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One of the most common ways people obtain a loan today is by using collateral in the form of an asset, and this form of loan is called title loan or pawn in some places. It is becoming very popular in the world today. The most probable reason is that it is relatively smoother and more comfortable to obtain. The other reason is that the credit rating of the applicant is not usually a considered criterion for qualification. Also, this type of loan is quicker to obtain in case of a financial emergency; one can easily opt for it.

In this article, you’ll learn about all that is necessary about title loans, the entire process, and some of the possible alternatives.

Application procedure for an auto title loan

Some unforeseen circumstances can happen, and one will have to spend a lot of money. Maybe one has health issues and require to see the doctor or any other emergency.Acar title loan may be the most straightforward and faster alternative. As for those that have never applied, it’s straightforward, and you will learn about all that is required for easy title loanshere.

Documents needed for the application

  • A legal identity card issued by government
  • A vehicle title
  • Some information might be required, like residence proof, income proof, valid registration number of a vehicle.

To apply, an individual must:

  • Be 18 and above
  • Have ownership of a vehicle with your name as the title
  • Fill an online form or visit the center when convenience

It looks simple, right! That is precisely how it is. The amount that one can acquire from an auto title loan depends on some factors such as the worth of one’s vehicle, and some specific requirements that are state-dependent. However, one should have a right understanding of the mode of operations of the company forbetter title loans.

Also, it will be dependent on the reliability of one’s income. For people with exceptional cases like disability, unemployed or retired, benefits are attached to it. Also, one must not be physically present; you can apply for acar title loan online.

Working principle of a title loan

For one to borrow with their car as the collateral, one needs to have much equity about the ownership of the vehicle to fund it. In a nutshell, one has to have paid all the loans obtained to purchase the car.Although some lenders or organizations accept applications even when you still not have paid the amount for securing the vehicle, depending on a range of amount between $100 and $5,500.

The amount that will be given in all cases is dependent on the value of one’s car.However, it is not possible to squeeze the price of the car out from the title loan.That means you cannot expect an approximate amount of your car’s selling price. This is because the lender usually borrows out what they can quickly be able to sell the car to repossess in the case you are not able to pay back the cash. In most organizations, they usually give between twenty-five to thirty percent of the net worth of one’s car. Also, they will put a tracking device in one's car to prevent hiding of the car when someone denies to pay off the money.

Some banks also allow one to borrow against their vehicle though it is more common in the companies that are specialized in title car loans.

Repaying the loan

On almost all occasions, car title loans are fora short time, and one has to pay back between fifteen to thirty days. This implies that one has to come up with the plan to pay back as fast as possible. This payment is called a balloon payment, but in some instances, one has to extend the cash when they are not ready, and that is called rolling over.

Rolling over:One can get a new date for payment of automobile title loan. But rolling over is not the best way to go because each time you do that, you will be paying a new interest in addition to the initial one.

Interest rate:In most cases of title loans, especially the online title loans, the interest rate is usually 25 percent in a month, which is okay. But if the loan is for one year, the APR (annual percentage rate) of that interest will be 300 percent.

The total cost that one will borrow:With title loans, prices are high, and usually, their interest rates are higher compared to what one pays with a credit card. Some state laws used to limit the rate of interest, but they are still relatively high. Amazingly that one will pay fees to get title car loans, and in the end, this will increase the cost of your borrowing. This means that this type of loan can lead one to be repaying severally what they borrowed. This does not sound good.

Things to take note before applying for a title loan

You need to own a car or to have equity on it

It is commonly called acar title loan, but some other vehicles like the truck, motorcycle, etc. can be used, too. But one must have one hundred percent ownership of the car in most cases. This is to ensure that the car serves as collateral, which is what most loans require.

Know that car title loan has high interest and fees

Best title loanswill never charge less than 25 percent of what one originally borrowed per month or the best 30 days. This means that if one borrows $1000 and the charge rate is twenty-five percent, you have to pay $1,250 at the end of the month. If this is summed up in a year, it will accrue to 300 percent, and there are likely to be additional fees, which is higher than the conventional loans.

As such, you should be aware of these consequences, and there should be a clearly understood agreement from the onset.

If you are unable to repay your loan, you may lose your car

When one is unable to meet the agreement of repaying, they are likely to lose their vehicle. But the lender may allow you to roll over, which is a bit better when compared to losing the car.However, it makes you add more interest in the long run.

