Are you experiencing a financial downturn? When you encounter a tough financial situation, you may not know where to turn. Do you have family that can loan you thousands of dollars, or a savings account you can rely on?
For the residents in Lafayette, Louisiana, many may not have either to lean on when faced with financial hardship.
There are several options available for those in need of emergency funding, including:
- Personal Loans – When facing financial hardship, some borrowers may turn to personal loans as a solution. Personal loans analyze a borrower’s financial history to determine eligibility. This includes past bankruptcies, evictions, credit scores, and current credit utilization. Those with compromising financial records are often reluctant to apply for a personal loan out of fear of being disapproved.
- Credit Limit Increase – This may be the quickest way to receive access to extra cash. Most borrowers can log in to their credit card app and navigate to the menu that gives the option for an increase request. Borrowers are then able to input their yearly income and monthly housing expenses. The credit card company will then determine if the borrower is eligible. For borrowers with a compromising financial history, this may not be the best option. Borrowers who need immediate cash have often exceeded their credit utilization beyond the recommended 30% and likely have less than stellar credit.
- Title loans – Title loans allow borrowers to leverage the equity in their vehicles in exchange for immediate funding.3 Unlike the previously mentioned financial options, title loans do not solely rely on an applicant’s financial history for approval.1 This is great news to those who have experienced past bankruptcies, evictions or have compromising credit scores. Title loans can be a hassle-free option to consider if you are faced with financial hardship.1
Find out if you can qualify for title loans in Lafayette, Louisiana today! LoanMart has a fast and simple inquiry process.1 3
How do Title Loans Work in Lafayette, Louisiana?
Title loans can often be a perfect fit for those who require immediate financial assistance and do not have family members to help in their time of need. LoanMart understands that borrowers who are experiencing financial hardship may not be able to qualify for more traditional loan options. Title loans in Lafayette, Louisiana allow borrowers to leverage their vehicle as collateral when applying.
If approved for a title loan, the lender will place a lien on your vehicle until the debt is paid off. While the lien is placed on your vehicle, you will not be able to sell it, and you must have the title in your name at the time of inquiry. During the repayment process, you will be paying the principal amount of the loan as well as the interest rate with each payment.1
Amount of Loan1 – The amount of money a borrower may be approved for is contingent upon their income and the market value of their vehicle.1
Interest Rate1 – As mentioned previously, a borrower’s credit score is not the sole determinant for approval for a title loan. Credit scores do, however, play a part in determining a borrower’s interest rate. With LoanMart, qualified borrowers can experience competitive interest rates with their loans.1
Before applying for the loan, it is important to analyze your ability to repay it. Calculate your expenses each month, and compare them to your monthly income. Is there a surplus? Will the surplus cover your loan payment? Some borrowers find it beneficial to take on a part-time job to stay on top of their payments. DoorDash and Uber are third-party employers that borrowers can take advantage of.
If a borrower neglects to make their timely payments, they may potentially have their car repossessed. A late fee may be added to the loan as well. Typically, repossession is a last-case scenario and not a desirable solution for both parties. Borrowers who perform an analysis of their monthly expenses and income are significantly more successful when paying back their loans.
How Fast Can I Get a Title Loan in Lafayette, Louisiana?
Borrowers who apply for a title loan in Lafayette are typically in need of immediate financial relief. For some traditional loan providers, funds can take days or a week to process. Some borrowers could be evicted, have their car repossessed, or simply go without necessities in the time it takes to get a loan approved. LoanMart understands the urgency of emergencies. When applying for a title loan, borrowers can apply in just three easy steps.1
This can take place online or through a phone call to 855-277-4847. This is beneficial for borrowers who prefer speaking to a knowledgeable agent about the process one on one. Or, if you are a borrower who prefers the comfort of your own home, you can take advantage of the online inquiry form.
Some borrowers can have access to their emergency funds in as little as the next business day.3 Emergencies require immediate attention. Below are a few emergencies borrowers may encounter that may be helped by a title loan.
- Bail Money – Having a loved one in jail is the most unsettling scenario for any parent. The conditions in most county jails are awful. In many cases, bail is extremely high and unaffordable for most families. Those who want their loved ones to remain in the comfort of their own home as they await their court date may consider applying for a title loan. They could have the benefit of having their loved ones safe at home, and also the flexibility of repaying the loan in installments.
- Rent/Mortgage Payment – Did you know that most Shreveport residents’ greatest expenses are their housing bills? Utility bills, credit card payments, car notes, and groceries collectively pale in comparison to renting and mortgage payments. Housing insecurity is extremely high in the United States today. Safety and security are a part of our basic needs as humans, and a safe place to lay your heads is no exception. Receiving a title loan to make rent payments could give you and those in your household an extra level of security.
- Car Repair – Many residents in the United States rely on their vehicles to get them to and from work. Most blue-collar workers do not have the luxury of working from home, so they rely on their vehicles to help them make ends meet. Whether your check engine light came on or your car is simply having trouble starting, money from a title loan can help fix it.
