How Old Do You Have To Be To Get Title Loans? 

People of all ages apply for a title loan, whether it’s for emergency travel, medical expenses, or some other immediate need. These emergencies are no respecter of person and can affect anyone living on their own and paying their own bills. 

But there have to be age restrictions on something as important as loans that leverage your car title for cash, right?

Living on your own as a young adult is scary and uncertain. While learning how to balance finances, an unexpected event can sometimes occur, and like most young adults, you won’t have savings to fall back on. In some cases, young adults turn to title loans to get fast cash. 

A title loan can help in a financial crunch, but not everyone who applies gets approved. The age requirement is just one item on the checklist to get a loan from one of our vendors. Keep reading to find out the age requirements for title loans, as well as some of the other requirements.

How Old Do You Have To Be For A Title Loan? 

As you might assume, applicants for a title loan in any state need to be legal adults. But what does that mean? 

To get a title loan from an At Home Title Loans lender, a customer must be over the age of majority for their state. This age is different from the voting age, drinking age, and age of consent, so if you are considering a title loan, you need to be aware of the age of majority for your state.

The age of the majority is 18 in most states. Exceptions are listed below:

• 19 in Alabama, Colorado, Maryland, and Nebraska
• 21 in the District of Colombia, Indiana, Mississippi, and New York

The logic for this stipulation is that, although a 16-year-old can drive a car, they cannot hold the title to that car in their name. And since a title is required for a title loan, a 16- or 17-year-old won’t be able to provide the necessary paperwork.

Another caveat is that the customer must be capable of forming legally binding agreements. This rule protects a multitude of adults (and their families). That being said, individuals on disability and those receiving retirement benefits can qualify for a title loan. Therefore, there is no maximum age for title loans.

With vendors across the country, At Home Title Loans is well-versed in the laws surrounding title loans in all states.

Besides Age, What Are The Other Title Loan Requirements? 

To get approved for a title loan, an applicant must meet a few other requirements besides age.

• First, they need a driver’s license or state-issued ID. This is mainly to prove that the applicant is who they say they are, as well as the legal age to apply in that state. The applicant doesn’t have to be a driver, but they need the next item…
• … a lien-free title. It is less common for young drivers (18-20) to get title loans because many of them have co-signers on their car title or are still driving a family car. But if the title is solely in their name, this requirement is fulfilled.
• The local lender may run a credit check, but this is not used to disqualify a borrower from getting a title loan. This is good news for young applicants since most have not had time to build up a strong credit history.
• Proof of your ability to repay the loan is more important than good or bad credit. An applicant may be asked for a recent pay stub or other proof of income, but that will depend on the lender. As stated earlier, a person who receives government benefits or a pension may be approved for a title loan, as these are steady sources of income.

As long as all these criteria are met, the applicant will be asked to meet up with a loan representative to check all documents and the VIN of the vehicle. This can be done at the office, or the representative may agree to meet at another location more convenient for the borrower.

After this brief meet-up, approved applicants receive their title loan the same day or the next business day.

Title Loans For Young Adults

In addition to the curve balls life can throw at you, such as medical expenses, younger people just striking out on their own have unique financial needs. For example, they may need a little help paying tuition while living on their own and working.

There are also some young adults who shoulder responsibility for parents, siblings, or their own children, and sometimes, they need a little extra cash flow.

Because of this, some individuals opt for a title loan, with the knowledge that they can repay the loan on time. With proper planning, a title loan can help in tough times, and it allows the borrower to keep and drive their vehicle as usual, so they can still work and carry on with daily responsibilities.

Get Started On Your Title Loan Today!

With At Home Title Loans, finding a title loan lender to help with your financial emergency is easier than you think.

By completing the quick online form, you will be connected to a reputable title loan lender nearby who will give you a call to explain the title loan process.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.