When you think of New Orleans, what comes to mind? Is it the Mardi Gras celebration in March or the Essence Festival in July? New Orleans is an excellent oasis for travelers, but for locals, it may be a different story. Did you know the average household income in New Orleans is $42,000? As gas prices rise and inflation continues to be an issue, the need for financial assistance increases.
If you are a resident of New Orleans and you find yourself in a financial emergency, you may consider getting a title loan. Now, you may be more accustomed to traditional lenders. Traditional lenders include banks, credit unions, and personal loan providers. Title loans are a bit different, as they allow borrowers to leverage their assets(vehicles) as collateral for cash.
Ask yourself, “Am I having a hard time staying up to date on my outstanding expenses?” If the answer is yes, continue reading for more information about title loans. LoanMart can be an exceptional option to consider if you need to apply for title loans in New Orleans, Louisiana!
How Can a Title Loan in New Orleans, Louisiana Help Me?
One of the major avenues of income for New Orleans is tourism. So, if your occupation falls outside the places or activities tourists visit, then you may be experiencing financial hardships. The economy is fickle, and it has become nearly impossible to predict if you are entering a season of prosperity or a season of lack. Do not let the ebb and flow of the economy dictate if you’re going to be able to pay your rent or send someone off to college.
Title loans can be an excellent resource for those needing cash for unpredictable emergencies. Below are a few examples of how a title loan can provide financial assistance to your household.
Home Repairs – September has finally ended, and you’re happy that hurricane season is finally over. The horrid winds and rain that wreaked havoc during the humid months of summer have left your shutters and roof in disarray. Your homeowner’s insurance only covers a portion of the damage. Cash from a title loan could help fix the remains of your roof and allow you to get your shutters repaired.
Rent Payment – Reports show that more than half of New Orlean households find it challenging to make rent payments. This may be one of the most crucial benefits of receiving a title loan. Your home is your place of serenity and peace. Your home is what keeps you grounded when coming back from a long day of work. LoanMart understands how important the security of a home is to its borrowers. That is why qualified borrowers using a title loan are free to use their cash for rent payments or mortgage payments if they need it.
Groceries/Gas – What’s left after you pay your utilities? Believe it or not, after major bills are paid, most households find it challenging to eat or put gas in the car. Sometimes, an unexpected bill or expense knocks your grocery or transportation budget back.
Hospital Bills – You were sure that your procedure would be covered under your insurance. To your dismay, you were hit with a final notice to pay your remaining hospital balance. Most of your next paycheck will go to utilities, so you will not have any expendable cash to put toward your hospital bills. Receiving a title loan can eliminate the stress of trying to figure out where the money is going to come from.
How are Title Loans in New Orleans, Louisiana Different Than Other Loan Options?
When you need cash, there are several options to choose from.
One of the simpler ways to receive fast cash is to ask for a credit line increase on your credit card. The downfall: credit line approval is contingent upon your utilization and credit score. If you have been in a financial pickle for some time, you likely have exhausted your credit utilization ratio and decreased your credit score. Another option: you could take out a personal loan. Personal loans are great if you have a blemish-free financial history. Personal loans likely require you to be absent from previous bankruptcies and evictions. Title loans can be a great fit for those with a compromising financial history.1
Receiving a title loan in New Orleans allows borrowers to leverage their car title in exchange for fast cash.3 Title loans, serviced by LoanMart prove to be an excellent choice beyond its monetary forms of compensation. Take a closer look at some of the benefits that qualified borrowers can enjoy:
Fast Cash3 – When you have a financial emergency, you don’t have time to wait weeks upon weeks for your cash. You need it right away. LoanMart understands and offers quick and efficient service that may be able to get you your funds either the same day or the following business day.3
Convenient Ways to Pay– With ChoiceCash Title Loans, there is an online portal that can be used to pay back your loan each month, or even schedule monthly payments automatically. There are a few different ways to repay your loan, including through a check, over the phone with a debit/credit card, or through any local MoneyGram location in New Orleans, Louisiana.
Superior Customer Service – When you are in a financial emergency, it can be extremely aggravating to wait on hold for an unimaginable amount of time with loan agents. Thankfully, loan agents at LoanMart are present six days a week. They even work extended hours to ensure they are helping as many borrowers as possible.
You Get to Keep Your Vehicle – Typically, when you place something up for collateral, it means you no longer have access to it until the deal is complete. The great thing about title loans is that you can continue driving your vehicle as long as you make your payments on time. You do not have to worry about Ubering to work or spending unnecessary cash on DoorDash.
Do I Need Good Credit to Qualify for a Title Loan in Louisiana?
When applying for a title loan in New Orleans, Louisiana, you may be curious about your credit score. Title loans can work for diverse borrowers because their stipulations are not as strict as traditional loan lenders. Typically, credit scores are used by lenders to measure how reliable a borrower may be in terms of money. Since title loans use a borrower’s vehicle as security, the vehicle is used to ensure the borrower is trustworthy when paying back the loan.
