It can sometimes be difficult to get approved for a traditional personal loan. Even if you qualify, getting the funding from a traditional personal loan can go on for days or, in some cases, weeks. If you need fast cash, you can’t afford to wait this long to find out if you are approved. If you’re looking for a quicker way to get cash, you may want to consider fast title loans.
Title loans are secured loans, which means they are supported by collateral. To borrow money through a title loan, you must use the title to your vehicle as collateral. You won’t lose your vehicle if you choose to take out a title loan. In fact, you can continue to drive it while you make payments. Your lender will put a lien on your title, which will be removed once your loan has been paid off.
Title loans can be processed faster than traditional personal loans, so they’re ideal for people who need cash right away. Here’s everything you need to know before applying for fast title loans:
What Do I Need for a Title Loan?
There are certain conditions you must meet to qualify for a title loan, including:
- You must be at least 18 years old.
- You must own or partially own a vehicle.
- You must have equity in your vehicle.
- You must be willing to consent to a credit check.
- You must have a reliable source of income.
If you qualify, you will need to submit certain documents to the title loan company during the application process. Most title loan companies ask applicants to submit:
- Driver’s license or another form of government-issued ID
- Title to the vehicle
- Proof of income (recent tax returns, bank statements, pay stubs, etc.)
- Proof of residence (driver’s license, utility bills, lease agreement, etc.)
- Proof of auto insurance
Some title loan companies may require additional documentation. Check with your lender to ensure you submit everything that is required in a timely manner.
How Long Does It Take to Get Approved for Fast Title Loans?
If you want to get your cash as quickly as possible, make sure you submit the required documentation to your lender right away. Your application cannot be processed until the lender has received everything from you. The sooner you submit what is required, the sooner you can collect your cash.
Can I Get Fast Title Loans With Bad Credit?
You will need to consent to a credit check as part of the title loan application process. In other words, your credit will be used to determine if you qualify for a title loan, but it’s not the only factor that will impact your eligibility. Title loan companies also consider the value of your vehicle and your ability to repay the loan when determining your eligibility.
The bottom line is you don’t need perfect credit to qualify for a title loan. Unlike traditional lenders, title loan companies typically accept most credit types. You may qualify for a title loan even if you do not qualify for a traditional personal loan due to your credit.
Can I Get a Loan On My Car If I Still Owe On It?
About 85% of new cars and 55% of used cars are financed. If you’re still making payments on your vehicle, you might wonder how this will impact your eligibility for a title loan.
You may qualify for a title loan even if you are still making payments on your vehicle. However, your lender will need to know how much you still owe on your vehicle and how much your vehicle is worth before determining whether you are eligible.
Many people who have a few payments left on their vehicle are approved for title loans. To find out if you qualify, talk to your title loan company today.
How Much Can I Borrow With Fast Title Loans?
Title loan amounts can vary from $2,510 to $50,000. The amount you are approved to borrow will depend on several factors, including:
- Your income: Your lender will need to see proof of income during the application process. This gives your lender the opportunity to evaluate your income and determine how much you can afford to repay. This assessment will impact how much you are approved to borrow.
- Your car’s resale value: You cannot borrow more than your vehicle is worth. Your lender will calculate your car’s value based on its make, model, year, condition, mileage, and trim level.
- Your equity: Equity is the difference between your car’s resale value and the amount you still owe on it. You must have equity in your vehicle to qualify for a title loan, and you cannot borrow more than the value of your equity.
- Local laws: Some states have passed laws that establish minimum and maximum title loan amounts. All title loan companies must comply with these laws when doing business in these states.
What Are the Benefits of Fast Title Loans?
Title loans offer a number of benefits, including:
- Fast processing times. You can get the cash you need as soon as possible by applying for a title loan.
- No restrictions on spending. It’s your cash, so you can decide how you want to spend it.
- Keep your vehicle. You won’t lose access to your vehicle if you use it as collateral to support a title loan.
- Easy application. You can complete a title loan application online or over the phone. The entire process is simple and straightforward, so you won’t be left scratching your head wondering what to do next.
- Opportunity to improve your credit score. If you make on-time, consistent payments, you could improve your credit score over the course of the loan.
- No prepayment penalties. You won’t be penalized for paying off your title loan earlier than expected.
- Easier to qualify. It’s easier to qualify for a title loan than it is to qualify for a traditional personal loan.
How to Apply for Fast Title Loans
Don’t wait another second to get the cash you need. Follow these steps to apply for a fast title loan from LoanCenter:
- Chat with a loan officer. You can call 1-866-553-3840 to speak to a loan officer directly. Or you can submit your information to a loan officer using the form on our website.
- Get a free quote. Provide your loan officer with some basic information about your vehicle, including its make, model, year, and mileage. Your loan officer can prepare a free quote for you based on this information.
- Finalize your loan. After reviewing your free quote, move forward with the application process by signing and submitting the required documentation. Your loan officer can explain what you need to do to complete this step.
- Collect your cash. You can get your cash shortly after your application is approved. Pick up your cash in person or have it sent to you via check or wire transfer.
You’re just a few steps away from getting the cash you need. Contact us today to apply for a fast title loan.