Table of Contents
- What Kinds of Loans Are Available Online?
- A Few Things to Keep in Mind When Looking for Online Loans
- What Will Determine My Online Loan Options?
- What Kinds of General Loan Options Are Available?
- Online Title Loans for Inquirers
- How Do Online Title Loans Work?
- How Much Can I Get with Online Title Loans?
- Can I Keep My Car with Online Title Loans?
- How Many Online Title Loans Can I Have?
- Is a Car Inspection Necessary with Online Title Loans?
- Are there Restrictions with Online Title Loans?
- What are the Interest Rates with Online Title Loans?
- Do Online Title Loans Require Credit Checks?
- Do Online Title Loans Require Good Credit?
- If I Have Previously Filed for Bankruptcy, Can I Still Get Online Title Loans?
- What Happens if I Fail to Repay Online Title Loans?
- Tips for Getting Online Title Loans
- What Are the Benefits that Come with Online Title Loans?
- What Documents Are Necessary to Get Online Title Loans?
- Can I Get Online Title Loans with No Job?
- How Do I Get a Copy of My Car Title for Online Title Loans?
- How Safe is My Information with Online Title Loans?
- Paying Off Online Title Loans Quickly and Easily
- How Do I Get Started with Online Title Loans?
We truly live in the golden age of the internet. It seems like you can do truly anything online, buy clothing, order dinner, and even get groceries delivered to your door. You can do your taxes and apply to new jobs, network, and make money by using the internet. Even most banking is done online nowadays.
So, it’s fair to ask if you can get a loan online if you need emergency funding. Online funding is so convenient when you need some serious cash to get you through a rough time. Not only are online loans convenient, but they also make the lending process extremely fast.
For individuals looking for an online loan, the good news is that there are several incredible funding options to choose from, such as a title loan serviced by LoanMart!1
What Kinds of Loans Are Available Online?
There are numerous kinds of loans available to inquire about online. Generally, when it comes to lending, there are going to be two kinds of loans in the industry: secured and unsecured.
- Secured Loans—Loans that are secured with a valuable asset.
- Unsecured Loans—Loans that are not secured with an asset.
The main difference that a borrower will notice between these two types of loans is the use of collateral. When working with secured loans, eligibility is not dependent on credit history. Unlike with unsecured loans, that require good credit history for qualification.
A Few Things to Keep in Mind When Looking for Online Loans
When looking for loans online, there are going to be a few key details to pay attention to in order to protect yourself and your information.
- The Lender—Before applying with any lender, it is important to do research on them. Check out experiences of past customers and whether or not any complaints have been filed.
- The Type of Loan You are Applying For— Another way to filter out incompatible lenders is knowing the requirements for the kind of loan that you are inquiring for. Before making a final decision, it is important to understand the ins and outs of the process.
- The Terms—Make sure to learn about the terms before settling with any loan option. Consider the payment amount, rate, repayment length, and the additional fees (if any).
What Will Determine My Online Loan Options?
Although there may be a good amount of loans available online, depending on a few factors, you may not have access to all of them.
Here is more information on a few factors which can determine qualification for online loans:
- Your Credit History—For most unsecured forms of lending, lenders are going to take a look at your credit history. This will give them a good idea of what your financial habits look like and help them determine if you could afford to repay an online loan.
- Income—Online lenders will also take a look at a borrower’s income to figure out eligibility. A person’s income can help the lender personalize the loan amount and terms. Income will be looked at both in monthly and annual terms.
- The Value of an Asset—In most cases, when an asset is involved, it will have to be worth at least the loan amount.
What Kinds of General Loan Options Are Available?
Here are a few popular loan options that are available online:
- Personal Loans—One of the most common types of loans, a personal loan can be used for a variety of expenses because the loan amounts vary. Personal loans are typically unsecured, so your credit and financial history are looked at closely.
- Title Loans—Title loans are secured using the borrower’s vehicle title as collateral. Title loans make funding both fast and easy. Loan repayment terms can be quite longer than other options, allowing for flexibility with terms.
