Title Loans Can Be a Simple Option for People With Bad Credit
Are you struggling with paying bills? Does it feel like everything costs more money lately? You’re not alone as a resident of Chesapeake, Virginia. Many Americans are tightening their wallets due to the recent inflation rise. Over half of the country lives paycheck to paycheck, meaning there is no extra money for unexpected expenses.
When you live without disposable income, you are putting yourself at risk during emergencies. Covering monthly payments on time can become challenging, and missing payments can hurt your credit score.
If you have a bad credit history, you may not pass approval for traditional bank loans. This situation is how many people enter what’s known as the ‘debt cycle’!
Don’t let a bad credit score or unpaid bills get in the way of accessing fast cash. You can inquire about a ChoiceCash title loan serviced by LoanMart in Chesapeake, Virginia, to receive the funding you potentially need. The process can be quick, simple, and hassle-free compared to traditional bank loans.1
What Are Car Title Loans?
Car title loans can help satisfy immediate cash needs! They are short-term loan options that allow people to borrow against the value of their cars. Auto title loans are installment loans that allow you to borrow money for a set period of time and pay it back in installments.
If approved, the person receives funds in exchange for their vehicle’s title. But don’t worry- lenders place a lien on the vehicle title and remove it after repayment.
Traditional loan lenders run a credit check to determine a person’s loan eligibility, and they may deny you funding if your credit score is less than perfect.
Title loan lenders will run a credit check during the approval process, but having a bad score won’t necessarily disqualify you. What matters more is:
- How Much Available Equity Is in Your Vehicle
- If You Can Demonstrate the Ability to Repay the Loan
The amount of available equity in your vehicle is a significant determining factor of your title loan approval! While potential loan amounts and terms vary by state, cars with higher equity may receive higher financing.
You also must demonstrate the ability to repay the money during a title loan inquiry. This income proves to lenders that you have enough money to make your payments on time, which is a federal requirement! Lenders must check that a borrower has steady income proof before approving them for loans.
What Is the Difference Between Good Credit and Bad Credit?
Credit scores are a metric that tells financial institutions how likely a person is to pay back their loan or credit card. This measurement is a relatively new concept introduced in 1989 to evaluate consumers’ money-related risk factors.
Many financial decisions will affect your credit score, and a big bank or credit union will use this information during approval. If you have a poor credit history, you may face denial for a mortgage, auto, or unsecured personal loan.
Below are factors that can affect your credit score positively or negatively:
- Current Unpaid Debt
- Bill Payment History
- How Long You’ve Had Your Loan Accounts
- How Much of the Available Credit You Use
- History of Bankruptcy or Foreclosure
Generally speaking, anything above 640 is considered a good credit score, while anything below 620 is bad. If yours is below 620, applying for an unsecured loan option could be challenging, and you will likely face denial.
A low credit score can indicate that you aren’t trustworthy with your money. People with higher credit scores may receive higher loan offers because they seem more responsible in the eyes of a lender.
With a ChoiceCash title loan serviced by LoanMart in Chesapeake, Virginia, interested borrowers may not need to stress about poor credit scores.Your credit history will be considered during approval, but it’s not the main focus for most lenders. As long as you have the means to repay the funds, your credit history may not prevent you from qualifying for the financial help you need.1
What Are the Requirements for a Car Title Loan in Chesapeake, Virginia?
Obtaining a vehicle title loan in Chesapeake, Virginia, can be simple, but the requirements involved are essential to know beforehand.
One of the most significant advantages of a ChoiceCash title loan serviced by LoanMart is that the inquiry process can be accessible to people from many different financial backgrounds! Learn why these criteria may not be challenging for most people to meet:1
- You Must Be an Adult at Least 18 Years of Age or Older
- You Must Have a Qualifying Vehicle Title in Your Name
- You Must Have a Qualifying Vehicle With Some Positive Equity
- You Must Demonstrate the Ability to Pay Back the Loan
You must be an adult at least 18 years of age or older to inquire about online title loans in Chesapeake, Virginia. This requirement can ensure that you’re responsible enough to make significant financial decisions for your future!
You also must have a qualifying vehicle title in your name to inquire about various title loan services. The vehicle’s title will serve as a form of insurance in case the funding isn’t paid back.
