How Long Does It Take To Be Approved For A Title Loan

Title Loan

From time to time, everyone finds themselves in a financial bind. There are many loan options available to help with the need of obtaining funds. However, many lenders require perfect credit scores before they will even consider lending money. One of the more flexible and fastest ways to obtain money is through a title loan. A title loan is a short term loan that is not based on credit. It is a loan that uses a car title as collateral. In today’s world, attempting to get a loan can be nothing short of difficult. People with less than perfect credit ratings are finding it more and more difficult to obtain many different types of loans simply because lenders are cracking down on who they loan money too. However, our economy is in a state that leaves most people in a situation where obtaining a loan for different purposes is the only way they can make ends meet.

A title loan is a good option if you need money fast.

Obtaining a title is a reasonable quick process. Most people have their money within an hour or two. Since title loan companies do not have to run credit reports, talk to other financial institutions, and do not require you to give them the details of every dollar made or sent over your lifespan, the process is quick and for the most part hassle free. You will, however, need proper documents when you go into a title loan company. Having everything ready ahead of time will ensure that the process goes smoothly and fast. The person who owns the vehicle that money is being borrowed on will need to be the one who applies for the loan. To prove this you will need your identification, preferably a drivers license, and of course the title of the vehicle. Since the amount of money you will receive is based on the equity of your vehicle you will need to have the vehicle with you so they can view it. Other documents you will need to bring with you are proof of residency, up to four weeks worth of pay stubs, or if you are self employed, tax records for the past two years will work. You will also need to bring in proof of insurance so the lender knows that if the vehicle is damaged while you owe them money, they will not suffer a loss. Other than that, you need to have a couple of references with addresses and phone numbers to verify your character and ability to pay back the loan. That’s it! You will have the money you need that same day, and still be able to drive away in your vehicle.