Loan and Debt Source: Can a Title Loan Help You?

A payday loan is a small loan which is approved and paid out within a few hours. Due to the low loan amount and fast approval time, payday loans are ideal for financial emergencies. These loans are offered by countless online lenders.

Applying for a Payday Loan

Applying for cash advance loans is a simple process. All borrowers need to do is select a lender and go to their website. Almost all payday lenders will have an online application form. This application form will ask the borrower details about their income. The vast majority of loan applications will be approved instantly.
It is worth noting that some people will have their application declined. The situations that result in declined applications are listed below.

Borrowers under the age of 18 will be declined as they cannot legally sign a contract.
People who are currently bankrupt cannot apply for these loans due to legal issues.
Applications from unemployed people are declined as they have no means to pay back the loan.

As payday lenders do not perform credit checks, people with bad credit can apply for these loans. Some lenders will ask applicants if they can do a credit check in exchange for a discounted rate. Borrowers who do not want lenders to check their credit history can decline this offer and opt for the higher interest rate.
Once the loan has been approved, the lender will ask borrowers to send them copies of their ID and bank statement. Lenders use these documents to check that the information on the application form is correct. If all goes well, applicants should have the money in their bank account within a few hours. Those who apply at the end of the day may have to wait until the next day to receive their funds.

Borrowers should do their best to make full repayments before or on the repayment date. Cash advance lenders are generally very strict about receiving timely repayments. Late repayments usually result in late fees and penalty interest. If a borrower cannot make their repayment on time, they should contact the lender and advise them of their circumstances.
Missing a payment without informing the lender may lead to the lender hiring a collection agent. This is undesirable as collection agencies charge borrowers high fees. The majority of borrowers will not encounter any problems with their payday loan. They will apply for a loan, get their money and pay it back within the appropriate time frame.
Payday loans are not for everybody. As these lenders only lend a small amounts of money, they cannot be used for large purchases. People who want to buy a car or house will be better off approaching a traditional lender. Traditional lenders will give borrowers a few years to pay back their loan.
The term “payday” refers to the expectation that the loan will be paid back on the borrower’s next payday. In reality, lenders usually give borrowers a month to pay off their loan.

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Are you looking for a way to get cash fast? Maybe you’re facing an emergency medical bill or just need to catch up on some monthly payments – whatever the issue an auto title loan may be able to help! If you have a steady income and own your vehicle outright then you may be eligible for a title loan today! Here are a few of the most beneficial things about title loans:

1. Provides cash fast

From start to finish the entire title loan process can take anywhere from 24 hours to 1 week. The variation will depend on how long it takes you to fill out the application, sign the necessary loan paperwork, and meet with a representative who will take photos of your vehicle and ultimately collect the title from you.

2. Doesn’t require a credit check

That’s right, unlike other loans an auto title loan does not require the lender to check your credit. In fact, the two main items that concern your eligibility the most are 1) that you some sort of income with which to pay the loan back, and 2) that you own your vehicle. If you

3. Allows you to still use your vehicle

Although you must turn over your title in order to receive a title loan it does not mean that you have to physically give up your vehicle. The lender merely holds the title as collateral while you have the loan and will return it to you upon the completion of your repayment.

4. Lower interest rates than cash advances

The process of applying for and receiving a title loan may sound a lot like getting a cash advance or payday loan, but title loans are actually a bit better for your pocketbook.
Because a title loan is secured to your vehicle then the lender does not need to hike up the interest rates like they typically would on a cash advance or payday loan.

5. Involves a quick repayment schedule

One of the best things about taking out a title loan is knowing exactly when it will be due. Unlike bills that just show up in your mailbox with various due dates you will know exactly how much will be due on exactly which day. It is typical for title loans to be due on or around your next payday, but if you receive a particularly large title loan then the repayment may be spread among several paydays.
Title loans can be given in any amount. The amount you are eligible for will be solely based on the value of your vehicle. These five benefits of title loans are just the tip of the iceberg – you may have a totally different list of benefits for your specific situation. If one or more of these benefits resounds with your situation, don’t hesitate to fill out our online application or call our toll free number for more information today.