Some circumstances around vehicle title ownership may be acceptable during your inquiry. People still paying their cars off will be requested to sign a form authorizing the title loan lenders to pay the remaining auto loan balance.
Also, Virginia borrowers may need to complete the “Application For Transfer And Supplemental Liens” form before their loan passes approval.
Next, your car must have some positive equity when you inquire about online title loans in Chesapeake. This requirement is crucial because the amount of equity can affect your potential approval and minimum loan amount. Car equity can be found by determining the car’s overall market value and subtracting the amount you still owe in payments.
If you want help finding your car’s equity, you can use this helpful calculator tool free of obligation to interested ChoiceCash title loan borrowers!1
What Types of Income Are Acceptable During a Title Loan Inquiry in Chesapeake, Virginia?
The final requirement for title loans in Chesapeake, Virginia, demonstrates that you have enough income to repay the funds. You don’t necessarily need to work a traditional career to qualify for a title loan potentially! Many alternative income forms may be acceptable during your inquiry. Below are examples:
- Worker’s Compensations
- Social Security Benefits
- Child Support/Alimony Payments
- Pension Income
- Settlement Income
- Some Self-Employment
- & More
Contact a ChoiceCash title loan agent to learn more about income or vehicle title circumstances by calling 855-422-7402 today.1
What Is the Approval Process for an Auto Title Loan in Chesapeake, Virginia Like?
The inquiry and approval process for a title loan in Chesapeake, Virginia, can be simple for several reasons. First, the requirements involved may not be challenging to meet compared to traditional loans, you can begin the inquiry when you apply online, and there is no in-person car inspection.1
Below are the steps for inquiring about a ChoiceCash title loan serviced by LoanMart:
- Submit a Loan Inquiry Online or Over the Phone
Submitting an inquiry means answering a few basic questions about your circumstances and vehicle. You can begin by filling out this pre-qualification form or calling 855-422-7402 to speak directly with a ChoiceCash title loan agent. Neither option involves going to an in-person store– you can begin the inquiry when you apply online!1
- Send in the Correct Documents
Once your loan inquiry has been received and reviewed, a ChoiceCash title loan representative will contact you about submitting documents via email or fax.
These documents verify essential information, like your age, identity, residency, proof of income, and proof of a qualifying vehicle title. Below are a few basic documents you will need to gather:
- Valid Government or State-Issued Photo I.D.
- Proof of Residency
- Proof of a Qualifying Vehicle Title in Your Name
- Proof of a Steady or Alternative Income
- Recent Photos of the Vehicle
You can show proof of residency in Virginia by providing official mail like bank statements. Also, remember to take clear pictures of your vehicle from the correct angles for your online car inspection! Sending in blurry photos may slow the approval process down for Chesapeake title loans.
- Obtain Approval and Access Your Money
After your documents are reviewed, and you potentially obtain approval, the final step is collecting your funding with a ChoiceCash title loan serviced by LoanMart! There are several options for receiving your money in Chesapeake, Virginia. You can:1
- Direct Deposit the Money Into Your Bank Account
- Have the Money Direct Deposited Into a Debit Card
- Receive a Check in the Mail
- Visit a Participating Money Transfer Location in the Chesapeake, Virginia Area
There is a potential choice for everyone when it comes to accessing title loan funds! Qualified borrowers may pass approval within the same business day as inquiring.1
Reasons Someone Might Need Emergency Cash With Auto Title Loans
The main reason borrowers inquire about title loan funding is because they are experiencing an emergency and need quick cash.1 Inflation rises yearly, but paychecks don’t always reflect the same change. It can be easy to feel your bank account drain faster than expected. Running out of money is stressful and can cause severe problems in a person’s life.
Below are examples of why someone might need to use emergency title loan proceeds in Chesapeake, Virginia:
Perhaps your roof is in bad shape, but you can’t seem to save enough money to hire help. It will cost more money in the long run if you let the problem worsen, which can apply to many household issues.
