A title loan can be a great resource to use when you are short on cash and your credit history is less than ideal. If you’re thinking of applying for funds, you might want more information on how to pay off online title loans.
After a borrower receives loan approval, the repayment process begins. If you are considering a title loan for funding, remember that not all title loan options are created equal. Some options can offer no prepayment penalties, which can allow you to pay off your loan early without the hassle.
While ChoiceCash Title Loans can give you the rundown of the repayment process and how your title loan will work, not all title loan companies can offer you these loan terms!
How Do Title Loans Work?
There may be many different title loan options available to you as a borrower. A title loan can be an option that stands out among them for a few different reasons. Title loans are a secured installment loan that can allow you to borrow off the equity in your car. Instead of using just your credit history to secure cash, you can use the title of your car as collateral for the loan.1
Collateral-based loans like a title loan can offer flexibility and speed during the approval process. In a financial emergency, a title loan can be your best resource to get the cash you need in a hurry without a strong credit history.1
For a title loan, you will use your vehicle’s title as collateral for the loan. Your title will be held onto until the loan has been repaid in full and a lien will be placed on it. You’ll be able to keep driving your car during the repayment process if you keep making consistent payments!
ChoiceCash Title Loans can often connect qualified borrowers to convenient loan terms that can help keep monthly payments affordable, and the interest rate competitive!1
How Do I Pay Off Online Title Loans?
Title loans are amortized loans, which means that a borrower will pay back both the interest and principal each month through their loan payment. The principal is the original loan balance, and the interest is the cost of borrowing money. Paying off both simultaneously can offer a lot of advantages to borrowers and their wallets.
A car title loan is like many other types of loans during the repayment process. Technology can make it exponentially easier to repay your loan! With a ChoiceCash Title Loan, you can apply for and pay off your loan through an online service without hassle. Your loan information is readily available online for your convenience as well to help you during the repayment process.
These items will be available through your custom online loan portal:
- Billing and Payment Information
- Loan Schedule and Payment Dates
- Basic Account information
- Payment Methods
- And Other Important Messages Concerning Your Loan!
ChoiceCash Title Loans can offer a few different ways to repay your loan. You are able to choose a payment method that works for you or offers the most convenience! The repayment process was made with the needs of the customer in mind.
Some online title loan customers do not have a bank account or the most traditional way to pay off online title loans. There are several ways to pay back your loan, and some do not even require a bank account at all:
- Pay by Phone with a Credit Card or Check
- A Monthly Automatic Electronic Withdrawal from a Checking Account
- Pay Online with Your Online Account
- Mail Payments into the Payment Center
If you wish to pay off the online title loan early, you can save on interest, as there will be less interest accruing. If at any point during the repayment process you wish to pay off your loan in full, you will be able to ask a loan representative for a payoff letter. This letter denotes that you will pay off the remainder of the loan in the specified time frame, which is often ten days.
Once I Pay Off an Online Title Loan, What’s Next?
Whether you paid off your loan early or right on time, the end process of your loan will look the same. Your vehicle’s title will be returned lien-free, meaning that it is no longer collateral for a loan.
Tips to Pay Off Online Title Loans
A title loan can help a lot of borrowers get themselves back on their feet after a tough financial situation. If you are experiencing some difficulty paying back your title loan or aren’t sure how the repayment process will affect your finances, take a look at these tips:
- Budget for your Loan Each Month
- Keep Track of your Billing Statements and Payment Dates
- Don’t Miss a Loan Payment- Make a Note on Your Calendar to Avoid Late Fees
- Check in With Your Loan Agent if You are Struggling
- Pay More Than the Required Amount When You Can
If you experience any financial hardship during the repayment process, reach out to your loan agent immediately! You may be able to refinance your loan or explore other options available to you to avoid default. It doesn’t have to be a hassle to pay off online title loans!
What is The Approval Process Like for Online Title Loans?
While the approval process may be a hassle for many traditional loans, a title loan can offer more convenience. Loan options like ChoiceCash Title Loans have an approval process that is streamlined for your convenience!1
- Submit a Loan Inquiry Form Online, or Over the Phone
- Send in a Few Documents to Verify Your Information Online
- Get Approved for Cash and Collect it!1
Where Can I Find Online Title Loans?
Ready to see if your car can qualify for fast cash? Qualified borrowers through ChoiceCash Title Loans can get their funds in as little as one business day online!1 Head over to the website to get started or give a representative a call at 855-914-2945. It can take just a few minutes to find out if you qualify for the financial relief you need.1