- Credit Cards—Another extremely common type of loan, credit cards can come with all kinds of terms, interest rates, limits, and even perks. But depending on your financial history, you may not receive a large credit limit.
- Payday Loans—Payday loans are secured using the borrower’s subsequent paycheck. Repayment is typically expected by the borrower’s next payday–usually within 2 weeks. Rates can be excessively high and the average loan amount is only a few hundred dollars.
By figuring out your lending needs, credit history, and income, you can figure out which online loan would work best for you.
Online Title Loans for Inquirers
Title loans are a great option for individuals whose finances have been disrupted by financial burdens such as an excessive medical bill or an unexpected trip to the vet.
In order to get a loan, usually you have to make an appointment to see an agent, travel to a store location, and then spend time completing the arduous approval process. And to top it all off, sometimes you may even have to wait up to a week to receive your money!
However, you can skip those unnecessary hassles with online title loans! If you want to avoid unnecessary appointments and rearranging your schedule, then the right choice for you may be online title loans!
Keep reading to learn more about the process for online title loans and about one advantageous option–title loans serviced by LoanMart!
How Do Online Title Loans Work?
Online title loans are one of the most popular loan options for funding. Title loans are called many different names, such as:
- Pink Slip Loans
- Auto Equity Loans
- Auto Title Loans
- Car Title Loans
In order to inquire for online title loans, you must have a qualifying car in your name and proof of income. The car title is used as collateral to secure the loan. Upon approval for online title loans, a lien is added to the car title.
If the borrower cannot repay the loan, then the loan defaults and the car may be repossessed. However, there are many steps between default and repossession so don’t think that if you experience financial issues that you will automatically lose your vehicle.
How Much Can I Get with Online Title Loans?
The amount you could get with online title loans varies based on the title loan option you choose, your income, and your car. Online title loan options all have different minimum and maximum loan amounts.
The ability to qualify can also be greatly affected by the laws and regulations of your residential state. To check the laws and regulations on online title loans in your state, call (855) 277-4847 to chat with a knowledgeable title loan representative.
Your income must be enough to satisfy the monthly loan payments without hardship, and the equity in your car must be enough to secure an online title loan. You can easily find out the equity in your car by having your car appraised at a dealership or by using an online title loan calculator.
Take a look at how your car is appraised for online title loans:
Value and Condition
The current cosmetic and structural condition of your car greatly affects the value. To make the most of your appraisal, make sure your car is clean and in its best shape. While most types of cars can potentially qualify for online title loans, you could potentially get a higher loan amount if the car is newer and in better condition.
Age and the mileage on the engine can impact whether or not an applicant will qualify for the exact loan amount that they want. Cars are depreciating assets, meaning they don’t retain their original value. In most cases, the older an automobile is the less valuable it is. This is usually true because older cars simply have more miles on them, which causes the market value of the car to drop further. The exceptions, of course, are classic or vintage cars which can become more valuable with age. But don’t worry, as you could still potentially qualify for online title loans with an older car that has high mileage.1
Check the Car Title
The status of the car title will also matter when someone is looking to qualify for online title loans. In most cases, an existing lien cannot be on the title. So if you already have a title loan, you may be ineligible to get a second one using the same car.
Your title would also ideally be clear of accidents to contribute to its value. A car that has not been in any accidents would typically be worth more than a car that has seen multiple. If you drive a used car and are unsure of its history, you can check a site like Carfax to see past accident reports, mileage reports, etc.
Your name must also appear on the car title in order to get online title loans. However, if someone else’s name is on the document in addition to yours, either party may be able to get online title loans in most states.
Choose Your Car
Do you have more than one car? You can submit information on multiple vehicles to find out which one may be able to help you get the most money possible.
If you aren’t sure if a particular car would qualify for online title loans, simply reach out and contact a title loan agent for a quote. Title loans serviced by LoanMart offer free estimates online in minutes!1, 3 If you receive a quote, know that you are under no obligation to accept the offer, so there is nothing to lose!
