Tips For Choosing The Right Title Loan Lender
Are you having trouble deciding which title loan lender to work with? Here’s what you could do before finally settling.
How To Choose The Right Title Loan Lender
1. Start In Advance
While you can leave the title loan application process to the last minute, don’t do the same when choosing the title loan lender. We’d say spending hefty time doing preliminary research is around 80% of the successful process. Be diligent and set some time aside to make sure you have a full understanding of what the title loan lender you’re choosing to work with is offering.
2. Check Out What Others Have To Say
If the title loan lender you’ve chosen is trustworthy – they’re bound to have some good testimonials. While half the internet is fake these days, and, yes, buying positive reviews is a thing, starting with reviews is still your best shot. After that, don’t be afraid to take the step further and either ask around among your real-life friends or contact some of the reviewers with any questions you may have.
3. Do They Promise To Keep Your Privacy?
Title loans usually aren’t supposed to be reported to any credit bureaus. This is why many people choose them in the first place – even among the financially well-off, who could get a bank loan no problem.
Find out what the privacy policy of the title loan lender in question looks like, before deciding to work with them. Especially, if you have experienced problems with maintaining your credit score and/or don’t wish your current loan to go onto any credit reports. That said, if you need a loan for no other reason but to improve your credit score, title loans may not be for you. Missouri Title Loans, Inc., for example, doesn’t share its loan information with any third parties – even upon the customer’s request. Many other title loan lenders act the same.
4. How Transparent Are Their Terms?
Title loans are a straightforward affair. At least, they’re supposed to be. This means there’s no reason for the title loan lender you’re looking into to be vague on their webpage. The website should clearly state what the title loan is, how it works, what the required items are, what’s the maximum loan amount, etc.
And simpler and shorter the terms – more trustworthy the title loan lender. If they overcomplicate things, demand as many qualifying items as a bank, and have a long waiting period, then you should think twice about working with them.
At Missouri Title Loans, Inc. for example, we’re keeping the list of requirements as short as possible, with each serving a distinct role:
- The state-issued ID (driver’s license is applicable) is to determine you’re of legal age and thus eligible for a title loan;
- The car is to determine the maximum loan amount you qualify for;
- The lien-free car title in your name – to prove your full ownership of the car and act as collateral for the duration of the loan repayment period.
Missouri Title Loans, Inc. accommodates credit and income situations of all types, including non-salaried income.
5. How Accommodating Is Their Loan Representative?
The loan representative you’re working with isn’t just there to approve you for the loan. One of their tasks is to ensure you have a full understanding of the entire ongoing process, and that you’re comfortable with it.
You should always feel free to ask any questions you may have about the terms and procedures, and the loan representative should be able to answer them all. Asking questions during the process is always the best option to make sure you made the right choice with the lender AND you’re making informed decisions with your loan.
How To Get A Title Loan
With the title loan lender decided, you can move on to the process itself. At Missouri Title Loans, Inc., the application process is simple – you just fill out and submit the online application form on the website and wait for the loan representative to give you a call.
The loan representative will provide the necessary information, answer your questions, and after ensuring you have a full understanding of the process, arrange a meeting with you at a convenient location. It doesn’t necessarily need to be our store. You’ll need to take the required items – your ID/driver’s license, the vehicle, and the lien-free title in your name – to that meeting.
The loan representative will have to inspect the car and assess the documents to determine the terms of your loan. If they decide you qualify and approve you, they’ll help you with the final paperwork and – voila! – you’ll be all set to get the cash.
Apply For Your Title Loan Today!
If you’ve decided that Missouri Title Loans, Inc. is the right title loan lender, get a title loan online today. With our straightforward streamlined process, you won’t have to take out more than strictly minimal necessary time out of your day. If approved, you’ll get the cash either on the same or next business day at the latest.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.