Whenever a Kentucky resident 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 starting to see 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 there are very few paperwork requirements other than your car’s title that needs to be free and clear of any loans or liens.
To get car title loans fast in Kentucky you’ll need to have a car that’s paid off or almost paid off with a clear title. The title needs to be in your name only and you must have a photo ID to prove that it’s really you. Furthermore, you must have the actual car title in hand as this is what’s 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 the need for you to show proof of vehicle registration in KY with valid up to date 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, so this 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. Now, not all borrowers in KY will be able to 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 can include no pre-payment penalties, flexible payment options, and the ability to keep driving 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 to be between 6 months and 3 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 that’s based on your income and ability to pay. You’ll make regular payments until the loan is paid off, 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 having to worry 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.
Did you know that the average credit score in Kentucky is 680? While this is the lowest in the US, it’s definitely near the bottom and illustrates how difficult it is to get approved for a bank loan or installment loan that requires excellent credit. Title loan providers don’t require good credit and the reason is that title loans are secured with your car title. This means that 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. For someone living in a larger city like Louisville or Bowling Green, that means the loan amount may actually be higher 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 what the current resale value is. All you need to know is the make, model, and miles on your car.
On average, we see title loans in Kentucky being issued for amounts between $1,500 and $12,000. You can also call us directly 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 all you need is a few things. The first step is to decide how you want to get started with your application. You can choose to apply directly 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 perfectly fine, but we recommend the online method as it’s faster and you can do it from the comfort of your own home. One last thing to note in terms of 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 and that’s why it’s convenient to pick up your cash from a title loan lender in KY.