We are currently not providing car title loan services in this state. The information brought here is meant to explain in general terms what auto title loans are.
Title Loans in South Dakota
Hard times can hit when you least expect them. And during a financial emergency, you may not have enough time to go for a traditional bank loan. So, when you have no more savings left, you may need to resort to borrowing money from third-party lenders.
You may want to choose a bank loan when you need money. Undoubtedly, a loan from a traditional financial institution such as a bank or credit union can be an excellent solution for long-term expenses, but it may not be viable when you have a bad credit history.
In that case, you need to explore other alternatives that allow borrowing with bad credit such as Title loans in South Dakota. These quick cash loans can help you easily navigate through financial difficulties in the short run.2
What are Car Title Loans?
Car title loans are designed for those who need immediate funding for emergency expenses but can’t wait for long. These are known by many names such as vehicle title loans, auto title loans, pink slip loans, and auto equity loans.
Title loans work as a short-term loan option particularly helpful for people with a bad credit score.1 The loan processing and approval period for title loans are significantly shorter than traditional bank loans.2
Thus, for people who need urgent cash without a lengthy process or any credit check, taking a title loan is usually the ideal solution.1 Unlike other collateral loans, you don’t have to submit your car as collateral. Instead, your car’s title will be used as loan security.
Applying for Collateral Loans in South Dakota
Title loans process at 5 Star Car Title Loans is much quicker than a personal loan from the bank. You can get started online by filling out the e-form and submitting your loan application.
Here are the 3 Steps for applying for starting your title loan process:
Online Application Form
You can find the application form on our website and submit the loan request online at any time. It may take 2-5 minutes in filling out the e-form.2
Upload required documents
It is recommended to provide valid and authentic documents for a rapid assessment. You can simply upload the documents for an online assessment and if you meet the required criteria it will expedite the loan approval process.2
Eligible applicants can get approved quickly within the same day following document verification.1 In addition, we provide funding within 24 hours of approval to support the applicants.2
If you want to know your eligibility for a title loan in South Dakota, get in touch with our experts for a consultation today!
What’s required to be approved for title loans in South Dakota?
To prove that you can fulfill the minimum loan requirements you will need to provide a few basic documents for approval. Our team will assess these documents to determine the car’s value, general information about the applicant, credit history, ability to repay, and loan terms.
Here are the key documents you will need to submit for loan processing:
1. Clear Vehicle Title in Your Name
The most crucial document for title loan approval is the car title certificate. A lien-free vehicle title shows your sole ownership and proves that you are legally liable for the car. Thus, when you submit the original title certificate, it works as collateral to make it a secured loan.
Additionally, it is crucial to know that a copy of the car title or a salvaged car title may not be accepted by lenders.
2. Car Registration & Insurance
The registration of your vehicle may also be required along with the car insurance as these will help assert that you are legally eligible to drive the car and it’s covered under insurance. It helps assure lenders that they don’t need to bear liability if there’s any accident during the loan term.
Moreover, it provides the following crucial information for document verification:
- Car owner’s name (matching the car title and driver’s license)
- Vehicle year
- Car’s make, model, and other crucial details.
3. A Valid Government-issued ID
Your driver’s license is required for title loans as it helps prove that you are a legal adult authorized to own and drive your own vehicle. Your passport or other government-issued photo ID can also be used as your identity proof.
4. Proof of Income
Your ability to pay the loan back is a key consideration for loan approval.1 Thus, you should keep your income proof, such as pay stubs, bank statements, business records, or other documents for providing alternative income proof handy for the submission.
The income proof assures lenders that you will be able to pay regular installments.4 Thus, having a stable income source strengthens your chances of getting approved much faster.1
5. Credit history
Credit history is needed for loan assessment although most lenders don’t run a credit check. It doesn’t affect your approval chances as title loans can be approved even if your credit score is too low.1 Thus, no need to panic if your credit score isn’t perfect.
6. Residence proof
Title loans aren’t allowed in every state. In some states, the state laws specify limitations on title loan interest rates, amount, and other loan conditions. Thus, most lenders require valid residence proof of applicants to determine loan terms in their particular location.
You can submit the following documents as your proof of residence:
- Utility Bills
- Credit card bills
- Rental Agreement
7. Car Photos for Inspection
You can skip the in-person car inspection when applying for a title loan with 5 Star Car Title Loans. You can opt for an online inspection where you just need to provide your car photos including the odometer and the VIN (Vehicle Identification Number).
Our team will assess the car’s condition and provide an accurate estimate of your car’s value and how much cash you can borrow.
If you want to know your loan eligibility or have any queries, give us a call at (888) 309 0994 for a consultation today!
How Fast Can I Get the Title Loan Funds?
Similar to payday loans, title loans can be approved on the same day and you can receive the money in your bank account within 24 hours or less.2 Thus, you won’t need to wait for long when you need emergency cash.
You can get the loan proceeds via –
- Online payment
- Through a mailed check
- Direct deposit in your bank account
- From MoneyGram
- Get the check mailed;
- Pick up the cash from your nearest bank branch.
What If I’m Unemployed? Can I Still Get A Title Loan in South Dakota?
Title loan is an effective way of availing funds for people who don’t have a stable paycheck at the moment. Therefore, unemployed residents can still qualify for these loans.1 For this, they can use income proof from another source such as the following:
- Pension after retirement
- Disability Insurance
- Unemployment benefits claim
- Social Security benefits
- Income from any side businesses
- Income from a rental property
- Trust fund or inheritance payments
- Court-ordered payments from money settlements
- Income earned via any other alternative methods
Thus, it isn’t mandatory to show your salary as the income source to successfully qualify for a title loan.1
Looking to obtain a title loan at competitive interest rates? Consult with our loan experts today!
Advantages of Choosing 5 Star Car Title Loans
When you need immediate funding with the fastest processing times, you can rely on 5 Star Car Title Loans2. In addition, you can enjoy the following benefits:
- Easy Fully Online Application Process
- Funds Availability within 24 Hours of Loan Approval2
- A Good Credit Score is Not Mandatory1
- Flexible Repayment Plan with Low Installments4
- Round the Clock Quality Customer Support
Reach out to our team at (888) 309 0994 and get approved for a car title loan at competitive interest rates!