If life has been bombarding you with unexpected expenses and you can’t seem to find the money for home improvement projects, you can inquire about a ChoiceCash title loan serviced by LoanMart. You may receive cash within the same business day as inquiring if you meet the requirements and produce the correct documents.1
As inflation rises, so does the cost of living. The gross median monthly rent prices are sky-high, and salaries are not keeping up with the changes. Covering rent is one of the most significant expenses a person pays each month.
If you feel like your whole paycheck goes toward where you live, you may want to inquire about a ChoiceCash title loan serviced by LoanMart.1
A title loan could potentially provide short-term financial relief!
It’s no surprise that the American healthcare system is expensive. Perhaps you thought insurance would cover a procedure, but now you’re receiving notices about huge hospital bills. Unfortunately, this is common and one of the most significant contributing factors to falling into irreversible debt.
If you need help covering monthly payments, inquiring about a ChoiceCash title loan serviced by LoanMart could alleviate stress.1
How Is the Title Loan Amount Calculated?
As mentioned earlier, vehicle equity is one of the most significant indicators of a person’s title loan approval and funding amount. Typically, most lenders care about a person’s financial history as the metric for approval with a traditional bank loan.
On the other hand, title loan providers will look at how much value a car has when deciding on loan amounts. You can determine car value by looking at several different factors:
- Make, Style, and Model of Car
- Manufacture Year
- Overall Condition
- Upgrades or Modifications
Your car’s make, style, and model will be considered during a title loan inquiry. This factor can affect its overall value for many reasons, but mainly because some cars are worth more than others. A Tesla may be worth more than a Honda Civic, for example.
However, just because a vehicle is older doesn’t mean it will lack value entirely. Some cars on the market retain their worth because they are consistently high in demand.
Some examples include Volkswagen models, Ford F-Series, and the Toyota Tacoma. If you’re searching for a title loan in Chesapeake, Virginia, but drive an older car, don’t stress about it!
Looking at the overall condition of your car means checking that it runs properly and is in good shape. Do you take it in for regular maintenance checks? Have minor repairs been fixed? Does it look clean and presentable?
These are all questions you can ask yourself that a title loan provider also may ask during the approval loan process.
Finally, lenders for auto equity loans may look at any upgrades or modifications to a vehicle when determining its value. Some enhancements, like tire replacements, can be positive, while others may have a negative impact, like a loud exhaust. Keep that in mind when making any updates to your car!
Inquire About Auto Title Loans in Chesapeake, Virginia, Today!
Everyone should have the opportunity to access money when they need it most. If you’re struggling with your bills as a resident of Chesapeake, Virginia, and want immediate help, you can inquire about a ChoiceCash title loan serviced by LoanMart.1
AVERAGE LOAN PROFILE FOR CHOICECASH TITLE LOANS IN CHESAPEAKE, VIRGINIA
Having launched in Chesapeake in October 2020, ChoiceCash title loans has been a trusted funding source for Chesapeake, Virginia residents for a good while. As one of the premier title loan options in Virginia, ChoiceCash has already provided funding for more than 153 Chesapeake residents. Since becoming available in Chesapeake Virginia the average loan amount for ChoiceCash customers has been $3,395.1 The average mileage for vehicles used to obtain a ChoiceCash title loan in Chesapeake has been 141,255. But don’t worry if your car has more miles – there is no specific maximum odometer reading that your car needs to comply with in order to be eligible for a ChoiceCash loan.
HOW CAN I PAY FOR MY TITLE LOAN IN PERSON
Pay back your car title loan in Chesapeake at any MoneyGram location in Virginia. 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 Chesapeake, Virginia
ChoiceCash is proud to service residents all over Virginia including metro areas Virginia Beach, Norfolk and Arlington. 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 Chesapeake:
Featured Locations near Chesapeake, Virginia
Nearby States by Virginia That offer a ChoiceCash Title Loan
Title Loans in Chesapeake, Virginia
There are about 237,893 total people living in 23325 Chesapeake, Virginia. From those 237,893 people, about 51.93% of them are female, which comes out to approximately 121,661 people. In Chesapeake about 48.07% of the population is male, which comes out to about 116,232 people.
