Welcome to another 5 Star Car Title Loans‘ personal finance tips article. We know that it can be tough getting through from one paycheck to the next. Unexpected needs for cash can turn up that totally throw your budget and cash flow off. If you begin looking for cash loan places near me, you could become frustrated at the rules and restrictions. An easy option for getting cash loans today is by applying to online loan companies.
By applying online, you can speed your request through quickly by using a car or motorcycle that you own to get a secured loan. Secured loans are much easier and quicker to get than unsecured loans. To be considered for a secured loan, you can simply use your vehicle’s title as a sort of collateral.
By securing your loan with your vehicle, you can still keep driving your car or motorcycle – don’t worry about that! Lending companies know that you need your wheels to get around, but they also need some form of insurance that you will pay your loan amount back.
By merely keeping your vehicle’s title to secure your online loan, a lender can quickly qualify you for a fast cash loan. For more details about how car title loans or motorcycle loans work near you, read on.
Vehicle Title Loans for Any Quick Cash Need
Car title loans are simply a way for car or other vehicle owners to get access to a fast cash advance. If you are a minimum of 18 years old and you own some sort of valuable vehicle, you can use its title to be eligible for quick cash online. There are no tricks here – it’s the value of your vehicle that is actually securing your cash loan online.
Here is how it works. After sending in an online application, the online lender will check the value of your vehicle. If the value is high enough and you meet other credit criteria, you could be eligible for an instant cash loan that uses the value of your vehicle.
You can keep your vehicle, but until the fast cash loan has been completely repaid according to the repayment terms of the title loan contract, the lender will keep your car title. You can drive your car, but you can’t sell it. When you have completed the monthly payments and nothing else is due, you can get your title back.
When you give your title to the online lender, it must be clear and free of liens or other names as owners. When the title is returned to you by the online loan company, it will be free and clear, as the loan company will remove its name from the title.
The reason the lender wants to keep your title on file is so that if a borrower stops repaying the loan, the lender has the right to repossess the vehicle. The car or motorcycle can then be sold to finish paying back the loan. This would only happen in the severe case of a borrower defaulting on the loan, as it gives the online lender a backup plan for receiving payment.
Online Cash Loans with Bad Credit
Securing your quick cash loan online with your vehicle’s value means that the online lender has a way of getting the loan amount back if you don’t make the payments. Because of this safety net for the lender, even users with bad credit can be approved for cash advance loans.
Even though a traditional lender, such as banks or credit unions, would not welcome customers with a bad credit history, online lenders are different. Because their risk is covered with the vehicle’s value, they are glad to accept fast cash loan requests from bad credit users. In other words, having a bad credit status does not mean you won’t be quickly approved for quick cash online.
This is even true for bad credit users looking for quick cash loans without bank account near me. While having a bank account makes the fast cash loan go through easier and faster, you can speak with your online lender about other options. If you cannot open a bank account, discuss how to go forward with an online lender.
If you have experienced credit difficulties in the past, you are not alone in that. Many consumers have either gone through rough financial periods or for some reason ended up with a bad credit score. With bad credit, you might be turned away from standard financial institutions, but you are very welcome to contact online lenders at any time.
Getting Started with Online Cash Loans
To begin your application for car title loans, you only need to set aside a few minutes. Don’t worry about asking for time off work to follow through with a long and complicated application process. Online auto title loans are easy to apply for and a few minutes is a sufficient amount of time to complete the first step.
The first thing you’ll want to do when beginning your quick journey to fast cash is to make sure your documents are in order. The vehicle title is important to check, to be positive that only your name is written as the owner. Once this is confirmed, gather your income statements, driver’s license and other simple items that you have around the house or in your vehicle.
With online loans you have the option of applying anytime, from any location that has wifi and by using any electronic device. That makes the entire application process super simple and easy to manage. Whatever hour you are able to begin the process it’s fine, because there will be a customer service representative who can begin the steps to pre approval.
Here’s how to begin:
- With whatever computer, tablet or smartphone you have handy, go to the lender’s website to locate the quick online inquiry form. With it filled out and completed with your pertinent details, send it off to the loan company. This is enough information about you and your vehicle for the approval process to begin. There’s no need to worry about your private details being compromised by sending them through the internet – online lenders use highly advanced software to encrypt your data to keep it safe.
- Arrival of your online application in the online lender’s website is what gets the ball rolling and your lending decision on its way. The customer service team on the lender’s side will pick up the ball and get started with the credit review. After an evaluation of your vehicle’s value, your ability to pay and meeting their specific credit criteria, you can get a notification relating to your loan approval.
- If your loan request was approved or pre approved, you will find out quickly. However, with pre approval you will also receive a loan agreement. Now it’s your turn to take your time to read and comprehend the way the loan agreement works and the loan amount. If you think that this car title loan amount will help you in your current situation and you sign it, the lender will move on to the final approval. To accept the loan offer, you will need to turn your vehicle title in to the online loan company’s office. When your emergency cash is prepared, the lender can discuss with you the options for picking it up. If you don’t have an active bank account, the funds cannot be received via a direct deposit.
That is the final stage of the process for getting quick cash loans without bank account near me. Feel free to reach out to your online lender concerning any problems, questions or issues.
