Title Loans in Oklahoma
As a resident of Oklahoma, you may have heard of many different loan options in your state, like:
- Personal Loans
- Payday Loans, or
- Title Loans
With so many available to you, how can you know which one is right for you?
While many loan options exist, not all of them will be the best option for your financial situation. Keep reading to learn more about the available options in your state and if title loans in Oklahoma are the best fit for you.
For individuals in Oklahoma looking for an online loan, the good news is that one of the fast-funding options available is a title loan serviced by LoanMart!1 Approved borrowers could get their cash in as little as one business day.3
Title Loans in Oklahoma and Your Other Funding Options
There are many kinds of loans available to inquire about. In terms of lending, these loans will generally fall into two categories: secured and unsecured. Secured loans are secured through an asset, and unsecured loans have no asset to secure them.
Payday loans and personal loans are both unsecured loan options, but there are a few differences between them in terms of funding:
- Payday Loans: These loans are short-term and meant to last a borrower in-between a payday. While these loans often require no credit check and are a fast way to get cash, they come at a harsh cost. Payday loans are notorious for high-interest rates and origination fees that can be tough to repay. In the long run, this loan may not be the best option for your finances.
- Personal Loans: This is another unsecured loan option, but personal loans can often be the better loan choice. You can find most personal loans through a bank, online lender, or even at a credit union. With unsecured loans, your credit speaks for your worthiness as a borrower. If you do not have a strong credit history, you may not receive the cash you need through a personal loan, and your offered interest rates may be high. You may not even get approved at all! Personal loans can be a great option for borrowers with stellar credit, but they can be unhelpful otherwise.
If these options aren’t the right choice for you, don’t sweat it! You have other funding options in Oklahoma to consider. If you have a paid-off or close to paid-off vehicle, a title loan could be the right funding option for you.
How Do Title Loans in Oklahoma Work?
If neither a payday loan nor a personal loan seems like the right option for you, then you may find that title loans in Oklahoma can be the better financial option. Title loans are secured loans, meaning that your asset speaks more during the approval process than your credit does.
With a title loan, your vehicle’s title will be collateral for the loan, which helps secure the funding. This allows the title loan process to become much more flexible for borrowers that do not have a strong credit history!1 A secured loan like a car title loan can offer borrowers many different advantages, including:
- The Ability to Get More Cash1
- Higher Approval Rates1
- Bad Credit Won’t Always Matter1
While unsecured loans rely on a borrower’s credit history to offer a loan amount, a title loan can be different. For a car title loan, the loan amount and eligibility for a borrower are based on:
- The Borrower’s Income and Ability to Repay the Loan
- The Available Equity in the Vehicle
If your income supports it, you could receive a higher funding amount through a secured loan like a title loan!1 The more value your vehicle has, the more potential there is to get a higher loan amount!1 If you are like most drivers in Oklahoma, however, you may not know what your vehicle’s current equity is. That’s okay! LoanMart has a convenient online tool that can do the hard work for you. The online title loan calculator can take a few bits of information about your car and income to give you a free title loan estimate online- even before you place an inquiry for a title loan!1
How Fast Can I Get My Cash Through a Car Title Loan in Oklahoma?
If you’re faced with a tough financial emergency, the first thing on your mind is how fast you can solve it. Whether you are dealing with rent, an unpaid bill, or another unexpected expense, you need cash fast!
With car title loans serviced by LoanMart, the entire approval process is streamlined to help borrowers like you in an emergency. The inquiry process can take no time at all, and you can get started online for your convenience.3
Once you receive approval for title loans in Oklahoma, you could get your cash fast!3 LoanMart can be as speedy as 24 hours for qualified borrowers.3
What Documents Do I Need to Qualify for Title Loans in Oklahoma?
Title loans serviced by LoanMart can be one of the most streamlined approval processes you’ll experience!3 The three-step approval process can be simple and easy, but there are a few documents you’ll need to submit to verify your information and speed it along. These documents can be submitted online via email or fax for your approval.