From the total population of 237,893 people about 175,781 are considered legal adults above the age of 18. From there, about 90,883 of those 175,781 adults are female, which comes out to about 52.57% of the population. For the men, 47.43% are adult males, which is approximately 84,898 people.
|Total People Under 5 Years||15,066|
|Total People 5-9 Years||16,397|
|Total People 10-14 Years||15,929|
|Total People 15-19 Years||16,092|
|Total People 20-24 Years||15,274|
|Total People 25-34 Years||33,676|
|Total People 35-44 Years||31,863|
|Total People 45-54 Years||33,193|
|Total People 55-59 Years||16,957|
|Total People 60-64 Years||13,617|
|Total People 65-75 Years||18,246|
|Total People 75-84 Years||8,458|
|Total People 85 Years and Older||3,125|
Household Employment Information for Chesapeake, Virginia
In the entire city of Chesapeake, there are approximately 82,610 households. When it comes to unemployment of those 82,610 about 15,252 of them contain residents who are currently out of work. However, 33,740 households contain at ,1 employed individual, 27,274 house 2 employed residents, and there are 6,344 homes with 3 or more residents who are employed.
To learn more about the employment of other types of households in Chesapeake, take a look at the information below!
|Total Households with 1 Person||17,451|
|1-Person Households with Unemployed Residents||7,452|
|1- Person Households with 1 Employed Resident||9,999|
|Total Households with 2 People||27,536|
|2-Person Households with Unemployed Residents||5,962|
|2- Person Households with 1 Employed Resident||10,629|
|2-Person Households with 2 Employed Residents||10,945|
|Total Households with 3 People||16,844|
|3-Person Households with Unemployed Residents||1,048|
|3- Person Households with 1 Employed Resident||6,056|
|3-Person Households with 2 Employed Residents||7,423|
|3-Person Households with 3+ EmployedResidents||2,317|
|Total Households with 4 People||20,779|
|4-Person Households with Unemployed Residents||790|
|4- Person Households with 1 Employed Resident||7,056|
|4-Person Households with 2 Employed Residents||8,906|
|4-Person Households with 3+ EmployedResidents||4,027|
Living Information in Chesapeake, Virginia
Throughout the whole city of Chesapeake there are approximately 84,258 occupied households where 24,147 of those households are rented by the residents and 60,111 are owned.
Between the years of 2015-2016 about 10,595 households were occupied by newly moved-in residents. Out of those 10,595 households, 5,767 were being rented while 4,828 were owned during that time. Between the years of 2010-2014 approximately 23,595 households were occupied by residents who just moved in. From those 23,595 households, 11,219 were rented and 12,376 were owned. From 2000-2009, residents of Chesapeake moved into about 22,072 households, with 18,786 of those households being owned and 3,286 being rented.
Going back before the millennium, between 1990-1999 residents throughout Chesapeake began occupying about 12,998 households. During this time, about 12,131 of the households were owned and 867 were rented during this time period. But even before that, during 1989 and earlier, the people of Chesapeake moved into approximately 10,834 households throughout the city. During this time, people who were renting moved into about 306 of the those 10,834 households, and people who purchased / owned their homes started occupying about 10,528 households.
Education of People in Chesapeake, Virginia
Wondering about education information about the people who live in Chesapeake, Virginia? Check out some of the interesting educational statistics about Chesapeake below:
|Percent of People Who Have Not Graduated High School||7.8%|
|Percent of People Who Have Graduated High School||22.23%|
|Percent of People Who Started College||37.5%|
|Percent of People Who Finished College||32.45%|
|Percent of Homeowners Who Have Not Graduated High School||5.72%|
|Percent of Homeowners Who Have Graduated High School||21.6%|
|Percent of Homeowners Who Started College||36.57%|
|Percent of Homeowners Who Finished College||36.12%|
|Percent of Renters Who Have Not Graduated High School||11.6%|
|Percent of Renters Who Have Graduated High School||24.85%|
|Percent of Renters Who Started College||40.63%|
|Percent of Renters Who Finished College||22.95%|
ChoiceCash Title Loans, Serviced by LoanMart in Chesapeake
Looking for a way to get the emergency cash you need in Chesapeake? Good news! ChoiceCash Title Loans, serviced by LoanMart, services loans throughout the state of Virginia. Call 855-422-7402 or visit ChoiceCash Title Loans online to get started today!