What is an Online Title Loan?

This method of fast cash is secured by a title, usually a vehicle title. It serves as a form of collateral when obtaining funds. If for some reason the consumer defaults on the loan, the lender has the option of taking the car and/or taking the individual to court for reimbursement. Despite negative reviews of such services in the media, this can provide a solution to immediate financial troubles. Those that borrow responsibly need not worry about losing their private property.  There is no credit check involved, so this is another one of the many guaranteed bad credit loans.

Who Can Get One?

If you have an automobile, you may be able to get this fast loan. However, there are some restrictions that may apply. Some lenders may require that the title be free and clear. This means that they are no liens from banks, lending institutions or any others. In many cases, you may also have to show proof of insurance and some agencies may prefer that you have full coverage. This will vary by the independent lending institution.

How Much Can I Borrow?

The amount one can borrow will depend on different factors. Income may be considered but this alone is not the determining factor. The worth of the car may play a critical role. One cannot borrow more than the determined value of the vehicle. Typically, the consumer can borrow anywhere from 25 to 50% of the estimated value.

How Long Will I Have To Repay the Loan?

This will vary by the lender. In some cases, the loan will need to be repaid when you receive your paycheck. Others may allow thirty days or more. If for some reason you can’t pay on time, some will even extend this period.

There are other types of fast personal loans, but not many will get you as much money as a title loan.  So when you need cash till payday, consider these as a good way to get it!

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When compared to all of the same day loans that are out there (cash advances, etc.), title loans have the potential to get you the most money.  Obviously, this depends on the value of your car since the loan is based on that, but if you have a fairly nice ride you stand to get a pretty large loan.  Most lenders will go as high as 50% of your car’s total value, so a car worth $10000 can net a fast $5000 loan!

The ability to get that large of a loan carries a pretty big risk.  Since auto title loans are generally repaid in 30 days, it can be pretty tough to come up with enough money to pay the loan, and its interest back.  Some lenders give the option to extend your loan, but you are going to pay handsomely for that.  I’m sure that you know what happens when your loan isn’t paid back, and you definitely don’t want to lose your car like that!

In case you aren’t totally sure how these loans work, they use your car as collateral to get you money.  They are also no credit check loans, so your credit score is completely irrelevant to the approval process.  Your car has to be paid off in full, and you have to have possession of the title in order to apply.  The application process is very fast, and you can generally have you cash in an hour or so.

To find car title loans in your area, the best place to start your search is in your local phone book.  The internet is great for finding stuff, but many of the mom and pop shops that are in big cities don’t have a website.  Using the phone book will have all of the options in your area.

Call around to all of them close to you, and ask them questions about how much they lend (usually a %), when the loan has to be repaid, and what their interest rates are like.  After calling three or four, you are going to get a pretty good idea of what the lenders in your area are charging, and can figure out which one has the terms and loan amounts that suit your needs.

Another step that most people skip is to wash your car before heading to the lender!  I can’t believe how many people don’t think to do this!  The title loan lenders are people, just like you and me, and if your ride looks like it’s in good shape they’re going to lend more money.  It also has the benefit of reminding you how much you enjoy having your car, and adds more incentive to making sure that you pay the loan back!

Out of all of the ways to get money now, title loans are the riskiest but have the largest loan amount.  Use them in a pinch, but don’t rely on them as a source of income.  The tips above will help you stay safe and find the best lender in your area!

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Any fast cash loan isn’t going to give a damn about your credit score.  The most common type of these are payday loans, and if they were to check credit scores and only lend to people with good credit they wouldn’t have many customers!  In order to get one of these loans you’re going to need a job that you’ve been at for over six months, make over a thousand bucks a month after taxes, and have a checking account.  There are some lenders out there that will offer money to people who don’t meet those criteria, but they are rare.

You can find lenders for these online or locally.  There really isn’t much difference between the two, except searching for payday loans online will yield a lot more companies for you to find the best rates with.  Going locally, you’re stuck with only the ones in your area.

Title loans are another (much riskier) option.  With this type of loan you are using your car as collateral, which means that if you don’t pay it back the repo man shows up and takes your ride!  Generally you can get more money with this type of loan, and longer terms, but the risk is obviously higher.  To get approved for a loan like this you need a car that’s paid in full, its title, and an extra key.  Most lenders will let you keep driving your car while your loan is out, but not all of them.  Promise me that if you choose this loan you pay it back!  Title loan lenders don’t screw around and will take your car from you!

There is also the option of selling some of your stuff or working for cash, but I’m sure I don’t need to tell you that your credit score is irrelevant to those!

