When you find yourself struggling with debt, you may be searching for financial relief through alternative options such as a title loan. Alternative funding options may be able to offer debt relief, especially for those that have less than ideal credit in Riverside, California.
While traditional loans may reject those with poor credit, title loans may be be an alternative option for those with less than perfect financial history. When it comes to secure loans, such as title loans, credit is not the most important factor for approval.
Traditional bank loans are typically unsecured, meaning that the only thing that is guaranteeing loan repayment is the borrower’s credible financial past. With title loans serviced by LoanMart, those with low credit could receive a loan1!
What are the Requirements for a Title Loan in Riverside, California?
During your loan search, you may wonder if you are even able to qualify for a loan.
The requirements can vary, but residents in Riverside, California will generally need to:
- Be 18 Years of Age or Older
- Own a Qualifying Vehicle
- Have Steady Income or Proof of Alternative Income
How Does the Title Loan Process Work in Riverside, California?
Just as the name would suggest, a title loan is an installment loan that is obtained through using the car title as collateral for funding. The title of your vehicle has a lien placed on it, which makes the lender the lienholder. As soon as the loan is paid in full, the lien is removed, and the car title is returned to the borrower.
By using the equity of your vehicle, the loan becomes secured, which offers many additional advantages outside of most traditional loans. Secured loans offer additional security for the lender, which may result in benefits for the borrower!
Some advantages of choosing a secured loan include:
- Potentially Lower Interest Rates
- Longer Repayment Terms
- Larger Funding Amounts
- Flexible Approval for All Credit Types1
Can I Keep My Car if I Get a Title Loan?
One concern that arises during the title loan search is if you will need to surrender your vehicle for the duration of the repayment process. Although you are using the title of your vehicle to secure the loan, you will still be able to continue driving your vehicle as you make your monthly payments!
Can I Get a Title Loan without a Social Security Number?
If you do not have a Social Security number, getting approved for a loan can prove to be quite difficult. However, there is an alternative to using a Social Security number!
If you would like to secure a title loan but do not currently have a Social Security number, you could use an Individual Taxpayer Identification Number, or ITIN. An ITIN can be used instead to secure a title loan1.
What Documents Do I Need to Obtain a Title Loan in Riverside, California?
In addition to the general requirements, there are a few additional documents you’ll need to present in order to obtain a title loan.
- A Government Issued Photo ID: This could be a driver’s license, passport, or state issued identification card.
- Car Title: The title must be in your name and the car must qualify.
- Evidence of Income: You will need to show that you have the ability to repay. You can provide paystubs, pension documents, tax returns, or government award letters.
- Proof of Residence: A recent utility bill, bank statement, lease agreement, or cable bill.
- Photos of Your Vehicle: Car details and photos are used by the loan agent to determine your current vehicle value. Provide pictures of the odometer, VIN, and all four sides.
How Fast Can I Get My Title Loan in Riverside, California?
When you’ve found yourself in the midst of a financial emergency in Riverside, California, you may not have the luxury of waiting around for funds. Through loan options such as a title loan serviced by LoanMart, getting emergency funding can take as little as one business day1!
What Happens if I Default on My Auto Advance Loan?
In simplest terms, defaulting on a loan is when a borrower can no longer hold up their end of the loan contract, which means the end of payments. Generally, loan default happens anytime after a late payment.
Loan default can happen for any number of reasons, such as:
- Termination of Employment
- Unexpected Financial Expenses
- Loss of Benefits or Income
Regardless of your reason for defaulting on a title loan, it can be serious enough to lose your collateral. Repossession is a risk with title loans, but there are steps you can take to avoid this!
- Communicate with Your Lender: Often it is expensive and not worth the money to tow your vehicle. Instead, many lenders prefer to work out a solution with the borrower. So, if you are experiencing trouble keeping up with your payments, talk to your loan agent!
- Consider Refinancing: If you are communicating with your lender, one solution that might be offered is refinancing1. By refinancing, you could receive better loan terms that suit your altered financial situation.
Where Can I Get My Title Loan Money in Riverside, California?
The process of getting a title loan in Riverside, California can be hassle free! Even the way you receive your funds is easy and convenient!
Residents in Riverside, California can choose to receive their funding via:
- Direct Deposit
- Mailed Check
- Visiting MoneyGram in Riverside, California
Don’t Hesitate to Get Your Money in Riverside, California
When you’re searching for a quick solution to your financial situation, getting the help you need doesn’t need to be a hassle. With a title loan serviced by LoanMart, getting emergency funding can be both flexible and hassle free1.
Eligible borrowers may get funded in as little as one business day1! Apply today!
- Fill out a loan inquiry online in just minutes
- Contact a loan agent by calling toll free at (855) 277-4847