Can I Keep My Car with Online Title Loans?
One worry potential inquirers have with online title loans is the possibility of losing access to reliable transportation. Luckily, when you work with title loans serviced by LoanMart, you could keep driving your car while you make monthly title loan payments!
How Many Online Title Loans Can I Have?
People who own more than one car may possibly be eligible for more than one online title loan. A separate loan must be taken out for each car. If you have two cars in your name and they both qualify for emergency funding, then you could potentially have two online title loans at the same time!
Keep in mind that online title loans usually offer higher loan amounts than other types of loans, so a second loan may be unnecessary.
Is a Car Inspection Necessary with Online Title Loans?
Title loans usually require an in-person inspection by an agent, but this can be very inconvenient because you will have to visit a brick and mortar location within set business hours.
But with title loans serviced by LoanMart, you can skip the in-person inspection and instead simply provide information and photos of the car!
Are there Restrictions with Online Title Loans?
If approved for online title loans, the money can be spent as needed for just about any financial emergency. Whether you need to cover a medical emergency or pay your rent, the money is available to do with as needed when you work with title loans serviced by LoanMart.
Below are some examples of ways you could spend your online title loan money:
Relief from Debt
Debt may be a huge burden to have. Online title loans could help people consolidate their debt in no time at all.1 Whether you have debt from medical bills or house repairs, online title loans may potentially help ease that financial burden.
Emergency Travel Costs
Traveling is expensive, what with all the fees for baggage, car rentals, and more. Travel may be required unexpectedly in the case of family illness or death, and may potentially be more expensive as a result. Online title loans may be able to help you cover the cost.1
Owning a home may be expensive, as it could require lots of repairs and maintenance. Whether you need to take care of a leaky roof or repair your foundation, online title loans may help cover those high expenses.1 Instead of dipping into your savings account, try inquiring for online title loans!
Being a pet parent may be expensive, especially when an injury happens and you need to pay for surgery. When a beloved pet finds themselves ill, covering the costs may be quite expensive. Fortunately, online title loans may be able to help you out.1
Being involved in a court case may be costly and hiring an attorney to help you with your case is often unavoidable. To handle these high legal costs, online title loans may be your best bet.
What are the Interest Rates with Online Title Loans?
The interest rate is one of the most costly aspects of borrowing money. When choosing a loan, ensure that you are aware of the rates before making a final financial decision.
By working with title loans serviced by LoanMart, qualified inquirers could look forward to competitive rates that are based on up-to-date market analysis. There’s no need to worry about sky-high interest rates that leave you struggling with repayment when you get online title loans!
Do Online Title Loans Require Credit Checks?
When you obtain online title loans, or any other type of financial loan, you must go through a credit check as part of the approval process.
There are two types of credit check inquiries:
- Soft credit checks
- Hard credit checks
When you make an inquiry for a car title loan, you may go through a soft credit check. This type of credit check does not affect your credit and does not appear on your credit report. Soft inquiries are done to view your payment history and current loans.
When you decide to officially go through the approval process for online title loans, you will need to undergo a hard credit check. A hard credit check will likely affect your credit by a few points and will appear on your credit report.
However, you should know that your credit score is not an important qualifying factor when you work with title loans serviced by LoanMart.1
Do Online Title Loans Require Good Credit?
If you have low or unestablished credit, you may think yourself ineligible for online title loans, but think again! While most loan options require good credit for qualification, that is not the case with title loans serviced by LoanMart!1
Online title loans have flexible qualification requirements that don’t rely on your credit!1 When you inquire for online title loans, the value and equity of your car and your ability to pay on time are considered far more important than your current FICO score.
If I Have Previously Filed for Bankruptcy, Can I Still Get Online Title Loans?
