TITLE LOANS IN NEW ORLEANS, LOUISIANA
What is the best part about living in New Orleans? Do you have your favorite cafe that serves the most delicious beignets? You love living in New Orleans because it has culture! Although you are proud to be a resident, you must admit that it’s challenging to afford all of the wonderful activities at times. When times get tough, you may have to trade out your favorite restaurant in the French Quater for a frozen pizza from your local market. When you are in a pinch, and it seems like your expenses far outweigh your income, you might consider applying for title loans in New Orleans, Louisiana.
Before applying for a title loan, it’s crucial to understand how they work. Title loans allow qualifying customers to borrow money equivalent to a percentage of their car’s equity. A lien will be placed on the borrower’s vehicle while the loan is being paid off, but it is removed once the loan is paid in full.
Now, you may be thinking, “Why should I get a title loan when there are other options out there?” Borrowers are encouraged to explore all potential options before making any crucial decisions. You are encouraged to choose the most appropriate financing option that is the most reasonable for your circumstances. Below we’ll discuss other loan options and how they compare to title loans.
ARE THERE OTHER LOAN OPTIONS TO CONSIDER BEFORE GETTING A TITLE LOAN IN NEW ORLEANS, LOUISIANA?
Not sure if you want to apply for title loans in New Orleans, Louisiana? If you are in a situation where an emergency rears its ugly head, you may feel like you’re out of options. Below are loan options that most borrowers consider when deciding which financial option is the best fit.
- Personal Loan: When researching the best loan to apply for, most borrowers will consider getting a personal loan. Personal loans rely heavily on a borrower’s credit score for approval. Interest rates are also considered to be high depending on the borrower’s financial history. Borrowers could potentially be stuck in a repayment plan for several years with some personal loans.
- Credit Cards: Why not just get another credit card? A borrower’s financial history will determine if they can be approved. If an applicant has less than satisfactory credit scores, then they may not receive approval. When opening a new line of credit, the amount of available credit to borrow from could be minimal.
Title loans are one of the few loan options that give chances to those with less than desirable credit to receive emergency funding.1
WHY GET A TITLE LOAN IN NEW ORLEANS, LOUISIANA?
Do you need to hop on a red-eye to see a terminally ill loved one? Do you have final notices clogging your mailbox? Are you finding it difficult to put food on the table for your family? Title loans aim to offer financial relief to qualified borrowers.1 Other loan options may take weeks for you to receive your cash. Sometimes, life can get so challenging that you don’t have weeks to wait. ChoiceCash Title Loans, serviced by LoanMart, has agents that understand the importance of emergency funding. Emergencies do not wait for anything! That’s why you can apply any time of day for a title loan.1
Requirements for a title loan are often much simpler than more conventional loan options. A title loan may be a good option if you meet the following criteria.
ARE YOU 18 YEARS OF AGE OR OLDER?
Title loans are not available to minors. Applying for a title loan is a major decision and should be considered by adults only. So, if you are 17 and fresh out of high school wanting to finally be on your own, you will still need to wait until your 18th birthday.
DO YOU HAVE A STEADY INCOME?
How do you make ends meet? Whether you’re clocking in to work or working for yourself, a title loan could potentially be a good fit if you have a steady income. You do not need a 9-5 job to apply for the cash you need.
DO YOU OWN (OR ARE CLOSE TO PAYING OFF) YOUR VEHICLE?
Having available equity in your vehicle is also an initial requirement when applying for a title loan. Remember: if approved for a title loan, the money you receive is a percentage of your car’s equity. Your car’s equity is determined by its market value and the amount (if any) you still owe on your car loan. If you owe more on the vehicle than what it is worth, that is considered negative equity. Suppose the car is worth more than what you owe on it; that is regarded as positive equity. If your vehicle has enough positive equity, a title loan could potentially be a good fit for you.
ChoiceCash Title Loans, serviced by LoanMart, can also offer benefits beyond financial advantages. Below are a few perks.
- Quick Loan Options1: Financial emergencies require the urgency of funds without delay. With title loans, borrowers could potentially receive financial relief in as little as one business day.1
- A Chance to Obtain More Cash1: When applying for more traditional loans, borrowers could be extremely limited in the amount of cash they could receive. Since title loans are based on your car’s value, you could potentially be eligible for more funding than you would through an unsecured loan.1
- Competitive Interest Rates for Qualified Borrowers1: With loan options like ChoiceCash Title Loans, qualified borrowers could get competitive interest rates, making the repayment process simpler and more manageable.1
- Keep Driving Your Car: Most people rely on their vehicles to commute to work, run errands, and drive their children to after-school activities. Loan options like ChoiceCash Title Loans allow borrowers to continue driving as they repay their loans on time.
If you have less than stellar credit and need cash immediately, a title loan in New Orleans, Louisiana, could potentially be a good fit.
CAN MY SPOUSE’S NAME BE ON THE TITLE IF I WANT TO GET A TITLE LOAN IN NEW ORLEANS, LOUISIANA?
When a borrower is applying for a title loan, their name must be present on the vehicle’s title. However, there can be two names on the title at one time. If your spouse is on the title and their name is the only name present on your vehicle title, they will need to apply for the title loan. In Louisiana, legally, the titleholder is the true owner. In other words: you cannot place something up for collateral that you do not legally own. Below are some reasons you may not be the titleholder of your vehicle.
