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With a title loan, you use the equity in the car you own free and clear to get cash to cover expenses that require your immediate attention. But did you know you can usually apply for such a loan from the comfort of your sofa? You can. Here’s what you should know about how to get a completely online title loan – and more.

Explain Title Loan

Title loans are short-term loans that use your vehicle – car, truck, RV, motorcycle, or boat – as collateral.  This means that you could lose your vehicle if you miss a payment. It also means that, because the loans are secured, approval rates are high.

You usually aren’t required to undergo a credit check. However, if you do have bad credit or no credit, you still may be able to get a loan. Your collateral greatly minimizes any lender risk.

Speaking of collateral, the loan company will hold your title – not your vehicle. You can continue to use your car while you’re making payments.

Generally, such loans are due for repayment in 15 to 30 days – unless you have an installment arrangement. In that case, you could have a year or more to pay the loan back.

Depending on the lender, the state in which you live, and your vehicle’s value, title loans usually range between $100 and $10,000. The average loan is for $1,000.

How to Apply for a Title Loan

You’ll need to pull together documents such as your government-issued photo ID, a copy of your title, and proof of residence and vehicle insurance. You’ll also need proof that you can repay the loan, usually in the form of pay stubs or bank statements and the like.

You can usually apply for car title loans completely online, from your home or office.  Once the lender gets your information, and everything looks good, you can be approved within minutes.

If you have direct deposit, many title companies will have your cash available for you the next day. This keeps you from having to wait who knows how long for the check to come in the mail – if it doesn’t get lost. After all, you’re likely dealing with an emergency or unexpected situation, wherein time is of the essence.

Remember, even if you can qualify for a bank loan, the approval process can take days or even weeks.

What About Those Interest Rates?

Such rates will vary, depending on the company and the state the lender’s in. Note that the average interest rate is 25 percent of the loan total. This does come to 300 percent yearly, but as we’ve mentioned, loan terms are usually for 30 days or less. That means you likely will never have to deal with the full 300 percent interest rate.

What are the Benefits of Car Title Loans?

We’ve touched on several advantages, but let’s list them here. Remember, some specifics will vary, depending on the lender and where it’s located:

  • Fast cash. This is especially true if you have an account that can be used for direct deposit.
  • Bad credit is okay. Chances are that the lender won’t even look. But even if your credit is poor, or you have no credit, you may still be eligible for a loan because your vehicle title is held as collateral.
  • You can keep your vehicle. Most pawn shops want you to keep your vehicle until the loan is repaid. Title loan companies don’t require this, which is a big plus.

So, yes, you can get a title loan completely online. Remember, if you don’t have a bank account that accepts such deposits, you should establish one. And before you apply, you must be certain you can pay the loan back.

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