Eligibility is Easier than You Think
Title loans sound awfully great, right? So great that you may be concerned you won’t get approved or that you aren’t eligible for a title loan. Luckily, the eligibility restrictions for title loans are relatively lenient, but there are a few requirements you’ll have to meet.
First, you need to be 18 years or older in order to qualify for a title loan. If you are old enough for a title loan, your title needs to have undisputed ownership. If there ever has been a lien on your car, you will generally need to show validation that it has been lifted before you can secure a title loan.
There also must be some worth in your automobile. For this reason, newer automobiles or automobiles that are less than ten years old are usually the better choice for title loan financing. While just about any car can qualify for some money, the more your automobile is worth, the more you may be able to qualify for.
Finally, understand that you will need some way to show you can repay the loan. For most people, that’s a job. However, disability payments, unemployment benefits, and other regular payments you receive can typically count as your income.
If you can meet these basic requirements, then you may be approved for a title loan. 1
Enjoy A Fast Way to Get Funds
If you’re like other title loan borrowers, then you need to have your money as quickly as possible. Don’t worry. We understand that, which is why we attempt to process loan applications as quickly as possible. If you are approved, it will take only a few minutes to get your loan offer. Additionally, if approved, we get to work to get you your money as quickly as possible.
This may not be the case with more traditional lending options. With those routes, the application process can be long and complex. It may take you awhile just to gather all the required documentation and fill out the application. Then, you may have to wait several days or even longer, especially during high-need times, for your loan application to be processed. Depending on the situation, it is possible that you could wait all that time just to find out you’re not getting any money.
Does Your Credit Affect Your Loan Eligibility?
Here at LoanCenter, we do take a look at your current credit situation and overall credit history. However, if these things are not ideal, there is still a possibility that you could borrow from us. At LoanCenter, we pride ourselves on always considering the “big picture” of a borrower and attempt to offer loans to people with great credit and poor credit.
One benefit when you enter a loan agreement, is that it is possible to enhance your credit score. This is attributed to reporting consistent and timely loan payments to the credit bureau.
In short, your credit doesn’t necessarily affect your loan eligibility as we try to take into consideration multiple factors.
Commonly Asked Questions About Title Loans
What kind of cash can I expect with a vehicle loan?
Your income, general credit score, and vehicle worth are all considered and will determine how much you can borrow.
How can you allocate the loan funds?
Your loan amount is yours to allocate as you wish. However, it must be used for legal purposes only.
How do I get the process started?
You can begin by completing our handy online application. So, what are you waiting for? Get in touch with us today to learn more and, when you’re ready, take the initial steps toward getting your title loan money!
1 Loan approval is subject to meeting the lender’s credit criteria, which include demonstration of ability to repay the loan. Not all applications will be approved.
