It can take weeks to get approved for a traditional personal loan. But if you need fast cash, you may not be able to afford to wait for over a week to borrow money. Fortunately, there is a better option available.
Title loans are known for their fast processing times, so they’re ideal for people who need cash as soon as possible. How do title loans work? And how quickly can you get a title loan? Here’s what you need to know:
What Are Title Loans?
A title loan is a type of secured loan that allows you to borrow money by using the title to your vehicle as collateral. The amount you are able to borrow with a title loan will vary depending on several factors, including the value of your vehicle and your ability to repay the loan. But in general, you cannot borrow more than your vehicle is worth.
You won’t lose access to your vehicle just because you are using it as collateral. You can continue to drive your vehicle while you make payments on your title loan.
However, your lender will either hold onto the title or put a lien on it until the loan has been completely paid off. Once your loan has been paid off, the lender will return your title or remove the lien from it.
How Long Does It Take to Get Approved for a Title Loan?
If you’re thinking about applying for a title loan, you may be wondering how long it will take to get approved.
Title loans are typically processed much faster than traditional personal loans. Furthermore, your cash will be available shortly after your application has been processed. This means you won’t need to wait long to get the cash you need once you have been approved for a title loan.
So how long will it take to get cash with a title loan? It depends. Every borrower is unique, so the time it takes to get approved will vary on a case-by-case basis.
What Can You Do to Speed Up the Title Loan Approval Process?
If you need fast cash, there are a number of things you can do to speed up the title loan approval process. Follow these tips to secure the cash you need as quickly as possible:
- Determine Your Eligibility
- Provide Accurate Information
- Gather the Required Documentation
- Prepare for the Vehicle Inspection
- Sign and Submit Documentation Right Away
Determine Your Eligibility
The first thing you should do is determine if you are eligible for a title loan. The eligibility requirements for a title loan are not the same as the eligibility requirements for a traditional personal loan. This means you may qualify for a title loan even if you don’t qualify for a traditional personal loan.
Eligibility requirements can vary from lender-to-lender. Contact your title loan company to find out if you qualify. If you don’t qualify on your own, you may want to consider adding a co-signer with good credit to your title loan application. This may improve your chances of getting approved or securing a better interest rate.
Provide Accurate Information
Your lender can tell you if you are approved for a title loan and if so, how much you can borrow. To do this, you will need to provide your lender with some basic information about your vehicle, including its make, model, year, and mileage.
If you want to get fast cash, make sure the information you provide is accurate. Your quote is prepared based on this information, so if it’s not accurate, the title loan company may need additional time to enter the correct information and rerun the numbers. You can avoid this unnecessary delay simply by giving the title loan company the right information from the start.
Gather the Required Documentation
You will need to submit certain documents to the title loan company during the application process. If you want to get approved as quickly as possible, it helps to start gathering these documents now, so you are prepared for the application process.
Every lender may require different types of documentation. But in general, title loan companies ask applicants to provide:
- The title to the vehicle
- Driver’s license
- Proof of income
- Proof of residence
Start looking for these documents now. If you can’t find the title to your vehicle, let the title loan company know as soon as possible. Your lender can help you obtain another copy of your title so you can complete your title loan application.
Prepare for the Vehicle Inspection
Because your vehicle is used as collateral, the title loan company will need to know how much it is worth before determining how much you can borrow. In order to calculate its resale value, the title loan company will need to see your vehicle.
Some lenders ask borrowers to bring their vehicle in for an inspection, whereas others ask borrowers to submit photos of their vehicle instead. Either way, the title loan company will see your vehicle, so make sure it’s ready.
If you want your vehicle to look its best, remove trash and personal belongings from the interior and wash the exterior. Doing this now will ensure you can move through the inspection process as quickly as possible.
Sign and Submit Documentation Right Away
Your lender cannot finish processing your application until you have signed and submitted all the required documentation. The sooner you complete this step, the sooner you can get the cash you need to make ends meet.
Work with your loan officer to ensure you know exactly what needs to be signed and submitted. Your loan officer can also provide instructions on the best way to submit your documentation. Your lender may allow you to submit the documentation via email, fax, mail, text photos, or in-person. Make sure you know your options so you can choose the method that is most convenient for you.
After submitting everything, follow up with your loan officer to confirm they received your paperwork.
How to Apply for a Title Loan
If you’re ready to get the fast cash you need to make ends meet, follow these steps to apply for a title loan with I Need Cash Now:
- Contact our loan officers. You can call 1-855-713-6522 to speak to our loan officers directly or submit your information using the form on our website. Be prepared to provide some information about your vehicle, including the make, model, year, mileage, and condition.
- Review your free quote. Your loan officer will prepare a free quote based on the information you provide. This quote will tell you how much you are approved to borrow and at what interest rate. Your loan officer will go over all of this information with you in detail.
- Finalize your loan. If you are happy with your quote, move forward with the title loan application process by signing and submitting the required documentation. Your loan officer will guide you through this step.
- Collect your cash. Pick up your cash at one of our partners’ convenient locations. You can also have the cash sent to you via check or wire transfer. Choose whichever option is most convenient for you.
You’re only four steps away from securing the cash you need with a title loan. Start the application process today!