For instance, you take a loan of 500 USD with a 125 USD as interest. When the agreed time is over, and you roll over, the initial 125 USD will be there, and the next is another 125 USD for the extension in time. This is simply telling you that you will be paying double the interest. The truth is if one should keep rolling over a loan, it will lead to an interest that they will not be able to pay.

In a situation that you can’t repay, the lender will repossess your collateral, which is mostly the car. This will lead you to pay much higher fees to get the car back with the past dues inclusive. If you are unable to pull that together, you will have to find another means of transportation. This is that not so good about acar title loan.

Special considerations regardingautomobile title loans

This loan looks attractive when one is in an emergency or when one in difficult credit. But high costs are associated with the loan, precisely car as collateral is enough for the borrowers to consider. The APR on automobile title loans is as high as 300 percent, which is higher than a hundred percent interest. This can lead to a treadmill in financial life, where the individual is not going to catch up with the payment. This type of loan is referred to as predatory lending as the lenders are preying on people that are in emergency need of cash.

Title Loans Fees and Interest

For those that are starting, they will pay a processing fee to be part of the loan application. Whatever the fees will be called, it must be a plus on the interest to be paid. Any payments can make things difficult in borrowing. The interest paid in the title loans is also notoriously much than it should be.

Payment options for an auto loan

There exist lots of options when it comes to paying back. One can pay online through the lender's platform for online payment. It can also be by mailing them with a check, by phone or even visit them physically to make your payment. In some instances, an auto title loan can be paid with the aid of western union, and some of the providers also accept MoneyGram.

One good thing about title loans is that the process for payment is easy, it is also fast and promising, and also, one can get the loan very quickly in just a few minutes. But make sure that there are firm plans on how to repay it when due, this is where the problem lies. Losing one’s car is devastating; therefore, make sure you give it a second thought before coming up with the final decision. Car loans require that one check their credit score as a result, but one must not have a bank account. In some companies, one can repay their car title loans completely online without having to fill any form physically.

Substitutes to title loans

Obtaining title loans can be tempting, especially when one has an emergency offinance to deal with, but there some other options to consider first. This is because these options have no risk of losing a car or rolling over, which may lead to a heavy repaying as is required in title loans.

  • Appeal postponement from creditors:when it happens that your financial emergency is because you owed someone, beg them to extend to sometimes. Many creditors out there will extend if they are aware it will be for a short period and that you act in upright faith.
  • Negotiate about your debt:in a situation that one needs the title car loans to pay off an accrued debt of cred card, one can initiate negotiations with the companies, and in most cases, and a resolution will be reached less detrimental to the loan.
  • Use a credit card instead:this could be a better option compared to the title loans. Their interest rate is lower, and in most of them, when one can pay the full payment in all the months, you probably will not pay the interest.
  • Apply for a lax personal loan:these loans do not require collateral and usually have a low rate of interest.
  • Use tax refund at your disposal:should you have taken an automobile title loan and there is an expectation of a tax refund, fill it immediately. This will serve as a shock absorber that will prevent one from falling into the shackles of debt.
  • Borrow from friends and family: this should probably be the first source. There is nearly zero interest in this source, though it may not be uncomfortable. But the sweet thing is that there is no rolling over or the risk of losing one’s car.

Frequently asked questions on an auto title loan

  • What is the duration of time that it will take before one will get the money?

It is swift and easy. The primary determinant of the duration is how quickly you finish the procedures require and submit documents. Those that will provide everything in the day time will get their money in less than an hour or at most within the day.

  • What amount Can one Borrow?

This is dependent on the value of your car or motorcycle or anything that one presents. After all the due process observed, the lenders will seek the intervention of an expert to assess the worth of the collateral. The outcome will be the determining factor of the amount that will be given to you.

  • Do one need to have a job for eligibility?

One does not have to be employed before eligible for an auto title loan. All that is required is a car that belongs to you and the needed evidence that it belongs to you.

  • During the period of online title loans, who has the ownership of the car?

The full ownership of the car is with the real owner, in this case, the person that borrows money. But there should be constant communication with the lender to make sure you will fulfill your part of the loan agreement.

Conclusion

Title loan has a significant advantage and some not so good things, too. There are various means of applications, and for sure, the options are increasing. Considering the need and emergency, an online title loan is what many prefer. But before applying for such a loan, one should weigh all the necessary options to avoid a cycle of debt.