There was once a time when loan applications were guaranteed approved even upon application. Once you have applied for a loan, you get your loans approved in no time. Today, however, that assurance is gone. When you are in dire need of help, you apply for the loan—you wait, wait and wait only to be turned down. Financial crisis has really given the public a difficult time not only in dealing with their everyday needs but also in managing their financial problems. The lending measures banks, credit card companies and other financial institutions have taken led people to find other ways to get the financial help they need fast and easy.
One of the most popular alternatives people found requires them to use their car’s title as collateral. This loan is known as a car title loan, auto tile loan or simply, a title loan. As mentioned, this loan uses the borrower’s car title as security for the loan. The car, in itself, will not be delivered to the lender. It will only be used to assess the amount which the borrower can acquire. Applying for the loan is not difficult either. You only need to be at least 18 years old, a valid driver’s license, at least three references, a pink slip, a spare key, pay stubs, and current utility bills. You may also choose to apply online for convenience.
The need for credit review is one of the changes banks and credit card companies have taken—a change which has given people difficult time borrowing money from banks and credit card companies. The non-credit history requirement is an important feature in car title loans. This allowed people with good, bad or no credit history to get hold of the loan they need to address their financial situation. As long as borrowers meet their requirements, they can be granted loans without credit review. Thus, car title loans brought back the idea of guaranteed loan approvals. Moreover, you get your loans pre-approved online.
With car title loans, you can have your loans approved in just a few minutes. More often than not, loans are approved within 24 to 48 hours. You get the money you need right after approval as well. This only means that you can pick up your money and head straight to pay your bills, debts and meet your needs. In other words, you are not only guaranteed a loan approval; you are, also, assured fast loan approvals. If you want the fastest way for financial assistance, this loan is perfect for you!
Finally, car title loans give people the opportunity to pay off their loan easily by allowing them to pick their payment terms. Lenders offer you flexible payment terms and friendly interest rates. You can either choose to pay them twice a month or on fixed dates, whichever is suitable to you. Moreover, they only impose interest rates which are within the legal rate. They also consider your financial means. Therefore, you get to pay in your own terms and within your means.