If you’re in need of fast cash, a title loan might be the solution. A title loan is a type of secured loan that allows the borrower to get cash by using the title to their vehicle as collateral. Because it is secured by collateral, a title loan is much easier to qualify for than a traditional personal loan. Plus, these loans are usually processed faster than traditional loans, which makes them ideal for car owners who need fast cash.
There are countless title loan companies out there, so it shouldn’t be hard to find a lender near you. However, all title loan companies are not created equal. Don’t simply choose the first lender that appears when you search for “car loan title places near me.” It’s important to do your research to ensure you choose the right title loan company. Here’s what you need to know:
What to Look for When Choosing a Title Loan Company
There are a number of things you should look for when choosing the right title loan company for you, including:
- Experience
- Credentials
- Customer Service
- Competitive Rates
- No Prepayment Penalties
- Multiple Payment Options
- Straightforward Application Process
- Fast Processing Times
Experience
Title loans are not like traditional personal loans. Because title loans are so unique, it’s important to find a title loan company that has plenty of experience issuing this type of loan. Don’t be afraid to ask each title loan company how long they have been in business and, more importantly, how long they have offered title loans. The more experience a title loan company has, the smoother the process of taking out a title loan can be.
Credentials
Before choosing a title loan company, ask them about their credentials. Title loan companies typically must obtain the proper licensing and registration credentials to issue loans.
Each state has its own rules regarding licensing and registration requirements for title loan companies. For this reason, it’s important to make sure the title loan company you choose has the proper credentials to do business in your state.
It’s a red flag if a title loan company is unwilling to discuss their credentials with you. If you come across a company like this, it’s best to look elsewhere for a title loan.
Customer Service
Find a title loan company that is committed to providing excellent customer service. The title loan company you choose should have a team of representatives that are more than happy to answer your questions and address your concerns. They should be responsive, friendly, and knowledgeable about the title loan process from start to finish.
Receiving this type of customer service can improve your overall satisfaction with the title loan process.
Competitive Rates
Look for a title loan company that is proud to offer competitive rates. If a title loan company offers competitive rates, this means that they offer rates that are in line with or better than the current market interest rate.
Choosing a lender that offers competitive rates ensures that you are able to secure the lowest interest rate possible. The lower the interest rate, the less you will pay over the course of your loan.
No Prepayment Penalties
Paying off your loan early could save you money. This is because the sooner you pay off your loan, the less you will pay in interest. Unfortunately, some lenders penalize you for making this smart financial decision. For this reason, it’s crucial to ask every title loan company whether they charge prepayment penalties on title loans.
A prepayment penalty is a fee that some lenders charge borrowers who pay their loan off earlier than expected. To avoid incurring additional fees, it’s best to pick a title loan company that does not charge prepayment penalties. This way, you can repay your loan as quickly as possible without being penalized for doing so.
Multiple Payment Options
You should also look for a title loan company that offers multiple payment options. For example, a title loan company should give you the option of making your title loan payment online, over the phone, or via mail.
Having these options makes it easier for you to make your title loan payments, which ensures you won’t ever miss a due date. The more options you are given, the better.
Straightforward Application Process
The title loan company you choose shouldn’t make you jump through hoops to submit an application. Ask each title loan company for more information about their application process to ensure it is as simple as possible.
For example, the title loan company you choose should allow you to submit a title loan application online or over the phone. This way, you won’t have to take time out of your day to travel to their office and submit an application in person.
The title loan company shouldn’t ask you to provide unnecessary information or submit irrelevant documentation. Making you do this will only extend the application process and make it harder for you to get the cash you need.
Fast Processing Times
If you need fast cash, it’s important to know how quickly you can get it before submitting a title loan application. For this reason, it’s in your best interest to ask each title loan company you are interested in how long it will take to process your application. You should also find out how soon you will be able to get your cash after your application has been approved.
Ask if there is anything you can do to speed up the process and avoid unnecessary delays. For example, submitting the required documentation as soon as possible ensures that your application can be processed right away.
If there is a long wait between the time your application is approved and the time you are able to secure your cash, you may want to find another title loan company.
How to Apply for a Car Title Loan
Your search for the best car loan title place near you is over. I Need Cash Now encompasses all of the qualities mentioned above. If you’re in need of fast cash, follow these steps to apply for a title loan from I Need Cash Now:
- Contact our loan specialists. To start the application process, get in touch with our loan specialists by calling 1-855-713-6522 or submitting your information using the form on our website. If you submit an online form, someone will reach out to you to begin your application as soon as possible.
- Get a free loan estimate. Find out how much you will be able to borrow in minutes by requesting a free loan estimate. All you need to do is provide your loan specialist with information about your vehicle, including its make, model, year, condition, and mileage.
- Finish your application. If you’re happy with the terms in your loan estimate, finish your application by signing and submitting the required documentation. Your loan specialist will explain what documents you need to sign and submit to complete this step.
- Get your cash. You can get your cash shortly after your application has been processed and approved. Pick up your cash in person or have it sent to you via check or wire transfer–the choice is yours.
The sooner you start the title loan application process, the sooner you can get the money you need to make ends meet.
