Frequently Asked Title Loan Questions:
1. What is a title loan?
Title loan funding is an alternative form of lending from your typical bank or credit union lender. Title loans use the equity value of your vehicle to back the funding you receive. During the duration of a title loan, the lender will hold on to the title of your vehicle while you make regular monthly payments. Once your loan is paid in full, the title to your vehicle will be returned to you.
2. How much money could Title Loans Near Me help me get?
The exact amount you could receive from a lender through Title Loans Near Me will depend on the state you live in. States generally set a minimum or maximum amount you could receive off a title loan. In addition, title loans are based on qualifying factors like the amount of equity value in your vehicle, as well the amount you are able to pay monthly for the term of the loan.
3. What are the requirements for qualifying for title loan funding?
In order to qualify for title loan funding, you must have a free-and-clear title to a vehicle in your name. You must have income to pay monthly on a title loan. You must also have residency within the state you are applying for funding in. You will be required to submit documentation to prove these factors.
4. How quickly could I receive the funding I'm qualified for?
Title loan funding is processed quickly. As soon as you are approved and submit your qualifying documents, you could receive funding in as little as one business day.
5. Do Title Loans have restrictions on how you are able to spend the funding?
Title loan funding doesn’t have any limitations of how you are able to spend the funds you borrow. People usually use them for large purchases, bills, or medical expenses. The way you spend your funds is completely up to you. We do recommend that, if you qualify, you spend the funds responsibly since you are obligated to pay them back.
6. How long will I have to pay back the loan if I qualify?
Most loan agreements last between 12 to 48 months. This depends on the amount you borrow, as well as the amount you are able to put towards the title loan payments.
7. Is Title Loans Near Me a direct lender of title loan funding?
Title Loans Near Me connects you with a title loan lender. We are able to connect you with lenders based on your qualifications. However, we are not a direct lender.
8. What happens to my vehicle when I borrow a title loan?
When you receive title loan funding, you remain in possession of your vehicle as long as you make your on-time payments. During this time, the lender will hold on to the title of your vehicle as collateral. Once you repay your loan in full, the title will be returned to you in the mail.