Do you have children to send to school? Have final notices become decorations for your kitchen table? Did you know several Americans are out of work today? Unemployment benefits don’t begin to cover an individual’s monthly expenses.
For those who are employed, the financial struggle may still be prevalent. According to a study performed by Payscale, the average annual salary in Shreveport is less than $40,000. Some residents of Shreveport make considerably below the national average. This can often leave residents struggling to purchase basic necessities such as groceries, gas, and basic utilities.
Shreveport, Louisiana has many tourist attractions, such as the Shreveport Aquarium, the Municipal Auditorium, and its Botanical Garden. These are great site-seeing activities for visitors. But many locals are working two or three jobs just to make ends meet. When living in a beautiful area like Louisiana, you don’t want to simply survive, you also want to thrive.
If you need financial assistance in a time of financial uncertainty, that is bound to happen at some point in your life. Emergencies happen, and there is often no way to be prepared for everything.
When you are considering a loan to make ends meet, there are many options available. Most lending services require substantial credit and a blemish-free financial history. Borrowers in severe financial strain often do not meet the requirements for traditional loans. Title loans in Shreveport, Louisiana can allow borrowers to leverage the equity in their vehicle in exchange for immediate financial relief. With title loans serviced by LoanMart, you don’t have to have perfect credit to obtain the help you need.1
What Are the Requirements for a Title Loan in Shreveport, Louisiana?
One of the great benefits of title loans in Shreveport, Louisiana is that the requirements are universally easy to meet.1 Often, borrowers from diverse financial backgrounds can be accepted for a car title loan. There are three basic requirements a borrower must meet before applying.
- Age Requirement – For most states, 18 is the age of adulthood. Several young adults can qualify for their own apartment, sign up for the military, etc. In order to apply for a loan, borrowers need to be 18 years of age or older. A loan is a huge financial decision!
- Vehicle Title Requirement – To apply for a title loan, the vehicle title must be in your name. In Shreveport, the titleholder is considered to be the legal owner of the vehicle. In other words: you cannot place a vehicle as collateral for a loan if you are not the legal owner. If you are close to paying off your car, however, you may still qualify for a car title loan.1 Call 855-277-4847 to speak to a loan agent about your options.
- Have Qualifying Income – One of the primary determinants of approval is the borrower’s ability to repay the loan. When assessing eligibility for approval, a loan agent will assess your monthly income and use that information to establish your loan amount later down the road. Borrowers are encouraged to submit the below items as proof of income.
- Pay Stubs – If you have a 9 to 5, or another job that sends you a pay stub each pay period, simply take a photo of it and send it through the necessary channels for approval.1
- Bank Statements – This is a great option for self-employed borrowers. If you haven’t had a formal paystub in years because you enjoy working for yourself, don’t worry. Bank statements will show the lender exactly how much revenue you bring in every month.
- SSI – A photo of your SSI statements or bank statements will suffice as proof of income if you receive this form of government assistance.
- Child Support – Reports indicate that it takes anywhere from $5,000-$24,000 annually to raise a child in the United States. Between school costs, clothing, and food, it can be quite challenging for a single parent to keep up with all of the demands. If you receive additional funds that are court-ordered to help with childcare, you can potentially use it as proof of income.
- Third-Party Employment (Lyft/DoorDash) – Several residents in the United States have taken on part-time jobs to bridge the gap between their income and their expenses. If you receive additional income from a part-time job like UberEats or DoorDash, it may qualify as proof of income when applying for a title loan.
The requirements for a title loan aren’t as tough as you might think.1 Give a loan agent a call today at 855-277-4847 if you have any questions about your potential eligibility!1
What Are the Benefits of Choosing Online Title Loans in Shreveport, Louisiana?
In addition to having reasonable requirements, applying for a title loan in Shreveport, Louisiana also has benefits beyond financial gain. Below are a few benefits that come from qualifying for a car title loan serviced by LoanMart:
No Hidden Fees5
Here, at LoanMart we pride ourselves on being completely transparent with our customers. Several other lenders will require borrowers to pay hidden fees and expenses. LoanMart understands the importance of making the customer’s best interest a priority. There are no hidden fees or prepayment penalties with LoanMart!5
Borrowers Keep Their Vehicles
Typically when an item is placed as collateral, the borrower forfeits the right to have access to it. LoanMart understands that an individual’s vehicle is often their only one and they need it to get to work. If installments are paid in a timely fashion, borrowers are able to continue driving their vehicle like it is business as usual.
Superior Customer Support
Have you waited for what felt like a millennium on the phone to have a very important question answered? Once you speak with someone, they are not of much help. Here at LoanMart, we want our customers to feel like our number one priority. Give us a call at 855-277-4847 and one of our loan agents will be more than happy to help. Our agents are available six days a week for extended hours!
LoanMart understands those who experience true emergencies requiring urgent funding. When you’re experiencing financial hardship, you don’t have time to waste! Some borrowers have reportedly received their funds in as little as the next business day.3
How Can Title Loans in Shreveport, Louisiana Help Me Get Fast Cash?
To qualify for a title loan in Shreveport, Louisiana there are a few steps to take. First, you must meet the initial requirements. Then, you must also have a qualifying vehicle. This means the title is in your name, and your vehicle also has value. If the vehicle title is not currently in your name, you will need to pay a visit to your local Office of Motor Vehicles (OMV). The value of your vehicle is largely determined by two primary components.
