Online Title Loans: Here’s What You Need To Know
It can be hard to wrap your head around all the terms associated with online title loans. Here’s everything you need to know about how they work.
Vehicle title loans are a resource you can use to cover emergency expenses, whether it be car repairs or monthly rent payments. To get one, you need a valid government-issued ID, a car title with no liens, and your vehicle to be inspected.
Essential Title Loan Information
The process and requirements for online title loans aren’t as complex as you might imagine, and it’s always wise to have an alternative cashflow solution in mind for when best-laid plans go astray. In this helpful guide, you’ll learn everything you need to know about online title loans and how they can be of use to you.
What Are Online Title Loans?
Put simply, a vehicle title loan uses your paid-off, lien-free car title as a type of collateral. The lender puts a lien against the vehicle title to secure it, an action that’s removed once the entirety of the loan has been paid off.
You can use this cash flow solution to secure yourself emergency funds for important personal reasons, and because the loan is secured by the collateral of your car’s title, you will generally have access to larger amounts of money that you can borrow and a longer repayment period, giving you time to plan for repayment on the loan.
When Are Vehicle Title Loans Useful?
It’s important to discuss when this cash flow option can be used. Getting vehicle title loans online is a significant commitment, and while it can be worthwhile under the right circumstances, you want to avoid misusing this resource.
For example, you should never take out title loans as a way of funding frivolous purchases; rather, you need to save them as a back pocket tool for when your back’s against the wall. If you have other financial options to avoid relying on an online car title loan, then it’s usually best to.
With that being said, online title loans aren’t a resource you should discount in an emergency, and there are many occasions where title loans are worth considering, including the following:
- Medical expenses
- Car repairs
- Home repairs
- Rent costs
- Business travel expenses
Put simply, if you’re left without conventional cashflow options to cover big expenses, then these loans might be able to help you tackle large payments without stressing yourself.
What Benefits Do Title Loans Offer?
Compared to other loan options, car title loans offer larger amounts of money that you can borrow, depending, of course, on what you qualify for. Southwest Title Loans offers amounts up to $15,000, giving you plenty of breathing room to cover your expenses. The benefits of online title loans are as follows:
- Applying from anywhere
- Credit lenient
- Quick process
- Fast approval
Applying From Anywhere
One of the best features of online title loans is that you can get started straight from home—no need to head in-store to get the first stages of the process wrapped up.
Simply fill out the online loan inquiry form provided on the site, and a loan representative will call you back with some of the basic details about the loan to answer your questions.
Because the loan is secured with your car’s title, vehicle title loans tend to be more credit lenient, meaning that you may be able to secure emergency money even if your credit isn’t the best.
Another great feature of choosing a direct lender is that there’s much less paperwork to wade through.
Banks and other financial institutions can hold you up for days, even weeks, before the documents go through. With a direct lender like Southwest Title Loans, you’ll get a call back right away once you’ve filled out the forms.
In a similar vein, the approval process through Southwest Title Loans is expedient and efficient. All you’ll need to do once you finish up the call is bring the following items to the store location or a location you schedule with the loan specialist:
- Driver’s license or state-issued ID
- A lien-free car title
- Your car for a quick inspection
Following a brief examination, the loan expert will sit down with you and determine if you qualify for title loan approval. If you do, you can expect to have the emergency money you need transferred to your account the same day or on the subsequent business day.
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While it’s not a frivolous resource, vehicle title loans online can be a valuable cashflow option under the right circumstances. If you’re struggling to stay afloat with pressing bills and expenses crowding you in, then an online title loan from Southwest Title Loans may be exactly the tool you need, so apply through the secure online form today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.