It may be possible when you work with title loans serviced by LoanMart!1
Everyone is capable of making unwise financial decisions, and that shouldn’t hinder your ability to obtain fast financial support when you need it most. Inquire with title loans serviced by LoanMart and you may be deemed eligible despite past bankruptcy and low credit scores if your car has enough equity!1
What Happens if I Fail to Repay Online Title Loans?
If you fail to make your monthly payments for online title loans, you could fall into default. Default means you have failed to meet the financial obligations of a loan agreement. Once you default on online title loans, your car could potentially be repossessed.
Another consequence of failing to pay online title loans is that your credit could be damaged. This could impact your ability to get other types of loans in the future, such as a mortgage loan to buy your dream house.
If your car is repossessed for failing to pay online title loans, the car will be held at a secure lot until you contact an agent. If you still fail to contact an agent, then the car will ultimately be sold at auction in an effort to recoup the remaining loan amount you still owe.
But do not let the fear of repossession keep you from seeking the financial support you need. Title loans serviced by LoanMart offer compassionate service. If you fall behind on payments, rest assured that repossession is not the preferred solution.
Tips for Getting Online Title Loans
Inquiring for online title loans may be simple, but there are some steps you could take before contacting an agent to make the process even smoother and faster.
It is recommended that you do the following before you start inquiry process for online title loans:
- Locate the physical copy of your car title.
- Double-check that you are the legal, registered owner of the car.
- Determine how much money you need to borrow. You may qualify for more money than you need, but don’t think you have to accept the full amount if you only need a small amount.
- Understand how online title loan payments will fit into your monthly budget. Before signing the agreement, you’ll receive information on your monthly payment amount and repayment terms. Decide now how you’ll accommodate that extra monthly payment. Will you cut back on unnecessary expenses? Are you going to earn a little more money?
What Are the Benefits that Come with Online Title Loans?
Online title loans come with advantageous benefits–especially if you work with title loans serviced by LoanMart.
Along with approval flexibility, online title loans offer the following perks:
- Affordable Loan Payments1
- Competitive Interest Rates
- No Hidden Fees or Prepayment Penalty Fees5
- No In-Person Car Inspection Necessary
- Longer Repayment Terms
- Incredibly Quick Funding1
- Convenient Online Process
What Documents Are Necessary to Get Online Title Loans?
To obtain online title loans, you will need to provide a few documents to an agent so your information can be verified. The good news is that with title loans serviced by LoanMart, you can simply take photos of your documents and upload the images online!
These are the general documents you may need:
- Car Title: Having a car title in your name is proof that the car is legally yours and you are able to borrow emergency money using the car as collateral.
- Photos of the Car: With online title loans, you can skip the in-person car inspection and just submit photos of the car to a loan agent. You will need images of the hood, rear, driver’s side, passenger side, VIN, and the odometer.
- Photo Identification: To prove you are who you say you are, you will be asked to provide a government-issued photo ID for online title loans. You could use a state identification card, driver’s license, or U.S. passport.
- Proof of Income: One of the main qualifying factors for online title loans is a consistent source of income. Show an agent how much you earn through bank statements, paycheck stubs, etc.
- Proof of Residence: You can easily show proof of residency through recent utility bills, insurance documents, credit card statements, a lease agreement, etc.
- References: You may be asked for references, which can be personal, professional, or a mix of both.
Can I Get Online Title Loans with No Job?
Just because you are without a job, does not necessarily mean you are without proof of income. While traditional loans might have stricter qualifications, there are various income documents you could provide with title loans serviced by LoanMart.
Some of the most common alternative income documents include:
- Tax Returns: If you are self-employed, you may be able to provide recent tax returns as proof of your annual income for online title loans.1
- Social Security Benefits: If you receive Social Security benefits, you could provide statements as proof of income for online title loans.1
- Bank Statements: If you do not have a job but have more than enough money in the bank to repay online title loans, you could provide bank statements as proof of income.1
- Court Ordered Settlement: If you received money for a court ordered settlement, you could potentially use that income to obtain online title loans.1 Just provide statements to an agent.
If your form of income is not listed here, speak to an online title loan agent by calling (855) 277-4847 to ask about additional income documents you could provide.
