Does Virginia Allow Car Title Loans?
The answer is yes! While there are state laws that regulate who can conduct business as a car title loan lender, they are legal in the state of Virginia. Title loan lenders must meet certain requirements to do business in the state. Through a car title loan, you can borrow cash based on your vehicle’s value and ability to repay the loan.
Are you ready to see if your income and vehicle meet the requirements for a car title loan? Start the online process for a ChoiceCash title loan in Richmond, Virginia, by filling out this pre-qualification form or calling 855-422-7402 today!1
How Do Title Loans Work in Richmond, Virginia?
So, how do title loans work? Car title loans are secured loans, and borrowers can put up their cars, motorcycles, or trucks as collateral. A qualified borrower can access a portion of their car’s value through a title loan. The vehicle title serves as the collateral for money, and lenders will place a lien on it during repayment. Once the borrower repays the loan, lenders remove the lien from the title.
Pledging your car as collateral is what makes the loan secure. If you miss monthly payments on a title loan, you risk the repossession of your vehicle. Avoid repossession by paying your funds back on time each month!
Unsecured loans don’t rely on physical collateral during their agreements. Instead, those lenders will look at a person’s credit history to determine if they can handle a loan. Bad credit can indicate that you are financially irresponsible and potentially disqualify you from funding.
Your credit is still considered for a car title loan. However, during the approval process, the factors that will matter the most are:
- How Much Value Your Car Has
- If You Can Demonstrate the Ability to Repay the Loan
Your vehicle’s overall value and your ability to repay the loan will affect both your loan amount and eligibility. If you aren’t sure about the amount of positive equity in your car, don’t sweat it! ChoiceCash title loan borrowers can access an online title loan calculator to help them find out more about their car’s equity. Just input some information about your vehicle and yourself to obtain a quote, free of obligation!1
What Can I Use My Title Loan Cash for in Virginia?
Title loans can potentially provide qualified borrowers with access to quick funding. Below are examples of how a title loan could help you:
- Pay Rent
- Consolidation Debt
- Fund Home Improvement Projects
- Pay for Travel Arrangements
- Pay for a Wedding or Funeral
Your title loan funds can be used in a variety of ways. Whether you need some extra cash for your big wedding day or you need to consolidate credit card debt, a title loan could help! Richmond, Virginia, residents may receive access to funding within the same business day as inquiring through a ChoiceCash title loan. The process can be quick, convenient, and straightforward for qualified borrowers.1
Can I Qualify for Title Loans in Virginia With Bad Credit?
The good news is that you don’t need a perfect credit score to inquire about title loans in Richmond, Virginia. Approval for car title loans will largely depend on how much equity you have in your car and if you have consistent income.1
The normal median income for Richmond, Virginia, is around 51k, with about 20% of residents living below the poverty line. Your credit score may not be up to par if you live in poverty. A good or bad credit score can positively or negatively affect many aspects of your life. With a bad credit score, obtaining approval for housing or other loan options can be challenging.
Since collateral is used to secure the title loan, it minimizes the lending risk if the borrower does not have a strong credit history. So, while your credit is still looked at during the approval process, a perfect score isn’t necessary to apply for a car title loan in Richmond, Virginia!1
What Are the Requirements for a Car Title Loan in Richmond, Virginia?
The Richmond car title loan requirements can be straightforward and simple. For a title loan in Richmond, Virginia, you must:
- Be an Adult at Least 18 Years of Age or Older
- Have a Vehicle Title in Your Name
- Have a Qualifying Vehicle With Some Positive Equity
- Demonstrate Proof of Consistent Income and Ability to Repay the Loan
Some financing options are available to minors, but title loans are not one of them! You must be a legal adult when inquiring about an auto title loan. You can show a driver’s license, passport, or other valid government-issued photo I.D to verify your age.
When applying for a car title loan, you must provide a car title in your name and a qualifying car with enough positive equity. Make sure you can show proof of income or alternative income at the time of inquiry! Lenders will need to see that you can afford a car title loan payment.
Can I Apply for an Auto Title Loan if My Vehicle Is Still Being Financed?
Yes, you can still inquire about title loan funding while your car is being financed.
Firstly, you will need to determine your current payoff amount. This amount will help you to understand how much is necessary to pay off the current auto loan. Once that amount is calculated, use it to get an estimate of your car’s current equity. If you have trouble with this part of the process, feel free to contact a ChoiceCash title loan agent at 855-422-7402! You can receive a car equity estimation using this helpful calculator tool free of obligation to ChoiceCash borrowers.1
After determining if your vehicle has enough equity, you must get the payoff details and the phone number of the current lender for the new lender to verify. If your loan is not in good standing or past due, lenders will not refinance the loan.