- Inherited a vehicle – Your grandfather has officially transitioned after doing his best to fight off that terminal illness. In his will, he leaves you his car. You think it’s great because you don’t have to worry about paying a car note, but the vehicle is still registered under your grandparents’ name. The reality is that your grandparents still own the car. If you are interested in leveraging an inherited vehicle as collateral, you must make sure the vehicle’s title is in your name.
- Driving your parent’s old car – You’re fresh out of college and finally on your own. Your parents gift you your dad’s old Chevy Tahoe as a going-away present. The job market is tough, so you have to take a job that underpays and that you’re overqualified for. Your rent and utilities begin to be a bit more than what you can handle, so you decide to apply for a title loan. Before applying, have your parents transfer the vehicle title to you. This can be done at your local Office of Motor Vehicles.
- Purchased vehicle from an individual – You saw a good deal on Facebook Market Place, and you inboxed the gentleman who decided to sell his car. He sells it to you for thousands of dollars below its market value. When signing the necessary paperwork, make sure the vehicle title is transferred to your name.
For more information about transferring your vehicle title, go to your local OMV and request a title transfer form.
CAN I GET A SECOND TITLE LOAN IN NEW ORLEANS, LOUISIANA?
You’re almost at the end of your first contract from a previous title loan, and suddenly you are hit with another emergency. You have a hospital bill due from months ago that you forgot to pay. If you are looking to apply for a title loan in New Orleans, Louisiana, you will need to pay the first title loan off before you can apply for a second title loan on the same car. A borrower can pay off their current title loan, and once the lien is released from their vehicle, they can leverage the same vehicle again.
Often, you can’t choose when emergencies happen. Life has a way of knocking you down when you’re already in turmoil. Your best bet is to finish out your contract with your current title loan, and once the smoke clears, try applying for a title loan again.
If the emergency is so prevalent that you can’t wait until your current loan is paid off, try leveraging another vehicle. You can leverage an RV, motorcycle, or pickup truck. Having two title loans at one time could be potentially challenging to pay off, however, You will not receive approval for a title loan if you are unable to reasonably make both payments.1
If you wait until your current loan period concludes, you can leverage the same vehicle again. It is important to note that you may not get as much money as you did the first time around if you leverage the same vehicle. It is no secret that vehicles depreciate in value as time goes on. Every year there is a new car on the market that is sleeker, fancier, and has more luxurious features. Choose wisely when applying for a second title loan.
DO TITLE LOANS IN NEW ORLEANS, LOUISIANA REQUIRE VEHICLE INSPECTIONS?
When applying for title loans in New Orleans, Louisiana, it is important to know which documents to submit during the application process. Loan agents require borrowers to send in photos of their vehicle’s odometer, Vehicle Identification Number (VIN), and pictures of the vehicle’s exterior. So, no need to call your friend who does vehicle inspections for “reasonable prices.” Once your photos are submitted, loan agents will perform a virtual inspection when reviewing your application. Below are some additional documents you will need to send during the application process.
- Valid, Government-Issued Photo ID: Loan agents will need to verify your identity during the loan process. Sending a photo of your driver’s license or U.S passport will do.
- Proof of Address: Prove that you are residing in New Orleans, Louisiana by showing a recent utility bill with your name and address.
- Vehicle Title
- Proof of Income or Alternative Income
CAN I USE ALIMONY AS A FORM OF INCOME WHEN APPLYING FOR TITLE LOANS IN NEW ORLEANS, LOUISIANA?
An essential factor that is considered for title loan approval is the borrower’s ability to repay the loan.1 Most borrowers are relieved to know that they are not required to have a 9 to 5 to show proof of income. In today’s world, many people are finding other means of income when their primary income source does not cover all of their expenses. Below are a few acceptable forms of alternative income.
- Child Support
- Pension/Social Security
- Bank Statements – This could be an option for small business owners.
CAN I APPLY ONLINE FOR TITLE LOANS IN NEW ORLEANS, LOUISIANA?
Now that you’ve done your research and your questions have been answered, you’re ready to apply for a title loan in New Orleans, Louisiana! Below are three simple steps to follow online if you want to apply.
- Visit the website here, click “apply,” and get started by answering some basic questions.
- If you meet the basic requirements, you will be prompted to begin the application process, where you will be asked to submit the necessary documents to a loan agent.
- Once a loan agent reviews your documents and confirms that you meet all of the qualifications, you could potentially be approved.1 If you are approved, you’ll notify your loan agent of your preferred payment method.
Don’t wait to see if you can qualify for the cash you need in Louisiana! Apply online today.
HOW CAN I PAY FOR MY TITLE LOAN IN PERSON
Pay back your car title loan in New Orleans at any MoneyGram location in Louisiana. 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:
Addresses shown display closest MoneyGram locations. Map displays all MoneyGram locations in general vicinity.
Locations near New Orleans, Louisiana
ChoiceCash is proud to service residents all over Louisiana including metro areas . Call 855-422-7402 to discuss your options with a loan expert, or see the city list below to see where your MoneyGram locations near New Orleans: