Getting a quick loan in Arkansas can be an easy solution for anyone suffering from a cash shortage. At 5 Star Car Title Loans in Arkansas, consumers with various credit types are welcome to send in a request for personal loans for bad credit. Whatever your situation is now, an online loan could provide the solution to any immediate cash problems. There are only a few steps to get started and you will get a fast credit decision. If you need money to pay medical bills, to cover urgent expenses or to get rid of credit card bills that are due, we want to help. By using the equity you have built up in your vehicle, you can get money fast. But don’t worry – you don’t need to give up your car! You can keep your car, drive it wherever you need to and also have cash in your pocket! Contact us today for an easy online loan for bad credit in Arkansas.
What Are Car Title Loans in Arkansas?
There are many types of personal loans you can look for when you need money quickly, but not all of the standard cash loans are available for bad credit types. That’s where title loans can help, because they are easier to get when you have a poor credit score. You don’t need to have perfect credit to get title loans! You don’t need to jump through hoops, complete loads of forms and deliver stacks of documents! Car title loans are the simple way to get the cash you need quickly and in only a few steps.
You might wonder what it means to request title loans. They are simply loans that use an asset that you own as security for the loan. That’s why they are also called secured loans, as opposed to unsecured loans. If you own a car or other vehicle that has value, then why not use its value to secure your next loan? Even by using your own car as collateral for a fast loan, you can still keep driving your car. When you think about it, it’s a win-win situation! You get the cash and keep driving your car while you pay back the loan.
Do I Need Good Credit to Obtain Auto Title Loans in Arkansas?
When you send in your request for an online loan, you can use your car’s title as security. Secured loans are easier to get if you have poor credit. The way it works is that you need to submit your car title while you are paying back the loan. Since the lender has your title as security, your credit status is less important. There are still requirements for getting approved for quick online loans, but they are easier than with a regular, traditional type of loan. Look below to see what you will need when requesting your personal loan online.
Basic Title Loan Requirements:
Getting online title loans in Arkansas can be really fast and easy, but there are a few simple requirements to know about. To apply, you can have the documents and information ready so the application form will go quickly. In fact, when you’re ready to complete your inquiry form you won’t need more than 10 minutes. To begin, here is what you should have next to you:
ID with a photo – this is either an Arkansas-issued ID card, a valid driver’s license or even a passport.
Bank account information – we’ll need your bank’s name, address and account number. This will make it easier to transfer your funds and even give you the opportunity to make electronic transfers to make your monthly payments.
List of monthly income – Send us a complete total of all the income you expect each month. It’s ok to include all types of government programs and deposits, child support payments and money you receive from your work. For proof, you can use recent bank statements, salary stubs, legal agreements or whatever you have.
Your physical address – Where do you live? Write in your Arkansas address for great communication.
Valid email address – We will need your email for quick communication.
Title to your vehicle – We expect the title to your vehicle to have your legal name on it. If your name is not on the title, contact the DMV nearest you for help getting it corrected. It needs to be a legal title registered in the state of Arkansas.
Those are the regular documents you need to have prepared for a fast credit decision. If more details are needed, you will be contacted. You can get started now!
How Do I Know if My Online Request Will Be Approved?
If you send in the necessary documents, it won’t take long at all to determine your eligibility. Online loans are easier and faster to get than regular personal loans, so we can make a fast credit decision. However, there are a few determining factors. No matter what credit status you have, you can send us your online inquiry form. We will run your info through our flexible credit criteria and let you know the lending decision right away. You can see below what the important determining factors are that go into the lending decision:
Value of your auto: The amount of escrow you have in your vehicle and its value are important in evaluating how much your loan can be. The car or vehicle should be paid off so that you are listed as its owner. If it’s not completely paid off and there are a few remaining payments left to be sent in, we might be able to help. When determining your auto’s value for a car title loan in Arkansas, we will take into account its condition including the number of miles, the model and style.
