A car title loan is an easy way to get fast cash when you’re in a financial bind. While a car title loan may cover all of your needs at the moment, your financial situation may change during the repayment process.
At that point, you may ask yourself- “am I able to receive an increase on my car title loan?”
With loan options like ChoiceCash Title Loans, the answer is yes!1 You can easily receive an increase on your car title loan, but there are some stipulations.
When Am I Able to Receive an Increase on my Car Title Loan?
Car title loans were created for borrowers from all different types of financial backgrounds and credit histories. If you have qualified for a title loan, you will potentially be able to qualify for an increase on your car title loan!1 After making consistent payments on your car title loan for a period of time, you may reach out to your loan agent and request an increase.
With loan options like ChoiceCash Title Loans, you will stand a decent chance to take out the maximum amount on a future title loan if you have already qualified for one.1 The maximum amount may range depending on a few factors, like:
- The State You Reside in
- Your Income
- The Value of Your Vehicle
As long as you have been making consistent payments on your loan and you have the means to support the loan, you could have the opportunity to receive an increase!1 If you believe you are ready and qualified, simply contact your title loan agent with ChoiceCash Title Loans at 855-914-2945. Your ability to qualify for an increase will depend on the value of your car and your current income. While you do not need a traditional job to apply for an increase, you will need some form of income or alternative income.
What is the Repayment Process Like After I Receive an Increase on my Car Title Loan?
Once you’ve signed your initial loan agreement, the repayment process with ChoiceCash Title Loans is easy! ChoiceCash Title Loans are amortized loans, meaning you will be paying the principal and interest on the loan with competitive rates.1 This can help set up borrowers like you for success! There is even a rewards program opportunity with ChoiceCash Title Loans. Borrowers that make their payments on time and keep their loan account in good standing can have the opportunity to earn a lower interest rate and payment each month!2
The repayment process after a title loan increase is similar to what you will experience after signing your initial loan contract. There are a few different payment methods that you can take advantage of:
- Pay by Check in the Mail to the Payment Center
- Pay by Phone with a Card
- Pay by Automatic withdrawals from your checking account
- Pay by Your Online Loan Account
What are the Requirements for an Auto Title Loan?
To qualify for an increase on your car title loan, you must be initially approved for one! Fortunately, the requirements for a car title loan can be easy and less of a hassle than most traditional loans. While the initial requirements are a bit different than others you may encounter during the increase process, you can expect to need to meet these requirements:
- Age Requirement: Applying for a loan is a huge financial decision. A borrower must be over the age of 18 to apply for a title loan in the United States.
- Income Requirement: While you do not need traditional employment to apply for a title loan, you will need proof that you can afford it! Your loan amount and your eligibility will depend on your income.
- Vehicle Requirements: Your car must have value to apply for a title loan. With a title loan, your car’s title will be the collateral for the loan. Since it will be the basis for securing the loan, the vehicle must have equity to borrow off of.
With these simple requirements in mind, it is no wonder why title loans are such a popular cash loan option across the nation!
How Can I Use My Funds After I Receive an Increase on my Car Title Loan?
When you first applied for a car title loan, you may have had a specific reason for needing your cash. It might have been to cover rent, or it might have been used to cover other bills. Life happens, and it may not always be possible to budget for an expense that came out of the blue.
If an unexpected expense pops up while you are paying your current title loan, an increase on your loan could be used to cover it!
Some of the most common ways that car title loan borrowers will use their cash are:
- Debt Consolidation
- Medical Bills or Emergency Room Charges
- Paying off Credit Cards
- Pay Rent
- Home or Car Repairs
- Any other Unexpected Emergency!
When your budget is thrown off while you are paying your car title loan, it is easy to become overwhelmed. You might be asking yourself-“am I able to receive an increase on my car title loan?”
While your finances may feel overwhelmed, an increase on your car title loan could be the perfect solution for your financial woes! While your situation may not be the same as another borrower’s, you could get the extra financial help you need through an increase on your title loan.1
What is the Approval Process Like for a Car Title Loan?
If you’re like most borrowers, you’re looking for a loan that can be streamlined and fast to apply for! Luckily, loan options like ChoiceCash Title Loans were created with financial emergencies in mind.
Even if you are not confident with your credit history, you can still apply for a car title loan! Borrowers from all histories and financial backgrounds could potentially have the opportunity to get back on their feet.
The approval process for a ChoiceCash Title Loan can be just three simple steps for your convenience:
- Submit a Loan Inquiry Online, or Over the Phone: This prequalification step is simple! Borrowers can either go online or over the phone at 855-914-2945 and fill out a short inquiry form with a loan agent. This step will just require a borrower to answer basic information about their vehicle and income.
- Send in the Right Documents: There are a few documents that are required during the approval process. These documents can help verify a borrower’s information and speed the approval process along! While the exact documents may vary from state to state, you can expect to need:
- Proof of Address
- Proof of Income or Alternative Income
- A Clean and Clear Title to Your Vehicle
- A Valid Driver’s License or Government-Issued Photo ID
For your convenience, these documents can be submitted online!
- Sign Your Loan Agreement and Collect Your Cash: Once a loan agent has the opportunity to verify your information and review your documents, it’s time to find out if you qualify for the title loan! If you have, all that is left to do is sign your loan agreement and collect your funds. During this step, a loan agent can answer any questions you may have about your loan or clarify any part of the agreement for you. Informed borrowers are the ideal standard! With loan options like ChoiceCash Title Loans, you can choose between a few different ways to get your cash or increase:
- A Check in the Mail
- Direct Deposit to Your Bank Account
- Picked Up at Any Local MoneyGram
Once you have been approved for a loan, you could get your cash in as little as 24 hours!1 With an approval process that fast, it is no wonder why ChoiceCash Title Loans can be the ideal choice for a title loan.
How Can I Apply for a Car Title Loan Online?
Applying for a car title loan or a car title loan increase does not need to be a hassle! Get started on your ChoiceCash Title Loan today by heading over to the website and filling out a short inquiry form. Or, feel free to call a loan agent at 855-914-2945!