Do you have an unexpected expense that needs to be settled right now, and none of your friends or relatives can lend you the money? No worries, you can apply for a quick loan as long as you have a vehicle and the title for it. You no longer have to bother the people around you.
If you haven’t had this type of loan yet before, here are important things that you should know about it:
You Can Submit Your Application Online
That’s right. One of the biggest advantages of taking a title loan out is that you can get it online. All you have to do is go to the lender’s website, fill out the form, and send a copy of the required documents. Unlike before, there is no need to go physically to their office. If your application is approved, the lending company can disburse the funds to your bank account.
You Can Get the Funds on the Same Day
Title loan providers understand the urgency, so they make sure that they can give you the proceeds on the same day or the soonest possible time. And like what we have said above, you don’t need to go see them personally anymore. They can just deposit the money to your account. This is another reason why many people prefer taking out title loans.
There Is No Background Check
Do you have bad credit? This is something that you won’t have to worry about when getting title loans. They don’t do a background check, particularly when it comes to your credit. As long as you can provide proof of car ownership, you should be good to go. This also reduces turnaround time. Other lenders do credit checks. That is why it takes them forever to process the applications.
The Loan Amount Depends on Your Car’s Value
The amount that you can get from a title loan highly depends on your vehicle’s approximate worth. And, of course, you cannot expect to get the exact market value. Most of the time, the lender can give you about 25 to 30 percent of your automobile’s value. Some can even give higher than that. The best thing that you can do is to compare the offers of different companies.
Furthermore, interest rates vary as well. Some are high, while others are low. So before you take one out, make sure to do your homework.…