When you’re facing a financial emergency, you need a loan that is not complicated to apply for. Fortunately, there are simple title loans available for you to apply for online!
All you will need to apply for a car title loan is:
- A Clean Car Title in Your Name
- A Paid Off or Close to Paid Off Car
- A Few Documents to Verify Your Information
If your car is paid off, or it is close to being paid off, you may be able to qualify for a car title loan. Unlike other traditional loan options, simple title loans can be flexible and easy to apply for.
When you’re in a financial bind, you can use your funding from a title loan to cover any unexpected expenses. Depending on the value of your vehicle and your income, you could receive up to 50% of your car’s value! If you’re not sure what your car could qualify for, ChoiceCash Title Loans has a helpful online title loan calculator tool. You could receive an estimate on your car’s value and a free title loan quote in just a few minutes!1
How Does a Car Title Loan Work?
While there is a lot of financial jargon concerning loans, a title loan is easy to understand. Just like the name would suggest, title loans will use your title to secure the loan. Title loans are a unique alternative loan that will allow you to borrow cash by tapping into your car’s equity!
The more equity your car has, the more you can potentially borrow. Title loans are secured through collateral, which makes the loan secure and offers borrowers a lot of benefits that unsecured loans don’t have!
Secured loans like title loans can offer these advantages to future borrowers:
Interest Rates that Won’t Break the Bank
Unsecured loans will often base their offered interest rates on a borrower’s credit history and income because there is nothing else to secure the loan. With a title loan, however, the collateral is a form of security that makes you less of a risk to the lender. Secured loans can offer more competitive interest rates that will help your wallet in the long run!
High Approval Rates1
Title loans can also have high approval rates because there is the collateral used to secure the loan. Your vehicle is your ticket to a flexible approval process when you apply for simple title loans online.1
Who Can Qualify for Simple Title Loans?
While traditional loans can be a hassle to apply for, title loans are simple and easy! Qualifying for a title loan is as simple as meeting a few requirements, like having a title in your name. 1
During the approval process for most simple title loans, a loan agent will walk you through the requirements. However, the basic ones that you will need to meet initially are:
- You Must Be 18 Or Older to Apply
- Your Car Must Have Equity or Value
- You Must Show Proof of Income or Alternative Income
- Your Title Must Be in Your Name
- Your Vehicle Needs to Be Paid Off or Close to Paid Off
These requirements are easy to meet! A title loan can be a great financial resource if you need a flexible loan without the hassle.
How Much Funding Can I Receive Through an Auto Title Loan?
For a title loan, the approval process is partly based upon the value of your collateral. Title loans work by a borrower using their vehicle’s title to secure the loan. This allows them to tap into their car’s equity.
Simply put, your car’s equity is the difference between what your car would sell for and what you currently owe on it. During the approval process, a loan agent will provide an estimate of what your car is worth.1 This information, along with your monthly income and debt ratio will determine what your loan amount is!1
Depending on the value of your truck, car, or motorcycle, you could access up to 50% of your car’s value if your income supports it.1
What are the Benefits of Simple Title Loans?
While there are risks with any title loan, there are many unique benefits to take advantage of! Getting fast cash is a priority for many borrowers. But title loans can offer many benefits besides just convenient cash options!
Here are a few benefits you can expect to take advantage of when you qualify for simple title loans:
- Bad Credit? No Problem: Unlike traditional loans, title loans are flexible in the approval process. If you are like most borrowers with a poor credit score, you’ve likely been turned down for loans before. With a title loan, borrowers from all types of credit histories can apply!1 Since collateral is used to secure the title loan, your credit is not the most important part of the approval process.
- Keep Driving: While you are using your title to secure funding, you can keep your keys and drive like you normally would during the repayment process! As long as you make continuous, on-time payments to your loan, you can drive your car like it is business as usual.
- Get Faster Cash1: With title loan resources like ChoiceCash Title Loans, you can get your funds in as little as 24 hours if you qualify!1 While traditional loans may take days to validate your information and approve you for a loan, a title loan is a streamlined process for your convenience. If you’re facing a financial emergency, a title loan is the perfect solution if you have time constraints!1
Where Can I Apply for Simple Title Loans Online?
Searching for simple title loans online can be challenging. There are many different loan options available to choose from, and it can be overwhelming.
With loan options like ChoiceCash Title Loans serviced by LoanMart, however, you won’t need to search to find a loan that is easy to apply for! The entire approval process through ChoiceCash Title Loans has been streamlined for your convenience and need.
You can expect a simple, three-step process:
- Choose to Apply Online or Over the Phone: You can skip the lines and apply directly from your smartphone or computer! If you choose to apply online, you will need to simply fill out a few questions about your income and vehicle. This step can help prequalify you, and it will take just a few minutes to do. Or, borrowers can choose to call a loan agent directly for more guidance at 855-277-4847.
- Send in a Few Documents: After the initial inquiry process, a loan agent will reach out and ask for a few documents to verify your identity and vehicle ownership. For your convenience, these can all be submitted online via email, or through fax.
- Choose How to Collect Your Funds: If you qualify for a loan and are approved, the last step is to sign your loan agreement! After that, it’s time to collect your cash. With a ChoiceCash title loan, borrowers can choose to pick up their funds at a participating money transfer location nearby, receive a check in the mail, or a direct deposit to their bank account.
If you’re ready to get started on your loan, it’s easier than you think! Apply online with ChoiceCash Title Loans today in just minutes.1 Or, call a loan agent at 855-277-4847 to receive a free quote.1