what is

title loan

A quick and convenient way to meet your cash requirements is through applying for a title loan online. Getting a title loan online is fast, convenient and easy. You can easily obtain title loan if you own a car or a motorcycle. You can use the cash obtained through title loan to pay off debts, bills, and meet other financial obligations during difficult times.

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Overview of Title Loan

Title loan is a convenient way for people to obtain loan. Also known as auto pawn or car title pawn, title loans first emerged during the 1990s and quickly became popular due to ease of obtaining the loan. You can obtain this loan as long as you have lien-free title of a car or motorcycle. It is a secured loan where you use lien-free title of a car or motorcycle as collateral. You must temporarily hand over hard copy of the title in exchange of getting the loan amount. The title of the vehicle is handed back when the loan amount is repaid.

You can get title loan even with a low credit score. The only requirement for obtaining the loan is that the vehicle that is used as a lien should be in good condition. This is required because in case of a default the lender can obtain the loan amount by selling the vehicle.

Title loan is usually short term loan. It can be obtained within hours of applying for the loan. Moreover, the loan amount can be as little as $100. However, some lenders do not offer loans below $1,000. The lenders verify condition of the car and borrowers employment status before granting the loan.

Benefits of Applying for Title Loan

Title loan are one of the few loan types that are easy to obtain. There are various benefits of title loan for the consumers. Some of the advantages of title loans include the following:

  1. Instant Access to Cash – You can get instant access to cash after making an application for title loan.
  2. Wire-Transfer Funds – The funds can be submitted directly to your bank account so that you can get cash whenever you require.
  3. No Credit Checks – You can obtain the cash even with bad credit score.
  4. The credit score does not make any difference in getting approved for the loan.
  5. Continue to Use Vehicle – You can continue to use the vehicle even if you use it as a collateral against the loan. The lender only takes title of the vehicle.
  6. Cheaper Alternative to Payday Cash Loans – Title loans are much cheaper as compared to payday cash loans. The rates on the title loans are generally lower as compared to payday loans.

How to Apply for Title Loan Online?

The process of applying for title loan is simple and easy. Applying for a title loan allows you to obtain the cash you require quickly and easily. You can get approval for the loan by following three simple steps.

  1. Fill the online application form for Title Loan
  2. Submit the online application
  3. Collect the cash from a specified location. In some cases the cash is credited directly to your bank account.

You will be instantly approved for the title loan if you fulfill the criteria for the loan. You can also speak with a title loan lender representative to get additional information about title loan and the loan application process. The representative will help you in getting instant cash to meet your financial obligations.

Read our new article about comparison of payday and title loans.

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