Using Your Online Cash Loans for Immediate Expenses
Once you have received your emergency cash advance, the next question is how will you spend it. Since there are no strict restrictions regarding this, it is really your choice. Unlike a financial institution that might want to know why you want the loan proceeds, online lending companies do not get involved in how your cash advance is spent.
Online lenders understand the need to get cash loans today. Yesterday you could have been flush with expenses and then today a credit may have called to remind you about a loan you forgot to pay. Rather than let it go and pay exorbitant late fees and high interest rates, it makes sense to request a quick cash loan online so you can take care of it now.
There are more reasons than you can imagine why someone might need fast cash loans online. If the reason is important to you, then the place to go is to an online loan company for quick help with fast cash loans.
Reasons for cash loans near me:
- Fixing dangerous or expensive problems in your home or apartment, to avoid damage or someone getting hurt.
- Stacks of credit card bills that are due before your next paycheck arrives.
- Paying for your parents to come visit you for 2 weeks in the summer.
- Planning an important family event, such as a special birthday or anniversary.
- Covering the emergency medical expenses of you or a family member.
- Consolidating your bills into one single payment by paying them all off.
If a little extra cash in your checking account or savings account would help you cover these expenses or any other ones, bad credit loans could be the answer.
Documents for verification and quick cash loan approval
To verify your details for loan approval, there are a few items and documents you can prepare. The more accurate your information is, the quicker the title loan approval process can go. To avoid unnecessary delays in processing your cash advance, have a look at the following list.
Items to prepare or copy:
- Driver’s license or other government issued photo ID, such as a state issued ID or a valid US passport
- Information for a receiving of the loan proceeds without a bank account Some users set up an automatic payment system through their checking account as an easy way to manage the repayment. If you don’t have a bank account, you can speak to the online lender about other options.
- An accounting of your expected income each month – List everything you expect to receive in a month to increase your chances of a higher loan amount, rather than the minimum loan amount. For each item you list, include a way the lender can verify it. For your salary from your job, your pay stubs would be good proof. If you have other income, such as from government programs or special subsidies, include documents or your recent account statements. Whatever income you currently have, whether it’s from social security payments, worker’s compensation or child support payments, include documentation so it can be verified.
- Details of the vehicle that you own – It’s important to be accurate with the details so the lender can prepare a correct evaluation. Send the model name, the specific style, the year and a summary of how it has been maintained. The number of miles on the odometer can also affect its value, because if there are more than the expected number the value can decrease. If there are less miles, your vehicle will have a better value. If the vehicle has been in wrecks or has not been maintained well, it will affect the resale price. In some instances, the online lender may request photos or an inspection for clarification.
- Vehicle title – The title is what is used as security so take the time needed to double check that it is current and updated. For personal loans using the title as collateral, it can only be in the loan applicant’s name. If anyone else’s name is on the title or it wasn’t transferred to your name correctly, take care of it with the DMV.
- Place of residence – To prove where you live, you can use a utility bill that has your name and address on it. Other options are credit card or account statements or a copy of your rental agreement or mortgage.
Getting Approved for Online Cash Loans
If you sent in all of the required information and documents to process your quick title loan request, the lender’s customer service representatives will be able to breeze through your material. You should expect to receive a notification from the lender regarding your approval status after a short time.
There are 3 factors that the loan office takes into account when approving your personal loan request. If you have any questions about this, you can discuss it with the online lender.
Factors for quick loan approval:
Determine if the value of your vehicle is high enough to be used as loan security- Besides being over 18 years of age, the vehicle must be yours. After the lender verifies this fact, your vehicle can be evaluated. Using Kelley Blue Book price, the value will be checked according to all of the details that you provided with your online loan application.
Verify that your income is adequate to be able to make the required monthly payments – The lender will check all of the sources of income that you provided to determine and confirm your ability to pay. You can be approved even if you don’t have such a great credit score. Even with a bad credit score it’s possible to get quick cash loan approval.
Meeting the lender’s credit criteria – Online lenders have their own set of credit criteria, and in general it’s easier and more flexible than the rules and regulations of traditional financial institutions. Your lender can give you more information regarding the credit criteria used.
If you can pass through these 3 factors, you have a good chance of being approved for an auto title loan. Send in. your online application anytime for quick answers to get a cash advance.
Online Loan Providers for Poor Credit
For applicants who want to borrow money with bad credit scores, it can be tricky to know where to get a loan. However, online lenders, such as 5 Star Car Title Loans, welcome users with a poor credit score or a bad credit history. There’s no reason to feel down in the dumps or get depressed because you don’t think you will be eligible due to your credit check.
If you’re in a tight money spot today and you don’t want to mess with banks, credit unions or other traditional lenders, stay at home and send in your loan application. You can get quick answers to your request for secured loans. You have loan options, but applying for cash loans online are easy, quick and convenient.
At 5 Star Car Title Loans, there is always a friendly face waiting to help you with the cash loan that you need urgently. Your online application will be quickly reviewed so that you will know right away if your loan application has been approved. If you get a loan agreement and sign it, you can be on your way to the cash loan online that you need urgently.
