LOS ANGELES, June 06, 2022 (GLOBE NEWSWIRE) — Title loans can provide borrowers with quick funds so they can cover expenses immediately, whether they need to pay a medical bill or buy groceries. These loans often come with simple applications and can give money to borrowers the same day they apply. Here’s how title loans work and some of the benefits they offer so borrowers can decide if this loan option can meet their needs.
How do title loans work?
A title loan is a secured loan that allows the borrower to use their car title as collateral. With these loans, borrowers can get a loan amount based on the appraised value of their car. If a borrower is approved for a title loan, the lender will give them funds and temporarily retain their title. The borrower can continue to drive his car while repaying the loan.
Keep in mind that the lender may repossess the borrower’s car to recoup the loss in the event of a default. So, borrowers should make sure that they can repay this loan before applying.
Advantages of title loans
Here are some key benefits of title loans:
Easy application process
Title loans come with quick and easy applications that borrowers can complete in minutes, in-store or online from the comfort of their own home. They will only need to provide a few personal and financial details, such as their car title, proof of income, and government-issued ID.
Once the borrower submits an application, the approval process is very fast. First, the lender will do an appraisal of his car to determine its value. Then they will offer the borrower a loan amount equal to a percentage of the value of the vehicle. If the borrower accepts the loan offer, he can get the money he needs as fast as the same day or within 24 hours.
Good credit not necessary
Many title loans have less stringent credit score requirements, so borrowers do not need a good credit score to qualify. Many lenders will consider factors in addition to the borrower’s credit score, such as income, work history, and car value, when making their approval decision. This means that borrowers with poor or fair credit can still be approved.
Larger loan amounts
Since title loans are secured by the title of the borrower’s car, borrowers can often receive a higher loan amount than they would with unsecured loans. Title lenders typically offer a loan amount worth 25-50% of the vehicle’s value.
Get a title loan today
Advance America offers title loans that are a great option for borrowers who need cash fast. With these loans, borrowers can complete an easy application online or in-store and get approved quickly, depending on the state. Best of all, they don’t need good credit to qualify. Borrowers can visit AdvanceAmerica.net to learn more about title loans and start the loan application process today.
Notice: The information provided in this article is provided for guidance only. Consult your financial advisor about your financial situation.
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