How Car Title Loans Work

The recent events in the country and all over the world have seen many people left facing great financial difficulty. This is because many people lost their savings, homes and even jobs when the markets crashed recently and most are yet to recover from the effects of this. Many people have huge debts with no way to pay them off. This has led many to turn to banks seeking a helping hand in the form of a loan only to be turned away because they do not have a good credit rating.

A good credit score is necessary especially if you are applying for a loan from a bank or financial institution. This is a statement of your entire financial history and shows how you spend your money, whether you have unpaid bills, loans, overdrafts among other things and it is used to determine whether you qualify for a loan or not. Car title loans is very different in that they do not ask for a credit rating when you apply for a loan with them. The only collateral that they require is your car title certificate and will give a loan to anyone whether they have bad credit rating or not.

They have very simple requirements that one must meet if you want to get a car title loan.

You should be 18 years old Own a vehicle that is in your name The vehicle which can be a motorcycle, van, boat or

truck should be free from debt Have a driver’s license Be a resident Have three references

Once you have those documents you should fill in a loan application form which is available online and takes a few minutes to complete. The loan will take 24-48 hours to be processed and in a few cases it can be approved in as little as 30 minutes. After your loan has been approved you will get your money on the same day. This is why car title loans is the financial lender of choice as there are no delays when it comes to getting your money. It takes as little as a week to complete the whole process making this the place to go to if facing a financial emergency where you need money urgently.

Car title loans will also work with you to help you improve your credit score. This is done by giving you options when it comes to repaying the loan as this will go a long way to help improve your credit rating. They offer you flexible repayment terms where you can choose to pay either twice or once a month.