What is a Car Title Loan?
Non-bank loans have gained great popularity mainly due to the simplified procedure of obtaining them and the possibility of getting quick cash only for an ID card. Although they have not become an alternative to traditional cash loans at the bank, many consumers value them, especially in situations of emergency cash. Unfortunately, the amount of cash from payday loans is usually so low that we cannot fulfill all our desires. That is why it is sometimes worth choosing secured loans. The security may be real estate, a plot of land or a car. And we will focus on the last type of financial obligation.
What Is the Fastest Way To Get Cash From Car Title Loans?
Online application for car title loans is the most popular due to the many advantages:
- simple reasoning,
- formalities limited to a minimum,
- no need to provide additional documents,
- no sureties and collaterals,
- modern methods of identity verification,
- instant credit decision,
- instant transfers.
How Online Car Title Loans Work
To apply for a car title loan, you need to:
- find the most suitable lender and visit its website;
- fill out the application form and submit it;
- get the money transferred to your account in 1 day.
What Are the Requirements for a Title Loan?
Documents necessary to get fast cash from a car title loan:
- ID card;
- proof of registration;
- vehicle card;
- proof of income;
- American residence and citizenship.
One more condition for quick cash application is that the car should not be older than 12 years.
Can I Get a Car Title Loan Same Day?
You can definitely get a car title loan on the same day, especially if you fill out the application before 11 am on a weekday. Another reason why it is possible to get a car title loan on the same day is the lack of a credit check.
Car Title Loans Guaranteed Instant Approval
Due to the absence of credit checks and the minimum of formalities, lenders provide the option of guaranteed approval, which is an important condition for many lenders.
How Much Cash Can I Get with a Car Title Loan?
Given that a car title loan requires a collateral, you can get quite large amounts up to 50,000 for a period of 30 days to 6 months. This means that car title loans can be both short-term and long-term.
What If I Have Bad Credit?
You can get a loan even with a bad credit history, given the fact that you provide your car as an additional guarantee for the lender and thereby reduce the risk of loan default.