Why Should I Inquire About Title Loans in Raleigh, NC?
Raleigh, North Carolina, is one of the best places to live in the southeastern United States for many reasons. For starters, it’s called the ‘city of oaks’ because of the sheer number of majestic oak trees that line the streets of this quaint town. The many large universities provide plenty of job opportunities for its residents, making it a great place to settle down with your family.
However, just because an area is pleasant doesn’t mean people can’t experience hardship. If you live in Raleigh, North Carolina, but you’re struggling with your financial situation, know that you’re not alone. It’s estimated that over half of all Americans are incapable of keeping more than $1,000 in their savings account, which can be devastating when an emergency strikes.
A bad credit score can add further stress to your situation because getting approved for a traditional bank loan could be challenging. If you can relate to any of the above circumstances, you have an option available!
You can inquire about a ChoiceCash title loan serviced by LoanMart to potentially receive access to cash the same day as starting1! The inquiry and approval process can be fast, simple, and convenient, which is essential for anyone who needs financial assistance ASAP1. You can get started today by filling out this inquiry form or calling 855-422-74021.
How Do Title Loans Work in Raleigh, North Carolina?
Before you may access cash quickly, you need to learn how Raleigh, North Carolina, auto title loans work1. The process is relatively straightforward– people can borrow money from the equity in their vehicles by putting their titles up as collateral. If approved, a lender would place a lien on the title in exchange for funding and remove it once the quick cash is paid back.
Secured Vs. Unsecured
This is a secured loan option because physical collateral is used to secure funding. On the other hand, traditional bank loans are often called unsecured loans because they don’t rely on an asset or collateral. Instead, many lenders look at a person’s credit history to decide whether or not to give them money.
Passing the credit check can be challenging if you have bad credit because it may signal to lenders that you’re too risky for a loan. With a title loan, your credit score will be considered during the inquiry process, but having a bad credit score might not affect your approval chances1. Typically, title loan lenders care more about:
- How Much Value Your Car Has
- If You Can Repay the Money Through a Steady Income Source
Your car’s value can affect your approval odds, as well as the loan amount you may potentially receive. This is because your vehicle is essentially used as insurance if you can’t repay the loan– therefore, the loan amount may reflect how much the car is worth. They can be great short-term financing agreements for people who need help consolidating bills or resolving other minor money issues.
What Are the Requirements for a Title Loan Raleigh, North Carolina?
As an interested borrower, it’s essential to know the basic requirements for a title loan in Raleigh, North Carolina! While the criteria aren’t difficult to meet, you must check off all four boxes before moving forward with a title loan inquiry. For a ChoiceCash title loan serviced by LoanMart, you must:
- Be at Least 18 Years of Age or Older
- Have a Qualifying Vehicle Title in Your Name
- Have a Qualifying Vehicle With Some Positive Equity
- Show Proof of a Steady Income or Alternative Income
Minors can apply for some financing options within the U.S., but car title loans are not one of them! You must be 18 years or older to begin the inquiry process for a title loan agreement. Entering into any financial agreement involves many big decisions, so you must be responsible enough to understand them.
Alternative Circumstances May Be Accepted
Next, you must have a qualifying vehicle title in your name. The good news is that some alternative circumstances may be accepted for this requirement1! For instance, if you are still making car payments, the lender may ask you to sign a form authorizing them to obtain information about your vehicle and pay the existing loan off. Therefore, you may be able to qualify for title loan funding even if you’re still making payments on your car! All borrowers will be asked to complete and sign a North Carolina Lien Recording Application form, also known as the Division of Motor Vehicles form MVR-6. This is because your car’s title will have a lien placed on it, so the proper paperwork must be filed.
You also need a vehicle with enough positive equity to inquire about a ChoiceCash title loan serviced by LoanMart1. As mentioned earlier, your approval and possible loan amount can depend on how much value is in your car! Car equity can be determined by taking the overall value and subtracting how much is still owed on it in payments.
You can use this helpful calculator tool available to ChoiceCash title loan borrowers to determine how much equity a car currently has1! Just enter some basic information about yourself and your vehicle to start. It can be that easy!
You can also use websites like Kelley Blue Book to receive an estimate of your car’s value compared to the current market rate.
