What Is A Registration Loan Exactly And How Does It Help?

A registration loan is one of the emergency cash options available when you need to borrow money in the short term by using your vehicle registration as collateral. The application process typically takes very little time to complete, and if approved, you can get the money you need by the same day you apply or the next bank business day.

This guide from Southwest Title Loans will explain how these quick cash loans work and what you can do to get one. By the end of this guide, you’ll understand how to get a registration loan in Arizona when you need a short-term loan to help with a financial emergency.

How Arizona Registration Loans Work?

Financial emergencies can arise quickly, and those without an emergency fund may struggle to afford them. According to Bankrate’s Annual Emergency Savings Report, over 1/3 of Americans needed to use their emergency savings in the last year, but 33% of Americans have more credit card debt than savings. If you don’t have emergency savings to help, a registration loan is a convenient option.

A quick cash registration loan is unique because you can apply for this short-term loan using your vehicle registration as collateral to borrow between $200 and $1,500. However, a loan representative must assess your documents and credit history to determine how much you qualify to borrow.

Aside from being quick and easy to apply for, these quick cash loans are also famous for several other reasons. For example, you only need a few documents to apply for a registration loan, all of which you’ll discover in the next section below. 

Eligibility Requirements For Registration Loans In Arizona

If you are still wondering how registration loans work and how they can benefit you, let’s dive deeper into the process for this type of loan and how you can get the money you need from a lender quickly. First, you’ll need to prepare the necessary documents for registration loan eligibility.

As you read earlier, there are only a few things you need to provide for the application, which include:

• Your identification: First, you’ll need a valid Arizona driver’s license or a government-issued photo ID to validate your identity and age during the application process. You must be at least 18 years old to get approved for short-term loans in Arizona, including car registration loans.
• A social security number: You’ll also need to know your social security number. Knowing the number beforehand will help you keep the application process moving smoothly. This number is used to assess your creditworthiness and to determine your loan amount. While a bad credit score will not disallow you from borrowing, it can limit how much you can borrow.
• Your vehicle registration: You’ll want to get your Arizona motor vehicle registration ready as well. We use your Arizona vehicle registration to verify your ownership of your vehicle to allow you to borrow money.
• An active checking account: If approved, this account is necessary for any financial transactions related to this loan. You can get a deposit into your checking account and pay the money back directly.

One crucial thing to remember: the vehicle registration and active checking account must be in your name. Double-check your items before you begin the application process to ensure that’s the case.

The Benefits Of Registration Loans In Arizona

If you need to find emergency cash options, you’re likely in a situation that requires money quickly. Thankfully, quick cash registration loans in Arizona can provide fast financial help for your emergencies. You can benefit from a registration loan’s fast process and many other advantages.

A registration loan can be a helpful option thanks to these benefits:

• Fast application: You don’t have to wait long to apply for one of these loans. At best, you could spend as little as 30 minutes to submit your application.
• Minimal requirements: As you saw earlier, only a few things are required to complete your application. You're good to go with just your identification, social security number, registration, and active checking account!
• Quick payouts: Another vital reason registration loans are a popular option is their fast payout. If your application is approved, you could get the money on the same day or by the next business day.

Comparing Registration Loans To Other Short-Term Loans

While registration loans are one option for financial emergency help, there are other short-term loans you can attempt to get. A traditional bank loan could possibly provide you with more cash, but a low credit score can lead to you getting denied. The approval process also takes a lot longer, which may not work for you if you need to pay your urgent costs quickly.

Southwest Title Loans could help you with our title loans, which let you borrow up to $15,000 if you have fully paid off your car. However, many drivers have yet to pay off their cars. You may also not want to have to put up high-value collateral to borrow money, which could make a registration loan a better option.

How To Get A Registration Loan In Arizona

Now that you know more about car registration loans, you can go through the fast and simple approval process. These are short-term loans, meaning you can borrow and repay money quickly. You will only need to complete a few steps to get approved for an Arizona registration loan.

The following is how to get a registration loan today:

• Fill out our online form with your name, zip code, and contact information
• Discuss registration loan terms over the phone
• Bring your required items to the nearest Arizona store location
• Have your requirements verified in person
• Sign registration loan documents to complete the process
• Receive your registration loan cash the same day or the next business day

Borrow A Registration Loan In Arizona – Receive Up To $1,500 Today!

Getting a quick cash registration loan in Arizona is easy with Southwest Title Loans. Our approval process takes less than a day and allows you to receive emergency cash in less than a business day. Our loan representatives have helped Arizona borrowers for over 30 years and can guide you through the process. Contact us today for quick cash by filling out our online form or calling us to discuss the 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.