Title Loans in Cumberland, RI

How Do Title Loans Work in Cumberland?

If you are a Cumberland resident who urgently needs a loan, auto title loans can be one of the borrowing options you might want to look into. Car title loans in Cumberland can provide access to funds quickly, and can be the option of choice for applicants with less than perfect credit.¹

When you decide to borrow against your car, truck or SUV in Rhode Island, you agree to use the vehicle as collateral for the loan. Since your vehicle is used to secure the loan, car title lenders in Cumberland tend to have more flexibility when it comes to approving loan applications.¹ During the term of the loan, the title lender will place a lien on the vehicle’s title, which will be removed once the loan is repaid. Borrowers can keep driving their vehicle while the loan is active while making on-time payments.

Approval Requirements for Cumberland Auto Title Loans

In order to qualify for an auto title loan in Cumberland, or a nearby city like Providence or Woonsocket, residents need to meet the basic approval requirements. While the exact lending criteria can somewhat vary from one title loan provider to the next, Cumberland residents can generally expect having to meet the following:¹

• Be at least 18 years old
• Own a vehicle with a Rhode Island issued title
• Have sufficient income to afford making loan payments
• Meet some basic credit-based criteria, as applicable to the lender the applicant chooses to work with¹

When lenders in Rhode Island approve applicants for car title loans, they primarily focus on two factors: the vehicle and the income.¹ For the vehicle, the main focus is on the condition and value of the car or truck, which is primarily a function of the year, make, model, and miles on the odometer. In regards to the income, title lenders may have a minimum income that’s required to afford a loan payment, and they will usually look to verify the income. However, that does not mean that eligible borrowers need to have a traditional 9-5 job! Title lenders typically accept verifiable income from a wide range or sources, including income from pension or retirement, self-employment, disability and more.¹

What is the Process to Get a Title Loan in Cumberland?

Borrowing against your car or truck in Cumberland can come with ease and convenience! Auto title loans are designed to be fast and efficient. Here are the simple steps you can follow to obtain funds secured by your vehicle as soon as today:¹

1. Apply Online or Over the Phone – Answer a few questions about your car, or call 844-257-8326 to talk to a title loan agent and see if you qualify.¹
2. Send in Your Documents – Upon approval, most Cumberland title loan lenders will request a list of documents to verify your vehicle ownership and other application information
3. Finalize Your Loan – Upon final approval, you can pick how you’d like to receive your funds, sign the title loan agreement, mail in your title and then get the cash you need!¹

With title loans serviced by LoanMart, there are many convenient ways you can receive your funds. If you have a bank account, you can choose to receive your title loan proceeds via bank wire or ACH.

If you don’t have a bank account, or simply don’t want to use your bank account in connection with the loan, you can choose to pick up funds in person at a participating money transfer business in Cumberland. You can also choose to receive funds via check, however that is the slowest way due to the time it takes for checks to arrive.

What Documents are Required for a Cumberland Online Title Loan?

With online title loans in Cumberland, you can expect to need the following documents for final loan approval:¹

• Vehicle Title – The title must be issued by the Rhode Island Department of Revenue and be in the name of the borrower.
• Photo ID – A valid government-issued identification such as a Rhode Island Driver’s license, passport or state ID.
• Proof of Address in Cumberland – Something like a phone bill or utility bill works, but other options exist.
• Proof of Income – Depending on how you earn a living, your income can be verified through paystubs, bank statements, benefit statements or other documents.
• Vehicle Pictures – Several vehicle photos are required for Cumberland title loans. Be sure to include the VIN, odometer and all sides of the vehicle.

Is an In-person Vehicle Inspection Required?

With title loans serviced by LoanMart in Cumberland, you don’t have to take time out of your schedule to complete an in-person vehicle inspection at a loan store near you. Instead, just take a few photos of your car, and submit them for review. Using your vehicle pictures and other sources of information like Carfax reports and title verification databases allows loan officers to quickly appraise your vehicle and confirm your ownership.

Whether you’re applying from Cumberland, or looking for title cash in Warwick or Pawtucket, there’s no need to drive to a loan store for an in-person vehicle inspection!

Cumberland Title Loan Pros and Cons

Using your car or truck as collateral for a loan can have both benefits and potential downsides. Taking out a loan is an important financial decision, so it’s good to be aware of them. While the pros and cons can depend on your specific circumstances, here are some general guidelines that can help you think through how a title loan may fit for you:¹

Potential Pros

• High approval rates: Title loans are designed for applicants with less than perfect credit. Therefore, they can often allow applicants to qualify even when they have been turned down by other lenders¹
• Fast processing: Most title lenders understand that their customers need funds as quickly as possible. Therefore, the process can often be completed as fast as same-day!^{1 3}
• Affordable payments: Loans serviced by LoanMart are installment loans, which means that the loan amount is repaid over an extended period of time. As a result, payments can be quite affordable, especially when compared to loan options that require full payoff within a month

Potential Cons

• Vehicle requirement: Qualifying for a car title loan always requires ownership of a vehicle. Therefore, title loans may not be an option for some since they don’t own a car or the car has negative equity
• Vehicle risk: Since borrowers agree to use their vehicle as collateral, defaulting on the loan could eventually lead to the lender or loan servicer repossessing the vehicle.
• Cost of credit: Interest rates for car title loans in Cumberland can be competitive when compared to other bad credit options like payday loans. However, compared to traditional borrowing options like bank loans or credit union loans, the cost of credit is usually much higher.

Service Hours for Cumberland Title Loans Serviced by LoanMart

LoanMart operates during extended hours of operation to ensure that Cumberland residents can get the financial assistances that they need. Whether you are a potential new customer or an existing customer in need of assistance, help through a real person is available as follows:

Where Can I Make Loan Payments in Cumberland?

There are several convenient ways that Cumberland residents can make loan payments. They include online payments, payments over the phone, and in-person payment at participating money transfer locations.

Here’s a map of MoneyGram locations in Cumberland near you:

Addresses shown display closest MoneyGram locations. Map displays all MoneyGram locations in general vicinity.

Locations Near Cumberland, Rhode Island

LoanMart is proud to help people all over the United States, including Cumberland, Rhode Island and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood:

Featured Locations Near Cumberland, Rhode Island

Nearby States by Rhode Island That Offer A Title Loan Serviced by LoanMart

LoanMart is proud to help people all over the United States, including Cumberland, Rhode Island and beyond! Look through the different LoanMart service areas and see which one is closest to your neighborhood: