for a title loan. You can calculate your equity by subtracting the amount you owe on your vehicle from your vehicle’s resale value. You cannot borrow more than the value of your equity.
- State laws: Some states, including Illinois, New Hampshire, and Mississippi, have laws that establish minimum and maximum title loan amounts. If you live in a state that has passed this type of legislation, these laws could impact how much you are able to borrow.
What Are the Benefits of Completely Online Title Loans?
Some of the many benefits of online title loans include:
- Fast processing times. Because title loans are typically processed quickly, you won’t need to spend weeks worrying about whether you will be able to get the cash you need.
- Easier to qualify. You may qualify for a title loan even if you aren’t eligible for a traditional personal loan.
- Convenient. You can complete the entire title loan application process online or over the phone, which is far more convenient than traveling to a lender’s office to apply for a loan.
- You can keep driving your vehicle. Your lender won’t make you hand over your keys just because you are using your car as collateral for your title loan. You can continue to drive it while you make payments on your loan.
- No spending restrictions. Your title loan company won’t tell you what you are allowed to spend your money on if you are approved. It’s your money, so you can spend it as you see fit.
How to Apply for Completely Online Title Loans
If you’re ready to get fast cash, follow these steps to apply for an online title loan from LoanCenter:
- Contact us. There are two ways to get in touch with our loan specialists. You can call us directly at 1-866-553-3840 or submit your information using the form on our website. If you choose the second option, a loan specialist on our team will contact you shortly.
- Request a free quote. Your loan specialist can prepare a free quote for you in a matter of minutes. All you need to do is provide some information about your vehicle, including its make, model, year, mileage, condition, and trim level. Once your quote is ready, review it with your loan specialist to ensure you understand the terms.
- Complete the application process. If you’d like to move forward with your title loan application, work with your loan specialist to get everything signed and submitted. The sooner you complete this step, the sooner you can collect your cash.
- Get fast cash. Your money will be available shortly after your application is approved. You can choose to either pick up the money in person or have it sent to you via check or wire transfer.
Don’t stress over money problems. Get the cash you need as quickly as possible by applying for completely online title loans from LoanCenter today.