One of the easy ways to get money when you need it desperately (and quickly) is by using your car’s value. It’s possible to get a title loan simply by taking advantage of the equity you have in a vehicle that you own. It’s simple, fast and without obligations.
The fact consumers love about the title loans online instant approval process is that they can still keep their car or other vehicle to drive and use as needed. There’s no change there. Whenever you need to go somewhere or run errands, your vehicle is with you.
By securing your quick loan with your auto, the approval process can be done quickly. There is less risk for the lender, because if you don’t follow through with your loan payments, the lender has the option to repossess and sell your vehicle. This is how the lender protects himself.
To find out more about how title loans online with instant approval, no credit check can help in any situation, read on.
Secured Loans Versus Unsecured Loans
For anyone who has a poor credit history, secured loans can be a simple way to get a loan quickly without a lot of hassles or red tape. With bad credit, it can be much easier to be approved if you offer some of collateral. With collateral, it gives lenders a way out if the borrower defaults on the loan payments.
Let’s face it, we don’t know what a day might bring. Even if you’re doing fine today and you feel like you can handle loan payments, an emergency might be waiting around the corner that you weren’t expecting and you’re not prepared for. That’s why it’s easier to get a secured loan. This is especially true if you have a bad credit history.
A secured loan means that the borrower is offering something of value as loan security, or a type of collateral. With title loans, you are offering your vehicle’s title as security. In the case of non payment, that will give the lender the option of repossessing the vehicle and then selling it to recoup any unpaid bills or loan expenses.
With an unsecured loan, the lender only has the borrower’s word to go on. This could result in a more expensive loan with higher interest rates. That would be the only way a lender could feel protected in the situation of non payment.
How the Process for Online Title Loans – Instant Approval Works
When you are in need of urgent cash and you’re not sure where you can go, think of the vehicle you have parked in front of your house or in your driveway. If the vehicle belongs to you, you can request a title loan. The title loan would use its value, but you can keep the car with you.
To find out if you can be approved for instant approval online title loans, simply send in an online title loan application or go into a loan office near you. There are only a few steps and because the loan is secured, you can get a lending decision quickly.
Here is how the process goes:
Get in your car and go to a loan office or bank or stay at home and go online, using a laptop, tablet or smartphone. Wherever you go, you’ll need to complete a title loan application form. It’s quick and easy, without a lot of personal information to fill in. What’s important is that you include the basic details of the vehicle that you own.
Keep in mind that if you apply through a loan office, you’ll need to pay attention to the day of the week and the office hours. However, with online lenders, you can approach them anytime without going anywhere. Day or night, weekend or weekday – it doesn’t matter. Send in an online title loan application anytime.
When the lender reviews your application for title loans online, instant approval, no inspection, you’ll receive a fast credit decision. You could be pre approved for the cash you need. Along with loan approval, you will also be able to sign a title loan agreement.
Remember that it’s your decision if you choose to sign the agreement and accept the title loan proceeds. It is always suggested that you take your time when making this decision. Read through the entire title loan agreement to fully understand the terms before signing it.
When you agree to the title loan and you want to continue with it, sign it and return it to your lender. That’s when your cash loan will be prepared. Have your vehicle title ready to submit as loan collateral before you pick up your cash loan.
Your lender will keep your car’s title while you are paying back the title loan. When you finish making all the payments and you have fulfilled the contract, your title will be returned to you – free from liens.
Required Documents for 24 Hour Instant Approval – Online Title Loans
To prepare for a fast title loan process, you can prepare a few documents ahead of time. While the loan application does not require complicated information or forms, it will speed the approval process along if you have the information ready before hand.
Since the information and personal details required on the application form is simple and straight forward, you will most likely already have everything at your fingertips, or you might need to make a copy of it.
Before beginning to consider your eligibility, you must be over 18 years of age.
Necessary documents and information include:
- Valid car title – It can be time efficient to pull out your vehicle’s title to double check that your name is written as the car’s owner. In some cases, maybe you forgot to put it in your name, or a loan company left a lien on the car. If your title needs to be corrected or updated, you can go to the DMV for help.
- Government ID – Use a piece of identification issued by the government that has your picture on it. Consider using your driver’s license, passport or a state ID.
- Proof of your income – Wherever you get your money from, you’ll be required to show proof. Whether your income is from your salary at work, a government program or an insurance payout, you will be expected to show documents proving it. If your income is from your job, you can include your last 3 pay stubs. If it’s from a different source, try to include documents, letters or your recent bank account statements.
- Insurance – Many loan agents will want to make sure your vehicle is insured. In case of an accident or theft while you are in the repayment process, this will guarantee the lender that the asset will keep its value. Have your insurance policy ready to send.
- Vehicle registration – This should be a current registration that shows your vehicle is registered under your name and in the state where you live.
- Bank account information and details – Your bank account can be used to receive the loan proceeds as well as give you the opportunity to have your monthly payments sent electronically.
- Residency – Your lender will want your home address and basic contact details, including email. For proof of residency, you can send a piece of mail addressed to you, a credit card statement or a utility bill in your name.
In some cases, you will also be required to include a recent auto inspection and current photos. This is to assess its value, which is included in decision regarding the maximum loan amount.
If your lender requires any additional information or documents, you will be immediately notified. The more information you have ready, the quicker this loan process will be.