Your present monthly income: It is necessary to know how much money you expect to receive each month in order to understand if you will be able to manage the title loan payments. We will need a list of all your income, which includes your salary from any job that you have, any divorce settlements or child care payments and whatever government programs you receive funds from. Along with a list of these items, also prepare proof, such as your most recent bank account statements, your paycheck stubs or other documents.
Clean and clear vehicle title in your name: Check your title to be sure that it’s in your legal name and that you registered it in the state of Arkansas. If you have lost your title or if the registration is in a different state, you may need to go into the DMV to get a new one. If your name is not on the title, it cannot be used as security for a title loan.
When all of this information is taken into account, we can offer you a lending decision that fits in with our credit criteria. If your request is pre-approved you can get an offer to consider. You aren’t under any obligation to sign anything, but if you decide to go ahead with the secured loan offer, you can sign it and complete the loan process quickly.
How Long Does it Take to Get Title Loan Approval?
Basically, the entire loan process, from beginning to end, can go very quickly. If you are well prepared with your necessary documents when you send in your online inquiry form, you can get a quick answer regarding pre-approval. Sign the loan offer that you get, send it back in and you can find out how long it will take to complete the final contract and get your cash. If your title is in order, your income is adequate and your car has good value, it won’t take long to get your answer.
When I Get an Online Loan for Bad Credit in Arkansas, is there a prepayment penalty?
With car title loans in Arkansas, we hope that you will pay back the money as quickly as you can. If you get a chance to pay the loan back early, it is in your best interest to do so. There is never a penalty charged for prepayment of your online loan, so go ahead! The sooner you get started with your online request, the faster you can get your cash!
What Can I Use the Online Title Loan in Arkansas For?
In general, you can use the funds from personal loans for bad credit in Arkansas to help out with whatever financial pressures you’re dealing with today. We’re sure that you know better than we do what those might be! The reason you are in a financial crisis is your business and not ours, but there are some typical uses for money from car title loans.
Here are some reasons for quick loans for bad credit:
Emergency travel – you never know when a family crisis or emergency might come up that needs your quick attention. If your family lives across the street or on the other side of town, it might not be a problem. But if you need to travel a distance, you might need cash for the trip.
Medical bills and expenses – as nice it is to stay healthy, accidents happen. You could be a person who never gets sick but then suddenly you or a family member need emergency surgery. If you or a loved one has been ill and hospitalized, you could have some hefty medical and pharmacy bills waiting to be paid. As unpredictable as medical emergencies are, title loans can help.
Repairs to your home – there are some repairs to your home that just can’t or shouldn’t wait. The longer you put off repairs, the more damage can be caused. Do the smart and responsible thing by taking care of home repairs as quickly as possible. If you don’t have the funds, consider a vehicle title loan. Don’t forget – even after you get the money you can still drive your vehicle!
Paying credit card bills – While it might not be a great idea to borrow money to pay off loans, it can be quite beneficial to pay off all your credit card bills once and for all. Check out what the total amount owed is on a few of your cards and make them disappear! Going forward, you would save money on interest and you could create a budget that would be easier to manage. Not to mention all the interest, late fee penalties and late charges you would be saving!
Setting aside an emergency fund – Once you get your title loan and pay off your urgent expenses, what about putting a little extra aside to have on hand for emergencies? Whatever extra money you can put into a savings account would be there to handle any unexpected expenses.
How Can I Repay Bad Credit Loans in Arkansas?
Speak with your lender, but you should have a few convenient payment options to choose from. You probably want to know how this works even before you send us your online request for personal loans. To make it easy on everyone, there are choices and you can choose the payment method that works best for you. Of course, if your situation changes you can always discuss a different option with your lender.
Different ways users can repay title loans:
Write a check and mail the payment to a 5 Star Car Title Loans office in Arkansas.
Go online to pay through your account.
Speak with your bank about setting up an automatic payment plan (this will save you money on interest and late fees, because you won’t forget to send in the payment!).
Call one of our agents and make your payment over the phone.
Title loans are an easy way to put your vehicle to work for you! Without giving it up, find out more about how you can use your car’s title as loan security to get quick cash. Contact us online or by calling us at 5 Star Car Title Loans in Arkansas!