There is nothing worse than needing money and not having it. Many people in America work paycheck to paycheck, which makes it difficult to save. When a financial emergency happens, you may not have the resources to get back on your feet.
Applying for traditional loans can be time-consuming and involve strict requirements that not everyone can meet. You may be denied funding or endure high-interest rates and hidden fees if you have a bad credit score.
You can inquire about title loan funding to potentially receive access to money within the same business day as applying.
People with bad credit scores may get approved, and you can complete the entire process online. Consider this loan option when struggling with your finances and needing money quickly! Learn more about applying for title loan funding today.
How Does a Car Title Loan Work?
Car title loans are simple. They work by allowing borrowers to use their vehicles as collateral for funding from a lender. If approved, the lender will place a lien on your car during the repayment period and remove it once the vehicle is paid off.
This can be a great financing option for people with bad credit because your financial history isn’t focused on during the approval process! While lenders may consider this, they care more about:
- How much value does your vehicle have
- If you have a steady income
The value your vehicle has can determine whether or not you get approved and how much money you may get. Additionally, having a steady income is essential for a title loan because lenders want to know that a person will be capable of paying back the funds.
Title loans are considered ‘secured loans’ because they rely on using physical collateral as insurance for funding. Traditional banks typically give out ‘unsecured loans,’ which means there is no collateral on the line when they give out funding.
Instead, they look at a person’s credit history when determining whether or not they are responsible enough to lend money. This can be challenging for people with a less-than-perfect credit history because you may be deemed too risky in the eyes of a traditional lender!
That’s why title loan funding is an excellent option for people with a rocky financial background. If your car has value and you make a steady income, you should have no issues applying for title loan funding!
How Quickly Can I Get My Title Loan Funds?
One of the most significant advantages to choosing a title loan is that qualified borrowers may receive access to funding within the same business day as applying! That’s because the entire inquiry and approval process can be done online from the comfort of your home.
Gone are the days when you had to find a title loan location near you or wait a long time to speak with an agent.
By filling out an inquiry form or calling the servicer’s number, you can start your title loan application immediately!
While most online processes are super easy, flexible, and accessible to people from all walks of life, there are still a few requirements that you must meet before applying. They are:
- Be at least 18 years old
- Have a legal car title under your name
- Show proof of a steady income
While some loans in America you can apply for as a minor, title loan funding is not one of them! You must be at least 18 years old to begin the inquiry process. Additionally, you must have a legal car title under your name to qualify for financing.
That’s because a title loan depends entirely on using a borrower’s car as collateral for loan proceeds! Without a legal car title under your name, you cannot enter into this kind of agreement.
Finally, you must be able to show proof of a steady income or alternative income.
Title loan lenders will use this information to determine if you are capable of repaying the money! The great thing about a title loan is that many alternative forms of income may be accepted during the approval process.
Inquire About Title Loan Funding Today
Consider title loan funding if you’re experiencing an emergency and need help paying for it! The process is quick, easy, flexible, and can be completed entirely online. You may even receive access to funds within the same business day as applying!
Learn about title loans serviced by LoanMart by visiting their website today.