Finding bad credit fast cash is not tough to do at all, it just gets tricky trying to figure out which route to take.  There is a ton of info all around this website about the different types of loans, and how to save money on them.  Take a look around and learn how get your loan without getting ripped off!

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The most common way to get money fast are payday loans online.  These work just like your local payday loans, but are much easier and faster.  You also have the ability to search through hundreds of lenders that you wouldn’t be able to normally do in your neighborhood.

If you are unsure how these loans work, they are unsecured, fast, and expensive!  To get approved you’re going to have to prove that you’re employed and have been there for a while, you make over a thousand bucks a month in net income (post taxes), and have a checking account.  It’s actually really simple, and since these are no credit check loans you don’t have to worry at all about them running your credit.  The lack of credit check also makes these loans extremely fast, and you can have your money in as quick as an hour.

Another way to get money quickly is title loans.  These loans are secured and use the value of your car to allow you to borrow money.  In order to qualify for this type of loan, you need to have a car that has been paid off in full and possess the title for it.  Some title lenders will require that the car is also insured.  A title loan will have a longer term than a payday one, usually around 30 days, and offer more money since they will go as high as 50% of your car’s value.  The risk, however, is that if you don’t pay your loan back your car is going to be repossessed and sold.  Don’t think they’ll cut you some slack and let you be late on your loan, doing so will having you waking up and your car not being in the driveway!

Getting fast cash online is a possibility as well.  There are a ton of scams out there, but some programs are legit and will help you get paid quickly.  We’ve written in detail about this in our posts on Project Payday and how to get paid to take surveys online.

Should none of the above options make sense for you and your situation, you can also turn to selling stuff.  Using Craigslist you can post a bunch of stuff that you have laying around the house to try and sell it.  This will make you a lot more money than selling your stuff at a pawn shop, but it is a lot more work.  I’ve found that I get the best results on Craigslist by listing all of the stuff that I want to sell separately, rather than all together.  Again, this is more work, but it helps people searching that website find my stuff a lot better, which results in selling it faster.

There are a million ways to make a buck, but the ones discussed above are tried and true.  If you’re pressed for time and need money now these are the best ways to get started!

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If you are one of the lucky few that still has a good credit score, head down to your local credit union and apply for a loan.  This isn’t exactly fast cash, but it will get you the money that you need in a week or so.  The biggest benefit of taking this route is that you are going to get an affordable rate on the loan.  Rather than paying the ridiculous fees that payday loan lenders you are going to get a much more reasonable rate, probably somewhere in the 8-15% range, depending on your credit score.  Also, rather than paying it back in a couple of weeks, you’ll have at least a few months to make payments on it.

For those of us that don’t have good credit, the options are very limited.  Title loans are an option, but your circumstances have to be very specific for these loans to work.  In order to get a $5000 title loan you need to have your completely paid off, and it be worth at least $10,000 market value.  Most title lenders will lend up to 50% of the value of your car, so if you have a nice ride there’s a chance at getting that much money.  The problem is that most car loans are for 3-5 years, and for a car to retain $10K worth of value over that time is pretty rare.

Should you not be able to get a title loan the only way you’re going to be able to raise $5000 quickly is to piece together every dollar you can borrow or earn.  That might mean a payday loan, plus selling stuff online, plus working odd jobs.  It’s not going to be easy, but it’s not impossible to do!

Getting $5000 fast cash is something that anybody can do, it’s just a matter of knowing which route you should take based on your situation and working your butt off to get it!

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The first thing to keep at the front of your mind would be that these types of loans are for folks who have already screwed up their credit. These people have no other choices in where to get a loan. These people are at the mercy of anyone who wants to charge them whatever amount of money they want to charge in order to lend the money. It’s also fairly obvious that someone who doesn’t know how to manage money very well should not be taking out a loan under any circumstances.

The main reason for the high interest rates and the exorbitant charges and fees though, are due to the high default rates. The people who take out bad credit loans frequently don’t pay them back, so the ones who are paying on their loans have to pay a ton of interest in order to compensate for the ones who never paid at all.

There is another kind of high risk loan that’s available to people with bad credit is called a title loan. These products allows people to put their car or truck up for collateral. If you don’t repay your debts or get behind on your payments the lender can take your vehicle, leaving you without transportation. Obviously this could be a disaster, as the cash value of your car is probably far less than the real value of your vehicle to your family and your job.

For the most part the best advice anyone can give you is to avoid bad credit loans no matter what. No circumstance is so desire as to require that you get a payday or car title loan. Figure out some other way to handle your situation or you could end up in worse circumstances than you are right now.

