? Are Auto Title Loans Allowed in Kentucky?
Unlocking cash with a car title is possible in the state of Kentucky. According to the United States Census Bureau, the total population of Kentucky is well over 4 million. Whether you are a resident of Bowling Green, Lexington, Louisville, or another city in Kentucky, you can apply for a ChoiceCash title loan serviced by LoanMart online or over the phone and quickly find out if you are eligible for fast cash. Title loans in Kentucky can be a simple way to borrow against the value of a qualifying vehicle!1
If you are considering applying for a title loan in the Bluegrass State, you may be curious about the current title loan laws in Kentucky. The minimum age for applying for a title loan in the state of Kentucky is 18. Additionally, in order to obtain approval for a Kentucky title loan, you must meet the car title lender’s application criteria and provide the proper documentation to verify your information.1
Keep reading to learn more about applying for car title loans in Kentucky! If you have any questions about applying for a ChoiceCash title loan serviced by LoanMart, call 855-422-7402 today.1
How Do Title Loans Work in Kentucky?
Title loans in Kentucky can be simple to understand and apply for! With a car title loan, you can pledge your vehicle title as collateral in exchange for the money you need. An applicant is required to use their title as collateral in order to secure the loan, so the application process can be flexible. With ChoiceCash title loans serviced by LoanMart, qualified applicants can continue driving their vehicles during the repayment process.1
The poverty rate in Kentucky is over 16.5%, and if you are a resident with a bad credit score, it can be tough to qualify for an unsecured loan. Your credit risk is higher if you have a poor credit score, so if you are trying to secure new credit, your options may be limited. If your credit score is not ideal, you will likely face high interest rates and nonoptimal loan terms when applying for an unsecured personal loan. Or, you may not be able to obtain loan approval at all. With that information in mind, you don’t need a perfect financial history to apply for auto title loans in the US!1
Most title loan lenders will review your credit history, but the focus of your application is on the following characteristics:1
- The Amount of Positive Equity in Your Car, Truck, or SUV
- Your Income and Ability to Repay a Kentucky Title Loan
You may not need to own your vehicle outright to apply for an auto title loan in Kentucky. But, your car needs to have positive equity, and if you’re still financing the vehicle, the title lender may ask you to complete and sign a form authorizing them to pay off your existing car loan. Typically, if you are approved for a title loan in Kentucky, a lender will ask you to submit some pictures of the front and back of your vehicle’s title. Ultimately, you will be required to surrender the title to the lender upon signing your loan agreement.
Additionally, a ChoiceCash title loan agent will ask you to provide proof of your ability to repay the loan during the application process. You can fill out a short questionnaire online to find out more about the amount of equity of your car and receive a loan quote with no obligation.1
Do you have any questions? Visit the FAQ page today to learn more about applying for online title loans with no phone calls in Kentucky.
What are the Car Title Loan Requirements in Kentucky?
As previously mentioned, you will need to meet the applicable title loan requirements in Kentucky and submit some documents in order to get approved for the financial help you need.1
To get a vehicle title loan in Kentucky, you will need a title to a qualifying car in your name and proof of your ability to repay the loan.1
Take a closer look at the necessary documentation you will need to have on hand during the title loan application process:1
- Proof of Income: Whether you earn a living through a traditional job or have an alternative source of income, you can apply for an auto title loan in Kentucky! If you don’t receive regular pay stubs, various sources of income can be used to demonstrate your ability to repay a car title loan, such as workers’ compensation, bank statements if you are self-employed, Social Security / Supplemental Security Income, pension income, or settlement income. Call 855-422-7402 to learn more!1
- Proof of Collateral: You must have a qualifying vehicle title in your possession in order to apply for a title loan. That means the title must be in your name at the time of your application.1
- Recent Images of Your Car: An inspection is required to verify your vehicle’s condition and value before you can qualify for quick funding through a title loan.1 You will be unable to find a lender who offers car title loans with no inspection in Kentucky. However, with ChoiceCash title loans serviced by LoanMart, you can complete the vehicle inspection online! You can use your smartphone to take clear pictures of your car’s front, back, sides, odometer reading, and VIN (Vehicle Identification Number). Conveniently send the photos to a title loan representative as soon as they are ready.1
- Proof of Residence in Kentucky: Several documents, such as recent lease agreements, mortgage statements, and utility bills, may be used to verify your current address in Kentucky.
- A Valid, Government-Issued Photo Identification Card: Title lenders will ask you to provide a valid, government-issued photo ID card during your application, such as a U.S. passport, Kentucky driver’s license, or a permanent resident card.
If you have any questions about the documents you must submit or how the application process works, don’t hesitate to call us at 855-422-7402. A title loan agent can walk you through your loan request and answer any questions you may have about online title loans in Kentucky!1
Can You Get Title Loans with No Credit Check in Kentucky?
Most lenders use a credit check during a loan application to evaluate an applicant’s creditworthiness, financial history, and capacity to handle more debt. You may not be able to find a lender willing to work with you if you plan on avoiding one during your application in the future.
According to the Federal Reserve Bank of Philadelphia, more than 23% of Kentucky residents have debt in collections and may be struggling to handle their finances. If your financial situation has changed and your credit score has taken a nosedive due to multiple missed payments or past bankruptcy, you may not be confident enough to apply for a loan with a credit check.
However, with a secured loan like a car title loan, your credit isn’t the focus of your application. Instead, a title loan company will focus more on your vehicle’s value and your income in order to determine your eligibility for emergency funding.1
Although finding title loans with no credit check in Kentucky will be downright impossible, you can still qualify for a car title loan with a low credit score! If you are eligible for a ChoiceCash title loan serviced by LoanMart, you can expect competitive interest rates, no balloon payments, and zero hidden fees! Dial 855-422-7402 if you have questions about getting online title loans with bad credit in Kentucky.1
What are the Benefits of Instant Online Title Loans in Kentucky?