Finally, you must also show proof of a steady or alternative income during the title loan inquiry process. Title loan lenders want to ensure that a person has the ability to repay their funds before lending money.
Many Acceptable Income Forms
According to the Consumer Financial Protection Bureau, federal laws require lenders to check that a borrower makes a steady income before approving them for a loan. This is great because it can potentially protect people from predatory lending practices!
Below are income sources that may be accepted during your title loan inquiry:
- Social Security Benefits
- Worker’s Compensation
- Alimony/Child Support
- Settlement Income
- Disability Benefits
- Pension or Retirement Income
- Some Self-Employment
If you’re curious about your circumstances during the title loan inquiry process, contact a ChoiceCash title loan agent by calling 855-422-7402 today1.
What are the Steps for Inquiring About a Title Loan in Raleigh, North Carolina?
If you’re a resident of Raleigh, North Carolina, and need financial relief, inquiring about a ChoiceCash title loan serviced by LoanMart can be a great option to consider1. Only three main steps are involved with the inquiry process, making it a quick and convenient choice for people who need money fast1!
1. Decide How You Want to Inquire About Funding
Inquiring about a ChoiceCash title loan serviced by LoanMart can be convenient because interested consumers have two options to get started1! They can fill out this pre-approval form or call 855-422-7402 to speak with a title loan agent1. Neither requires you to find a brick-and-mortar location in the Raleigh area– you can inquire from the comfort of your home on your smartphone or computer1.
The pre-approval form only takes a few minutes, or you can call to speak directly with a title loan agent1!
2. Collect Your Documents
The second step for inquiring about a ChoiceCash title loan serviced by LoanMart is gathering the necessary documentation1. Unlike traditional bank loans, which can have complicated criteria and terms to meet, auto title loans can have a much simpler process! If you’re missing some of the paperwork mentioned below, you can contact the DMV in North Carolina to ask about replacements.
You will need:
- Government or State-Issued Photo I.D.
- Proof of Residency in North Carolina
- Evidence of a Qualifying Vehicle Title in Your Name
- Evidence of a Steady or Alternative Income
- Recent Photos of Your Vehicle
With a government or state-issued photo I.D. card, like a driver’s license or a passport, you can prove your identity and age to a title loan agent. You also must prove that you physically live in North Carolina! While a ChoiceCash title loan serviced by LoanMart is available in many states, they are not accessible in all of them1. You can prove your residency by providing a piece of official mail, like utility bills or bank statements.
Providing proof of a qualifying vehicle title in your name is crucial during a title loan inquiry because your approval can depend upon this! Without a vehicle title, there can be no agreement.
As mentioned earlier, you must also show proof of a steady or alternative income to potentially qualify for funding, and this is required under federal laws across the United States.
Finally, you will be asked to produce recent photos of your vehicle. This will serve as a virtual inspection for lenders to gauge your car’s condition and verify it’s real. Ensure the images are clear and taken from the correct distance and angles!
3. Pass Approval and Get Your Money1
Assuming you meet the convenient terms and requirements for a title loan inquiry and can provide the necessary documents, the last step is awaiting loan approval! Qualified borrowers have several options when it comes to receiving their funds after approval:
- Have the Money Direct Deposited Into Your Bank Account
- Receive a Check in the Mail
- Head to a Participating Money Transfer Location in the Raleigh, NC Area
- Get Funds Put On A Debit Card Today1
A significant advantage to inquiring about a ChoiceCash title loan serviced by LoanMart is that the process can be quick and straightforward1! This can be ideal for anyone experiencing a financial emergency.
What Are the Benefits of a Title Loan in Raleigh, North Carolina?
One of the most significant advantages of a ChoiceCash title loan serviced by LoanMart is that borrowers may receive their funding within the same day as inquiring1.
Below are benefits you can expect from a ChoiceCash title loan serviced by LoanMart1!
Flexible Inquiry Process:1
If the thought of applying for a traditional bank loan intimidates you, you’re not alone. They are notorious for having complicated loan terms. Additionally, it can take a long time for people to receive approval, which is not ideal for emergencies. With a ChoiceCash title loan serviced by LoanMart, you can expect a flexible inquiry process from beginning to end1!
