Are you considering taking out a title loan during a time of emergency or tragedy? If so, there’s an easy and simple five-step process that you can follow to save yourself stress and confusion. Carefully follow this five-step process when it comes to title loans and you’re sure to solve your cash flow problems in no time!
1. Understand the Requirements
To apply and be approved for a title loan, you will at the very least need to provide your personal information such as your name and address. You will also need the title for your car and information from the title, such as the model and year of your car. Then, you will need an official government-issued form of identification. Finally, you’ll need to prove that you make regular income (for example, you can use a paycheck stub) and provide a few references.
2. Begin Your Application
After understanding and ensuring that you can provide the basic requirements, you can then begin the application process! Generally, when applying for a title loan, the best providers of title loans will give you a few options. You can begin by calling them and speaking with a customer service representative who will help you through the process. Or you can visit a loan provider in person by going to one of their branches. Here, a staff member will assist you and answer all your questions. Lastly, you can also complete the application process online. Keep in mind that the best loan providers will have a customer service representative standing by if you should have questions or concerns.
3. The Approval Process
Once your application is completed and submitted, the loan provider will then look over all your information. This entails evaluating the value of your vehicle and looking at its physical condition. Finally, after the lender determines your loan limit in accordance with the value of your car, you will be contacted with the results.
4. Final Approval and Receiving the Loan Funds
Upon approval, you will have to accept the conditions of the providing company and then a quality loan provider will typically have the money to you within five hours. You can choose one of three ways to receive your money. You can obtain your money by going to a branch in person, through a service such as Money Gram, or having it directly deposited into your bank account for easy access.
5. The Repayment Process
Of course, part of the title loan process is that you pay back the money over time. These payments will be determined by you and the loan provider during the application process. Then, once the loan funds have been disbursed and the allotted grace period has expired, you will then begin repaying the loan. Do not worry; the best loan providers out there will make this step realistic and stress-free.
At this point, you now have a general idea of how a title loan process works and what steps are necessary to solve your financial crisis. Keep these basic points in mind while selecting a loan provider and going through the title loan process.