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Exploring Finance Alternatives With Online Title Loans

People facing a significant expense like a home repair can get the cash they need from an online title loan. There are some advantages to using this kind of alternative financing, especially for those with bad or no credit. 

To explore the financial alternative of online title loans and how they can help in an emergency, continue reading.

What Are Online Title Loans?

You can start your inquiry into financing alternatives with online title loans through a website where private lenders are affiliated. By providing your basic information through an online inquiry form you can be matched to a licensed lender in your area.

You will still need to meet with a loan representative in person to do the formal application but an advantage of an online title loan is that lenders will sometimes come to you at a location you choose rather than requiring you to come into a store.

finance alternatives with online title loans

Online Title Loans For Those With Bad Credit

One of the benefits of using this method to finance your unexpected expenses is that it is available to those with bad or no credit. Title loans are possible solutions for those in an emergency situation who otherwise would not qualify for a loan due to their credit history. Private lenders servicing title loans do not rely on credit checks. Loan approval is secured by an asset or collateral.

They also don't report your loan to major credit bureaus so it doesn't reflect in your credit score. This makes title loans an option for those with little or no credit. 

Differences In A Title Loan Vs. Bank Loan

The primary differences in a title loan when compared to a bank loan are in its qualifying factors for approval and how it's secured. 
Bank loans have strict measures to qualify for approval such as a high credit score, significant time on the job, and proof of income.

That's because personal bank loans are unsecured loans. That means they are loans that are given based solely on your personal guarantee of repayment with a signature. Title loans don't rely on a credit score or employment status as long as you have a source of income to repay the loan. The requirement is that you show a source of regular income for repayment but that can come from a variety of sources other than a full-time employer. 

Title loans require fewer standards than bank loans because they are secured. With a title loan, the lender will hold the title to your vehicle to secure the debt. When the loan is repaid your title will be returned.  

A secured loan can give those who would normally be denied a bank loan to finance their emergency an option to get the fast cash they need.

Online vs. Traditional Title Loan

The two types of title loans function the same way whether you start it online or go to a store. The requirements are the same and you will need a source of income to ensure repayment for either type of title loan. 

A loan representative will inspect your vehicle to validate the VIN and determine the value according to fair market pricing. This is what determines how much you can borrow. 

The biggest difference between the two title loan options is that an online title loan is more convenient and allows you to meet a loan representative at a place you prefer. That can save you time and effort.

man getting online title loan from home

Finding An Online Lender

An easy way to find qualified private lenders in your area that offer title loans is to use Auto Cash USA. By using the online inquiry form on their website, you can connect with a licensed private lender near you in no time at all.  

All of the lenders in the Auto Cash USA network offer large borrowing amounts and easy loan requirements so there's no need to shop around. All of the lenders in this network offer up to $15,000 in title loans and all require three things to apply. Those are a driver's license or state-issued ID, a clear title to your vehicle, and the vehicle itself available for inspection. 

To begin the process, you will fill out the online inquiry form. Then, a loan representative will contact you to answer your questions and set up an appointment. You can meet the representative at a location of your choice where they will verify your car title, and your VIN, and inspect your car. 

You will sign some forms and, if approved, final loan documents will be emailed to you for your e-signature. This process moves quickly and can take as little as a half hour to complete. 

Once all the forms are signed, the money will be deposited into your bank account the same day or the next business day. And the best part is, you get to keep your car during the repayment period.

Send Your Info

Sending in your online inquiry form will give you an option to get the money you need to finance your emergency. Those who need quick cash for a large expense may find that an online title loan from Auto Cash USA lenders can be a fast solution. 

Getting these types of loans is also hassle-free. Turn in your inquiry form and see how much money you can get to help you pay for the unexpected.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.