Payday Loans and Fast Cash Guide | Title Loans

Title Loans

Filed Under Getting Cash, Title Loans | 4 Comments

Title loans are a great way to get fast cash.  They certainly have their risks, but title lenders are renowned for the speed that they can get you cash in.  Some auto title loans will get you the money that you need in minutes.  You read that right, minutes!  All you need is to own your car and have it paid off to qualify for a fast cash auto title loan.  There isn’t a credit check involved, and sometimes you don’t even need to show that you have a job, so no credit check loans are certainly available.

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

Related posts:

1. Car Title Loans
2. When Are Auto Title Loans The Best Choice?
3. How To Find The Best Rates On Title Loans
4. Online Title Loans
5. Automobile Title Loans
6. Fast Cash
7. How To Avoid A Bad Deal On A Title Loan
8. Title Loans For The Unemployed
9. Which Fast Cash Loans Are Right For You?
10. Online Car Title Loan

Comments

• Can’t Find What You’re Looking For?

• Mandatory Reading

  7 Reasons A Payday Loan Is Smarter Than Using A Credit Card

• Hall Of Fame Posts
• Cash Really Fast Fast Cash Loans No Credit Check Loans Title Loans Payday Cash Advance Loans For Unemployed