During your title loan inquiry, ensure that your loan number is ready, and consider why you want to proceed with the title loan application. Make sure your approval aligns with the anticipated benefits! If you obtain approval, the lender will pay off the auto loan. Finally, the auto title loan lender will release the title lien at the end of repayment and send the title to the new lender.
On top of that, Virginia borrowers must complete the “Application For Transfer And Supplemental Liens” form before their loan is completed.
Where Can I Get a Title Loan Without Proof of Income in Virginia?
While you do not need a traditional job or a 9-5 career to apply for a car title loan in Virginia, you must provide proof that you can afford to repay the title loan.
Lenders may accept many qualifying alternative income sources as long as they’re consistent. Below are some examples of alternative income that can demonstrate your ability to repay a title loan:
- Worker’s Compensation
- Supplemental Security Income (SSI) and Disability Benefits
- Alimony/Child Support Payments
- Settlement Income
- Pension Income
- Some Self-Employment
The most common professions among residents of Richmond, Virginia, are office and administrative positions, according to the U.S. Bureau of Labor Statistics. Not having a traditional career doesn’t mean you can’t have a steady source of income, though!
A steady income is a legal, regular source of funds maintained over at least 90 days. Unemployed residents can apply as long as they have consistent, alternative income. Unemployment checks will not qualify as proof of income for title loan funding.
Contact a ChoiceCash title loan agent if you have questions about your vehicle title or income circumstances by calling 855-422-7402 today.
How Do You Apply for a Title Loan in Richmond, Virginia?
You can start the inquiry for a ChoiceCash title loan in Richmond, Virginia with your smartphone or computer in the comfort of your home.1
1. Fill Out an Inquiry Form
Step one is filling out the pre-qualification form for a Richmond title loan. You can fill this out online or call 855-422-7402 to speak with a ChoiceCash title loan representative. Both options take a few minutes to complete, which can be convenient for people experiencing a bad financial situation!1
2. Send in the Required Documents
After a title loan agent looks over your pre-approval form, you will need to gather some basic documents. It’s best to ensure you have this paperwork on hand before starting your title loan inquiry to make the process move as swiftly as possible! Contact the Virginia DMV for replacement information if you’re missing some of the documents mentioned.1
You will need the following:
- Valid Government or State-Issued Photo I.D.
- Proof of Residency
- Proof of a Qualifying Vehicle Title in Your Name
- Proof of Steady Income
- Recent Photos of the Vehicle
By sending in recent photos of your vehicle, you don’t need to attend an in person vehicle inspection! Make sure the pictures are clear and direct when taking them to move the process along.
3. Obtain Approval and Receive Money
The final step during a title loan inquiry is awaiting potential approval and receiving the funds! Qualified borrowers have several options for picking up their money. They can:
- Set Up Direct Deposit for Their Bank Account
- Have the Money Direct Deposited Onto a Debit Card
- Receive a Check in the Mail
- Visit a Participating Money Transfer Location in the Richmond, Virginia, Area
If you meet the requirements and hand over the correct documentation, qualified borrowers may receive access to fast cash on the same day as inquiring!1
Can I Apply for Online Title Loans in Richmond, Virginia, Today?
Inquiring about a ChoiceCash title loan serviced by LoanMart in Richmond, Virginia, can be as simple as filling out the online pre-approval form! Interested borrowers can also call 855-422-7402 to speak with a ChoiceCash title loan agent.1
With a ChoiceCash title loan serviced by LoanMart, qualified borrowers can expect a quick inquiry process! You may obtain approval within the same business day as inquiring.1
Where Can I Pay Back My Title Loan in Richmond, Virginia?
You can pay back your ChoiceCash title loan at any participating money transfer location in convenient public stores in Virginia, such as Wal-Mart, Kroger, or CVS. You can also:
- Set up Automatic Withdrawal From Your Bank Account
- Pay Through the Online Portal
- Send a Check in the Mail
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 Richmond, Virginia
ChoiceCash is proud to service residents all over Virginia including metro areas Virginia Beach, Norfolk and Chesapeake. 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 Richmond:
Featured Locations near Richmond, Virginia
Nearby States by Virginia That offer a ChoiceCash Title Loan
Title Loans in Richmond, Virginia
There are about 391,052 total people living in 23250 Richmond, Virginia. From those 391,052 people, about 49.55% of them are female, which comes out to approximately 207,205 people. In Richmond about 44.2% of the population is male, which comes out to about 183,847 people.