How Do I Get a Copy of My Car Title for Online Title Loans?
Your local Department of Motor Vehicles (DMV) may be able to provide you with a duplicate car title for a small fee if you lost it. Some locations are even capable of providing expedited titles if you need your car title sooner.
How Safe is My Information with Online Title Loans?
Online title loans are just as safe as traditional title loans, only far more convenient. But ensure you do proper research on your options before providing private information. Title loans serviced by LoanMart use state of the art security to keep your data secure.
Here’s how your information is kept safe:
- Your private information is kept securely stored on encrypted servers.
- Your personal details are not sold or distributed.
- Online title loans comply with federal and state privacy laws.
- Your information is only viewed by trained and authorized personnel.
If you have any additional questions, speak to an online title loan agent.
Paying Off Online Title Loans Quickly and Easily
Do you need more information on how to pay off online title loans? With title loans serviced by LoanMart, you could conveniently repay online title loans as early as you please without penalty fees!5
Take a look at a few ways you could help speed up the repayment process for online title loans:
- Budget your online title loan payments
- When you are able, pay more than the minimal amount due
- Increase your monthly income by working a second job
- Reduce your monthly expenses by cutting out unnecessary spending and using the extra money to pay your online title loan
- Calculate your interest and create your own payment plan if you wish to pay off the title loan earlier than the agreed-upon date
When it comes to actually paying online title loans, there are a few things you should know. First of all, it is important that you are aware of the information listed on your monthly billing statements as well as how you could make those monthly payments.
Monthly Billing Statements
Your monthly billing statements for online title loans contain important information. With title loans serviced by LoanMart, your statements are easily accessible through your online account.
Your monthly billing statements will contain the following details:
- Your Payment History
- Your Title Loan Balance
- Basic Account Information
- Your Billing Information
- Your Payment Methods
- Important Messages
Online Title Loan Payment Options
With online title loans, there are various convenient payment methods available. If you do not have a bank account, do not worry! You don’t need one to make monthly payments or receive your online title loan money.
Monthly title loan payments can be made in one of the following ways:
- Pay by phone with a credit or debit card
- Set up automatic electronic payments from any checking account
- Pay online through your account using a credit or debit card
- Pay through the convenient mobile app
How Do I Get Started with Online Title Loans?
The inquiry process for online title loans may be done entirely online, so you don’t even have to leave the comfort of your home. By following just three easy steps, you could receive the emergency money you need to tackle that financial crisis in as little as 24 hours.1, 3
Step One – Starting the Inquiry for Online Title Loans
First thing to do, is start an inquiry for online title loans! Simply fill out the easy online title loan form with basic information about your car, or call the toll-free number (855) 277-4847 to speak with a knowledgeable representative.
Inquiring should only take a few minutes of your time, and if eligible, you could receive a free quote!1, 3
Step Two – Submit Your Documents
After a title loan agent receives your preliminary inquiry form, they will reach out to you and ask that you start uploading your documents online. There is no need for you to turn in your paperwork in-person for online title loans, instead all you have to do is just take photos with your smartphone!
Step Three – Pick Up Your Approved Title Loan Funding
You will be fully approved for online title loans after an agent has verified your information. After receiving approval, you may be able to obtain the emergency funding you need in as little as one business day!3 You can then choose how you wish to receive your money.
With online title loans, you could choose to receive your money through one of the following methods:
- Direct Deposit – If you prefer to receive direct deposit, all you have to do is provide your routing number and account number for your checking account online. This method is fairly quick, and you could expect to receive your money as soon as possible.
- Mailed Check – Not interested in giving out your banking information? That’s completely fine! You could instead opt to receive a cashable check overnight in the mail!
- At MoneyGram – If you have the time, you could opt to receive your title loan money in-person at a local MoneyGram location. You will simply need to provide an ID and your confirmation information.
Inquire about online title loans with title loans serviced by LoanMart today and get a free quote in minutes!3