While the required documents can often vary from state to state, you can expect to need:
- Bank Statements, Pay Stubs, or an Alternative Way to Prove Your Income
- Proof of Oklahoma Address Through Utility Bills, Rent/Mortgage Agreements, or a Recent Credit Card Statement
- Recent Photos of the Vehicle
- A Government or Oklahoma-Issued ID, Such as a Driver’s License
- The Vehicle Title in Your Name
Will My Income Qualify for Title Loans in Oklahoma?
Not sure if your income is the right fit for a title loan? The good news is that you do not need a traditional 9-5 job to apply for title loans in Oklahoma. Borrowers from all different kinds of financial backgrounds could potentially qualify for title loans serviced by LoanMart!1 LoanMart understands that there is more than one way to earn a living. Even if you don’t have an office job, you could still qualify for the cash you need through an auto title loan. Some of the most accepted forms of alternative income for a car title loan serviced by LoanMart in Oklahoma are:
- Worker’s Compensation
- Settlement Income
- SSI or Disability Income
- Retirement or Pension Income
- Annuity Payments
Even if you do not have traditional income, you may still qualify for the cash you need through a car title loan!1 If you still aren’t sure about your income qualifications, give a loan agent a call today at 855-422-7412. Agents are standing by for extended hours every day to get you the help you need!
Do I Need Great Credit to Qualify for Car Title Loans in Oklahoma?
If your financial situation has hit you hard, chances are, your credit is not where you would like it to be. While you may not qualify for many personal loan options, a title loan could be a different story!1 With title loans in Oklahoma, you may find a more flexible approval process available to borrowers in the same situation as you.
With traditional loan options, your credit history helps a lender determine how much of a risk you are to lend to. With a car title loan, the use of collateral during the approval process helps minimize that risk. Your vehicle’s title will be the collateral for the loan, meaning that your lienholder has the legal right to repossess it if you default.
This allows the approval process to be so flexible to borrowers without a strong credit history! For a title loan, you are using your vehicle’s title instead of your credit to secure cash. While your credit history may be considered, it is not the focus of the inquiry process. Instead, loan agents will look closely at your vehicle’s value and your ability to afford a loan payment each month.
Even if you are not confident with where your credit history is at, don’t sweat it! You may still qualify for the cash you need through a title loan serviced by LoanMart today.1
Do I Need a Bank Account to Qualify for Auto Title Loans in Oklahoma?
LoanMart can offer borrowers the unique opportunity to receive funds and repay their loan without a bank account! Through LoanMart, you do not need a bank account to qualify for the cash you need.1
If you are searching for title loans in Oklahoma and do not have a bank account, or simply do not wish to connect your account with your bank, you have options available. LoanMart can allow you to access other payment methods after you have been approved for a title loan.
To repay your car title loan after approval, you can choose from several options, including:
- Pay by Phone with a Card
- Pay in the App
- Pay Online by Clicking the Customer Login
To receive your funds after loan approval, you can choose a check in the mail, or you can simply pick up your money at any participating money transfer location near you. If you do not have a bank account but you do have a vehicle, getting an auto title loan may be your most convenient option for cash! LoanMart can offer secured loans to many borrowers that may not meet the traditional requirements for a bank loan.1
What is the Approval Process Like for Car Title Loans in Oklahoma?
Applying for a loan can often seem like a hassle. Other car title loan agents may not have your best interest in mind, or the process may be a huge inconvenience if you need to visit the location in person. If you are searching for title loans in Oklahoma, you don’t have to leave your couch to find them!
Here at LoanMart, our agents are experts that care. You can expect a streamlined approval process that has been tailored for a financial emergency like yours!3 You can place an inquiry for a title loan directly from your smartphone or computer. You can expect that type of convenience when working with LoanMart!