From the total population of 391,052 people about 295,826 are considered legal adults above the age of 18. From there, about 160,622 of those 295,826 adults are female, which comes out to about 50.63% of the population. For the men, 43.12% are adult males, which is approximately 135,204 people.
|Total People Under 5 Years||23,645|
|Total People 5-9 Years||21,158|
|Total People 10-14 Years||20,332|
|Total People 15-19 Years||25,042|
|Total People 20-24 Years||31,326|
|Total People 25-34 Years||71,432|
|Total People 35-44 Years||47,105|
|Total People 45-54 Years||48,185|
|Total People 55-59 Years||25,609|
|Total People 60-64 Years||23,420|
|Total People 65-75 Years||31,943|
|Total People 75-84 Years||14,195|
|Total People 85 Years and Older||7,660|
Household Employment Information for Richmond, Virginia
In the entire city of Richmond, there are approximately 152,909 households. When it comes to unemployment of those 152,909 about 41,442 of them contain residents who are currently out of work. However, 64,486 households contain at ,1 employed individual, 39,809 house 2 employed residents, and there are 7,172 homes with 3 or more residents who are employed.
To learn more about the employment of other types of households in Richmond, take a look at the information below!
|Total Households with 1 Person||56,911|
|1-Person Households with Unemployed Residents||24,595|
|1- Person Households with 1 Employed Resident||32,316|
|Total Households with 2 People||48,789|
|2-Person Households with Unemployed Residents||11,120|
|2- Person Households with 1 Employed Resident||16,774|
|2-Person Households with 2 Employed Residents||20,895|
|Total Households with 3 People||23,074|
|3-Person Households with Unemployed Residents||3,047|
|3- Person Households with 1 Employed Resident||7,608|
|3-Person Households with 2 Employed Residents||9,318|
|3-Person Households with 3+ EmployedResidents||3,101|
|Total Households with 4 People||24,135|
|4-Person Households with Unemployed Residents||2,680|
|4- Person Households with 1 Employed Resident||7,788|
|4-Person Households with 2 Employed Residents||9,596|
|4-Person Households with 3+ EmployedResidents||4,071|
Living Information in Richmond, Virginia
Throughout the whole city of Richmond there are approximately 154,868 occupied households where 74,588 of those households are rented by the residents and 80,280 are owned.
Between the years of 2015-2016 about 23,888 households were occupied by newly moved-in residents. Out of those 23,888 households, 18,586 were being rented while 5,302 were owned during that time. Between the years of 2010-2014 approximately 48,773 households were occupied by residents who just moved in. From those 48,773 households, 33,437 were rented and 15,336 were owned. From 2000-2009, residents of Richmond moved into about 35,450 households, with 24,094 of those households being owned and 11,356 being rented.
Going back before the millennium, between 1990-1999 residents throughout Richmond began occupying about 16,721 households. During this time, about 14,291 of the households were owned and 2,430 were rented during this time period. But even before that, during 1989 and earlier, the people of Richmond moved into approximately 20,759 households throughout the city. During this time, people who were renting moved into about 1,544 of the those 20,759 households, and people who purchased / owned their homes started occupying about 19,215 households.
Education of People in Richmond, Virginia
Wondering about education information about the people who live in Richmond, Virginia? Check out some of the interesting educational statistics about Richmond below:
|Percent of People Who Have Not Graduated High School||9.51%|
|Percent of People Who Have Graduated High School||17.42%|
|Percent of People Who Started College||23.84%|
|Percent of People Who Finished College||36.74%|
|Percent of Homeowners Who Have Not Graduated High School||7.01%|
|Percent of Homeowners Who Have Graduated High School||15.73%|
|Percent of Homeowners Who Started College||21.39%|
|Percent of Homeowners Who Finished College||43.38%|
|Percent of Renters Who Have Not Graduated High School||11.78%|
|Percent of Renters Who Have Graduated High School||19.95%|
|Percent of Renters Who Started College||26.44%|
|Percent of Renters Who Finished College||29.33%|
ChoiceCash Title Loans, Serviced by LoanMart in Richmond
Looking for a way to get the emergency cash you need in Richmond? 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!