If a resident of Kentucky needs cash within 24 hours, they have a few options to choose from. You can always get a payday loan or cash advance, but the rates are high, and you can’t borrow much. Personal loans are an option, but often you need really good credit. Now we’re seeing people turn to title loan lending options in Kentucky to borrow up to $15,000! You can be approved with little to no credit history and very few paperwork requirements other than your car’s title, which needs to be free and clear of any loans or liens.
To get car title loans fast in Kentucky, you’ll need a car that’s paid off or almost paid off with a clear title. The title must be in your name only, and you must have a photo ID to prove it’s you. Furthermore, you must have the actual car title in hand, as this is used to secure the cash you borrow. There’s no need to hand over your vehicle as security, and you can keep driving while paying off the loan, but you need to give the lender your pink slip.
Other less common lending requirements may include showing proof of vehicle registration in KY with valid tags. Also, gather your current vehicle insurance and any documents or paperwork that can be used to verify your current income status. Some companies will want to know that you make enough money monthly to afford the minimum required payments.
There are several benefits of applying for title loans in Kentucky. One is that the process is very quick and easy. You can apply online or over the phone and often get approval within minutes. Another benefit is that you don’t need good credit to qualify, which is a great option for those with bad credit or no credit. Finally, you can borrow up to $15,000, depending on the value of your car. Not all borrowers in KY can borrow an amount that’s even close to that, but the odds are that your funding amount will be higher than other traditional loan offers. Other benefits include no pre-payment penalties, flexible payment options, and the ability to drive your vehicle while making payments.
Repaying auto title loans in Kentucky is easy, and you should see a monthly payment breakdown chart in your loan docs. On average, you can expect a title loan term between six months and three years. That’s a lot of different payoff options, but it’s entirely up to you as some borrowers prefer to pay more at the beginning while others would rather keep the monthly payments low.
You’ll work with your lender to set up a repayment schedule based on your income and ability to pay. You’ll make regular payments until the loan is paid, and then you can get your title back. There are no pre-payment penalties, so you can pay off your loan early if you’d like without worrying about any fees. That being said, it’s important to note that title loans are not for everyone. They should only be used as a last resort option when other financing options don’t fit the bill. Only borrow what you need and communicate with your customer service rep if there’s ever a chance you may miss a payment.
Title loan providers don’t require good credit because title loans are secured with your car title. If you default on the loan, the lender can repossess your vehicle and sell it to recoup their losses. Compare that scenario to a lender that doesn’t have any collateral backing up the money they lend, and you may quickly realize why title loans in Louisville are so popular.
The loan amount almost entirely depends on your car’s value. The loan amount may be higher for someone living in a larger city like Louisville or Bowling Green as the resale values sometimes increase in metro areas. To determine your vehicle’s value, you can use our online title loan calculator and see the current resale value. All you need to know is your car’s make, model, and miles.
On average, title loans in Kentucky are issued for between $1,500 and $12,000. You can also call us at 844-567-5011 and speak with a title loan specialist who can give you an accurate estimate based on the value of your car.
When you’re ready to apply for title loans in Kentucky, you only need a few things. The first step is to decide how you want to get started with your application. You can apply online by filling out the Car Title Loans 123 application. Or you can meet with a local finance company in Louisville or Lexington that takes in person applications. Either option is fine, but we recommend the online method as it’s faster, and you can do it from home. One last thing to note regarding how you choose to apply, secured lenders in Kentucky can process and underwrite your application very quickly! Sometimes the funds can be approved and disbursed in less than an hour, so picking up your cash from a title loan lender in KY is convenient.