How Do Emergency Title Loans Work?
Emergency title loans are an alternative loan option that can allow qualified borrowers to borrow against the current value of their vehicle. In order to qualify for emergency car title loans, an applicant will be required to pledge the title to their car as collateral to secure funding.
After you sign your loan agreement and the loan is complete, the title loan lender will typically add a lien to your car’s title. The lien will remain on the title throughout the duration of the loan and will not be released by the title lender until your debt is completely repaid. However, that doesn’t mean you’d lose access to your car! You can keep driving your vehicle as long as you pay your loan on time.
If you qualify for a ChoiceCash title loan serviced by LoanMart, you could get your emergency money in as little as one business day.1 One of the biggest advantages of a car title loan is that you don’t need a perfect credit history to apply! Title loan lenders will still review your financial history, but the focus of your application will be on the following factors:1
- The Total Amount of Equity in Your Vehicle
- Your Income / Ability to Pay Emergency Car Title Loans
In some cases, you do not need to own the car outright to qualify for a title loan. However, your car must have equity, and if you’re still making payments on your vehicle, the title lender may ask you to complete and sign a form authorizing them to pay off your existing auto loan. If you aren’t aware of the current amount of equity in your car, you could use ChoiceCash’s online title loan calculator tool to obtain an equity estimate and receive a loan quote, free of obligation.1
Additionally, you must provide evidence of income during your loan application to prove you have the ability to pay off emergency car title loans. If you don’t receive regular pay stubs from an employer, it’s acceptable to provide proof of alternative income during your application instead. Speak with a ChoiceCash title loan representative over the phone at 855-422-7402 to learn more about the different types of income you can provide during your loan inquiry.1
How Do I Get Emergency Car Title Loans?
The application process to get emergency title loans can be simple and convenient! You will need to meet a few initial requirements to obtain the emergency funds you need for financial assistance:1
- Have a Vehicle Title in Your Name
- Demonstrate Proof of Your Ability to Repay Emergency Auto Title Loans
- Possess a Qualifying Car or Truck
- Be of Legal Age to Apply for a Title Loan
You will also be required to provide a little bit of paperwork to find out if you are eligible to borrow money through car title loans for emergencies. While the exact documents you will need could vary from state to state, you can expect to turn in the following documents during your car title loan application:1
- A Car or Truck Title in Your Name
- Pay Stubs, Bank Statements, or Another Document to Prove Your Income
- A Driver’s License, Passport, or Another Valid, Government-Issued Photo ID
- A Few Pictures of Your Vehicle
- Recent Credit Card Statements, Mortgage Statements, Utility Bills, or Lease Agreements to Prove Your Residence
With a ChoiceCash title loan, you can upload your documents online from the comfort of your home. Or, you can also send your paperwork directly to a ChoiceCash title loan agent by email or text. If you meet the right criteria and submit the correct documents, you could move on to the last step of the application process!1
Don’t hesitate to apply for the emergency money you need with a ChoiceCash title loan serviced by LoanMart. If you are eligible, you could obtain emergency cash in as little as 24 hours!1 Go online or dial 855-422-7402 to learn more about applying for car title loans for emergencies.
What’s the Most I Can Get with Emergency Car Title Loans Online?
Emergency title loans could be a quick solution if you’re having financial trouble and need emergency money to get back on your feet. However, the amount of money you may be able to borrow through an auto title loan is based on a few different factors, including the following:1
- The Amount of Equity in Your Vehicle
- Your Income
- The State You Live in
Unfortunately, some states have laws in place that limit the amount of money you could get through emergency title loans. You can use ChoiceCash’s online calculator tool to learn more about the current amount of equity in your car and the amount you could potentially qualify for through a title loan. You will need to provide a few basic details about yourself and your vehicle in order to use the calculator. Depending on your state of residence, you could obtain up to $15,000 if you qualify for a car title loan.1
What Can I Spend My Emergency Money on?
