5 Awesome Advantages Of Title Loans
While it’s not talked about very often, there are certain advantages of title loans that have people coming back for them over and over again, when they need extra cash. Are you curious to know? Then read on to learn why people choose easy online title loans over traditional bank loans and credit unions, even if they could use the latter with ease.
Here Are The Advantages Of Borrowing Title Loans
1. The Qualifying Requirements List Is Short
The biggest of the advantages of title loans is, without doubt, their accessibility. Title loans are designed to reach as many people as possible. To qualify for a title loan, you need to be 18 or older and own a car. That’s what the required items are for. No extra bureaucracy, no additional hoops to jump through.
Your eligibility largely depends on having:
- A valid state-issued ID or driver’s license verifying your identity and legal age;
- Your car to determine the maximum loan amount you qualify for;
- The car’s title being in your name and completely lien-free – to act as loan collateral.
2. They Accommodate All Types Of Income
The title needs to act as collateral because title loans are secured loans. That means providing the lender with certain assets to protect their assets. This opens the way to other advantages of title loans, like being able to accommodate any type of income. As the lender’s assets are protected from the get-go, you’re allowed certain freedoms, such as choosing the means to pay the loan off or switching it up if need be.
You don’t even need to be employed to qualify for an online title loan. In fact, it’s highly unlikely you’ll be asked to provide proof of income in the first place. As there’s collateral in place, the means of loan repayment are usually completely up to your discretion.
3. Title Loans Are Quick
Title loans are, above all else, designed to be efficient. The process is simplified and streamlined to ensure the clients are accommodated to the best of our abilities, but none of their time is being wasted on unnecessarily complicated procedures.
Unlike with more traditional institutions that can stretch the approval process from a few days to a few weeks, getting approved for a title loan usually takes less than an hour, taking on average between 30 to 45 minutes.
There are also no lengthy waiting periods following the approval process. If you do get approved, the longest you’ll have to wait for the cash you qualified for is until the next bank business day.
4. Title Loans Are Accessible In All Credit Situations
Unlike with bank loans, you can qualify for a title loan even with bad credit. While this doesn’t automatically assume there won’t be any credit checks (it’s individual and depends on a lot of factors, including the amount of loan you’re applying for), the chances of becoming ineligible due to bad credit are much lower than with any other type of loan.
5. They Keep Your Information Private
Among the advantages of title loans, this one is probably the most often overlooked one. Yet it’s also one of the reasons why many people keep coming back for more. If you don’t wish for your credit score to be influenced in any way, or a loan to go onto your credit report, then a title loan is definitely an option worth considering. At Home Title Loans never reports its client’s credit information to any credit bureaus, so their credit remains wholly unaffected.
Here's How To Get Your Title Loan
Before getting started, make sure you’ve got all the required items (the state-issued ID/driver’s license, the vehicle, the vehicle’s lien-free title in your name) ready.
If you do, just get started online by submitting an inquiry form on our website. After it’s processed, our loan specialist will contact you by phone. During the call, they’ll provide the necessary information and determine the terms of your loan – how much you qualify for, monthly payments, etc.
In the end, they’ll arrange a meeting with a verification agent for you either at the store or at a location of your choice. The verification agent will arrive at a predetermined time to deliver your loan packet and verify your VIN number. If everything’s in the order, they’ll have you sign some forms, and you’ll receive the loan documents via e-mail.
Put your e-signature on and send them in. The money will be deposited into your bank account on the next bank business day at the latest.
Get Started With Your Title Loan Today!
Do any of the advantages of title loans listed here sound like they could make your situation easier? Then get started by calling us at 800-514-2274 or submitting an inquiry for auto title loans online today and get the cash you need in just 24 hours!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.