ChoiceCash Title Loans in the State of Mississippi
If residents of the state of Mississippi are looking for a loan, know that there are plenty of options available. Depending on why you need emergency funds, you could use a bank or online lender to get a personal loan.
Though if you do decide to get a personal loan from a bank or online lender, then you will need a good credit score to be approved. Possessing a good credit score is perhaps one of the biggest obstacles inquirers face when applying for a traditional loan. This is because people who have less than ideal credit may not be able to acquire such a loan.
If a person can’t obtain a loan from a bank or online lender, they often turn to title loans due to their flexibility. Title loans are beneficial in several different ways, but they also have several problems as well.
When it comes to a traditional title loan, they often have short loan terms and varying interest rates. Because of this, people are often wary about taking out a title loan.
But with a ChoiceCash Title Loan serviced by LoanMart, it’s possible to receive all the benefits of a title loan and earn loan rewards1,2.
What is a ChoiceCash Title Loan Serviced by LoanMart?
A ChoiceCash Title Loan is a one of a kind loan designed to help people who need financial assistance. Although ChoiceCash Loans require the borrower to use their vehicle’s title as collateral, they offer benefits that are unobtainable with typical title loans.
The benefits that a ChoiceCash Title Loan provide are quite varied and include perks like low monthly payments, low interest rates, and no hidden fees2. Therefore, while a ChoiceCash Title Loan is similar to a traditional title loan, it also differs significantly as well.
How to Acquire a ChoiceCash Title Loan in Mississippi
For a person to acquire a ChoiceCash Title Loan, they need only apply1. An inquirer can apply in several different ways, each of which will only take a few minutes to complete1. And since ChoiceCash Loans were designed to help people in need, the eligibility requirements are quite flexible.
In order to acquire a ChoiceCash Title Loan, there are 3 crucial steps a person must take:
1. Apply for the Loan
The first step to acquire a ChoiceCash Title Loan is simply to apply for one. To apply, a person could fill out an inquiry form online or over the phone. No matter what option a person chooses, the form will be the same. The application will be asked questions about their finances and the vehicle.
2. Get Approved
Once a person has applied for a ChoiceCash Loan, it won’t be too long until they know if they’ve been approved. If a person has been deemed eligible and is approved, then their loan agent will offer an estimate of how much they could potentially borrow.
3. Accept the Funds
As soon as a person has been approved, they will be required to provide some necessary documents. Once the lender has received these documents and has verified them, the borrower can then acquire their funds. To access the funds from a ChoiceCash Loan, a customer can either receive a check, money transfer, or a direct deposit of funds.
If you still have more questions about how to acquire a ChoiceCash Title Loan, or if you have a concern, you can contact a knowledgeable loan agent at 1 (888) 742-7153.
Additional Information About ChoiceCash Title Loans in Michigan
If you are still unsure if you should get a ChoiceCash Title Loan, here is some additional information that may interest you.
To help you understand a ChoiceCash Title Loan better, a list of frequently asked questions has been provided below.
- Why Should I Choose a ChoiceCash Title Loan?
- How Does a ChoiceCash Title Loan Work?
- What Documents are Needed to Apply?
- How Will a ChoiceCash Loan Affect My Credit Score?
- Will My Credit Score Affect My Chances of Getting a ChoiceCash Title Loan?
- What Can I Spend a ChoiceCash Loan On?
- How Does Repayment Work?
- What if I Am Having Trouble Making Monthly Payments?
- What Happens if I Default on a ChoiceCash Title Loan?
- What Do I Do to Get My Car Title Back?
Why Should I Get a ChoiceCash Title Loan in Michigan?
The reason people should consider a ChoiceCash Loan is because this loan type offers benefits that just can’t be found with any other lending company.
With a traditional title loan, the interest rates can be quite high, often reaching up to 300% APR (annual percentage rate). It’s also true that the monthly payments can be rather high as well, depending on the lender. But with a ChoiceCash Title Loan, the interest rates and monthly payments start low and could continually get lower each month2. Therefore, by the time someone makes their final loan payment, their monthly payments could be half of what they originally were2.