Getting Title Loans Online Instant Approval Louisiana with Bad Credit
No matter where you live in the USA, you could be struggling to make ends meet. If you’ve suffered a few financial setbacks, you might have a bad credit history. While you might have a tough time getting approval for a conventional loan, it’s still possible to be pre approved for online title loans. In general, consumers with all credit types are eligible to send in an online application for title loans.
Since title loans online, instant approval, no credit check are secured by the value of a vehicle that you own, you can also get fast cash loans. Whatever your credit score is, you are welcome to apply today a for title loan.
Get the money you need quickly and use it for whatever you need.
Uses for Title Loan Proceeds
One of the perks of online title loans is that the cash loans can be used for anything. With some types of conventional loans, the lender wants a lot of details regarding why you want the money and what you will use it for. That is not the case with online title loans.
Examples of spending title loan proceeds:
- Paying all your bills that are due, to avoid further interest charges or late fees.
- Completely paying the balance and credit cards, to save money on interest rates.
- Making minor or major repairs to your home, to avoid potential damage.
- Covering the costs of an important family affair.
- Taking courses to learn new subjects and get a higher-paying job.
- Setting aside money to use as an emergency cash fund.
Whatever you decide to do with the money after getting online title loans with instant approval, it is up to you. You know best how you should responsibly spend your cash.
Understanding Bad Credit Scores
Many people who get a bad credit check are surprised and they don’t know how it happened. Lenders use the standardized FICO system when checking a consumer’s credit. There are a number of reasons that the credit check might come up with a bad credit score.
Reasons for bad credit scores:
- Not paying bills according to their due dates
- Missing or late payments
- A high amount of debt
- Previous bankruptcy
- Defaulting on loan payments
Those are a few of the reasons for bad credit scores.
To improve a credit rating, the following steps can be taken:
- Pay down the amount of current debt
- Begin paying bills on time
- Contact lenders to negotiate late payments or payments that were missed
- When necessary, it can be helpful to find a financial advisor to help get money matters in order. The better your credit score is, the easier it will be for you to get quick loans. Additionally, consumers with better credit scores can often get fast loans with better terms.
Determining Title Loans Amounts
When you’re looking for title loans online – instant approval, you want to make sure you’ll be able to keep up with your monthly payments. I good way to do this is by using a budget calculator. You can find various calculators online, such as affordability calculators or payment calculators.
By using an online calculator, you can change the figures around to help determine how you can get the title loan amount that you want. Begin using the calculator by putting in how much income you expect each month.
Take all your income into account, including:
- Disability payments
- Unemployment funds
- Salaries from every job
- Gig fees for musicians
- Child support payments
If you work as a freelancer or on commissions, you might not have an exact number. Instead, you can take an average of what you have earned over the last 3 months.
Now begin subtracting all of your monthly expenses.
Be sure to include such expenses as:
- Mortgage or rent payments
- Gas and groceries
- Utilities and house maintenance
- Transportation costs
- Regularly monthly payments, such as loans
- Credit card bills
- Car, medical or home owners insurance
- Money put aside for savings
After subtracting your expenses from your income, you can see for yourself how much you can afford to repay each month. It’s always advisable to only borrow as much as you need.
Title Loans Pre Approval Process
To be pre approved for online title loans, there are some basic facts that will be checked. After this short review, you will get a lending decision. If pre approved, you will get a loan agreement to sign and you will see the loan amount.
Getting qualified for title loans online, instant approval:
After sending in the required documents for instant approval, online title loans, the lender will begin with a quick credit evaluation. After determining eligibility, the lender can send out a lending decision.
Here are the deciding points in the loan approval process:
- Value of the vehicle you own: Using the preliminary information included in the loan application regarding the vehicle, the lender will find out how much the car is worth. You may be required to send photos of the vehicle or a recent inspection by a mechanic. The vehicle needs to have a high enough value to use as loan security.
- Your ability to pay: With your proof of income, the lender will be able to determine how much you can afford to pay back each month. To get the maximum loan amount, include all of your income from every source.
- Meeting credit criteria: Each lender has their own credit criteria that determines eligibility. Typically, the criteria for online loans is much less strict than with traditional bank loans.
If the lender checks each of these items and approves your application for car title loans, you will be notified of how much cash you can get. To get your car title loan after approval, you can sign the agreement and return it to the lender.
Which Vehicles Can Be Used for Car Title Loans Online
While a title loan online usually refers to cars, there are other types of vehicles that can be used as loan security for a fast, personal loan. Title loan companies can usually consider any vehicle that has a legal title and has adequate value.
Other types of vehicles for a title loan:
- Trucks
- Motorcycles
- Boats
- Recreational Vehicles
If you have an alternative vehicle with good value, you can consult with a lender regarding it’s eligibility for affordable title loans. Find out more when you send in your online application with the details of your vehicle.
Getting an Online Title Loan the Easy Way
When you need money quickly and you don’t want to go through the hassles of a traditional bank loan, reach out to 5 Star Car Title Loans. You will find an experienced and friendly team of customer service agents waiting to help you get the emergency cash that you need.
Feel free to go to the 5 Star Car Title Loans website anytime of the day to submit your request for an auto title loan. When we receive it, we’ll work as fast as possible to get you a speedy answer. If your request for a car title loan online is pre approved, we’ll send you an agreement to sign.
Sign the form, submit your vehicle title and take your cash!