Registration Loans In Arizona: What Most Lenders Don’t Tell You
If you’ve not had registration loans in Arizona before, you might not have much idea about how they work. They’re different from a typical loan, and some lenders don’t reveal all of the important details. They may assume you already know how fast they are and what the documentation requirements are. This can make things a bit confusing if you’re not in the know; we want to help.
In this guide from Southwest Title Loans, we’ll clear up a few common misconceptions about registration loans in Arizona. This includes answering some burning questions, such as “Can I get a registration loan with bad credit?” and “Can I keep driving my vehicle?”
5 Registration Loan Terms Most Lenders Won’t Tell You
There can be many misconceptions about registered loans because some Arizona registration loan lenders may not be transparent about their terms. They may try to hide information, either to scam you or to leave you in the dark before getting qualified. You won’t have to worry about that with Southwest Title Loans, as we keep all the necessary information on our website.
Here are five registration loan details other lenders may not tell you:
1. You Can Borrow Up To $1,500
If approved for a registration loan, you can borrow between $200 and $1,500. This allows you to afford smaller emergencies and even some more expensive ones. While you won’t be able to afford emergencies that are thousands of dollars, such as home repairs, you can pay for medical expenses, overdue bills, and unexpected travel costs.
How much you can borrow depends on your financial situation. We will do a credit check to see how much you can borrow. You can still get approved for the loan with bad credit, but those with scores below 500 will likely get approved for less emergency cash. Just remember, you must pay the money back, so only borrow what you feel you can afford to repay; only borrow as much as you need.
2. Simple Registration Loan Requirements
Unlike traditional bank loans that require tons of documents, you will only need a few to see if you qualify for a registration loan. You will have to verify your identity and that you’re over 18 years old, as Arizona law dictates that only legal adults can borrow money through a lender. You will also need to verify your Social Security number and checking account info to determine how much you can borrow.
Here are the required items for a registration loan:
- A valid Arizona driver's license or state-issued photo I.D.
- An Arizona motor vehicle registration that is in your name
- An active checking account in your name
- A valid Social Security number
As you can tell, proving your income is not a requirement. A common misconception of registration loans is that you need to prove your income, which is not the case.
3. No Proof Of Income Required
While registration loans in Arizona do need to be repaid, Southwest Title Loans will not require proof of income. This can be useful if you’re between jobs and need emergency funds to tide you over, or you don’t have regular employment. We don’t need proof of income because the vehicle registration serves as collateral for your loan.
While we don’t require proof of your income, it is still smart to consider how you'll repay your title loan. If approved, we’ll let you know what needs to be repaid and when. You can work this into your budget.
This is massively different from more traditional borrowing, where you’ll often be required to dig through countless old paychecks or prove that you have a long-term contract. This makes it easier for anyone with less stable or non-traditional income, such as disability benefits, to obtain a loan. The process from here is simple and can take less than a day.
4. Same-Day Registration Loan Approval Process
People are often in awe of how fast the car registration loan process is, especially if they’re used to more traditional forms of borrowing. Many registration loans can pay out as soon as the same day you receive approval. Get in touch with Southwest Title Loans now, and you could receive a decision in a matter of hours.
The reason why registration loans are quick is that the process is streamlined. There are also far fewer checks than a traditional lender would carry out. Registration loan borrowers often need cash quickly, and lenders understand this, which is why the process is so fast.
Here’s how everything works:
- Fill out our online form – Start the process by filling out the online request form on this website. While you can call us or visit us to start the process, filling out the form online makes it simpler and faster. You will just need to provide your name, zip code, email address, phone number, and vehicle details.
- Speak to a loan representative – A loan agent from the nearest Arizona store location will receive your information, review it, and give you a call. During this phone call, they will explain how registration loans work and answer any questions you have. The conversation will end by setting up an in-person meeting at the branch closest to you.
- Get approved in person – Once you arrive, we will inspect your requirements to ensure you have everything you need. We will check that your information matches across your documents and use it to determine how much you can borrow. This process will take less than 30 minutes.
- Sign the loan agreement – We will now explain how much you are approved for. If this amount is acceptable, you can sign the loan agreement to complete the process. You will now receive the loan cash later that day or by the next business day.
After signing the loan agreement, you get to leave our store with your car. You won’t have to give up your vehicle to get approved for a registration loan.
5. Keep Your Vehicle
It is called a registration loan, not a car loan. You will not have to give up your vehicle when getting approved for an auto registration loan. You use your registration as collateral, not your vehicle.
We will keep your vehicle registration until your loan is repaid. Then, we will give it back to you, and you can continue with your life as normal. In the meantime, you get to keep driving your vehicle to work and school while you handle repayment.
Registration loans are not mysterious or difficult to understand emergency financing options. You can get approved today for up to $1,500 with minimal requirements and even bad credit. The approval process takes less than 30 minutes, and you can get quick access to funds in one business day. Need emergency cash? Apply for an Arizona registration loan today!
Fast, Simple, Flexible: Get Your Arizona Registration Loan Today!
Registration loans in Arizona are faster and easier to obtain than you might think. Bad credit applicants are welcome, and you can keep driving your vehicle for the duration of your loan. You can get fast access to emergency cash within one business day to handle your emergency quickly.
Ready to get a registration loan in Arizona? Just fill out our online registration loan form and visit us in person to get approved in 30 minutes!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
