What Most People Don’t Know About How Title Loans Work
Want to know how title loans work? It’s easier than you think. Millions of Americans have used title loans to pay for urgent expenses, from hospital bills to huge house repairs. In this post, we’ll talk about their benefits, common misconceptions associated with title loans, and how to get one in Missouri.
Here's What Most People Don’t Know About How Title Loans Work
There are many types of loans out there, but title loans will generally allow you to borrow larger sums to cover bigger expenses. The fast processing time (as short as 30 minutes, with lenders like Missouri Title Loans, Inc.) also means you can raise the money quickly—just in time to cover your emergency expenses. So, what are some other benefits of title loans that people may not know about? Let’s take a look:
1. You Don’t Need To Have A High Credit Score
This misconception about how title loans work is likely driven by the very high credit requirements of banks and traditional lenders.
However, you can apply for title loans if you have bad credit history, or have not yet been able to establish a credit history. In fact, Missouri Title Loans, Inc. – a trusted provider of loans with branches all over the state – has worked with all kinds of credit histories. So don’t be shy, and just apply!
2. You Don’t Have To Give Up Your Car To Get Title Loans
Keep calm and hold your car keys: you don’t have to have to surrender your vehicle just to get a loan. This is how title loans work: a lien is placed on your vehicle title when you sign up on the loan. You can keep using your car as long as you follow the payment schedule. Once the loan is paid off, the lien is lifted, and the title returns to you.
3. You Can Qualify Even If Your Title Has More Than 1 Name On It
Sure, the title to your vehicle should have your name on it. But even thought many people think that there should be only 1 name on the title, this isn’t true. There can be 2 names on it. If they’re separated with “and”, both people need to sign off on the loan. If it has “or” between the names, either of them or both can take out the loan.
4. Your Vehicle Doesn’t Have To Be Brand-New
You can use the titles of older cars or even second-hand cars and still be able to qualify. Missouri Title Loans, Inc. accepts cars, trucks, or vans. The value is determined during the vehicle inspection. We follow the industry guidelines when determining the value of your car, so rest assured that you will get a fair assessment.
5. The Entire Process Could Be Over In Just 30 Minutes
Many people get “stressed out” or “overwhelmed” by the idea of taking out a loan. They imagine lining up at the bank, gathering loads of documents, and frustrating discussions with loan representatives about “protocols and procedures.”
We understand where you are coming from, since many of our customers have complained about their experiences with banks and other lenders. However, Missouri Title Loans, Inc. has created a simple, streamlined application process that is absolutely stress-free.
Here’s how title loans work, when you apply with Missouri Title Loans, Inc.:
- Fill Up Our Online Application Form. The information you input on the application is kept strictly confidential, and we don’t share it with credit bureaus.
- Talk To Our Loan Representative. One of our trained loan representatives will call you to personally explain how title loans work, including requirements and what to expect in the next steps. Feel free to ask questions and share concerns – we are here to help!
- Meet With An Agent. When you’re ready, meet with an agent at the nearest storefront for the vehicle inspection and finalizing the process. Bring your vehicle, lien-free vehicle title, and a state issued ID.
- Complete The Assessment. Wait a short while for the agent to appraise your vehicle and determine the loan amount you qualify for. If you would like to proceed with the loan, you just need to fill out a minimum amount of paperwork.
- Get The Cash. You receive the money on the same day that the loan is approved.
Apply For Title Loans Today!
Now that you know how title loans work, you can see how it can help you raise emergency cash in a quick and convenient way—especially if you go to a reputable and efficient lender like Missouri Title Loans, Inc. Contact us to find out more about how title loans work. You can get a same day title loan today and get up to $15,000 fast cash in no time if you submit an application form on our website 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.