When you need money instantly, you want a loan with a funding method that can get you money as soon as possible. A vehicle title loan with direct deposit funding can be one of those options.1
Most people prefer to get paid at their jobs with a direct deposit rather than a check because they can access their paycheck quicker. If you’re looking into loan options to cover urgent expenses, you also don’t want to waste time waiting for your check to arrive, and then having to find a place where you can cash it.
In those times of urgent need, online car title loans with direct deposit can be an easy and fast way to access cash quickly!1 With loan options like LoanMart-serviced loans, you could get your money in as little as 24 hours!3
Apply online or call 855-422-7412 to learn how you could get a direct deposit loan serviced by LoanMart as soon as today.1 3
How Can I Get an Auto Title Loan with Direct Deposit?
If you’re considering applying for an auto title loan, it’s essential to know what you need to qualify and how it works.
Auto title loans are also known as a vehicle-secured loans or auto equity loans, which means that loan approval is partially dependent on the value of your vehicle, and – upon funding – your vehicle will be used as collateral for the loan.1 With a car title loan, you are essentially borrowing off the accumulated equity in your vehicle and turning it into cash. If the car has a high value and no outstanding loans, you can obtain more money assuming that your income supports a larger loan amount and payment.1
To understand the current equity amount for your vehicle, you can use LoanMart’s online calculator tool to get an estimate of the title loan amount it could qualify for. Simply input the key details about your car into the calculator and find out in minutes what your car can pre-qualify for.1 3
What’s Required to Qualify for a Direct Deposit Car Title Loan?
In addition to owning a vehicle with sufficient equity, below are the general requirements to qualify for a title loan, no matter if you’re applying in a small state like Idaho or Utah, or a large state like Michigan or Texas:
- The Title of the Vehicle: When you apply and get approved for a title loan, you’ll ultimately have to prove your ownership of the vehicle that’s on the loan application.1 Initially, the title lender may only request pictures of the front and back of your title. If you choose to move forward with the loan, you’ll ultimately need to give the title to the lender for the duration of the loan. Most title lenders require that the title is in the name of the applicant and issued in the applicant’s residence state. If the title is not in your name or you have lost or misplaced it, you will need to replace it or request a transfer at your local Department of Motor Vehicles.
- The Ability to Repay the Title Loan: When you apply for an auto title loan, you must be able to demonstrate sufficient income to afford the loan payments. You don’t need to have a full-time job to use as proof of income; as long as you can meet your payments, you may qualify for a title loan by using alternative forms of income.¹ You can use different types of documents to prove your income, such as: pay stubs, proof of pension or retirement income statements, government-issued income award letters, bank statements, or a letter of employment from your employer.
How Do Car Title Loans with Direct Deposit Work?
Auto title loans can offer you the chance to obtain your funds electronically, if you choose a lender that offers Wire transfer or ACH deposit for funding. If you’re looking to get fast cash, a car title loan with a Wire or ACH might be the best option for you.3
Direct deposits work when someone issues an electronic payment that is automatically transferred to another person’s bank account. The transfers occur when the issuer has the recipients’ banking information and initiates the payment. The required information includes the account number and the routing number to the checking or savings account. Once the issuer has that information, they send it to the banking system to process the direct deposit. The funds are cleared automatically through the Automated Clearing House (ACH) to complete the transfers. Thanks to recent processing improvements, ACH transfers can be received as fast as same-day.
Although the process of setting up an ACH is straightforward, it’s not always possible to be completed the same day. That’s because there are cutoff times for processing same-day ACH transfers, and transfers are also not processed on weekends or bank holidays. It can therefore take a few days for funds to go through to your account if a direct deposit title loan is finalized after the cutoff time, or on a bank holiday or weekend.
You can usually use the money as soon as you see it in your account.
What Are The Benefits of Car Title Loans with Direct Deposit?
