What are Title Loans in Pelican Generally Used For?
Title loans are generally used for emergency purposes. When the budget is tight and a deadline is coming up, lots of people reach out for financial support.
Here are some common reasons why residents in Pelican typically apply for a title loan:
- Medical Bills
- Veterinary Bills
- Legal Fees
- Debt Relief
- Home Repair
- Car Repair
- Mortgage/Rent Payments
And so, if you are currently facing any of these financial issues, a title loan could be the right lending option for you. Below you’ll find more information on the title loan process in Pelican.
How Does the Title Loan Process in Pelican, Cape Coral Work?
The title loan process in Pelican is actually very simple. By following just a few steps, you could be approved for the emergency funds you need.1
Here is what the title loan process in Pelican will usually look like:
Step 1: Inquire for a Title Loan in Pelican
The first step of the title loan process begins with you. You’ll have to contact lenders and ask about eligibility. You can usually inquire online, over the phone, or in person if they have a physical location. Inform them about how much you need, details about your car, and your income.
Step 2: Discuss Details with a Loan Agent
Once you reach out to lenders, a loan agent will let you know about their specific title loan terms and how the process will unfold. Generally, at this point you’ll have to send in a few documents for verification.
Step 3: Get Your Title Loan Funding
Once approved for a title loan in Pelican, the funds can then be made available. Usually through an electronic transfer, a mailed check, or in person at any participating location.
What are the Eligibility Requirements for a Title Loan in Pelican?
In order to eligible for a title loan in Pelican, you’ll need to fulfil a few requirements first. But do not worry, the general requirements for title loan eligibility are flexible.
Here is what you’ll typically be expected to have:
- A Qualifying Vehicle—In order to qualify for a title loan in Pelican, your car will need to qualify. Florida has a few laws about that, which you can view to ensure that your vehicle complies with title loan requirements.
- Steady Income—Another huge requirement for title loan eligibility in Pelican is steady income. A lender needs to verify your ability to repay the loan on a monthly basis. In order to do that, they factor income, the monthly expenses that you have, and your existing debt.
When applying for a title loan in Pelican, you will also need to provide some documents to a loan agent. These documents are used to verify your identity, income, and more.
The following documents are typically asked for:
- A Government Issued Photo ID
- The Car Title in Your Name
- Four References
- Proof of Residency
- Proof of Income
- Photos of the Vehicle