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Auto title lenders have come under scrutiny as of late for their lending practices.  They were regularly lending amounts of money that the borrower would have no chance paying back within the term.  Part of this blame has to be put on the people borrowing the money, the title lender was doing their job and lending money, the borrower shouldn’t have agreed to accept a car title loan that was so far out of their means.  With this in mind, don’t fall into this trap.  If they offer you a ton of money and you only need a part of it, only borrow a part of it!  If you can’t handle that kind of responsibility, you should look into a payday cash advance.

How Title Loans Work

You can get a fast cash loan for your car title by finding a lender in your area that offers fair rates and has good business practices.  They’ll evaluate the price of your car and offer you a loan based on your cars value.  Usually, the max loan that you can get is 50% of the car’s total value.  Some lenders (especially here in California) have a minimum value that a car must be in order to get a loan, usually more than $5000.  This doesn’t mean that you’re out of luck getting car title loans if you drive a hooptie, you just need to shop around and find a lender that doesn’t have the minimum.

In order to get approved for your car title loan and get cash fast, you’ll need to be able to prove your identity (driver’s license), an extra set of keys to your car, and a copy of your car’s title.  Some lenders have programs that help people who don’t have a copy of their title.  Be sure to check your glove box thoroughly before deciding that you don’t have a copy of it, since that’s where it usually hangs out.

The Risks Of Car Title Loans

A title loan is certainly not without its risks, and these risks are pretty great.  It’s almost too easy to get approved for a title loan and many people fall into the trap and end up losing their car and a lot of money.  Since a car title loan is a secured loan, your vehicle is the collateral to back it up.  This means that if you don’t pay the loan back, they own your car.  So not paying your loan means that you lose your ride.  In some states, they don’t even have to give you the money they get from selling your car!

The title lenders know that lots of people aren’t going to pay their loan back, and they build this into their business model.  They make almost as much money repossessing cars as they do in interest and fees on the loans.  They take repossessing cars very seriously, and one title lender in Arizona went as far as to install GPS trackers into the cars so that they could find them if they needed to be repossessed.

Don’t let these scary thoughts turn you away from title loans.  If you’re responsible about the amount of money that you borrow and are diligent about paying it back, it’s a very viable option for getting fast cash.

My Title Loan Story

I had lost my job and had started a new one a few weeks later.  My first paycheck hadn’t come yet from my new job and I was stuck without money or proof of employment.  The only place I could turn was a title lender that didn’t require employment.  I was able to get about $600 and was able to pay it back without problem.  After reading the fine print on the loan, I’m very glad I was able to pay it back.  Without my car I wouldn’t have been able to get to my new job!  Viva fast cash!

Thanks for reading!

-Lydia

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I’ll never tell you what you should or shouldn’t do, but do keep in mind that fast cash loans aren’t cheap.  You’re going to pay for the convenience of getting money without a credit check with the kind of speed that these companies have.  Everyone can use a little help every now and then, and emergencies certainly arise (usually when we’re broke!), but to rely on these fast loans is a bad idea.  When you end up using payday loans for more than one pay period, you’re going to have a hard time breaking the cycle and getting yourself free from their trap.

That’s my disclaimer.  Use fast cash personal loans when you need to, but be responsible with them so you don’t end up in serious trouble.

Fast Cash Payday Loans

The requirements for a payday loan are pretty basic, but you need all of them to qualify.  If you don’t, this loan isn’t for you!  Basic requirements for these loans are-

• Have been at the same job for at least six months and have the paycheck stubs to back it up.
• Make at least $1000 a month in net income (after taxes, insurance, etc.).
• Have proof of who you are, and the ID has to be from the state you’re currently in (sorry tourists).
• Be a valid citizen of your country, most lenders will not loan on Green Cards or work visas.
• Have a checking account, each lender has different requirements for how long it should be active.
• Be paid weekly or bi-weekly, most lenders don’t deal with those that are paid monthly.
• Have some references that will answer the phone and vouch for you, usually three.

If you meet these requirements, you should consider a payday loan.  If it’s your first time applying for a loan, you’re probably not going to get as much money as you hope you are.  The first loan is always much less than what you can afford.  Payday lenders want you to establish yourself as a credible borrower before they hand out the big bucks.  The average first loan from a payday lender is around $400, which may be enough for you but keep that number in mind.

As for the interest rate, the national average in the US is $25 per $100 borrowed.  That means that your $400 first loan is going to cost you $500 when it’s repaid.  Again, that’s the price we have to pay for fast cash!