If you’re like most consumers in America, you enjoy the convenience of online shopping, and there is nothing more convenient than applying for a title loan online. While you cannot get online title loans with instant approval in Kentucky, you can apply for a ChoiceCash title loan serviced by LoanMart online and find out if you’re eligible for instant pre-approval!1
One of the main benefits of applying for a ChoiceCash title loan serviced by LoanMart is a flexible application process, but it doesn’t stop there!1
Take a closer look at the perks that come with qualifying for a ChoiceCash title loan in Kentucky:1
No Bank Account Required:
There are over 1,395 bank branches in Kentucky, but you don’t need to have a bank account to apply for a title loan unless you want to get your loan proceeds via direct deposit. In order to qualify for title loans with direct deposit in Kentucky, an applicant will need to have an active checking account. However, there are other ways to get your money if you are qualified for a ChoiceCash title loan serviced by LoanMart! Upon final approval, you can sign your loan contract and pick up your funds at any participating money transfer location in Kentucky.1 Call 855-422-7402 if you want to learn more about getting title loans without a bank account in Kentucky.
Quick Funding:
If you’re struggling with a financial emergency, you need a loan option that can keep up with you. An auto title loan can be a convenient way to access emergency money! With ChoiceCash title loans in Kentucky, eligible borrowers could get their money in as little as one business day!1
Keep Driving Your Car:
Although a title loan works by using your vehicle title as collateral, that doesn’t mean you will automatically lose access to your car as soon as the loan is complete. With a ChoiceCash title loan, you can keep your keys and maintain access to your vehicle throughout the repayment process.
Competitive Interest Rates:
It shouldn’t be difficult to find online title loans in Kentucky with competitive interest rates. With ChoiceCash title loans serviced by LoanMart, qualified applicants can access fast financial help AND competitive interest rates!1
Get started on your loan application today by filling out the form at the top of the page. If you’re eligible for a ChoiceCash title loan in Kentucky, you can obtain emergency cash in as little as 24 hours! Call a ChoiceCash title loan agent at 855-422-7402 if you have questions about getting car title loans with no store visit in Kentucky.1
How Can I Pay for My Car Title Loan in Person?
Pay for your car title loan at any MoneyGram location in Kentucky. MoneyGram is often located in convenient public stores such as Wal-Mart, Kroger, or CVS. Call 855-422-7402 to discuss your options with a loan expert, or see the map and location list below to see where your nearest MoneyGram is located:
For the sake of convenience for Kentucky customers, below is a map and list of just a few locations in the area, with many more statewide locations found here.
Frequently Asked Questions
How Can I Apply for Online Title Loans in Kentucky?
You can apply for online title loans in Kentucky without making a store visit! Start your inquiry from the comfort of your home by filling out the prequalification form online. Or, call 855-422-7402 to speak directly with a ChoiceCash title loan agent.1
What are the Requirements for Online Title Loans in Kentucky?
The requirements for online title loans in Kentucky are very simple and straightforward. To initially qualify, you will need to meet these requirements:1
- Be 18 Years of Age or Older
- Have a Title to a Qualifying Vehicle in Your Name
- Be Able to Provide Proof of Income or Alternative Income
Do I Need Good Credit to Qualify for Online Title Loans in Kentucky?
You don’t need a perfect credit score to apply for online title loans in Kentucky! While your credit history is a part of the application process, title lenders will primarily focus on these two factors:1
- Your Income
- The Value of Your Vehicle
What is the Application Process for Online Title Loans in Kentucky?
The application process for ChoiceCash title loans in Kentucky only involves three simple steps:
- Fill out a short inquiry form online or call 855-422-7402 to get started
- Submit the necessary documents via email or text message
- Find out if you qualify for online title loans in Kentucky!1
How Much Can I Get with Online Title Loans in Kentucky?
Your loan amount will be determined primarily by the amount of positive equity in your car and your income. You can use ChoiceCash’s online title loan calculator tool to receive a car equity estimate and a loan quote, free of obligation!1
Kentucky - Key Financial and Indebtedness Figures
The below table provides some of the key income, loan, and financial statistics for Kentucky, which are intended to give you a better understanding of how your financial circumstances compare to other Kentucky residents. With this information in hand, we hope you gain a better idea of your financial options so you can decide if completing a title loan application is the right decision for you:
| Average title loan amount with ChoiceCash | $4,363 |
| Household income (median) | $55,573 |
| Income per capita | $55,360 |
| Rent (average) | $1,287 |
| Gross rent (median) | $902 |
| Value of housing units (median, owner-occupied) | $192,300 |
| Monthly owner costs (median, with a mortgage) | $1,393 |
| Monthly owner costs (median) | $455 |
| Student loan indebtedness (average) | $33,470 |
| Credit card indebtedness (average) | $5,304 |
| Size of monthly car loan payment (average) | $618 |
| Percentage of households that rent | 31.9% |
| Bank branches | 1,443 |
| FICO® credit score average | 705 |
| VantageScore® credit score average | 695 |
What Locations in Kentucky Can I Get a ChoiceCash Title Loan in?
ChoiceCash is proud to service residents all over Kentucky including metro areas . Call 855-422-7402 to discuss your options with a loan expert. If you are looking to pay back your title loan in person, check out the city list below to see where your MoneyGram locations near Title Loans Kentucky:
