Are you looking for title loans near me, and you aren’t sure what option is best for you? Unsure of how these loans work and what you need to qualify for one? Like you, millions of Americans are looking to use these loans to cover unexpected expenses.
Are you currently in the market for a title loan and want to find out how you can find the right lender for your needs? If so, please continue reading below! In this brief Missouri installment loans article, we will cover what you need to know about title loans and who you can contact to start the process.
What Are Title Loans?
Title loans are installment loans that use your vehicle as collateral in exchange for money. If you need to take out a loan and are unable to do so due to your credit, you can opt for a title loan. These loans are short-term and have relatively few requirements, making them easy to qualify for.
How Do Title Loans Work?
You have the opportunity to apply for a title loan through a reputable lender if you have a clean car title. This means that you outright own the car and do not make any payments on the vehicle.
When you apply for the loan, the lender will ask for your proof of ownership and a valid proof of identification.
Other information needed for the title loan:
- Proof of residency
- Paystubs
- Insurance
- VIN of your vehicle
- Photos of your vehicle
As mentioned earlier, the requirements for a title loan are relatively simple, so you won’t need too much information. The application will also ask for your personal information. Be sure to insert accurate information, so the lender knows where to reach you if they have any questions.
Additional Note About Title Loans
In addition to providing the information needed for the loan, you must also be at least 18 years old to apply. The minimum title loan amount in Missouri is $1,000, and your lender may require you to have a required minimum vehicle value before they consider your application.
What Are the Terms of a Title Loan?
The terms of a title loan are relatively short, but they depend on your lender. Some require you to make the payment back within 30 to 60 days, whereas others may give you a few more months to repay what you borrowed. Make sure you read over your terms and conditions and your interest rate before you sign your paperwork, so you know how much you have to pay and when.
How Much Can You Borrow With a Title Loan?
How much you are able to borrow is entirely up to the lender. You may be able to borrow between 20% to 50% of the total value of your vehicle. Once the lender tells you how much you can borrow, you can either borrow the entire amount offered or only take what you need. Some lenders provide their borrowers with the option to borrow up to $10,000, depending on the value of your vehicle.
What Happens if I Don’t Pay Back My Loan?
If you are unable to repay your title loan, you should reach out to your lender as soon as possible. They may be willing to work out a deal with you, so you don’t default on the loan. If you do happen to default, the lender will take possession of your vehicle. Once they have the car in their possession, they will sell it to recoup what they lent you.
How To Find Title Loans Near Me?
A quick online search for title loans near me will provide you with many title loan companies, which can be overwhelming. Once you narrow down your Missouri installment loans search for loan places in Springfield, MO, there are a few things you should look out for.
Read Their Reviews
Make sure you look at a company’s reviews before you send them your information. There are several online companies that claim they are title loan companies when they really aren’t.
See what other clients said about their experience with the installment loan company and if they recommend them. You can use websites like the Better Business Bureau or Yelp to learn more about what others have to say.
The best way to get to know a company is to reach out to them yourself. If you don’t feel comfortable using them or if they pressure you into applying with them, they are not a good fit.
How Soon Can I Receive Funding?
Depending on the lender you choose to partner with, you could receive your funding the same day or within two business days. Even if the loan company approves the loan and releases it the same business day, you may not get it until the next or the following business day.
This is because your bank may put a hold on the funds before they clear them and make them available for you to use. If you expect to receive funds from a title loan company, make sure you make your bank aware, so they don’t put any holds on your money.
What Can I Use My Title Loan For?
You can use your title loan funds for virtually anything. You can use it to pay for a vacation, cover a medical expense, or cover an emergency expense. No matter what you spend the money on, just make sure you can repay your loan on time, so you don’t risk losing your vehicle.
Can I Get My Title Loan Online?
Yes! Although many title loan lenders provide their services in person at a storefront, there are many who offer them online. Applying for your title loan online saves time and keeps you from having to drive around to find the right title loan company.
You have the ability to apply for the loan online or on your phone. Once you receive an approval, you can opt for the money to be sent to you via a wire or through a direct deposit. Keep in mind that if you decide to have the funds wired, there may be an additional fee.
Note About Storefront Title Loan Locations
Even if you apply for your loan online, you may still need to see someone in person. Once you receive your approval, the lender may ask for you to visit one of their storefronts so they can take photos of your vehicle for their records. They will also take possession of the vehicle’s title at that time.
Advantages of Title Loans
There are several excellent advantages that come with using title loans. For example, they have quick approvals and funding. Most title loan companies don’t check your credit because you use your vehicle as collateral. As mentioned earlier, once you receive your authorization, you can expect to receive your funds within a few days, depending on your bank.
Disadvantages of Title Loans
Although there are significant advantages to receiving quick cash from a title loan, there are a few disadvantages you should be aware of. For example, these loans typically come with short repayment terms. If you know you cannot make the payments on time, it is best to look into alternative financing options if you can. The last thing you need is for you to default on a loan and lose your vehicle.
What Are Some Title Loan Alternatives?
If you are unsure about getting a title loan, there are a few other alternatives you can consider. For example, you can reach out to friends and family members for a short-term loan.
You can work out an agreement to pay back the money you borrowed within a certain amount of time that works best for you and your family. The best part is that your family or friend won’t report you to the credit bureau, and you may have some leniency when it comes to paying back late.
The Best Title Loans Near Me
Title loans are excellent financial tools if you need quick cash to cover an unexpected expense. Life happens, and you can always turn to a reputable title loan company when you need money fast.
If you find yourself looking online for “title loans near me,” you’re probably overwhelmed by the large number of search results you’ve received. Instead of trying to sort through those many different companies, contact us! We are here to provide you with the best title loan for you and your financial situation and answer any questions you may have.