How to Find a Good Title Loan Company Online

December 7, 2018 | By Mason Roberts

Most Americans go through a hard time when they aren’t financially prepared for an emergency situation or even their monthly expenses from time to time. For millions of us, our credit has suffered due to a variety of causes since the housing market collapse and ensuing great recession. And banks and credit card companies have made it harder than ever for countless hard-working people across the nation to qualify for traditional loans.

If you are stuck in this type of situation, take comfort in the fact you are not alone in your financial woes. With credit qualification standards more stringent than ever before, a growing number of people are turning to alternative forms of lending, including title loans.

How Title Loans Can Help in an Emergency

Hard times usually happen at the least convenient times possible. So, what do you do in these situations, especially if you don’t have money saved up or even worse, if you have bad credit? CreditSesame, says that a bad credit is considered to be 550 and below while a good credit score (often called your FICO score) ranges from 700-749. According to CNN, only about 20% of Americans have a credit score about the 700 mark, so what does that mean for the other 80% of the country?

If you’re in the poor score group, you might have given up hope on ever being able to take out a decent loan. But there’s good news for you: when it comes to title loans, all credit is welcome. This makes these short-term loans ideal for situations where you need fast cash in a hurry to deal with a financial challenge or emergency that can’t wait.

How to Qualify

So how does one qualify for a title loan? The basic concept is, if you own a vehicle free and clear, you can get fast access to emergency cash by using your vehicle title as collateral. Of course, you need to be very careful when choosing which title loan company to do business with. There are huge differences between providers, and if you aren't careful you could end up paying way too much in interest and fees.

Advantages of Title Loans

There are numerous reasons why title loans are so enticing. Depending on your vehicle's value and your borrowing needs, you can secure a loan up to $15,000. If you have bad credit, that's okay: A good title loan doesn’t report to credit reporting agencies. That’s because the loan is secured by your vehicle title, which means your credit history shouldn’t be a factor in your approval. You should be able to keep and drive your vehicle while paying the loan.

The approval process is fast and easy; it should take as little as 30 minutes to go through the approval process once you arrive on site with the required items. And no matter why you need fast cash, getting a title loan should never add to your stress. The staff should be friendly, accommodating, respectful and ready to do everything they can to help you complete the process as quickly as possible.

What to Watch Out For

Just like any other business, there are bad companies in the mix. Here are some simple precautions you can take to make sure you’re dealing with a reputable, community based licensed provider. Firstly, do your research so you don’t fall victim to a lender who does not have roots in your community. Look for state-based licensed vendors who understand the needs of people like you better than any national chain ever could.

A title loan should always be a temporary, short-term strategy for overcoming a financial emergency. If you attempt to use them to overcome long-term money problems, odds are you will end up right back where you started. Think of a title loan as a financial fire extinguisher, meant to address a problem before it gets too big to handle.

Finding the Right Lender

Ready to get started? Here’s a step-by-step guide to finding the right lender:

  • If you are in an urgent situation and need cash fast, do an online search for "title loans near me." It shouldn’t take you long to find a licensed state-based lender with locations near you. Fill out their online form with basic personal info about your vehicle, yourself, and your money needs.
  • A store representative will contact you shortly afterward.
  • They will answer any questions you have, explain the approval process and go over the required items you will need: your vehicle for inspection, the lien-free title to that automobile, proof of income and a driver's license or state-issued I.D.
  • Drive to their store location with the required items.
  • While a location manager inspects your car, you will present your documents and fill out some simple paperwork. This process should usually take around 30 minutes to complete.
  • Depending on your vehicle’s value and condition, you could drive away with same-day cash amounts up to $15,000.
  • Be sure to make your payments on time and in full to minimize the expense of your title loan.

Take the Next Step

Why waste another day of your life worrying about where to get the cash you need? Don't wait around hoping your situation will magically remedy itself. Go online now and complete the simple request form. Plenty of trustworthy, community-based lenders are ready to help you navigate your financial challenges without taking advantage of your situation.