Apply for Title Loans in Rhode Island

If you are a resident of Rhode Island who is facing financial hardship, you may not be aware that you can borrow against your vehicle to get the cash you need.1 With a Rhode Island auto title loan, qualified borrowers can receive funds as fast as same-day to take care of urgent expenses!1 3
How can you know if a title loan in Rhode Island is the right choice with so many other financing options available? There are many aspects of a loan to consider: Interest rates and APR, payment size, loan length and loan processing speed are all things that can affect your loan experience. While all of these factors can make a big difference and are worthy to consider, weighing the importance of each of them depends on your individual situation and preferences.
Take a closer look at what options are available and make an informed decision today! Call 855-422-7412 to learn more about the convenience of title loans serviced by LoanMart in Rhode Island.
Types of Financing Options Available in Rhode Island
If your current financial situation is challenging, you may not have an emergency fund or savings account to back you up. Given the high cost of living in the state, a significant share of Rhode Island household live paycheck to paycheck. When facing an unexpected expense, it’s therefore common for many Rhode Islanders to turn to one of the following credit options:
Personal Loans
If your credit history is stellar, this type of funding option could be advantageous to you. Personal loans are often unsecured, meaning no collateral is needed to qualify. Approval for most personal loans largely depends on your credit history and income. Therefore, it can be difficult to obtain approval if your credit score is not up to par. Banks and credit unions often issue personal loans, but they can also be found through online lenders and peer-to-peer loan platforms.
Payday Loans
As the name suggests, these loans were created to help applicants between paydays. Typically, the average payday loan is around $500, although it can be more or less, depending on your state and income. While payday loans can be a fast way to access cash, they may not always be an ideal option in the long run. Initially, they can give you an influx of money, often the same day you apply. However, in most states, payday loans have high-interest rates and fees, and both factors can make repayment difficult for borrowers.
Title Loans
A car title loan, otherwise known as an auto title loan or auto equity loan, is loan that is secured by a vehicle. Many different types of cars can qualify for a title loan, so you donât need one specific type of vehicle to apply. Since car title loans are secured through a form of collateral, your credit history does not have to be perfect.1 The approval process for a title loan serviced by LoanMart in Rhode Island can be flexible for borrowers from different financial backgrounds!1 With a title loan serviced by LoanMart, qualified borrowers can access competitive interest rates, quality customer service, and a streamlined online application process.1 3
What are the Requirements for a Title Loan in Rhode Island?
Before you can access funding from a title loan serviced by LoanMart in Rhode Island, you must complete a loan application and receive loan approval.1 As a resident of Rhode Island looking to apply for title loan funding, the following initial requirements must be met:
- Have a Qualifying Vehicle with Enough Equity to Borrow Against
- Earn a Steady Income and Can Provide Proof of Ability to Repay the Title Loan
- Be of Legal Age to Apply for a Rhode Island Auto Title Loan
Questions about these initial requirements? Donât sweat it! A title loan agent with LoanMart is happy to answer any questions you may have about the application process and requirements. Agents are available six days a week for extended hours to take your call. Use your smartphone to dial 855-422-7412 today to learn more!
What Documents Do I Need to Qualify for a Car Title Loan in Rhode Island?
Once you are approved for a title loan, a loan agent will explain the required documents.1 No matter which lender you choose to work with, some documents will be required to verify your vehicle ownership and other application information! While the exact documents can often vary from state to state, Rhode Islanders can expect to need:
- Photos of Your Vehicle: A car inspection is required to apply for a title loan. While most title loan options opt for this inspection to be completed in person, with a title loan serviced by LoanMart, it is a different story. You can just submit a few photos of your vehicle to opt for an online inspection instead! Just send in a few pictures of the vehicle’s back, front, and sides. Additionally, you will need to send in photos of the odometer and VIN (Vehicle Identification Number). The odometer can be found on the dashboard, and the VIN is usually located on the driverâs side door or windshield.
- The Title to the Car: You can still apply for a car title loan if you are financing your vehicle, but additional paperwork is involved. If your car is fully paid, the vehicle title must be in your name at the time of the loan application. If it is not, a title loan agent may be able to assist you! They can help direct you to the title transfer process at your local Department of Motor Vehicles in Rhode Island. You can also request a duplicate there if youâve lost your carâs title. Remember that you will need to pay a small fee for this.
- A Government-Issued Photo Identification Card: You will need a form of government-issued photo identification such as a Rhode Island driver’s license to prove your identity and age. While most applicants will use their driverâs license, other official identification such as a passport can be accepted.
- Proof of Residence: To prove your current residence in Rhode Island, you will need to provide a document with your current address such as a recent utility bill, bank statement, credit card statement, or even a mortgage/lease agreement.
