5 Star Car Title Loans in Portage, Indiana
For most Americans, whenever something uncertain and bad happens, the first thing that gets out of balance is their budget.
Often problems come with certain costs and regular working individuals fall into debt trying to tackle their sudden emergencies. During those time period, many of us look for a way to get some emergency cash to pay for the bills and other expenses and get by the month.
Although a payday loan might seem like a suitable option, the higher annual percentage rate and lump sum payments are a real pain to manage.
Fortunately, Portage residents can choose another short-term loan option where they can use their vehicle title to get some fast cash and can easily pay back in smaller installments.
Let’s understand how these collateral-based loans work and how you can get one in Portage, IN.
Auto Title Loans In Portage, Indiana
Auto title loans are easy and simple personal loans where the applicants can submit their car title as the collateral and get a lien placed on it to get themselves some extra cash.1
Title loans are preferred all over the US because of their fast and quick application process where people can apply and get approved in as little as 24 hours.2
Famous with other names such as pink slip loans, title pawns, and vehicle equity loans, these secured loans allow the borrower to keep his car while paying their monthly installments.
Why Choose An Auto Title Loan In Portage, IN?
Unlike traditional bank loans, online title loans in Portage, IN have flexible terms, easy applications, and easygoing credit qualifications where people who don’t have an impeccable credit history can also apply and fund themselves.1
Here are some reasons why many prefer to get a car title loan in Portage, IN:
Fast and Easy Cash
Unlike service student loans, online title loans have a streamlined and smooth approval process where people can apply while sitting on their couch and receive the money in their bank account within 24 hours of final approval.2
Financing For Poor Credit History1
Even though your credit score is the final deciding factor in most loans, it’s not the same with auto title loans. Here, the eligibility is based on multiple factors and even people who have faced credit difficulties or have a bad credit score can get funded.
Smooth Loan Process
At 5 Star Car Title Loans, customers don’t have to wait for days, fill in lengthy forms or submit bundles of documents to get extra money. You can go to our website and fill out a simple form to know your eligibility within minutes2 or even call our loan representative to get assistance.
You Can Keep Your Car
In terms of collateral submissions, auto title loans are very different than other loans. Here the only thing that is submitted is your car’s title. You can take the loan and pay it back in small installments while continuing to drive your car wherever you want.4
How Does An Online Title Loan work?
Intended primarily to help individuals with their personal needs.1 Online title loans at 5 Star Car Title Loans have a fast and effortless application process, where people can apply online and fund themselves in the following steps.
Easy steps for getting title loans in Portage, Indiana:
Fill out the Online Application
Check your loan eligibility by visiting the 5 Star website to fill out a simple form or you can also call (888) 309 0994 where our loan agent will help you and let you know whether you are eligible for a title loan or not.
You would need to provide details about yourself and your vehicle such as the make, model, and odometer reading of the vehicle, your name, phone number, etc.
Upload Documents
Once you get the conditional approval, you can move to the next step and send in all the required documents requested by your title loan company.
At 5 Star Car Title Loans, customers won’t have to visit anywhere and can send their documents directly from their homes by mailing them to the 5-star team.
Get the Documents Approved
Our team will verify all the credentials and information with documents and will contact you to discuss and give an estimate of loan terms such as minimum loan amounts, interest rates, and more.1
Sign the Contract and Get the Money
Once you understand and agree with all the terms, you’ll be required to sign a loan contract. Make sure you read it carefully and contact our team in case of doubts.
After we receive the signed contract, you can expect to get your title loan money within 24 hours or one business day.2
How Do You Get Approved for a Car Title Loan?
Auto title loans are short-term personal loans with easy credit qualifications than most lending options.1 But if you don’t be in the dark and want to get your loan proceeds as quickly as possible, make sure you satisfy these conditions:
Conditions To Qualify for an Auto Equity Loan in Portage, Indiana
- Applying candidates must be 18 years of age or older.
- They should have a valid government-issued photo ID.
- They should present a qualifying vehicle with a lien-free title to their name.
- They should have a regular source of income with valid proof of the same.
Satisfying these conditions will make you eligible for a title pawn and having proper documents can help you get your title loan faster.2
Documents Needed To Apply For Portage Title Loans
Unlike other loan institutions, 5 Star Car Title Loans has a flexible and painless loan process where you can avail yourself of some instant cash with a handful of documents.1
These documents include:
- Qualifying Vehicle Title: A clean and lien-free title registered in your name.
