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Get Fast and Reliable Title Loans Whenever You Needed it – Loanzeus
Title loans are a kind of secured loan where a borrower can use the title of their car as collateral. In this article I will discuss about the benefits and risks of title loans.
Benefits of Title Loans
- Title loans provide instant or fast cash to the borrower and the procedure is also very easy, this is one of the biggest advantage or benefit of title loans. The process is very fast and smooth; the total process can be completed in just ten minutes. On submitting the application form the borrower can get the can instantly, the money is transferred into the bank account of the borrower.
- Title loans do not depend on the credit history of the borrower, people with poor credit history can also apply for title loans and are eligible to receive the money. The title loans are based on the guarantee of the car or the asset so it can be taken over by the lender if the loan is not repaid within the given time. Usually lenders lend to those people who own a car that is worth more than the loan amount.
- If a person owns any kind of vehicle like a car, motorcycle, SUV or truck then the person is eligible or qualified to apply for title loans. As I have mentioned before that title loans are not dependent on credit, it is dependent on the guarantee of the asset. So if a person has a vehicle and a constant source of income, then he or she can obtain title loan.
- If a person will get car title loans, he or she can still use or drive the car. The title of the given car is used as the collateral if by any chance the borrower of car title loans fail to repay the loan in the given period of time; once the entire payments are done the title is returned. This is the reason the borrower does not have to think twice before using the car while the loan repayment period is still valid.
- As the auto title loans use the title of the car so they have a fair amount of protection, i.e. the interest rates charged on the auto title loans are less compared to other loans like emergency loans. Due to these low interest rates, payments are cheaper than cash advances.
- Title loans have easy and simple payment options. This one of the greatest benefits of title loans. With this facility the borrower can pay back the loans easily and with less amount of burden.
- Title loans are easy to get, so if any person faces any emergency situation, then he or she can take title loans for instant cash hence it helps in reducing the stress from the person.
Title Loans Online
People can apply for title loans online on websites. The borrower has to find the title for the car on “car title loans near me”. Then the person has to fill the online application and upload the documents that are required. The borrower has to submit the loan application, address, proof of income and photo ID. The borrower of title loans online has to wait for the lender to read the application and the provided documents.
The lenders from “car title loans near me ” contact the borrower and can ask for some information which is important for them. The lender may require an in -person appraisal so a representative may visit the borrower’s house. After all these formalities the borrower needs to sign a digital contract, after the installment loan is approved the money is received by the borrower.
Auto Title Loans and Your Credit
Title loans are not dependent on the credit score of the borrower; it is dependent only on the guarantee of the vehicle owned by the borrower. So people with bad credit history can apply and receive title loans in “title loans near me”.
Title loans are widely available in the market in the present day, the people can apply for it online or offline. Title signature loans from “title loans near me” are easy to get, the borrowers can use the websites or can physically receive information about the lenders for friends and family. Borrowers have to fill the application form, provide the documents and then the lender approves the loans and transfers the money immediately to the borrower.
More About Title Loans and Credit Checks
Like I have already mentioned before that title loans are not based on the credit history of the borrower, it is based on the guarantee of the borrower’s vehicle. So the lenders do not conduct a credit check on the borrower.
A borrower needs a direct lender for title loans, the firm writes the instant cash loan to the borrower, collects the title, and gives the total money based on the payback promise.
Now I will discuss about the risk involved in title loans. First off, check this websites about credit scores policy in the United States government:
Risks Involving Car Title Loans
Title loan is expensive, research has said that borrowers pay $ 1200 dollar fees on a loan of $ 1000. So we can see that borrowers often end up paying more than the actual amount of the loan.
Drive up the Debt
Most of the borrowers end up paying more money than the actual amount of the loan as they fail to pay the required amount in the given period of time. In this situation the lender allows the borrower to renew the loans, but charges a specific amount of money as the fee, this is the situation when the debt begins to pile up.
Borrowers may Lose his or her Car
If the borrower fails to pay back the loan then is or her car in seized by the lender. Research has said that one out of five borrowers end up losing their car as a result of failure of making payments.
The online sites can be less reliable. The borrower does not know that with whom they are making the deal, the person can be a fraud. The lenders can hide their fees and other monitory terms on the site to attract the customers, so it will be difficult for the borrowers to figure out the actual deal.