- Home Repair – There are seasons in the year where home repair is most common. In some cities, home repair is common after the storm season. This could be anywhere from early spring to summer. During large thunderstorms, shutters, gutters, and shingles are often left in disarray. The interior of homes also needs repair during the summer months. Reports indicate that several houses have malfunctions with their central air during most hot days. Money from a title loan can help borrowers repair their homes and fix appliances to promote ease and comfort in their dwelling places.
- Groceries – Inflation is not a mythical beast that only affects those who believe in it. Inflation is very real and impacts almost everyone across the United States. A few short years ago, U.S. residents were able to feed a family of four off of $100 a week. Today, reports indicate that a family of four likely spends above $200 a week on groceries. Salaries are not increasing nearly as much as the price of food. In efforts to bridge the expense to income gap, money from a title loan can help.
Is a Vehicle Inspection Required If I Apply for a Title Loan in Lafayette, Louisiana?
When applying for a loan in Lafayette, Louisiana borrowers can do so in the simplest way possible. Borrowers assume that placing a vehicle up for collateral will require them to have a mechanic inspect the vehicle. LoanMart can allow borrowers to send photos of the vehicle in question in lieu of an in-person inspection. During the application process, borrowers are instructed to send in photos of their car’s odometer, vehicle identification number (VIN), and the exterior of the vehicle. A loan agent will then perform a virtual inspection of the vehicle to verify its condition and market value.
Borrowers can send in photos of their vehicle without waiting in traffic or waiting in excruciatingly long lines. Borrowers can also apply from the privacy of their own homes, which is a huge convenience.
Can I Get a Title Loan in Lafayette Louisiana Without my Car’s Title?
If you are applying for a title loan in Lafayette, Louisiana, you will be required to send in photos of the vehicle title with your name on it. If a borrower wishes to obtain a title loan without their name on the title, they may run into a problem. If you received a vehicle as a gift or purchased it from an individual, you may be able to request a title transfer at your local Office of Motor Vehicles, or OMV. If you are currently still making payments on your vehicle but only have a few left, you may still be able to qualify for a car title loan.1
What Happens if I Don’t Make My Loan Payment On Time in Lafayette, Louisiana?
Neglecting to make your monthly installments can have serious consequences. Most people rely on their vehicles to transport them to and from work. If a borrower continues to miss payments, they run the risk of having their vehicle repossessed. It is best for the borrower considering a title loan to designate a day each month to make their payments.
Rent is typically paid on the 1st of the month. It would be ideal to designate the paycheck with the lease expenses to your title loan repayment cycle. If you have fewer bills around the 15th of the month, use the paycheck you receive on the 15th to make your loan payment.
The best way for borrowers to make timely payments is to plan out their expenses every month. Or, they can enroll in automatic payments! That may reduce the risk of missing a payment and late fees.
What Questions Should I Ask When Applying for a Title Loan in Lafayette, Louisiana?
If a borrower has not previously inquired about a title loan in Lafayette, Louisiana, there may be several factors they are not aware of. When applying for a loan, it is best to understand as much as possible. This will save you time and money in the long run. LoanMart agents are in place to help assist future customers with any and all questions they may have about the title loan process. Below are a few common questions that borrowers ask during the inquiry process.
- How much money can I receive?
- Funds from a title loan can typically range from $1,000 -$10,000 or more. The amount a borrower receives is largely based upon the value of their vehicle, their state, and the amount of positive equity in the vehicle.1
- Will this affect my credit?
- Applying for a title loan will result in a credit check that can affect your score a few points. However, this can be reduced with time and effort. Make your loan payments on time each month!
- Who do I call if I have any questions?
- LoanMart has agents in place to answer questions for all potential borrowers. Call 855-277-4847 today!
- Can I get a title loan if two names are on the title?
- It depends on the verbiage between the names. If there is an “AND” between the names, both parties will need to agree to the loan and sign it. If there is an “OR”, either party can apply for the loan separately.
- Do I have to be a United States citizen to qualify for a title loan?
- Not necessarily. If you have an ITIN, you may still qualify for a car title loan.1
How Can I Apply for a Title Loan in Lafayette, Louisiana?
Once you decide that a title loan is a perfect fit for your financial circumstances, you will need to start the inquiry process. Take a look at LoanMart’s quick and simple three-step process:
Step 1: Inquire about the loan
Step 2: Apply for the loan
If you are preapproved, you may be asked to send in documents to begin the official loan process. If you are applying online, you can simply use your smartphone to take photos of the necessary documents. Below is what you’ll need.
- Photo ID – This should be government-issued and must contain a photo of the individual. A passport or driver’s license are acceptable forms of identification.
- Vehicle Title
- Proof of Income
- Proof of Address
- Photos of Vehicle
Step 3: Receive Your Cash
If you are approved after sending in your documents, you will be able to discuss your preferred method of payment with a loan agent. Why wait to see if you qualify for title loans in Lafayette, Louisiana? Get started on the inquiry process today!