What is a Title Loan and How Does it Work for Residents of Dearborn, Michigan?

Life moves pretty fast, and no matter how prepared you feel to tackle unforeseen problems, you may still get caught off-guard. Unexpected financial expenses are bound to pop up from time to time and some can be more pressing than others. Sometimes you need a loan, and you need it as quickly as possible.

If you are experiencing a financial crisis right now, you may be wondering where you may get a quick loan in Dearborn Heights, Michigan.

Your first instinct may be to ask friends or family for help. But it would be understandable that you would be slightly hesitant to make that move. Borrowing money from people you know may put a strain on the relationship and you may want to avoid that possibility.

You may have also considered obtaining a traditional loan from a bank. These funding options could very well be the right option for you; however, some traditional loans may have lengthy approval processes. Some banks may make the process longer than it needs to be, and thatā€™s assuming you are approvedā€”which may be difficult without near perfect credit.

A title loan serviced by LoanMart can help you to get your mind in peace when you need extra funds quickly.1Ā A title loan serviced by LoanMart is a type of title loan that comes with all kinds of unique benefits.

It consists of a very quick procedure that only requires a few documents to apply. Applying can be performed in one business day or less.1Ā To apply for a title loan serviced by LoanMart, you just have to fill out a brief form online. Once you go through the inquiry process and qualify, youā€™ll get your money!1

Like other title loans, a title loan serviced by LoanMart is secured with the borrowerā€™s vehicle title. Eligibility and the loan amount both work in a similar fashion; both will be dependent on the equity of your car, along with your ability to repay the loan.1

Another perk with a title loan serviced by LoanMart is that you can continue using your vehicle while making the scheduled monthly payments!

Loans can be beneficial for many people for many different reasons. When residents of Michigan takeout a loan, itā€™s important for them to know about how it will affect their credit.

If you live in Michigan and are thinking about taking out an auto title loan it will be important to know about the potential effects that it can have on your credit. Here is more information on title loans, and how a title loan can affect credit in Michigan, along with details of a unique kind of title loan, known as title loans serviced by LoanMart.

Frequently Asked Questions about Title Loans in Dearborn, Michigan

  • What kinds of interest rates come with LoanMart Servicing Title Loans in Dearborn, MI?
    Title Loans serviced by LoanMart in Dearborn, MI come with competitive industry-wide interest rates.
  • Can you get more than one title loan with LoanMart Servicing Title Loans in Dearborn, MI?
    Only 1 title loan per any 1 vehicle is allowed at a time. However, if you have a second car in a spouse or partnersā€™ name it may be possible to take out an additional title loan using the alternative car.
  • How fast can I get my money with LoanMart Servicing Title Loans in Dearborn, MI?
    Upon approval, you usually get your money as soon as the same day or the very next business day.

Ā How to be Approved for an Auto Title Loan in Michigan

As mentioned above, In order to be approved for a title loan, a person will need to use a vehicleā€™s title as collateral. However, the title is not the only thing that a lender will look at during the approval process. Other things a title lender will take into consideration are:

Value of the Vehicle

For a lender to determine a vehicleā€™s value, they will need to perform an evaluation. An evaluation will look at things like:

  • The age of the vehicle
  • The make and model of the vehicle
  • The mileage
  • The damage the vehicle has

A Borrowerā€™s Ability to Repay their Loan

The other thing a lender will need to see is whether an applicant has the ability to repay their loan. For a person to prove they have the means to repay, they can normally provide a pay stub. Though, if a person is unemployed, self-employed, or retired, then they can provide other documents such as:

  • Tax forms
  • Disability checks
  • Bank statements
  • Social Security checks

Once a personā€™s vehicle has been evaluated and they can prove they can repay their loan, then a lender may approve them for a title loan.

title loans Dearborn Michigan

Easy 3-Step Process with Title Loans in Dearborn Heights

  1. Step One

The first step in the title loan approval process with title loans serviced by LoanMart is to fill out the simple online inquiry form. The form will ask the potential borrower to provide some basic information about themselves, their car, and their finances. The inquiry form may be filled out anywhere with internet capabilities, such as on a personal computer, tablet, or smartphone.

  1. Step Two

After the first step, title loans serviced by LoanMart will reach out to request some documents to verify the information provided in the online form. To submit these documents, you may scan them or take pictures on your phone.

Typically, loan agents will ask for:

  • A government-issued photo ID
  • The title to your vehicle in your name
  • Proof of residence and income
  • A few photos of the car (all four sides plus the odometer and VIN)
  • References
  1. Step Three

Finally, you will be notified of your approval status and if deemed eligible, title loans serviced by LoanMart will inform you of how to proceed and how to pick up your loan funds. If you find yourself running errands, you can pick up your funds at a participating money transfer location nearby.

Borrowers can pay back their title loans at a MoneyGram location nearby. Addresses shown display closest MoneyGram locations. Map displays all MoneyGram locations in general vicinity.

How a Title Loan Serviced by LoanMart Could Help Residents of Michigan with Funding

As a resident of the state of Michigan, if you are looking for a loan that you can acquire quickly, easily, then consider applying for a title loan serviced by LoanMart1.

The process can be completed online and in just a few minutes1. Acquiring funds from a title loan serviced by LoanMart could be done within 24 hours1. Though, itā€™s also possible that a person could be funded the same day they apply1!

And one of the best parts about a title loan serviced by LoanMart is the fact that a person can still drive their vehicle while paying back their loan!

Benefits of Title Loans in Dearborn, Michigan

If you live in Dearborn, Michigan, once approved for a title loan serviced by LoanMart you could get a ton of unique benefits1:

Get Money in Your Pocket Quickly in Dearborn, Michigan

With a title loan serviced by LoanMart, you could get money in your pockets very quickly!1Ā With a smooth and simple process, once approved for a title loan serviced by LoanMart, you could get your funds as soon as the same business day.1

Competitive Interest Rates for Residents of Dearborn, Michigan

TitleĀ loans serviced by LoanMart come with highly competitive interest rates! When it comes to loans, the most expensive part will most likely be the interest rate, and so it is extremely important to consider that. Title loans serviced by LoanMart work hard to keep interest rates as low as possible so that borrowers are not overburdened by sky-high interest rates.

An Easy Process for Residents of Dearborn, Michigan

The title loan inquiry process begins when you complete a very short form. You can do it online or by making a call! Once submitted, a loan agent will call you to assist you with the next steps.

The next phase is to submit some documents such as a valid government-issued photo ID, your carā€™s title, as well as evidence of your residence and of your income. You can choose to send them by fax, by email, or through your mobile device.

Affordable Monthly Payments

The competitive interest rates allow the monthly payments to stay affordable so that borrowers can actually meet the monthly payments each month. The last thing you need is for a loan to cause you even more financial stress.

Excellent Customer Service

Title loans serviced by LoanMart provide superior customer service to borrowers. Along with that, borrowers may expect both honesty and transparency throughout the funding process.

Once you get approved, you sign the title loan agreement and youā€™ll get your funds!1Ā For your convenience, title loans serviced by LoanMart can give you the money you were approved for either electronically or by check.