- Proof of Income: Your loan amount and title loan eligibility are partially based on your income. Besides your car title, these documents are the most important part of the document process. To show that you can afford a monthly loan payment, you will need to send in some documents showing your income. However, you do not need to work a traditional 9-5 job to get approved for a title loan.1Â There are many different ways to earn a living! Submit documents like pay stubs, bank statements, proof of workerâs compensation, pension income etc.
How Fast Can I Get My Title Loan Funds in Rhode Island?
Are you a Rhode Island resident facing a challenging financial emergency? If that is the case, you may not have time to waste. Bills can pop up unexpectedly, and if they are not paid on time, there are often heavy consequences. Maybe you need the cash for a car repair to get to work. Or, you might need to pay off a debt. If time is of the essence, donât stress. With a title loan serviced by LoanMart, qualified borrowers can access their funds in as little as 24 hours.3Â
So, if you can access your funds that fast, why wait to see if you are qualified for a car title loan? Apply online, or call a title loan agent at 855-422-7412 today.
What Type of Car Can I Use to Apply for an Auto Title Loan in the State of Rhode Island?
While hybrid cars are somewhat popular in Rhode Island, many different vehicles are used to apply for title loans. You may think that you need a specific type of car to qualify for an auto title loan in your state, but that is simply not the case! In fact, many different types of makes and models consistently qualify for a online title loans in Rhode Island.
To qualify for a car title loan, applicants must have a qualifying car title in their name, or the vehicle must be close to paid-off if it’s still financed. But what is a qualifying vehicle? It is simply one that has enough positive equity to borrow against!1 Many different types of cars can fit this criterion. In fact, different types of vehicles can be used to apply for a title loan, even including classic cars and cars with high mileage.
Not sure if your car will qualify for a car title loan? Simply complete the online form and get a quote, free of obligation!1
What is the Process for a Car Title Loan in Rhode Island?
Now that youâre aware of the initial requirements and the timeframe that can be expected for a title loan, the last thing on your mind might be how to apply for the funds you need. With a car title loan serviced by LoanMart, the loan process can be simple and straightforward! In fact, it has been streamlined to be as convenient as possible for borrowers experiencing a financial emergency.3
Take a look at what you can expect from the three-step process:
- Call or Click: To get started, simply fill out the preapproval form online. You can do this from your smartphone or computer as long as you have internet access. Or, give a title loan agent a call at 855-422-7412 today.
- Submit the Required Documents: If you pass the initial part of the approval process, you will be required to submit a few documents for verification purposes.
- Sign the Loan Agreement: Once your documents have been reviewed, the last step is to choose how to collect your funds and sign your loan agreement. Once that’s done, your loan will be finalized as soon as you mail in your vehicle title.1
How Can I Get My Car Title Loan Cash?
With a title loan serviced by LoanMart, you can choose from several ways to get funded:1
- Getting a Direct Deposit to Your Bank Account
- Receiving Funds on Your Debit Card
- Picking Up Your Funds in Person at a Participating Money Transfer Location in Rhode Island
- Receiving a Check in the Mail
If you are facing some challenging financial issues, donât hesitate to see if your income and vehicle can qualify for the help you need! To get started, simply apply online or call a title loan agent at 855-422-7412. They are available six days a week for extended hours to take your call!
Where Can I Repay My Title Loan in Rhode Island?
With a title loan serviced by LoanMart, you can expect convenience during your loan experience, including when it comes to making loan payments! You can make loan payments online, over the phone or at any participating money transfer locations in Rhode Island, including MoneyGram! MoneyGram is located all around the state, so chances are there will be a location nearby for you to access.
Not sure where the closest MoneyGram location is to you? Check out the map below, which features a drop-down list of a few MoneyGram locations throughout the state of Rhode Island:
Rhode Island - key financial and indebtedness figures
The figures below are intended for informational and educational purposes to allow consumers to compare their financial situation to others in Rhode Island. Empowered with this data, we hope you can make a sound decision to solve your financial needs - if you decide that a title loan is a potential option, weâd be thrilled to assist you.
Average title loan amount | $4,487 |
Household income (median) | $74,008 |
Income per capita | $67,562 |
Rent (average) | $2,129 |
Gross rent (median) | $1,195 |
Value of housing units (median, owner-occupied) | $368,800 |
Monthly owner costs (median, with a mortgage) | $2,190 |
Monthly owner costs (median) | $873 |
Student loan indebtedness (average) | $33,270 |
Credit card indebtedness (average) | $6,419 |
Size of monthly car loan payment (average) | $549 |
Percentage of households that rent | 37.3% |
Bank branches | 198 |
FICOÂź credit score average | 721 |
VantageScoreÂź credit score average | 713 |