Although title loan borrowers vary in financial history, there is still a hard inquiry on an applicant’s credit score during the inquiry process. This hard inquiry happens once the borrower agrees to pursue the loan, and proceed with a loan application. While it can affect your score slightly, this can change with time and effort.
Will My Vehicle Qualify for a Title Loan in New Orleans, Louisiana?
As you become more familiar with the title loan process in New Orleans, Louisiana, you may be wondering if your car will qualify. A qualifying vehicle does not have to be the newest car on the market or the one with the least amount of miles. Several factors play into the value of your vehicle.
When determining the value of your vehicle, two main things come into play: Your vehicle’s current market value, and the equity you have in it.
- Market Value – Your vehicle’s market value is the amount a consumer may pay a dealership for it. Typically, newer cars have a higher market value, whereas older cars tend to have a lower market value.
- Vehicle Equity – The equity you have in your vehicle can be calculated by the amount you still owe on your car loan versus the value of the vehicle. If the value of the vehicle outweighs the amount you still owe on it; well then, you have positive equity. Typically the more equity you have, the more money you could potentially get through a title loan if you have the income to support the payment each month.1
Below are a few other factors that go into the value of your car.
- Make and Model
- Year of Vehicle
- Mileage on Vehicle
- Current Condition of Vehicle
If you are still unclear if your vehicle meets the qualifications, check out the loan calculator for a better estimate. No obligation is required!
What Questions Should I Ask My Customer Service Representative When Applying for a Title Loan?
If you consider getting a title loan in New Orleans, Louisiana, you are strongly encouraged to seek guidance from a loan professional at 800-789-8648. Before getting one of the agents on the phone, it may be helpful to prepare a list of questions. This will come in handy if this is your first time inquiring about a title loan. Below are some common questions loan agents are asked.
- Will this loan impact my credit score?
When applying for any loan, a credit check is sure to follow. If you are worried about an inquiry’s impact on your credit, just know that the few points that may be affected can be returned with time and good payment history effort.
- Does my name have to be on the title of the vehicle?
The borrower’s name should be on the title of the vehicle when applying for a title loan.
- Is it possible to get preapproved for a title loan?
Answer a few short questions from a loan agent to know if you would be preapproved. It can take no time at all and there is no obligation!3
- Do I need a vehicle inspection?
Loan agents with LoanMart can perform a virtual inspection by receiving a few photos of the vehicle from you.
- Can I use an inoperable vehicle to apply for a title loan?
Vehicles must be able to pass inspection to qualify for a loan.1
If you are still unsure of what questions to ask, give one of our loan agents a call today, as they are in place six days a week to provide you with any assistance you may need. Call 800-789-8648!
Should I Apply for a New Orleans, Louisiana Title Loan Online?
Are you sitting at home reading this? Does leaving your home sound like the furthest thing from your mind right now? When applying for a title loan in New Orleans, Louisiana, you can apply online. You don’t have to waste gas trying to find a location near you. All you need is your laptop or smartphone to get started!
Going to a physical location can be quite a hassle, and you have to do your research to find the best title loans near you. Applying for a title loan is much simpler when you can do it from the comfort of your own home.
You may be thinking, “Well, if I can apply from home, how do I send in information about my vehicle?” Did you know title loans allow borrowers to participate in a virtual inspection? You’ll simply send in photos of your odometer reading, vehicle identification number, and the vehicle’s exterior.
Once an agent receives the photos, they will perform a virtual inspection. All documents can be sent in by simply taking a photo with your smartphone and submitting it to the appropriate party.
How Do I Apply for a Title Loan in New Orleans, Louisiana
So, you’ve read all of the information about what is necessary when applying for a title loan in New Orleans, Louisiana. Now, you have decided that a title loan is the best fit for your financial situation. Below are three easy steps you’ll need to take to apply.
Step 1: Inquire about the loan
You can do so from the comfort of your own home! If you are tech-savvy, feel free to go online and follow the prompts for the online inquiry form. If you feel more comfortable discussing your options with a human being, you are welcome to call a professional loan agent at 800-789-8648. Once you speak with an agent or follow the online prompts, you may potentially be preapproved.1
Step 2: Apply for your title loan
If you are preapproved, you will be asked to submit your documents. Below are the following documents you will need to submit.
- Valid Government Identification
- Proof of New Orleans Residence
- Proof of Income
- Vehicle Title
Step 3: Get Your Money Fast3
Once your loan documents have been reviewed, and you are approved, you’ll be able to discuss your preferred payment method.
If you can get your cash in as little as one business day, why wait to see if your income and vehicle will qualify for a title loan serviced by LoanMart?1,3