- Motorcycle or car that is paid off
- Lien-free car or motorcycle title
- A government-issued ID
- You do not need good credit, a job, or a bank account!
Friday, October 30, 2015
Title Loan Requirements
The following are the only requirements to get a title loan:
What is a lien-free title?
A lien-free title is a title that you don't owe any outstanding loan balance on for your vehicle or judgements against it. (A judgement against the vehicle would mean whoever gave you a loan for the vehicle has gone to court and is either getting your wages garnished from your place of work or there is a lean on real property, or it could mean they are garnishing your bank account.) So a lien free title is one where you have outright ownership of the vehicle.
What is a title loan?
A title loan (also known as a title pawn) is a loan where you can get cash fast and conveniently if you own a car or motorcycle. As long as you have a lien-free title that is in your name you just use that vehicle as collateral to get your needed loan. You temporarily provide the hard copy of the title in exchange for the loan. So the title serves as collateral instead of your credit history.
Best of all, you don't need to have a job, bank account, or good credit to get a loan.
Also, just like any other loan that's not from a really good buddy or family member they charge a fee or percentage on top of the amount you borrowed to pay back. This fee differs from each provider of the title loan.
The loan usually is for 30 days and the amount you can borrow is different from each source but a typical good rule of thumb is that you can borrow up to 50% of your cars value. You can get extensions and the rules also change with each provider. Title loans are a great option to get cash very quickly and without any kind of good credit in your name when you need money a.s.a.p. (loans are typically approved in 15 minutes or less!) for car repairs or a long awaited vacation or whatever emergency may come up.
Best of all, you don't need to have a job, bank account, or good credit to get a loan.
Also, just like any other loan that's not from a really good buddy or family member they charge a fee or percentage on top of the amount you borrowed to pay back. This fee differs from each provider of the title loan.
The loan usually is for 30 days and the amount you can borrow is different from each source but a typical good rule of thumb is that you can borrow up to 50% of your cars value. You can get extensions and the rules also change with each provider. Title loans are a great option to get cash very quickly and without any kind of good credit in your name when you need money a.s.a.p. (loans are typically approved in 15 minutes or less!) for car repairs or a long awaited vacation or whatever emergency may come up.
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