What is a Title Loan in Flagami, Miami?
If you haven’t faced financial distress before, you may not be familiar with what a title loan is in Flagami. Simply put, title loans are installment loans which use the equity of your vehicle to secure the loan. This means that the title of your vehicle will be used as the collateral for the loan, which is how the loan becomes secure.
In order for you to receive approval for a loan, you’ll need to have a certain amount of equity in your vehicle. Generally, a title loan will grant you a percentage of the vehicle’s overall equity. This way, if you ever default on your loan, the lender is guaranteed repayment.
One benefit of title loans is that they are more flexible than other forms of traditional loans. This is due to the fact that the loan is secured through collateral, which makes the approval process much easier to get through. While credit is looked at during the inquiry process, it is not the most important determining factor for approval.
You can reach a knowledgeable loan specialist to discuss your financial options by calling 877-582-5415!
For a title loan, there are two major factors that matter more than credit for approval:
- The Borrower’s Finances and Ability to Repay
- The Value of the Vehicle Being Used as Collateral
Can I Get a Title Loan without a Social Security Number in Flagami, Miami?
If you’re one of the many residents in Flagami without a Social Security number, you may have trouble being approved for a traditional loan. While it can be tricky, it isn’t impossible to get the title loan funding you need without a Social Security number!
For Flagami residents that choose title loans serviced by LoanMart, alternative identification is acceptable for approval! Instead of a Social Security number, you could choose to show (Individual Taxpayer Identification Number) as a substitute.
Can I Keep My Car if I Get a Title Loan in Flagami?
Even if you are using the title of your vehicle to secure the title loan, you will not need to surrender your vehicle when you obtain a title loan serviced by LoanMart!1 In order to get the emergency funding you need, you just need to turn in your car title–not the car itself!
You can continue to drive your vehicle as you normally would during the repayment process instead of relying on ridesharing apps to get to your destination.
How Do I Get Started on the Title Loan Process in Flagami?
If you’ve made the decision to get a title loan, you may be wondering how to get the inquiry started! It’s much easier than it seems!
The process to get a title loan serviced by LoanMart can be broken down into 3 simple steps:
- Go Online: To get started on the inquiry process, potential borrowers will need to go online and fill out the questionnaire form. Generally, this form will only take 5 minutes to complete, as it will only ask for basic information about your contact details and your vehicle.
- Submit the Right Forms: Once you’ve submitted the initial inquiry form, you will need to submit some documents to a loan agent. These documents can be submitted online for your convenience!
As a resident of Flagami, you will need to submit:
- Proof of Income
- Proof of Residency
- Four References
- Photos of Your Vehicle
- Valid Photo ID
- Get Your Funding: Once you’ve submitted your images and documents, the last step is to choose how you would like to get your funds!
Eligible residents in Flagami have a few different options to choose from:
- By Direct Deposit: Funds could be available once ACH has processed, which could take only one business day.
- By Check: Cashing checks does not require bank accounts, so this can be a convenient option!
Via MoneyGram: MoneyGram has many convenient locations, and they can all get you your funds almost instantly!
If you would like to talk to a qualified loan specialist to discuss your financial options now, feel free to call at 877-582-5415!