People who are approved for a car title loan with direct deposit serviced by LoanMart can expect many benefits to their loan experience. In addition to a quick approval process, you can expect to take advantage of these perks:
- No Transaction Fees to Receive Your Funds: If you choose to receive your loan proceeds via direct ACH deposit, you will not incur any transaction fees related to the loan disbursement. ACH transfers are free to the recipient. Keep in mind however that if you choose to receive you loan via wire transfer, your bank may charge you a fee just for receiving the loan.
- Quick Funding: If your direct deposit loan is finalized on a business day before the ACH cutoff time, you could receive your funds as fast as same-day!1 This can be an advantage especially when compared to funding via check, which usually comes with delays due to mailing and having to cash the check.
- Convenience: Depending on how you are planning to use the title loan funds, it can be very convenient to directly receive them in your bank account. Once received, you can use the funds to process electronic transaction from your bank account, or pick up cash at an ATM. If your bank account happens to be in the negative when the loan funds are received, they can also help bring the account balance back above zero.
- Safety, Security and Tracking: By choosing to receive your money through a direct deposit, you can get funds quickly and in a secure manner.1 Since the funds go directly to your bank account, there’s no need to worry about having to walk around town with a lot of cash in your pocket, or losing a check that you’ve received in the mail. ACH deposits also show very clearly in your online banking or on your bank statement, so they are easy to track and trace.
- Affordable Loan Payments: LoanMart-serviced title loans are designed with affordability and convenience in mind. Loan approvals are structured with the borrower’s ability to repay in mind, and borrowers are encouraged to borrow responsibly and only borrow funds they truly need.1
How Soon Could I Receive My Money with a Car Title Loan with Direct Deposit?
Many loan options can take time for processing and issuing the funds. Lenders might take a long time to review your application and verifying your information. If they ask you to send the required documents through mail or in person at their offices, that could take even more time. All of this can be frustrating when you need money urgently.
When you apply for auto title loans with direct deposit, you can rightfully expect a more streamlined process. With loan options like LoanMart-serviced loans, you can expect same-day application processing if you apply on a business day. Upon approval for a title loan with direct deposit, you could get funding in as little as one business day!1 3
Is a Credit Check Required When Applying for Auto Title Loans with Direct Deposit?
You may wonder if applying for an auto title loan with direct deposit requires a credit check. Although your credit history is not the focus of the approval process, it will still be considered.1 Therefore, direct deposit title loans serviced by LoanMart do require a credit check. That’s true even if you opt for a different funding method like check or a cash pickup. Regardless of how you choose to finalize your title loan, a credit check is needed to confirm your identity, confirm you’re not in an active bankruptcy proceeding, and to make sure your loan application meets the lender’s basic credit criteria.1
With that said, keep in mind that title loans are secured loans – having good, excellent or perfect credit is by no means required to qualify! Collateral helps to minimize the risk for the lender, and applicants without a strong credit history can qualify.1
If you have any concerns about credit checks and loan eligibility, call us at 855-422-7412 to speak with a title loan representative.
How Can I Apply for Car Title Loans with Direct Deposit?
Now that you know that there are car title loans with direct deposit serviced by LoanMart, are you ready to get the fast cash you need? Here’s are the three easy steps to get started with a direct deposit car title loan:
1. Apply Online or Over the Phone
You can apply online for a title loan with direct deposit or give a loan agent a call at 855-422-7412. Loan agents are available 6 days a week to help answer any questions you may have about title loans and available funding methods.
2. Submit Your Documents
Make sure that you have the following documents on hand for a loan agent to verify your information:
- Proof of Income
- Proof of Address
- Recent Pictures from Your Car
- The Title to your vehicle
- Valid Government Identification
- A Few References
3. Get Your Money
Upon final approval for a title loan, you sign the title loan contract and mail in your title. At that point, you can get your money directly deposited to your bank account, or choose another disbursement method if you prefer.1
With car title loans serviced by LoanMart, you can get the money you need in as little as 24 hours!3
