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If you’ve been searching for an alternative loan like a title loan, you might be overwhelmed by the number of options online. One question you might have is: how can I find the best title loans in Detroit, Michigan?
Finding the ideal title loan option for your financial situation may seem like a struggle, but it doesn’t have to be! With ChoiceCash Title Loans serviced by LoanMart, having access to the right funding resources is possible for eligible Detroit residents1.
How Can I Use My Title to Get Cash?
Title loans, otherwise known as pink slip loans or auto equity loans, work in a very simple way. You can borrow cash off the equity of your car by using your title as collateral1. Collateral for a loan is a huge advantage, as it offers security for your lender, which makes the loan more flexible in terms of approval. For title loans, you may be able to get anywhere from 25%-75% of your vehicle’s market value as a cash amount for your loan. However, this can depend on a few factors. Generally, your loan amount will be based off:
- Your Income and Ability to Repay the Loan
- The Equity in Your Vehicle
How Do I Qualify for a Title Loan in Detroit, Michigan?
While qualifying for traditional loans, it can seem like a challenge. If your credit is poor or you’ve been turned down for other loans, you might be asking yourself, “How can I qualify for a title loan if I can’t get any other loan?”
However, title loans can be a much more flexible funding option when it comes to qualifying! With a loan option like ChoiceCash Title Loans, borrowers will only need to meet a few requirements. To initially qualify for a title loan in Detroit, Michigan, borrowers will need to meet these items:
- Be at Least 18 Years of Age
- Be Able to Provide Proof of Income or Alternative Income
- Have a Clean Title in Your Name
- Vehicle Has Market Value and Equity
With these initial requirements met, qualifying for a title loan can be a piece of cake!1
What are the Benefits of a Title Loan in Detroit, Michigan?
There are many different alternative loan options out there, but title loans are a popular choice for borrowers for a reason! With the usage of collateral, title loans can offer borrowers many different benefits that have an advantage over other types of loans. Some of the most beneficial aspects of a title loan are:
- Bad Credit may be OK: Even if you aren’t happy with your credit score, that doesn’t mean you won’t be able to qualify for a title loan! Since collateral is used to secure the loan, the loan approval process can be much more flexible.1 While your credit is viewed, there are more important factors in the loan approval process that are considered.
- Fast Funding: With title loan options like ChoiceCash Title Loans, qualified borrowers may be able to get their funds in one business day!1 For eligible residents in Detroit, Michigan, title loans can be one of the best alternative options for fast cash.
- Keep Driving Your Car: While you are using the title of your vehicle to secure the loan, giving up your vehicle isn’t a necessity! Responsible borrowers that continue to make monthly payments on time can continue to drive their vehicle as they normally would.
Can I Get A Title Loan Online in Detroit, Michigan?
If you can order your groceries online, why not apply for a title loan online? With loan options like ChoiceCash Title Loans, borrowers can complete the entire process start to finish online! For convenience, the process has been broken down into three simple steps for borrowers:
- Fill Out a Prequalification Form: This will take just minutes to do, as it will only ask for basic information. Simply fill it out and jump on to the next step! Borrowers will answer questions about:
- Make and Model of the Vehicle
- Year of the Vehicle
- Basic Personal Information
- Submit the Right Documents: After your initial form has been filled out, the next step is to submit a few documents to get qualified. A loan agent can help direct you to how to submit them online. Borrowers in Detroit, Michigan will need to submit these required documents:
- Proof of Income
- Proof of Residence
- Recent Photos of the Vehicle
- Title to the Vehicle
- Government or State Issued Photo ID
- Choose How to Get Your Approved Money1: If approved for a loan, and once you’ve submitted all your information and documents, the last step is to choose how to receive your cash! Borrowers in Detroit, Michigan that are approved for a ChoiceCash Title Loan can choose between a few different ways:
- Check in the Mail
- Direct Deposit to Your Bank Account
- Any Local MoneyGram in Detroit, Michigan
Don’t Wait to Get Your Cash
If you could get your money in one business day1, why wait to see if you qualify for a title loan in Detroit, Michigan? Get started on your loan today by filling out an online form or calling a loan representative directly at 1(855)277-4847.