Title Loans

Title Loans

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What are online title loans?

Online title loans are nothing but the process being in the online mode. Without personally getting the loan, now you can easily get the money while sitting on your couch. But to ensure safety, sometimes the lender's documents are thoroughly checked before offering the money.

The most common type of advance is a car title loan. Online car title loans require a borrower to own a car outright and then hand over the title to the lending company, which they will keep in case of any casualty. The company, in return, will lend up to 25% of the total value of the car to the person.

The period is usually 15-30 days but can be extended. After that, you can either pay back the money in a single term or take a multi-year installment plan to repay it. In case if anyone is not able to pay it back, the company can take over the possession of the vehicle immediately.

Requirements for Title Loans

In case of any cash transaction, you should always be ready with your documents. To get car title loans completely online, the basic requirement is for you to own the vehicle outright, and there must not be any liens against the title. Apart from that, below given is a list of documents you need:

  • Paperwork showing the original title for the sole ownership of the vehicle;
  • An identification card issued by the government to match the name of the owner to the title;
  • Any proof or utility bill to reach the residential address with the name of the title;
  • Registration of the currently owned vehicle;
  • Insurance proof of the car;
  • Any proof to let the lender know that you can repay the loan, like your salary score;
  • Name, address, and phone numbers of two valid references;
  • Vehicle's keys which are working, and their copies;
  • You do not need to have a good credit score to get the cash most of the time. The loan depends entirely on the resale value of the car.

look into the laws regarding such advances in your state. Rules and norms for borrowing money vary from state to state. If you don’t know these rules, your lenders may try to ask for higher rates, and you will be left fooled. So be cautious and have prior knowledge of everything.

Title Loans Benefits

If you avail of title loans online, you benefit from enjoying the cash almost immediately. Therefore, you can opt for this kind of money advances whenever you are in need of quick cash, such as a large amount of bill payment, medical emergency, or any accident.

Online title loans no credit check is a huge benefit altogether. Suppose you have applied for loans previously in banks and been rejected several times due to a bad credit score; no need to worry anymore. Car title advances are here to help you out. Having possession of a vehicle will come even more handy in this case.

How to Take Out an Online Title Loan?

Following are the steps you need to take to take out typical car title loans online:

Apply for instant Title Loans
Apply for instant Title Loans

  1. Find out the title of your car. You will need the original title or ownership of the vehicle you possess.
  2. Next is to visit a website that offers such money. Go to their online application and fill out the form/s.
  3. Upload the documents that they ask for along with the form/s. The general requirements are photo ID proof, proof of income, address, and insurance of your car. There may be exceptions where the lender may ask for your credit score, but it is usually not needed.
  4. Wait for the lender's approval and review of your submitted application. Once submitted, the company or person may contact you to ask a few questions regarding your application or your car. Sometimes lenders may ask for an in-person appraisal; in such a case, they will send a person to your home or ask you to visit their store.
  5. Lenders will ask for a copy of your car keys or even install a tracking device. They can use it to stop the vehicle from starting or find the car if you default on the loan.
  6. Once your application gets approved, you need to sign the contract. You can choose to do it online, or if not possible, you can go to their store and sign it in person.
  7. Receive the money by cash or through the wire. In this case you need to give your bank details to get it in your account.

The application process and payments vary from state to state. You can keep as well as use your vehicle as long as you keep making the payments. But the title will be with your lender.

Paying Off Title Loans

Unless it is extremely necessary, you should try to remain away from title loans because of their high-interest rates. But if you do find yourself in one, you can try some of the following methods to get out of auto title loans online legally:

  • By paying off the loan normally

The basic way is by collecting cash and paying it off typically. But it is not always possible to do so because the shortage of money brought you here in the first place. Anyhow, try to gather money legally as much as possible and pay off the loan fast before getting a deep burden of the interest on your shoulders.

  • By selling your personal property

Consider selling some personal belongings or valuables to raise the desired cash. Try different websites to sell easily and quickly, or take the traditional route of having a yard sale. First, try selling things that may not have any emotional value to you before any other.

  • By getting a personal unsecured loan

You may be eligible to apply for a personal unsecured loan and use it to pay off the borrowed debts. Even though they too have a high-interest rate, it is APR, and the loan term will be easier to handle. Numerous online money lenders offer bank loans or person-to-person advances. They often ask for a good credit score, so keep a lookout for that.

You may even try asking a family member with a good credit score to be a cosigner on a personal loan. You could probably handle the interest rates and period in such a case.

  • By getting a credit card cash advance

Although credit card cash advances are very high in interest, and you may even be charged a fee of extra money, it will still be easier to handle than car title loans. You can also find many companies that offer credit cards at lower interest. But remember, if you want to apply for a credit card, you need to have a good credit score. People with poor credit scores are not granted permission for credit cards. However, if you have a decent credit score, you can go for it!

  • By negotiating with your lender

The final method is to renegotiate the terms with your money lender. If you are lucky enough, it may be possible to shift the due date of returning the money to a future date. Or, sometimes, your lender may persuade you to roll over the advance to a new loan. Although this would mean more pressure, it will buy you more time to gather the required money.

Final Thoughts

Car title advances are a quick and easy way to get out of emergencies like hospital bills or accidents. But the stakes are high, for you have to keep your car as collateral. If you fail to return the money by any chance, you have to lose possession of your vehicle. Also, the interest rate is very high along with high APR, making it difficult to pay them back.

Try staying out of such loans as much as possible because of high stakes. If you are already in one, try paying it off quickly, and in case you cannot pay it back, try different methods to gather up the necessary money. If nothing is working, try negotiating with your lender. Although chances are slim, you must try asking.

The bottom line is to be safe and stay out of such quick amounts of cash as much as possible. Besides getting you out of trouble, they can bring more danger to you. Before knowing, you may be left with the burden of huge debts that you cannot pay off.

Thank you for patiently reading all the way. We hope we have provided you with all the information needed to get car title loans. Feel free to contact us anytime if you need additional information regarding online title loans. We will be happy to help.

Frequently Asked Questions

  • Title loans online direct deposit are usually quite expensive — an average monthly finance fee of 25% results in an APR of about 300%. In addition, lenders may ask for extra money for document processing, additional charges, roadside service plans, etc., which will result in a much higher cost of the advance.

    For example, suppose you want to borrow $1000 for a month:

    • Taking the fee to be 25%, you have to pay an interest of $250 along with the borrowed $1000.

    • You have to then hand over the title of your car in exchange for the borrowed money.

    • When the time of repayment comes, you must pay him $1250, along with any other fees which may be exemplified on you.

    With rollovers, the cost keeps increasing. If you cannot pay back the loan on time, your lender may persuade you to roll it over to a new loan, which means adding more interest and fees on the already owned money. So the stakes are always high; either you have to hand over your car possession or keep on giving large amounts of money.
  • Title loans are popular for two main features:

    • First, the credit score of the applicant is overlooked. Even with a bad credit score, you can apply for such an advance.
    • Much loose application requirements allow borrowed amounts as low as $100.
  • Although it is advisable to stay away from such advances, you can borrow additional loans if you still need money. Usually, it is one car title loan against each person. But during urgencies, if you have a second vehicle, you can take an advance on that. For example, suppose the second vehicle is under your and your spouse's name. Then, either of you can take the loan on that.
  • Other than title loans, you can get payday loans that are more or less similar, but the collateral is different. Banks and credit unions are also available, but that is possible if only you have a good credit score. Credit card promotions are also another way. You can even ask for money from a family member or relative who has good credit and is likely to offer you money.

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