3 Things Everyone Should Know About Car Title Loans

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There are several different options available today for people who find they are in an emergency situation and need to access cash quickly, from using personal credit cards or taking out a bank loan to getting a short-term payday loan, cash advances from work, or even selling personal items. But if you have never examined car title loans before, here are three things you should know to evaluate whether they are the right option for you.

1. You Don’t Need Perfect Credit to Qualify

Many loan options, such as credit cards or bank loans, use your credit score to evaluate whether or not you will qualify for the loan. If you have bad credit, or very little credit, that can make it difficult to get the loan. Instead, you can get title loans online no matter what your credit score is. Most title loan companies only take into consideration two things when they look at whether or not to approve a loan: the market value of your vehicle, and your ability to repay the loan.

2. Cash is Available Immediately

When you apply for online auto title loans, you can usually get approved within minutes, as long as you have the documentation to show that you own your vehicle and can prove that you have the ability to pay the loan back1. After you sign the loan documents, the money can be available in as little as an hour, and almost always within 24 hours3. It’s a great option for when you truly have an emergency and need to get cash quickly.

3. Payment Terms are Reasonable

One of the most difficult things that people can run into with short-term lending is payment terms that require you to pay back the loan in a very short amount of time. If you need a larger loan, for several thousand dollars, it may take some time to pay that back. Fortunately, car title loans are available with loan terms that can last anywhere between  24 and  48 months, plus you get to keep your vehicle and continue driving it as long as you continue to make payments on time.

This type of loan is a great option for many people who find that they need a little bit of extra money to make ends meet when something unexpected comes up. If that happens to you, check out car title loans to see if they could provide the help you need.

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1Loan approval is subject to meeting the lender's credit criteria, which may include providing acceptable property as collateral. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by consumer. Loan proceeds are intended primarily for personal, family and household purposes. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from LoanMart from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 2PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify the lender in writing by midnight on the third calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5Lenders recommend and encourage consumers to pay early and often and more in order to avoid additional finance charges.

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