If a person were to obtain a traditional title loan, they could expect the loan terms to be rather short. Most title loans only offer terms that last about 30 days. However the terms for a ChoiceCash Title Loan are much longer, with terms potentially extending up to 3 years3.
Hidden fees are a way for dishonest lenders to make more money off their borrowers. Some hidden fees that a borrower could run into are balloon payments and pre-payment penalties. While these fees can be beneficial for lenders, they make loans more expensive for the borrower. However, since a ChoiceCash Loan is designed to help people, there are no hidden fees to worry about.
When taking out a loan, people sometimes try to take out more funds, only to find out that they need to repay their original loan first. Though with a ChoiceCash Title Loan, a person could apply to borrow more funds while repaying a current loan1. It’s also possible that the new loan could with a discounted rate too1.
Since ChoiceCash Loans are designed to be a cut above the rest, the loan process was designed to be as convenient as possible. That’s why a person could apply for a ChoiceCash Loan in a matter of minutes and receive their funding the same day they apply1!
How Does a ChoiceCash Title Loan Work?
ChoiceCash Title Loans offer some unique benefits, despite being a title loan. This means that qualifying for a ChoiceCash Loan is similar to qualifying for a traditional title loan.
Therefore, an inquirer will need the following to apply:
- A valid vehicle title with the inquirers name on it
- A vehicle evaluation to determine the vehicles overall value
The Documents Needed to Apply for a ChoiceCash Title Loan
After a person has been approved for a ChoiceCash Title Loan, several documents will be requested.
The documents that a loan agent will ask for include:
- A valid form of ID (driver’s license, military ID, or a state issued ID)
- Proof of income (pay stubs, bank statements, or tax forms)
- Proof of residency (recent mail with your name and address)
- Photos of your vehicle (all 4 sides plus the odometer and VIN)
How a ChoiceCash Title Loan Affects Your Credit Score
Just like with any loan, a ChoiceCash Title Loan could affect a person’s credit in multiple ways. If a borrower keeps up with their title loan bill each month and never miss a payment, then it’s possible that that reliability could reflect positively on credit.
The other way that a ChoiceCash Title Loan could affect someone’s credit is by causing it to decline. A person’s credit could decline if they miss payments or default on their loan.
It is important to keep up with monthly payments on a ChoiceCash Title Loan, because although your credit score is not a major factor for this type of loan, it is still important for other financial decisions in life.
Will My Credit Score Affect My Chances to Get a ChoiceCash Loan?
Because a ChoiceCash Loan does require a credit check, some often wonder if their credit score will affect their chances of getting approval and acquiring the loan. Since other types of loans require decent credit scores to be approved, this is a fair question to wonder.
What potential borrowers of a ChoiceCash Title Loan should know is that because a person’s vehicle is used as collateral, their credit score is not looked at too closely.
To understand what a lender looks at when determining approval for a title loan, a list of each factor has been listed:
A Person’s Income
A borrower’s income is one qualifying factor that’s considered for a ChoiceCash Title Loan. This is because lenders need proof that an inquirer can repay their loan. While it’s required to have some form of income, that form of income doesn’t necessarily need to come from a paycheck.
Therefore, if a person is self-employed, unemployed, or retired, they could use:
- Disability checks
- Social Security checks
- Recent tax forms
The Value of the Vehicle
The other qualifying factor a lender looks at is the value of a person’s vehicle. By determining a vehicles value, a ChoiceCash Title Loan lender can see if the car in question meets the states requirements for loan approval. The value will also tell a lender how much the inquirer could receive with a title loan.
What Can I Spend a ChoiceCash Title Loan On?
With ChoiceCash Title Loans, people of varying financial backgrounds could receive the emergency money they need to cover various bills and expenses.
Borrowers of a ChoiceCash Title Loan have used their funds to cover things like:
- Emergency car repair
- Medical emergencies
- Emergency home repair
- Funeral expenses
- Veterinary surgery
- Rent or mortgage
ChoiceCash Title Loan funds can be used to cover various financial emergencies. No matter what financial calamity someone may be facing, a ChoiceCash Loan may be able to cover it.
How Does Repaying a ChoiceCash Loan Work?
Similar to other features of a ChoiceCash Title Loan, repayment is also made quite easy.
For a person to repay a ChoiceCash Loan, they can use one of several different methods:
- Pay electronically online
- Pay over the phone
- Pay by mail
- Head to their local MoneyGram
Be aware that the monthly loan amount a borrower will need to pay back will be different for each borrower, simply because terms are personalized for each person. And since there are no prepayment penalties, a borrower can pay their loan off early if they choose to do so.
What if I Am Having Trouble Making Monthly Payments?
If you are having trouble keeping up with the monthly loan payments, it’s best to contact a loan officer so a solution can be reached quickly.
ChoiceCash Title Loan borrowers should always contact their loan agent if they fall behind on their monthly payments or if their financial circumstances change. By staying in contact, a borrower could avoid late fees, default, and repossession of the vehicle.
One option that a ChoiceCash Title Loan agent may suggest is:
One option that ChoiceCash Title Loan agents may suggest is refinancing the loan. By refinancing a loan, a borrower could change the amount of time they have to repay the loan and how much they pay each month. Though it’s worth noting that by refinancing, a borrower is taking out a completely new loan to help repay the old one.
What Happens if I Default on a ChoiceCash Title Loan?
If a person defaults on a loan, that typically means that they have missed several monthly payments. As a result of defaulting on a loan, a person could have their vehicle repossessed and sold at auction.
Though with a ChoiceCash Title Loan, things may turn out differently. ChoiceCash Loan agents are compassionate individuals who understand that financial struggles occur unexpectedly. That’s why they will work tirelessly with borrowers to remedy the situation so that repossession does not occur.
With that said though, a struggling borrower should:
Keep in Contact with the Lender
If a borrower finds themselves missing several monthly payments and struggling to keep up, it’s best they keep in contact with their ChoiceCash Title Loan agent. By doing so, the loan agent will be able to come up with several solutions for the borrower.
Refinance the Loan
Another option worth considering if a person finds themselves about to default is to refinance the loan. By refinancing, a person could reduce the size of their monthly payments and their interest rate as well.
What You Can Do to Get Your Car Title Back
When people are considering a ChoiceCash Loan, they often want to know how they can get their title back once their loan is paid off. To help with this, ChoiceCash Loans have a team specifically trained to handle the process of retuning the car title to the borrower.
To understand this process and how it works, the following steps should explain things better:
1. Speaking to Your lender
Once a person has paid back their loan, their next step will be to speak to their loan officer. The loan officer will then start to discuss the title recovery process in detail.
2. Recovering Your Title
When discussions begin on the title recovery process, a loan officer will explain the choices of how a person can get their tile back.
- First Choice: If a person has an electronic title, then the title can also be released electronically. Though depending on which state you live in, the process could vary.
- Second Choice: A lender can also complete the lien release on the title. A lien release is a document that shows that a lienholder has no more claim on the title.
3. Head to the DMV
The process to have a lienholder removed from a car title can differ depending on which state you live in. One thing that may differ, is the fee that’s charged to transfer the title back.
However, there are some things that will stay the same, like the documents DMV officers will generally ask for.
Those documents will include:
- A government issued ID (driver’s license, state ID, military ID)
- The title transfer fee
- Proof of car insurance
- A completed title transfer form
As soon as a person has provided all the necessary forms, ChoiceCash Title Loans is removed as the lien holder from a person’s car title. Which means that a person can completely own their vehicle once again!
If you still have questions about the title recovery process or ChoiceCash Loans in general, then you can reach out to a ChoiceCash Title Loan representative at any time by calling 1 (888) 742-7153
How to Acquire a ChoiceCash Title Loan in Mississippi?
Because ChoiceCash Title Loans were designed to help people in financial need, acquiring one has been designed to be easy as well. What makes acquiring a ChoiceCash Loan so easy, is that borrowers can access their funds from any MoneyGram store location in their state.
What makes accessing a ChoiceCash Loan from MoneyGram so great is that MoneyGram’s can be found in most cities around the country. Because MoneyGram’s can be found in most cities, a person doesn’t have to travel too far to find one.
If you happen to live in Mississippi and you are looking for your nearest MoneyGram location, use the following map and list of provided locations below.