When you’re faced with a financial emergency, you don’t have time to waste! If you’re searching for same day loans to help ease your financial woes, there are many different types of options available to you online. Choosing the right loan option for your financial situation can be challenging, but with the right information, it is easier to make that choice!
What Types of Same Day Loans are Available to Me?
There are many alternative options available to you as a borrower online. Same day loans can be found everywhere but choosing the right loan for your financial situation can be tough.
Some of the most common same day loans available to you are:
- Payday Loans: These loans often require no credit check and are a fast way to get cash. Payday loans were created to help last someone in-between paydays. Payday loans are short term loans, often giving you anywhere from 2 weeks to 30 days to repay your loan. While these loans are fast, they come with a few catches. For most payday loans, you will be charged a hidden fee for every $50-$100 you borrow. In addition to fees, there are often high interest charges associated with borrowing from a payday loan lender that can be difficult to repay.
- Credit Card Cash Advances: If you already have a credit card provider, you might be aware of this option. A credit card cash advance is when a provider will allow you to access your available credit line and turn it into cash! This can be quickly done at any of your credit card provider’s ATMs. However, there is another catch. Any money you borrow through a cash advance will have the same interest rates as a purchase with your card would! If you have no available credit line, you will likely not be able to take out any cash.
- Title Loans: If you have a steady income, a car title in your name, and a paid-off or close-to-paid-off vehicle, you could qualify for a title loan!1 Car title loans are some of the most flexible loan resources can take advantage of, and the fastest! The process to apply for a title loan is streamlined to help you out in a financial emergency. Title loans are secured loans, which come with a lot of benefits to you as a borrower.
Why Should I Choose Car Title Loans for Funding?
There are many different types of same day loans available, so why choose title loans for cash? The answer is that you can obtain more than just fast cash through a title loan! If you’re stuck in a financial emergency and you need fast cash, you might just apply for the first fast loan available. However, title loans can be quick and offer you more benefits than just money:
- Payments Start Low, and Can Get Lower: Wouldn’t you like to be rewarded for paying back your loan on time? ChoiceCash Title Loans will reward borrowers with low payments that can get even lower the more responsible you are!2 As a way to benefit responsible borrowers that make on-time payments, your payments will start low and can get lowered over time.2
- Keep Driving: In addition to lower payments, your responsibility as a borrower has other perks. As long as you make your loan payments on time each month, you can keep your keys and drive your car like it is business as usual!
- A Streamlined Approval Process: ChoiceCash Title Loans has designed an approval process to be quick and simple. With this streamlined approval process of just three simple steps, it can take just minutes to apply for a loan! Qualified borrowers can get their cash in only 24 hours.1
- High Approval Rates and Flexibility: Title loans are known for being flexible and having high approval rates! Borrowers from all different types of credit histories and financial backgrounds can apply for a loan.
How Can I Use My Title to Get Cash?
To apply for a car title loan, you will need a paid-off or close-to-paid-off vehicle in your name. Title loans are collateral-based loans that will allow you to borrow off the value in your vehicle! Car title loans were created to help borrowers with poor credit or no credit history. Often, traditional loans will require a borrower to have an established and good credit history to receive loan approval.
In the approval process for many traditional loans and same day loans, a loan agent will look at your credit and see how much of a risk you are to lend to. Since title loans are secured through collateral, the risk Is lessened! With a title loan, you can get cash by using your car’s title instead of your credit history.
How Much Funding Can I Get Through a Car Title Loan?
For many traditional loans and same day loans, the amount of funding you are offered will depend on your credit history. While your credit history is considered for a title loan, it is not what your loan amount will depend on!
For title loans, your loan amount will be based upon:
- The Value of Your Car
- Your Income
The more your vehicle is worth, the more you may potentially be able to borrow through a title loan! If you are still financing your vehicle, you may still be able to qualify for a title loan. Car title loans are based upon the amount of equity in your car, not the number of payments left on it. Your car may have equity, even if it is being financed!
Equity is the difference between the market value of the car and what you owe on it. If you are like most car owners, you might not know what your car’s equity is. That’s why loan resources like ChoiceCash Title Loans created an easy way to find out your car’s worth online. With the online title loan calculator, a borrower can conveniently find out what their vehicle is worth on the current market. By answering just a few questions about your vehicle, you’ll be able to get a free title loan estimate and an equity estimate!1
Do I Need a 9-5 to Apply for Same Day Loans?
If you have an alternative source of income, it can be difficult to apply for traditional bank loans or other same day loans. Fortunately, title loans can be much more flexible in the approval process! There are many different types of alternative income that can help you qualify for a loan. Not everyone has a 9-5 job, but everyone deserves to get the financial help they need!
Some of the most common types of alternative income that title loan borrowers have are:
- Worker’s Compensation
- Small Business Owners or Self-Employed Individuals
- Annuities or Retirement Income
- Social Security or Disability Payments
While you do need proof of income to apply for title loans, you do not need a traditional 9-5 job. There are many different types of alternative income that will qualify as proof when you apply for a title loan.
What Documents Do I Need to Apply for Same Day Loans?
If you are like most borrowers, you enjoy the convenience of online shopping. There are a few same day loans that can allow you to apply for your loan completely online!
During the online approval process for a title loan, a loan agent will request a few documents from you to verify your information and vehicle ownership. Luckily, these documents are likely ones you have laying around:
- Proof of Income: Many future borrowers will use their bank statements, disability award letters, or pay stubs as proof of income.
- Proof of Address: If you are not certain what to submit, many different documents can be used as proof of address. Recent mail to your address, utility bills, and rental agreements can often be used as proof of your address.
- Title to the Vehicle: Your vehicle’s title must be in your name and be lien-free, meaning that you have no other title loans taken out on the vehicle.
- Photos of the Car: You can skip an in-person vehicle inspection by simply sending in a few photos of your car! Take pictures of the back, front, sides, and odometer.
- Photo ID: Many borrowers will use their driver’s license or passport to verify themselves.
For your convenience, these documents can all be submitted online when you work with ChoiceCash Title Loans serviced by LoanMart!
Where Can I Apply for Same Day Loans Online?
Applying for same day loans online can be easy and hassle-free!1 With loan options like ChoiceCash Title Loans, you can apply in just a few minutes with these simple steps:
- Fill Out A Short Loan Inquiry Form Online or Over the Phone
- Send in Your Documents
- Get Approved and Collect Your Cash in Just 24 Hours!1
Find out if you are qualified for same day loans today by applying online, or over the phone at 855-277-4847. Getting started can take just a few minutes to do online or over the phone with a loan agent!1 Representatives are available for extended hours, seven days a week to take your call.