- Vehicle Equity – Vehicle equity is simply the difference between the market value of a vehicle and If the market value of the vehicle is more than the amount a borrower owes on it, then the car has positive equity. The higher the equity, the more money a borrower could potentially be approved for if they have the income to support the loan payment.1
- Market Value – The market value of a vehicle is determined by the dollar amount consumers in the market would pay a dealer for your car. There are a few factors that contribute to the overall value of your vehicle, which in turn will affect your vehicle’s equity.
- Make and Model – Popularity is what sells on the consumer market. Vehicles that have a reputation for being reliable will consistently do well on the market every year.
- Year of Vehicle – Vehicles will tend to depreciate every year. Older vehicles may not be approved for as much money as newer vehicles.1 However, you can still potentially qualify for a title loan with an older vehicle.1
- Current Mileage – Lower mileage on vehicles is typically seen as more valuable. Your car’s mileage is listed on the odometer on the dashboard.
If you are not sure how much your car is worth, click here to visit Kelly Blue Book so you can receive an estimate on your car’s market value. Or, use the helpful online title loan calculator provided by LoanMart. You may be able to get both an equity estimate and a title loan quote-with no obligation.
If you meet the requirements for a title loan you will be asked to provide your preferred method of payment. Below are common methods borrowers choose.
- Direct Deposit to a Checking Account
- A Check in the Mail
- Picked Up at any Shreveport Money Gram Location
Due to the quick and easy application process, borrowers can typically access their emergency funds quickly.3
What Documents Do I Need When Applying for a Title Loan in Shreveport, Louisiana?
If you meet the basic requirements for a title loan, you’ll then evaluate the documents necessary to officially apply. These documents can be found in your home, car, or even your mailbox. Several loan providers make it extremely difficult for borrowers to apply for emergency funds. LoanMart understands that in cases of emergency, you may not have the luxury of time to spend hours applying for a loan. That is why you will only need a few easy-to-find documents.
- Photo ID – Applicants must be 18 years of age or older. A photo ID will help loan agents verify the borrower’s name and age. A driver’s license, military ID, or passport is a sufficient form of identification.
- Vehicle Title – The vehicle title must be in the borrower’s name at the time of inquiry. If the vehicle was a gift or purchased from an individual, you may need to request a transfer.
- Proof of Address – Title loans are a great financial resource, but they are not available in every state. You will need to provide proof of your Shreveport residency. This can be found in your mailbox in the form of a recent utility bill, credit card statement, or bank statement.
- Photos of Vehicle – Did you know vehicle inspections are required when applying for a title loan? The great news is that you can simply send in photos of your odometer, Vehicle Identification Number (VIN), and car exterior to bypass an in-person inspection. A loan agent will review the photos by performing a virtual inspection.
- Proof of Income – This is to demonstrate your ability to repay the loan. Many different kinds of documents can be accepted as proof of income, but if you have questions, simply ask your agent at the time of inquiry.1
Once your documents are submitted, a loan agent will contact you. If you are preapproved, it can take no time at all to move forward with your loan!1 3
What to Know Before Applying for a Title Loan in Shreveport, Louisiana
Looking to apply for title loans in Shreveport, Louisiana? Title loan lenders will place a lien on borrowers’ vehicles to ensure full payment. If payment is not collected within the agreed-upon payment period, the vehicle could potentially be repossessed by the lender. Failure to pay on time may also result in additional fees, like late fees.
Borrowers must understand their repayment obligations. Paying back a loan requires strategy and understanding. When a borrower is paying back a loan, they are paying the loan amount as well as interest.
Loan Amount1 – This is the amount of money you receive if approved for a title loan. This number is contingent upon the equity you have in your vehicle and your income. The loan amount is normally a percentage of the equity the borrower has in their vehicle. This could be anywhere between 25%-75%.1
Interest Rate1 – Did you know it costs to borrow money? Interest is simply the cost to borrow money from a lender or bank. Interest rates are typically determined by a borrower’s credit score. With car title loans serviced by LoanMart, qualified borrowers can expect competitive interest rates.1
Before applying for a loan, analyze your finances thoroughly. Do you have more money going out than you have coming in? Will you need a second job to pay off the loan, plus the accumulated interest? Successful borrowers will typically use their paychecks from the middle of the month to allocate for their loan repayments. This is because rent and mortgage are normally due on the first of the month.
When speaking to a loan representative, be sure to choose the best payment plan that meets your needs.
How to Get Approved for a Title Loan in Shreveport, Louisiana
You’ve read about the ins and outs of applying for a title loan in Shreveport, Louisiana, and now you are ready to apply. The application process can take place from the comfort of your own home! Below are the easy steps borrowers’ can take to submit their application:
Step 1: Inquire about the loan
LoanMart makes applying for a title loan quick and easy.3 You may have the option to walk into a physical facility, make a call to 855-277-4847, or apply online from the comfort of your own home. If you choose to apply online, you have the luxury of simply taking photos of all the necessary documents without compromising the original copies. When you inquire about a title loan, you could potentially be preapproved in the first step, which will make the next steps much simpler.1
Step 2: Send in the Right Documents
If you are preapproved, you will be prompted to continue with the official application process. This is when you’ll submit your documents. Make sure all photos are clear and have excellent lighting. Take out your smartphone and take photos with the best angles to properly show your documentation. Below is a brief review of the documents you’ll need to submit:
- Photo ID
- Proof of Income
- Vehicle Title
- Proof Address
- Proof of Income
Step 3: Choose a Payment Method
Once all materials are submitted, a trained loan agent will verify all of your documents. If you meet the necessary qualifications, you will be notified of your approval status. You will then be able to discuss your preferred method of payment with your loan agent.