A title loan is also called as a car title loan, allowing borrowers to use vehicle title as collateral. The borrower must agree to pay some amount of money to the lender in exchange for the title of a vehicle.
A title loan can be applied both online and offline in a loan store. An online title loan is the fastest and easiest way to apply without the need to go to a loan store. However, be wary of fake sites that pretend to offer online title loans as pointed out by Saving Advice. There are legitimate companies offering title loans to those who need to borrow money. There are some basic requirements to apply for a title loan online.
The Basic Requirements for Applying Online
- A title loan seeker should be 18 years and above to get approval for the loan.
- A government-issued ID is a must along with a lien-free car title. The lien-free car title must have the owner’s name on it for verification.
- One should have an income however it is not necessary to have a full-time employment. Depending on individual company policy, some company allows title loan to disabled and unemployed.
- Another requirement is to have possession of a vehicle since lenders will never give the loan to a person who makes payments on their vehicle.
It Is Done in Three Easy Steps:
- Filling out the form.
- Signing the documents and
- Receiving the fund.
The Process of Application:
The first thing is to go to a trusted loan company website and read the information provided by the company. Almost all companies have instructions and information about title loans on their home pages. It is important to know what a title loan is and its rules before applying to accept the terms of the loan. There will be a filling up of form on the homepage of the company website. Upon filling up the form online, the company will ask for email address, contact number, social security number, home address, city, state, zip code, birth date and personal information. Sometimes they may ask for a copy of the car keys but it depends on different companies and its policy. The car will be visually inspected and the amount of money will depend on the value and condition of the vehicle. After all this, the second process is signing of the documents, paying some fees and lastly receiving the fund.
After the car title loan gets successfully approved, the borrower must make regular payments. The car will remain under the name of the lender until the loan is paid back. After a month the loan usually gets due and an individual is compelled to repay its full amount. There are additional charges and fees as well nevertheless one can always pay off the entire amount in advance. To get a title loan is not as complicated as it sounds and on an advantage note online title loan offers more money. Anyone can acquire a car title loan online as long as an individual cover all the requirements. Getting the loan online is faster and easier furthermore it saves a lot of time.