Title loans are a convenient type of car loan when you need money fast for a number of reasons:
- There’s no lengthy application process
- There’s no credit check, lenders are more concerned with the value of your car and your income
- There’s no restrictions on how you spend the money
In addition to a clear-and-free car title in your name, there are a few other documents you’ll need to get a title loan.
What do I need to get a Title Loan?
There are a few things you need for a title loan:
- Qualifying title for the vehicle
- Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
- Proof of Income
- Proof of residency
- Photos of the front, back, and sides of vehicle
What is considered proof of income for a Title Loan in Utah?
There are a number of ways to show proof of income for a title loan. One of the most common is a paystub, but a few of the others are:
- Social Security
- Settlement/Court-Ordered Award
- Workers’ Compensation
How much money can I get for a Title Loan in Utah?
In Utah, you can potentially borrow up to $25,000 with a title loan. That said there are several factors that help determine the amount of money you can actually borrow:
- Loan Terms
- Value of your vehicle
Typically, the higher your income and the more your car is worth, the larger the amount of money you’ll be able to borrow1.
How do I get a copy of my vehicle’s title?
You may be able to get a duplicate copy of your title at your local Department of Motor Vehicles (“DMV”). Some DMVs even provide a service where they expedite the title to you. Depending on the circumstances, LoanMart may even be able to help you locate your nearest DMV that can help you, or even assist you in getting a duplicate title. If you are able to add LoanMart as a lienholder at that time, it can potentially speed up the title loan process.
How much interest can I be charged for a Title Loan in Utah?
While there is no limit to the amount of interest you can be charged per month on a title loan in Utah, 25% is considered to be a normal amount.
Are there any costs other than the interest for a Title Loan in Utah?
Applying for a title loan won’t cost you anything. They may have other associated costs and fees however. Your lender should outline any additional costs for you during the application process.
How long do I have to pay back my Title Loan in Utah?
Because there is no maximum loan length in Utah, it can vary a great deal. The length of the loan should be outlined by your lender while you are discussing the loan details.
What happens if I don’t pay back my Title Loan in Utah?
If you can’t pay back a title loan, you are putting your car at risk for repossession. Utah does not have a right to cure period, meaning the moment your loan is overdue, your lender may repossess and sell your car. They are not required to give you notice of any kind. That said, in Utah, unlike in other states, when your lender sells your repossessed car, if the amount the car sells for does not cover your total debt, the lender may not continue to pursue you for compensation. And, if they sell the car for more than the value of your loan, they must give you the surplus money.
Is there any way I can extend the terms of my Title Loan in Utah?
It may be possible to extend the terms of your loan by speaking to your lender. You’ll have to pay any interest you owe up to that point. If you want to extend multiple times, you’ll always have to pay any interest due up to the time of the extension.
How to get a Title Loan with LoanMart
As you can see, a title loan is a convenient car loan that you can use to quickly get money for an emergency expense. You won’t be subjected to a lengthy application process, nor will lenders pull your credit history. If you have a qualifying car title in your name, you can use it to potentially be eligible for a title loan of up to $25,0001. Then, because LoanMart uses a streamlined application process, the turnaround time between submitting your information and getting your money may be less than 24 hours3.
With our easy process, we give you three ways to contact us that make it convenient for you:
- Visit a participating store
- Call us at 1-844-237-5530
- Sign up online without leaving your home
Once you’ve decided how 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 the required documents to your LoanMart representative.
- Sign your LoanMart agreement
- Collect your funds!
Don’t let a surprise expense derail your financial plans. If you need a convenient car loan to help cover an emergency bill, consider a title loan. You can sign up for one with LoanMart in a few easy steps and be back on the road to financial stability.