No matter how carefully you budget your money, an unexpected situation such as a medical emergency, car accident, or home repair can throw a wrench in your financial plans. Some people borrow money from their friends or family when they are in this type of situation, but this isn’t the only option available. You can also borrow the money you need by taking out a cash loan.
There are a number of different cash loans you can choose from, including title loans. If you’ve never taken out a cash loan before, you might be wondering, “Why should I get cash loans near me?” Here’s everything you need to know about title loans, including how they work, how much you can borrow, and the benefits of applying for this type of loan:
How Do Title Loans Work?
Before you apply for a title loan, it’s important to understand how this type of loan works. Title loans are not like traditional personal loans. A title loan is secured, which means it is supported by collateral. To borrow money through a title loan, you must be willing to use the title to your vehicle as collateral.
You won’t lose your vehicle just because you are using it as collateral to support a title loan. If you are approved for a title loan, you can continue to drive your vehicle as you normally would while you make payments. However, the title loan company will hold onto your title or put a lien on it until your loan has been completely paid off.
You will not lose possession of your vehicle to your lender unless you fail to repay your title loan. In this case, the title loan company has the authority to take possession of your vehicle to satisfy your debt. As long as you repay your loan, your car will remain in your possession at all times.
Am I Eligible for a Title Loan?
Some people assume that they aren’t eligible for a title loan simply because they don’t qualify for a traditional personal loan. But remember, title loans are not traditional personal loans, so the eligibility requirements are not the same.
You may be eligible for a title loan if you meet the following conditions:
- You are at least 18 years old.
- You own or partially own a vehicle, meaning your name is on the title.
- Your vehicle meets the title loan company’s minimum value requirement.
- You have equity in your vehicle.
- You are willing to consent to a credit check.
- You have a reliable source of income.
Eligibility requirements can vary slightly depending on the title loan company. It’s best to contact your lender directly to find out if you qualify for a title loan based on their specific requirements.
What Will I Need to Apply for Cash Loans Near Me?
Every title loan company will ask you to submit certain documents during the application process. Knowing what you are required to submit in advance can ensure the process goes as smoothly as possible.
If you are planning on applying for a title loan, you should be prepared to submit:
- Your driver’s license or another form of government-issued ID
- The title to your vehicle
- Proof of income (examples may include recent tax returns, bank statements, or pay stubs)
- Proof of residence (examples may include your driver’s license, utility bills, or lease agreement)
- Proof of insurance
There’s no need to panic if you can’t find the title to your vehicle. If you’re in this situation, simply let your title loan company know. They can help you obtain another copy of your title so you can complete your application.
It’s also important to check with your title loan company to find out what documents they will accept as proof of income, residence, and insurance. Acceptable forms of proof may vary depending on the title loan company.
What Are the Benefits of Title Loans?
- Fast processing times. If you’re in need of fast cash, a title loan may be the solution. Title loans are typically processed faster than traditional personal loans, so you can get the cash you need as soon as possible.
- Easy application process. You aren’t required to fill out stacks of paperwork or spend hours gathering documentation when you apply for a title loan. The entire application process is simple, fast, and straightforward.
- Easy to qualify. Most credit types are approved by title loan companies, which means you may qualify for a title loan even if you don’t qualify for a traditional personal loan due to your credit.
- No prepayment penalties. You won’t be penalized for paying off your loan earlier than expected.
- Spend your money your way. Your title loan company won’t tell you what you can and can’t do with the money you borrow so long as it is used for legal purposes.
How Much Can I Borrow Through Title Cash Loans?
Before you submit an application, you may want to know how much you will be able to borrow with a title cash loan. The amount you are approved to borrow will vary depending on:
- Your income: Your lender will evaluate your income to determine how much you can afford to repay. This will impact how much they allow you to borrow if you are approved for a title loan.
- Your car’s resale value: Your car is used as collateral, so it’s important for the lender to know how much it is worth. A number of factors will impact your car’s resale value, including its make, model, year, mileage, condition, and trim level.
- Your equity: You must have equity in your vehicle to qualify for a title loan. Equity is the difference between your car’s resale value and the amount you still owe on it. You are typically allowed to borrow up to a certain percentage of the value of your equity.
In general, title loans can range from $2,510 to $50,000.
How to Apply for Title Loans
Now you should know the basics about applying for a title cash loan. If you’re ready to get the cash you need to make ends meet, follow these steps to apply for a title loan from I Need Cash Now:
- Contact our loan officers. You can speak to a loan officer directly by calling 1-855-713-6522. Or you can submit your information using the form on our website. If you choose this option, a loan officer will be in touch with you shortly.
- Review your free quote. To get a free quote, answer some basic questions about your vehicle. Your free quote will tell you if you are approved for a title loan and if so, how much you can borrow and at what interest rate.
- Finish your application. Your application cannot be processed until you have signed and submitted the required documentation. Your loan officer will guide you through this step to ensure you know what documents you will need to provide.
- Collect your cash. Pick up your cash at one of our partners’ convenient locations or have it sent to you via check or wire transfer.
The cash you need is just a few steps away. Contact us now to start the title loan application process.