- Proof of Income: Payslips, Bank statements, compensation letters, or alternate forms of income can work as proof of income.
- Portage or Government Issued Photo Id: A valid driver’s license or passport can be presented while applying for a title loan in Portage, Indiana.
- Proof of Residence in Portage, IN: Generally, utility bills such as electricity gas or credit card, or rental/mortgage agreements are accepted as proof of address.
- Recent Pictures of Your Car: While clicking multiple angle photographs, make sure you also include the VIN and odometer reading of your car for a virtual inspection.
- Several References: Some lenders can also need you to submit a couple of professional or personal references.
Where I Can Use The Auto Title Loan Proceeds?
Even though other financial institutions (such as capital community bank), have a say in where their sanctioned loan can be used, title loans don’t have any such restrictions. These loans are intended primarily to be used for virtually all of your personal and household needs1 such as:
- Medical expenses
- Travelling bills
- Home Renovations
- Funerals
- Wedding expenses
- Birthday parties
- Monthly bills
Title Loans Fees and Interest Rates
As title loans are primarily collateral-based, multiple factors have an impact on the actual loan amount you get and the interest rates you have to pay.1
Many lenders use your income proof and market value of the acceptable property (your car) to determine the amount and other factors. Here are some of the things they check:
- Current condition of your car
- Amount you are borrowing
- Market value of the Vehicle
- Amount of Equity in the car
- Repayment Period
You can call our team or use our free car title loan calculator to know an estimate of how much money you’ll have to pay in your regular installments.
How Can I Pick My Loan Money In Portage, Indiana?
At 5 Star Car Title Loans, customers can get around 75% of their car’s market value1 in loan money within 24 hours2 and even choose their own convenient method to receive those funds.
Here are some of the most used payment options:
- Direct Deposit in the Bank Account
- Closest Moneygram locations in Portage, Indiana
- By a Mailed Check
- Wire Transfer
- In-Person Pick Up
How Long Does It Take To Get A Car Title Loan?
The time period of the loan approval is highly dependent on the applicant only.2
The 5 Star work at its finest to expedite the loan process and ensure that the needy can easily take the benefit of our fast cash loans.
After you submit all the required documents and send in the signed contract, you’ll loan request will be processed and you can expect the funds within 24 hours.2
What Happens To My Car While I Am Repaying The Title Loan?
It will stay with you!1
In a title loan, the car ownership is used as the collateral and per the loan terms, a lien is placed on the vehicle’s title.1
Till the applicant pay back the loan, the lien stays but their car stays with them and they can drive freely wherever they want without any restrictions.4
Once all the loan amount is repaid, the lien is removed and the borrower gets back the full ownership of their car.1
Auto Title Loans Or Payday Loans?
Auto title loans and payday loans are both famous short-term lending options where people can avail quick money without going through long and hard credit checks.
Payday loans are quite popular as in these lending options you can get cash pretty quick as compared to other personal loans. However, these loans have a short repayment period and the borrowed amount must be repaid the next time the person gets their pay.
On the other hand, title loans have comparatively low-interest rates and also allow you to divide your pending loan amount into smaller monthly installments and escape the stress of making a balloon payment.4
In addition, when you opt for 5 Star Car Title Loans for title loans in Portage, you may also be able to get same-day funding2 from the comfort of your home.
Things To Keep In Mind While Applying For Title Loans In Indiana
If you are thinking of applying and getting financed from an online title loan in Indiana, there are certain key practices you can follow to find the right lender, and protect yourself from predators.
Look At The Lender’s Reviews
Before you finalize your lender, make sure you do proper research on them. Check their reviews of past customers and look for any complaints against them or not.
Learn About State Title Loan Laws
One of the best ways to get the right lender for you is by being aware of the latest rules of the title loan laws in your state. Keeping yourself updated with the new guidelines will help you avoid red flags and shady companies.
Understand The Loan Terms
Before you sign off with any lender, make sure you understand the ins and outs of the whole loan process and compare their services to choose the most compatible one for you.
Keep Count of the Credit Checks
Make sure you only apply with a few loan providers as multiple credit inquiries can have a negative impact on your credit score.
Call And Get Instant Money With Same Day Title Loans!2
People who have some occasion coming up or bills piling up can contact 5 Star Car Title Loans and take their help to get extra cash and manage their monthly budget.
Just give us a call at (888) 309 0994 and we’ll assist you to cover your bills and get by the month.
