It happens to the best of us. When you’re dealing with finances, there’s always going to be a time when your credit score is less than perfect. It could be caused by something that’s totally out of your control. But having poor credit often means you are not going to qualify for most forms of funding like bank loans or even installment loans. Bad credit will really limit the options available and you’ll need to choose between borrowing money from a friend or other high interest loans. In some neighborhoods, there is a cash advance or payday lender on every block. Most often same companies will provide online title loans as well. Often, these services are widely available in the local area and on the Internet. Many people are tempted to take advantage of quick money car title loans to meet the expense of an unexpected bill. Cash advance loan companies are convenient and provide a quick solution to money problems. Yet, there is a downside with using your vehicle as collateral. Like credit cards, if short term loans are used responsibly, they can be a huge lifesaver. On the flip side, if the title loan is not repaid by the due date, the penalties are costly.
Cash advance loans can be any type of quick personal loan like a payday or auto title loan. The only difference is that cash advance loans are not approved by a bank or credit union. Rather, loan companies issue these online loans on a short-term basis to persons experiencing cash flow problems. Most banks and other financial institutions will allow repayment of a loan over a course of several months. Online title loan and payday loan companies may require full repayment within a few weeks. Some loan companies allow 30-day loans. For this matter, fast money loans are ideal during emergencies. Nonetheless, applicants must be a position to repay the full balance plus fees within a short time frame. A situation like this further shows why it’s critical to improve your credit score and avoid car title loans online
Most people are attractive to online title loans because of the easy approvals. Applying for a personal loan from a bank is frustrating and usually results in an online loan denial. Why? For starters, banks are cautious when it comes to lending money. Even if you have an excellent credit rating and sizeable income. It may be extremely hard to acquire a bank or installment. On the other hand, cash advance loan companies approve title loans minus the headache. There are no credit checks, and with a car title loan you can keep driving your vehicle. Applicants who meet a few basic requirements can have funds in hand within 24-hours. The money is deposited directly into a bank account after you hand over the pink slip
Typical online title loan requirements include:
• Must be at least 18-years-old
• Same employer for 3 consecutive months
• Active checking or savings account
• No outstanding bankruptcies
• Must be a U.S. citizen
Unfortunately, nothing in life is free. This includes most payday and car title loans online. Prior to applying for a short-term personal loan, inquire about equity fees. Furthermore, it may be in your best interest to research different companies. Work to choose the car title loan company with fewer fees. Loan fees are based on the amount borrowed. Typically, loan companies charge $10 – $30 for every $100 an applicant obtains. If choosing a 30-day loan, the fees are doubled. Avoid excessive fees by borrowing as little money as possible. Additionally, pay back the money promptly. Online title loan companies do not tolerate late payments. Once the payment is late, additional interests and late fees will incur. You also run the risk of losing your car to a repossession. Contact your lender to discuss alternative payment options if you fall behind on monthly payments!
Applying with local or online title loan company is easy. There are two options available to loan applicants. Some prefer local loan companies which provide funding in their neighborhood. Simply bring a copy of your most recent paycheck stubs, banking statement, and driver’s license. Complete a loan application, and wait for a quick response. Applications are usually approved on-the-spot. The process is different for someone seeking a car title loan as you will have to verify pink slip information and have your car visually inspected. You can also use a boat or motorcycle as collateral. But the amount you can borrow will often be smaller as the amount of equity won’t be near what you see with a car.
Another option involves applying for online car title loans with a direct lender. This process is equally simple. However, you will likely need access to a fax or scanner. This is necessary for providing documentations to the loan company. Once application is received and approved, funds are received. On average deposits take up to 24 hours. However, some online title lenders offer one-hour or same day cash advance loans.