If you find yourself confronted by an unexpected expense, an online title loan can be a great way to get emergency funds. Unlike a traditional loan like a home loan, the application process for an online title loan is short and you can receive for your funds in about one business day3. Also, because lenders are more interested in your ability to pay and the value of your car, rather than your credit score, you can get a loan even if your credit score isn’t where you want it to be1. If you have a car that you own clear-and-free as well as a few pieces of identification, you can submit an application.
How much can I get for my Online Title Loan?
This varies based on a number of factors:
- Value of your vehicle
- Loan Terms
The better the value of your vehicle and the greater your income, the more you will be likely to borrow1.
Can I keep my car while I have an Online Title Loan in Missouri?
Absolutely! Title loan lenders like LoanMart understand how important your car is to you. You need it to work, run errands, etc. That’s why you’ll have full use of your car while you pay off your loan.
What do I need to get an Online Title Loan?
You need a few things to be able to apply for a title loan:
- Clear-and-Free title for the vehicle
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
- Photos of the front, back, and sides of vehicle
- Proof of Income
- Proof of Residence (Certain pieces of mail)
What is considered proof of income for an Online Title Loan in Missouri?
A recent paystub is considered proof of income in Missouri. But it’s not the only thing you can use. There are a several other sources of income you can use to support your ability to pay back your title loan. For example:
- Workers’ Compensation
- Social Security
- Child Support
How do I get a copy of my vehicle’s title?
Your Department of Motor Vehicles (“DMV”) may be able to provide you with a duplicate copy of your vehicle’s title. Some can even produce expedited titles. LoanMart may be able to direct you to the nearest DMV that can provide you with an expedited title. Depending on the circumstances, LoanMart might even be able to assist you in the process of getting an expedited title from the DMV. Adding LoanMart as a lienholder at that time can help expedite the application process for the loan.
How much interest can I be charged for an Online Title Loan in Missouri?
Around 25% per month is not an unusual amount to be charged in Missouri, but there is no limit to the amount of interest you can be charged.
Are there any costs other than the interest for an Online Title Loan?
There is no fee for registering for a title loan. If you decide to accept the loan however, there may be other fees. Your lender will let you know of any associated fees during the application process.
How long do I have to pay my Online Title Loan back?
There is no maximum length of time for a title loan. Your lender will outline the repayment schedule for you.
What happens if I fail to pay my Online Title Loan?
- If you miss a payment, after ten days your lender will send you a Notice of Default and Right to Cure informing you that you are ten days late, and must make a payment within twenty days or risk repossession.
- If you miss a payment by ten days a second time, your lender will send a Second Notice of Default and Right to Cure again informing you that you are ten days late and must make a payment within twenty days.
- If you fail to pay after twenty days, or miss a third payment, your lender will send you a Notice of Our Plan to Sell Property. This notifies you that you have ten days to pay the loan, or they will sell your car. The proceeds from the sale will go towards paying off the balance of the loan, plus any repossession charges.
Is there any way I can extend the terms of my Online Title Loan?
Missouri allows borrowers to roll over their loans. To get an extension, you need to submit a written request to the lender. You’ll need to pay all the interest you owe up to that point. Multiple extensions are permitted, but starting with the third, you need to pay ten percent of the principle in addition to the interest. Alternatively, the lender may simply lower the principle by ten percent.
How to get an Online Title Loan with LoanMart
Now that you know about online title loans, you can use them as a great way to get emergency money without the hassle of a lengthy application process. Use the title of a clear-and-free vehicle in your name to potentially qualify for an auto title loan of up to $30,0001. Because of LoanMart’s streamlined registration process, the turnaround time between when you submit your information and when you receive your money could be less than 24 hours3.
With our easy process, we give you three ways to contact us that makes it convenient for you:
- Visit a participating location
- Call us at 1-855-422-7412
- Sign up online without leaving your home
Once you’ve figured out the best way for you to get in touch, all you have to do is follow these steps to get the money you need1:
- Fill out the registration form.
- Submit your important documents to your LoanMart representative.
- Sign your LoanMart agreement.
- Collect your funds1!
As you can see, an online title loan from LoanMart can be a great way to get your finances back on track after they’ve been derailed by an unexpected expense. Get your documents together and zip through our easy application process. Then get your funds and get your bills paid!