With title loans in Oklahoma serviced by LoanMart, you can access our quick, online approval process with ease. You can expect the approval process to be as simple as:
- Call or Click Online: Ready to see if your vehicle qualifies for cash? Simply call or click online today! Fill out the quick inquiry form to see if you are prequalified or give a loan agent a call at 855-422-7412.
- Submit the Right Documents: Once your inquiry form has been received, all that’s needed is a few documents from you! These documents help a loan agent verify your information and speed the approval process along. It does not take very long to see if you meet the qualifications for a car title loan!3
- Get Approved and Get Your Funds: If your information checks out, the last step is to get approved for the funds you need!1 With LoanMart, an agent will walk you through your new loan contract to get you started. After your contract has been signed, the last step is to choose how to pick up your cash! You could get your funds in as little as one business day after loan approval.3
Inquiring for a car title loan with LoanMart is quick and easy!3
Get Online Title Loans in Oklahoma Today
Ready to see if your vehicle qualifies for the cash you need? You can inquiry about online title loans in Oklahoma today through LoanMart! Take advantage of the fast, three-step approval process that is tailored for borrowers in need of fast cash like you.
Where to Repay Your Title Loan Serviced by LoanMart in Oklahoma
If you have been approved for a title loan serviced by LoanMart in the state of Oklahoma, you will find that there’s a rather convenient option to pay back your funding. One of these convenient methods is visiting any local MoneyGram!
One of the great things about working with title loans serviced by LoanMart, is that MoneyGram locations can be found throughout the country. Because MoneyGram’s can be found in most cities, a person doesn’t have to travel too far to inquire for a title loan or pick up their funds.
For added convenience, below is a map and a list of some MoneyGram locations spread throughout Oklahoma City. However, there are several more MoneyGram locations that are not listed below.
Frequently Asked Questions:
What are the Benefits of Title Loans in Oklahoma?
If you do not have a strong credit history, you may not qualify for an unsecured loan. If you do qualify, the interest rates may not be ideal. With a title loan serviced by LoanMart in Oklahoma, however, qualified borrowers can access competitive interest rates!1
How Do Auto Title Loans in Oklahoma Work?
A title loan in Oklahoma is secured by your car’s title. Your loan amount and eligibility will largely depend on your vehicle’s value and your income. Title lenders will place a lien on your title once the loan is complete. However, you can continue to drive your car while you repay the loan.
How Do I Get a Car Title Loan in Oklahoma?
If you want to get a title loan in Oklahoma, you must submit some documents during the approval process. The required paperwork includes proof of income & residence, pictures of your car, a valid, government-issued ID, and your vehicle’s title. With LoanMart, you can upload everything online!
How Long Does It Take to Get a Title Loan in Oklahoma?
One of the major benefits of a car title loan serviced by LoanMart in Oklahoma is that you can obtain money in as little as one business day if you qualify. However, some qualified applicants could receive funding the same day they apply!1 3
Do I Need a Job to Qualify for Car Title Loans in Oklahoma?
You don’t need an office job to apply for title loans in Oklahoma. But, you must be able to prove that you can repay the loan – whether that’s through a traditional 9-5 job or alternative forms of income such as self-employment or some type of fixed income like retirement income.1
Demographic and Financial Statistics for Oklahoma
The below table provides some of the key income, loan and financial statistics for Oklahoma which are intended to give you a better understanding of how your financial circumstances compare to other Oklahoma residents. With this information in hand, we hope you gain a better idea of your financial options so you can decide if completing a title loan application is the right decision for you:
|Average credit score (VantageScore®)||675|
|Average FICO® score||692|
|Average student loan debt||$31,525|
|Average credit card debt||$5,848|
|Average monthly car loan payment||$597|
|Share of households that rent||35%|
|Median gross rent||$862|
|Median value of owner-occupied housing units||$150,800|
|Median monthly owner costs - with a mortgage||$1,313|
|Median monthly owner costs||$432|
|Number of bank branches||1,082|
|Median household income||$56,956|
|Per capita income||$30,976|
|Average title loan amount||$3,650|