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Five Steps That You Need to Take to Secure Title Loans

Five Steps That You Need to Take to Secure Title Loans

If you wish to secure a title loan, you need to meet certain qualifications. The following information can help you obtain title loan funding and the steps below represent the criteria that you must follow if you want to take out one of these secured loans for meeting a current obligation or taking care of a financial emergency.

Prove That You Are at Least 18 Years of Age

If you take out a title loan online or in-person, you need to prove that you are at least eighteen years old. You can do this by presenting a copy of your birth certificate or a government-issued picture ID such as a driver’s license, state ID, or similar form of identification. If you can prove that you are eighteen years old or older, you have met this requirement in the title loan process.

Own a Vehicle That Is Free of Financial Liens

Naturally, as you might suspect, you need to show that you own a car and have the physical title to the vehicle. Otherwise, you won’t have the collateral needed to take out title loans. The car title that you provide should be free of liens, and the title for the vehicle should display your legal name. However, some lenders are willing to work with title’s with existing liens, assuming you can qualify for a loan amount that can be used in part to pay-off the previous lien.

Begin the Application Process

Once you show that you are at least eighteen years old and have the proper collateral, you are ready to apply to companies that provide title loans online or in-person. When you apply for a title loan, you will need to insert your contact details including your phone, email, and address. You will also need to include a source of income.

If you are not currently employed, you will need to provide another source of income such as retirement money, disability income, or unemployment benefits. As long as you can show that you have money coming in to pay for the loan, you can obtain approval.

If you go online and fill out the application, you will need to visit one of the title loan store locations. That is because the lending source needs to visually examine your vehicle in person. The lender makes this assessment to determine how much they can lend, and, consequently, the amount of the loan will depend on the car’s worth as well as the car’s condition.

Present the Needed Documentation

When you visit the loan store, you will need to show your ID and present the title to the car to the loan representative. Once this documentation is checked and included in the application process, you can get your money in a short amount of time. If you are completing the title loan process online, you may be able to submit the required documentation by fax or email instead of in-person.

Receive Approval and Get Your Cash

Once you have gone through these steps, you will get approved for a title loan. You need to make sure that you meet the above-mentioned requirements before you apply. You can drive the car that you have used as collateral for the loan while repaying the loan, and the funds are usually directly deposited into your bank account in 24 to 48 hours, depending on when you apply for the loan.

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by Lottie Pritchard // Lottie Pritchard is a contributor to Businessing Magazine.

Opinions expressed by contributors are their own.