5 Things to Know About Getting Your First Title Loan

If you’re in a pinch and need to get cash together fast, getting a short-term fast loan like a title loan could be an optimal option for you. But if you’ve never done it before, it would be a good idea to learn a few things before you apply for your first title loan.

Am I Doing The Right Thing Applying For My First Title Loan?

Before you apply for your first title loan, remember that they're not something to acquire for fun. Say you want to finance a vacation – loaning money for it is probably not a great idea.

But if you’re strapped for cash when a major emergency hits – your car breaks down, you get a sudden toothache, your roof needs to be repaired, etc. – getting a title loan could be a lifesaver. Not only will it help you deal with the financial side of the emergency quickly, but let you keep the costs down since such situations tend to worsen and become more expensive to deal with over time. If you’re in a similar boat, then you should go right ahead.

5 Things You Need To Know Before Applying For Your First Title Loan

1. You Don’t Need To Worry About Complicated Bureaucracy

If it’s your first title loan, you might not yet know about this – but one of the most appealing points of all short-term fast loans is the simple and straightforward application-approval process. Unlike more traditional financial institutions, Missouri Title Loans will only ask you to provide 2 documents alongside your car:

• Your government-issued photo ID – you must be at least 18 years old to be considered and provide an ID to prove it;
• Your car title – as title loans are a secured type of loan and the title will be staying with the lender, it needs to be in your name (you can’t use your relatives/friends’ car to apply) and completely lien-free.

Additionally, you can use any type of income to cover the loan, and the representative you’ll be working with will do their best to find a comfortable payoff schedule for you.

2. Your Credit History Won’t Influence Your Chances Of Getting Approved

Those who’ve only had experience with loans from traditional financial institutions like banks,

3. The Loan Won’t Influence Your Existing Credit History

Another thing people often worry about when deciding if they should apply for their first title loan or not is the prospective impact it may have on their existing credit score.

It has none.

Missouri Title Loans doesn’t report the loan information to credit bureaus. This means the title loan won’t influence your existing score at all – either negatively, or positively.

4. You’ll Be Accommodated Every Step Of The Way – But You Need To Show Initiative!

This being your first title loan, it’s natural to have questions about some of the details. Don’t be afraid to ask them!

Rest assured, the loan representative you’ll be working with has had their fair share of experience with first-time borrowers, and they’ll be providing detailed information both during your first phone conversation and later during the face-to-face meeting. But they’ll also do their best to give you fulfilling answers if you have any additional questions – as long as you’re not too shy to ask them!

5. You Probably Won’t Find A Faster Way To Get Cash

Someone who’s applying for their first title loan, might not know this – but you’ll be getting the cash you applied for the very day you go to your meeting.

Here’s how it happens: you apply for the loan following the easy instructions given below, you work with the loan representative to set up a meeting at a convenient time and title loan location so that your car can be appraised. You get approved – and get the cash you qualified for!

This entire process usually lasts less than an hour. On average, somewhere between 30 and 45 minutes.

Unless there are some situation-specific circumstances, you’ll be getting a call from the loan representative only a few minutes after you put your application in, so you're meeting, and the cash-getting will likely happen the same day you apply for your first title loan.

What's The Procedure Of Applying For A Car Title Loan?

If you’re worried about applying for your first title road – keep in mind that Missouri Title Loans has made the process as easy and straightforward as can be. Here’s how you do it:

1. Go to the website and fill out the online form.
2. Wait for the loan representative to call you. They'll schedule a meeting with you.
3. When going to the meeting, take your car, your lien-free car title, and your government-issued ID with you.
4. Wait for the representative to appraise your car and decide if you qualify for the loan.
5. Complete the simple paperwork and get the cash.

Don’t go into getting your first title loan without these important things to know. Let us make it easier on you by following our helpful advice. Remember, Missouri Title Loans Inc. is here to help if you run into an issue and need same day title loan cash.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.