Benefits Of Applying For A Car Title Loan?

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If you need fast cash for a short-term financial emergency, instead of applying for a personal bank loan or pawning your valuables, why not consider getting a car title loan? Here are some benefits of a car title loan:

Simple and fast process: The underwriting process with a bank is complicated and it can take several days for a personal loan to be approved because banks are picky. Not the best option if you need fast cash. Applying for a car title loan on the other hand requires minimal paperwork. Many lenders often only require the applicant to provide proof of car title, proof of insurance, recent pay slips, bank statements, utility bills, business licenses or even recent tax returns. If you submit an application today, the loan company may respond in the next few hours. After verifying your financial information, they will provide a check within 24 hours.

No credit check: Traditional banks conduct credit checks on its applicants for a personal loan and, a large percentage of them do not meet its requirement – even when they are pledging collateral. However, it’s different with a car title loan. There are no credit checks, thus bad credit will not stop a loan approval. The requirements are simple, with most lenders only requiring proof of employment, a bank account and a car title. Because there are no credit checks you will pay a higher interest rate, but that’s the price of easy approvals.

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