That’s because many different income sources may be accepted during approval, and having bad credit won’t necessarily disqualify you from funding1.
Convenient Online Portal:1
When life gets busy, or you’re experiencing a financial emergency, no one wants to add more errands to their to-do lists. One of the most significant benefits of a ChoiceCash title loan serviced by LoanMart is that you can begin the inquiry process from the comfort of your home1!
The pre-approval form only takes a few minutes, or you can speak directly with a title loan lender by calling 855-422-74021. You may even receive access to funds within the same business day as inquiring! This can be way more convenient than finding a loan business owned by someone in the Raleigh, NC, area.
Keep Driving Your Car:
America is a country that loves its cars, and the residents of Raleigh, North Carolina, are no exception. According to the U.S. Department of Transportation, a whopping 87% of daily trips are taken with a personal vehicle. That shows how important a car can be in a person’s life!
With a ChoiceCash title loan serviced by LoanMart, you don’t need to worry about losing access to your vehicle during repayment1. If you make the monthly payments on time, you can keep driving your car exactly as you would! However, remember that this privilege only extends to borrowers who repay their loans on time.
Several Repayment Options:1
Paying back your title loan funds is crucial for many reasons, but mainly because you risk having your car repossessed if you don’t. With a ChoiceCash title loan serviced by LoanMart, you have several repayment options available, making it super easy to make monthly payments on time1! You can:
- Set up Automatic Withdrawals From Your Bank Account
- Send a Check in the Mail
- Head to a Participating Money Transfer Location in Raleigh, NC
- Pay by Phone
There are many options for borrowers to pay back their title loan funds. That’s why they can be an accessible choice for people from many backgrounds1.
What Are the Risks of a Title Loan?
Any financial agreement will come with risks. As an interested borrower, you must become aware of them before making any decisions. Below are the potential risks associated with inquiring about a car title loan in Raleigh, NC:
Having Your Car Repossessed:
As mentioned, if you don’t repay your loan, you risk having your car repossessed by the lender. By not making your monthly payments, you are illegally violating the terms of your agreement, which therefore grants the lender rights to your property.
While this may sound scary, it’s relatively common among secured loan options out there. If a renter stops paying their monthly rent, the landlord can legally evict them from the property. The same goes for a mortgage loan agreement– the bank can foreclose on a house if the owner stops paying their bills.
Contact a Lender Directly About Repossession
If you are struggling with your monthly title loan payments, don’t ignore the problem! Contact the lender directly to explain your situation. You may be able to work out an alternative agreement or discuss how to refinance the loan. Car repossession is the last resort that most lenders want to take! If you’re honest and direct, they may be able to help you find a solution with your best interest in mind.
Keep Paying Your Bills:
Did you know that missed payments are among the most significant contributing factors to a bad credit score? It doesn’t matter if you miss payments from a personal loan or payday loan– these missed bills can harm your score!
Bad credit history can make life difficult in many ways. It can increase interest rates, make finding an apartment difficult, and you may be charged even more in late fees. By making sound credit decisions, you may receive loan offers with more competitive rates!
Make Monthly On-Time Payments
One of the best ways to ensure you never miss a bill payment is by setting up automatic withdrawals from your account! Instead of remembering dates or times, the money can be withdrawn automatically, which gives you one less thing to worry about.
Inquire About a Title Loan in Raleigh, North Carolina Today
Raleigh, NC, is a beautiful town with opportunities for people from all walks of life. If you’re finding it difficult to enjoy this fun area because of financial or economic stress, you should consider the various title loan services available.
Inquiring about a ChoiceCash title loan serviced by LoanMart could be the answer to your problems1. The inquiry and approval process can be quick, simple, and convenient, which is ideal for people covering unexpected expenses. Qualified borrowers may receive their approved funds within the same business day as inquiring1!
Get Started Online or on the Phone
If you need extra financial assistance, get started with a ChoiceCash title loan serviced by LoanMart1! You can get pre-approved within a few minutes by filling out this form or calling 855-422-74021.
How Can I Pay for My Car Title Loan in Person?
Pay for your car title loan at any MoneyGram location in North Carolina. 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 Raleigh, North Carolina
ChoiceCash is proud to service residents all over North Carolina including metro areas Raleigh. 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 Raleigh: