What is a Title Loan?
A title loan refers to getting a loan quickly without having a good credit history. Or in other words, title loans are the popular method for people looking for instant cash but have a poor credit history at the same time. A title loan is a secure loan in which you can use your vehicle as collateral. And if you can’t return the payment, the lender will take possession of your car.
Title loans are also called high-interest loans for their short-term nature, meaning that you can qualify for the loan even if you have bad credit. Compared to other loans, title loans are secure, convenient, and fast as you don’t have to go through any lengthy processes.
Pros of Title Loans
Title loans could be a great option for you for the following reasons:
Whenever you apply for a loan, say a bank loan, it is not actually fast cash because you have to go through some documentation process and then wait for the money. However, title loans are considered fast cash because you can easily get your loan even within 24 hours of applying. Title loan sites like FastTitleLoans have a short application process so you can get your loan instantly.
Easy to Process
Title loans have the least processing time, which makes them easy to process. Some well-known title loan providers, such as FastTitleLoans and TitleMax, offer online applications where you have to enter only your basic details (that takes a few minutes only), so they are processed easily, and you get your loan within a day.
Bad Credit Friendly
Most people who want a loan usually don’t have a good credit history and this is what makes them not eligible for loans. However, title loans are bad credit friendly, and most of the time, lenders are not concerned about your credit score. Say you own an expensive car, but your credit history isn’t good; you are still eligible for title loans. Just be sure to provide accurate information when applying for the loan. With a few clicks, you can know the title loan nearby and get it instantly.
How to Get a Title Loan With Your Vehicles?
Different title loan providers have different application processes, and they offer different types of title loans. FastTitleLoans is one of the best title loan providers out there. If you consider this title loan provider, here is how you can get a title loan with your vehicles:
Step 1. Fill the Form
When you visit the site, you will get an online form where you will have to enter your basic information. It will include your personal details with the details of your vehicle.
Step 2. Get the Pre-Approval
Before getting the title loan, you will have to get pre-approval first. Remember that it is not the actual approval of the loan. The point of getting this pre-approval is to help you understand your eligibility criteria for how much money you will get.
Step 3. Sign the Contract
Now, you are in a situation where you can sign the contract to get your loan. For this, it is best to visit a physical office and sign the contract to receive the funds.
Step 4. Get your Loan
After signing the contract, you are now eligible to get your loan. Usually, you will receive your funds in less than 24 hours. However, there is no need to worry if it takes longer because FastTitleLoans is a 100% legit website.
After these four steps, you will get the loan with your vehicle. And unlike other title loan providers, FastTitleLoans give you loans for your car, motorcycle, and even your boat.
How Does Title Loan Work?
To start, you’ll need to complete an application with the lender. You may be able to do this online or in person at a certain location near you. If you choose an in-person lender, you must bring your vehicle for verification.
You’ll need to present a valid photo ID at either location, such as a driver’s license, proof of insurance, and a clear title. Depending on the lender, you may also need to provide additional documents such as proof of income or proof of residency. In some cases, you may even be required to bring a spare set of car keys.
As mentioned earlier, title loans are secured loans that use your car as collateral. Depending on the vehicle’s value, you can borrow up to a certain amount against it. The lender evaluates the value of your car and offers you a loan based on that evaluation.
You are required to repay the loan in a certain period, and the amount includes interest. Depending on the lender, you can pay back in monthly or bi-weekly installments. If you fail to make the payments, the lender can repossess your car.
What Can Title Loans Be Used for?
After you have received the loan, you can use it to fulfill any of your needs. Here are some common uses of car title loans:
A salary-based employee may not always have enough cash to cover immediate or unexpected expenses. For example, some situations might be like an emergency in the family, medical bills, car repairs, or unexpected travel expenses. In such scenarios, a title loan can come in handy to cover emergency expenses.
Due to inflation, most of us borrow money from others, resulting in an increase in debt on us. You can apply for a loan and use the funds to pay off your existing debt. Car title loans are great because these loans are instant, and you don’t have to agree to any strict terms and conditions.
Many people want to improve their household interior and exterior so they can live a good, if not a luxury, lifestyle. However, this home improvement requires money which can sometimes disturb your bank balance. In such situations, title loans turn out to be a perfect option. You can get the funds quickly without worrying about your credit score or past financial history.
So, that’s all about easy and fast title loans for everyone. Title loans are indeed the best way to get instant cash so you can pay off your debt or pay your emergency expenses. To get a title loan, you will have to consult a trusted loan provider that has a good reputation in the market and doesn’t has strict rules and terms.