Repaying payday loans happens one of two ways.  The most common for storefront payday lenders is to write a post-dated check for the day the loan is due for the total amount owed.  Most terms are 14 days, but each lender is different.  The second method is an automatic deduction from your checking account.  Automatic deduction is much more common in…

Fast Cash Loans Online

Payday loans are also available online.  They have the same requirements as storefront payday loans, but you never have to leave your house!  There are a few differences though.  Application for these loans happens totally online as no fax payday loans are becoming more popular.  Some online lenders require that you fax them proof of your paycheck stubs and ID, but as technology and internet security have improved this is less common.  Also, the money that you receive will be automatically deposited into your bank account, and automatically withdrawn.

Be sure that you’re going to be able to repay this loan.  Since these lenders will have your bank account information, they’ll be able to withdraw money from you until they get repaid.  If you miss your payment, it will be very difficult to get back onto your financial feet!

Fast Cash Title Loans

Another no credit check fast cash loan is the pink slip loan.  These have lots of different names (car title loans, auto title loans, pink slip loans) but they are all the same thing.  This is a secured loan, which means that you put something up as collateral to get your cash and they can take that thing away from you if fail to pay the loan.  The requirements for these loans is pretty basic, and some lenders don’t do employment verification, so this could be an option for fast cash loans for the unemployed (as long as they meet the rest of the requirements).  The basic needs for a car title loan are-

• A car that has been paid off.
• The title (look in your glove box).
• An extra car key.
• A state issued ID and residency in the country.
• A checking account.

Some lenders have a minimum amount that they can lend, and won’t lend if your car is valued at less than $5000.  If this is your case, just find a different lender.  The amount of money that you can borrow from this fast cash loan depends on how much your car is worth, and most lenders will go up to 50% of the car’s total value.  Interest rates are similar to payday loans, but the length of the term is usually 30 days and the loan has to be repaid in full.

Many people get in trouble with title loans because they are offered more money than they’re able to pay back.  If you need $100, borrow $100.  The title lender is probably going to offer you as much as they can, so be ready and turn the amount down if it’s too high.

Now that you know your options and requirements, you can make an educated decision on which loan is going to be the best for you.  And always remember that fast cash has a high price, so don’t rely on fast cash loans to get you by each month!

Thanks for reading,

Lydia

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I really loved how they came to my rescue I was out of money and needed fast cash, other loan companies wanted to do a credit check and they charged very high interest rates. They also have good customer service and they make sure your needs are met I needed to borrow $300 but I qualified for $250 the salesperson called her manager and I was able to get the $300 that I needed they were really understanding. I would definitely recommend title loans to my friends and family members because of the very low monthly payments and if you have problems paying on your due date they will work with you and extend your payment if they have too because they really work with people who are struggling to make payments. If you get turned down by other loan companies title loans is the best place to go.

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What the misconception here is that they work like online payday loans, online from front to back. Title loans simply can’t work like this because your car has to be inspected by the lender before you can get paid. That’s just how secured loans work. If you were to get a loan against your house, your house would have to be inspected and appraised as well. Lenders simply don’t work on trust, and if they did they would go out of business pretty quickly!

So How Do Online Title Loans Work?

The online part of this loan is the application. The real advantage here is that you’re already going to know if you’ve been approved before you ever have to leave your house.

You’re going to know quickly whether you’ve been approved or not, and once you’ve been approved the process of getting paid begins. This will happen one of two ways. You will either be required to drive down to the loan office and have your car checked out, or, even better, the lender sends a representative out to you to complete everything. If you can score the second option, do it, it’s much easier.

So no, you can’t complete everything online. But what you can do is make sure that you are qualified before you even apply to make things even faster.

What Does It Take To Qualify For An Online Title Loan?

You’re going to have to have a car with a clear title. That means that it’s been completely paid off and doesn’t have any liens against it. I know that in some cases it takes some time for the lien holder to send you the physical title, and if that’s your case be sure to let your lender know up front. Some require that you provide the title, and others can simply look it up to verify.

The lender will probably check your credit, but most don’t really care what your score is. Instead, they’re checking to make sure that you don’t have any outstanding loans that will affect your ability to pay them back. Basically, as long as you don’t have any current loans outside of the normal things like mortgages you don’t have much to worry about.

They will probably also want some paperwork that verifies things like your address and income, so be ready with those kind of things.

How Long Will You Get To Pay It Back?

Again, this is totally up to the lender, but most are going to give you at least several months. It really depends on the size of loan that you take out. In many states there are laws in place that set a minimum amount that you can receive from the lender in order to protect you from getting your car repossessed over a very small loan. In California, you can expect around a $1500 loan, but this is different for all states. Some lenders are going to give you up to a couple of years to get it all paid back, but choose the shortest terms you can afford to keep the overall interest payment as low as possible.

I hate to be a heart breaker and tell you that title loans aren’t completely online, but it’s better that you know now and not be disappointed later!

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