Looking for an emergency loan? No one is immune to financial hardship, so if you need emergency cash to get back on your feet, you aren’t alone. The recent rise in inflation has hurt a lot of Americans, and many are struggling to keep up with their bills. While every applicant has a different financial situation and goals, there are many ways you can spend your emergency money if you are eligible for a car title loan.
You can typically use your title loan proceeds for:
- Medical Bills
- Consolidating Credit Card Debt
- Urgent Home Renovations
- Car Repairs
- Unexpected Bills or Expenses
- Veterinarian Bills
There are many different ways to spend your loan proceeds! Whether you’re trying to pay rent this month, consolidate debt, or arrange a funeral, you could use your quick funding to handle a variety of financial emergencies.1
You can speak to a ChoiceCash title loan representative today by calling 855-422-7402. If you have any questions about emergency car title loans, they are there to help! Title loan agents are available six days a week for extended hours to walk you through the title loan application process.
Can I Get Emergency Title Loans Online?
If you like the convenience of online services, you may wonder, “Can I get emergency title loans online?” The answer is yes, it is possible to apply for emergency cash online!
Fortunately, with a ChoiceCash title loan serviced by LoanMart, you can apply online and over the phone from the comfort of your home! Use your smartphone, tablet, or computer to start your online inquiry today! It’s easy to get started. Take a closer look at the quick application process:1
- Fill Out a Loan Inquiry Online or Over the Phone: You can choose to place a loan inquiry online or over the phone with a ChoiceCash title loan representative at 855-422-7402. It can take no time at all to fill out the application form on the website and find out if you qualify for instant pre-approval1
- Send in the Necessary Documents: After you’ve completed the initial approval form, a title loan agent will reach out and ask you to submit a few documents to verify your information. With ChoiceCash title loans, you can upload your paperwork online to the website. Or, you can easily email / text the documents to a title loan agent.1
- Get Approved and Collect Your Emergency Money: The last step of the application process is to sign your loan contract and collect your money!1 Applicants who are eligible for emergency title loans can get their loan proceeds in a few different ways:
- Visit a Participating Money Transfer Location Nearby
- A Check in the Mail
- Direct Deposit to a Checking Account
- Have the Emergency Funds Added to Your Debit Card
It can take no time at all to apply for a ChoiceCash title loan and find out if you qualify for the funds you need for a financial emergency! Emergency title loans were designed to help applicants like you handle financial emergencies. It’s impossible to prepare for everything life throws at you!1
Qualified applicants can choose direct deposit or have their funds added to a debit card to get their loan proceeds in as little as one business day!1 Click here or call 855-422-7402 to start on your application for emergency title loans today!
Frequently Asked Questions
What are Emergency Title Loans?
An emergency car title loan is a secured loan option that can allow a qualified applicant to pledge their vehicle as collateral for the loan. Since the loan is secured by collateral, the application process can be flexible and fast.1
What are the Requirements for Emergency Car Title Loans?
To qualify for an emergency title loan, you must have a qualifying vehicle with a title in your name and be able to provide proof of income documents. Additionally, you must be at least 18 years of age to apply.
What is the Smallest Title Loan You Can Get for an Emergency?
You can typically receive up to 50% of the total value of your vehicle through a car title loan. The smallest amount you can get could depend on the lender you work with and your state of residence.1
What are Two Disadvantages of Car Title Loans for Emergencies?
If you default on a title loan, your credit score could take a hit, and you could lose your car if the lender decides to take action and repossess it. Many title lenders would rather work with you to avoid this situation, so it is important to reach out to your lender or loan servicer before you default.
Do I Need a Job to Qualify for Emergency Title Loans?
While you are required to provide proof of income during your loan inquiry, you don’t need an office job to apply for a title loan. But, if you don’t have a conventional job, you must be able to provide an alternative source of income during your application to prove that you can repay the loan.1