How Old Do You Have To Be To Apply For A Missouri Car Title Loan?

Many people need money for emergency expenses today with inflation and services like car mechanics and home repair people costing more so they look to get a Missouri car title loan. The question is whether they can qualify and many wonder what age you have to be to get this time a loan. 

The law for a Missouri car title loan is that you must be a legal adult, which is at least 18 years old, to apply. That makes sense because you must be able to legally sign loan paperwork if you are approved. 

Applying For A Missouri Title Loan

The unique aspect of applying for a title loan in Missouri is you can fill out a complete application online. You will need need to meet with a loan representative for a vehicle inspection but being able to apply online will save some time. Missouri is the only state that allows this. 

Missouri Title Loans, Inc. offers these types of loans with a maximum limit of $15,000. The amount allowed to be borrowed depends on several factors like your ability to repay but also depends on the vehicle's value. 

Understanding Title Loans

Title loans are offered by private lenders as a short-term financing option. They are used to pay for emergencies that you otherwise couldn't immediately fund. These include medical expenses, dental emergencies, home repairs, and an unusually high utility bill. 

These are all situations that are unavoidable and can't wait until the next paycheck. 

Title loans use the investment you've made in purchasing your vehicle to get you fast cash. All private lenders offering title loans must be licensed in the state and obey all state laws. 

Every private lender has different policies, repayment terms, and other information so be sure to read the loan documents to understand the rules.

Other Requirements

This private lender has three other requirements beyond being an adult. You must have official identification, such as a photo ID or a driver's license. You must also have a clear title to the vehicle in your possession and it must be in your name. A clear title does not have any judgments or liens against it. It means you own the car free and clear. 

Finally, you need your vehicle because it will need to be inspected. 

The Application

Getting approved for a Missouri car title loan with this private lender is as easy as going online. Those wanting a loan can fill out the online application and get preliminary approval. 

After that, a loan representative will contact you to set up a location for the vehicle inspection. You can make a trip to the store or have a loan representative meet you somewhere more convenient to you. 

Either way, you must have your required items with you. The loan representative will inspect the vehicle and decide how much you qualify to borrow. Once everything is given final approval and loan documents are signed, you can get your money either the day you get final approval or the next day. 

Additional Information About Missouri Car Title Loans

While applying for a Missouri car title loan completely online is new, it's still the same as a traditional title loan. It allows the process to move faster and for the applicant to meet at a place other than the store to finish the application. Unlike other types of loans, those applying for a Missouri car title loan don't require a checking account to be approved.

Another difference between this and other loans is that those with bad credit are still welcome to apply. Those at this private lender work with all types of credit situations and don't require a credit check before deciding on approval. It also doesn't report your title loan to the credit bureaus.

That means that taking out a title loan won't affect your credit score.

A benefit of a title loan is that this private lender only holds your title so you are free to keep your car as you make payments. 

For some, getting a title loan is a way to fund more expensive emergencies than asking family or friends for hundreds or thousands of dollars. It's also more private than some other lending options because you are dealing directly with the lender. rather than third-party lenders some financial institutions use.

Apply For The Money You Need

While all online applications aren't guaranteed approval, Missouri Title Loans, Inc. works with all types of people in all types of situations. Fill out the online application to see if you qualify for this type of loan. 

A title loan is one option that can help adults work through unexpected problems. It's one of the advantages of being an adult. Fill out the application now!

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