Title loans can also be called car title loans, secured loans, or collateral loans. They are usually a loan product with a small borrowing amount and short repayment period. The unique feature with this loan is that it uses the title of a vehicle as the loan collateral.
Loan collateral is whatever the loan product uses to back up or secure the loan. It's an insurance that helps mitigate the risks the lender takes on when letting customers borrow money.
In this case, the loan collateral is the title of your vehicle, most often a car, and the value behind that personal asset.
As with any financial product, there are a few things you'll need to meet application requirements and secure the funds you need. Some things you might need to qualify for this type of loan include:
These are some basics you will probably need to secure a title loan. But there may be other things you'll need to bring or have ready depending on the lender you choose.
Always double check with the loan provider by visiting the website or calling the store location to make sure you have everything you need to finish the application.
The most important thing you'll need is the vehicle and the title and registration to that vehicle.
The lender will need to make sure all the vehicle's documents are correct, give the vehicle a quick inspection to assess its value, make sure you are the owner, and see that there are no other liens on the title. They call this a "clear title."
A clear title is a vehicle title that has no other liens on it, or no other loans on the vehicle. It means you aren't currently using that vehicle for any other title loans, and you own the vehicle outright.
You'll need a clear title in order to use that vehicle for a loan application.
Lenders rarely like to let borrowers take out multiple loans on one car. The more liens you have on a vehicle, the riskier your loans become. That's why lenders want the title of your vehicle to be clear of other liens before you can take out a title loan on that car.
Typical personal identification for loans includes things like your passport, driver's license, or any other form of official, government-issued identification.
This will give lenders basic information about your identity so that they can recognize you and contact you. It will also help them make sure you are who you say you are and match your identification with the owner of the vehicle.
Along with a form of personal identification, you'll probably also need to provide some basic personal contact information. This could include things like your phone number, address, and email.
Many lenders require proof of income or proof of employment in order for customers to secure a loan. This helps the lender know whether the customer can pay back the loan.
Responsible lenders don't want to set their customers up for failure. Instead, they want their customers to be set up for financial success. This is easier when income and employment can be verified before a loan is given out.
Like many small, short-term loans, the title loan process is very simple and quick. First, find a title loan provider near you, like Check City.
Once at the store, the friendly representatives will perform a quick inspection and help you complete a quick title loan application.
When the application and inspection are complete, you'll be offered a loan amount based on the value of your car.
Then you can accept your funds and drive away with the cash you need all in the same day.
Lender's usually base the loan amount you can borrow on the value of your vehicle. Different lenders use different systems to determine this value.
To get a rough estimate of how much you might be able to borrow, look up your vehicle's worth on sites like Kelley Blue Book, or the NADA Guide.
You can also contact your loan provider to see which guide they use when determining your car's value for a title loan. They might also have a percentage of your vehicle's value that they generally offer for title loans.
At Check City, we make money solutions like title loans, easy and simple. We understand that when you need a money solution you need it fast.
That's why we keep our application process as simple as possible so you can get the funds you need as quickly as possible.
All you need to do to get a title loan at Check City is follow 3 easy steps:
To finish a title loan application at Check City, you'll need to visit a store location. You'll want to bring your basic contact information, government ID, social security number, check or bank statement, proof of income, vehicle, title, and registration.
Once you are at the store with all the things you need, you can easily fill out one of our quick application forms.
Check City will perform a quick vehicle inspection and finish processing your application. This inspection will help determine how much you can get out of your title loan.
If you are approved, then you'll be offered a loan amount based on a percentage of your vehicle's value. At Check City, you then get to keep your car and drive away with the money you needed.
Title Loans can be a great financial solution for people who want to use their car as loan collateral and need a fast, small, short-term loan.
But title loans aren't for everyone. You might not own your car outright, or your car's value might not be enough to get you the funds you need.
For other loan options, you can look into getting a payday loan, a personal loan, or an installment loan.
These are loan options that use more traditional forms of collateral to secure a loan, so you don't have to worry about including your vehicle in the loan application process.
Title loans can be a quick and convenient loan option for anyone who needs a small, short-term loan. Just remember that your car's title will need to be free and clear of any other liens, and that short-term loans like title loans are not meant to be a long-term financial solution.
Payday Loans are also commonly referred to as Cash Advances, Payday Advances, Payday Advance Loans, and Fast Cash Loans. Check City may, at its discretion, verify application information by using national consumer loan underwriting databases that may include information relating to previous cash advance transactions that Check City may take into consideration in the approval process. Approval, products, and loan terms may vary based on applicant qualifications and applicable state or federal law. See Rates and Fees for specific information and requirements. Some customers applying for payday loans or installment loans may be required to submit additional documentation due to state law and qualification criteria. CheckCity.com provides loan services in: Alabama, Alaska, California, Colorado, Idaho, Kansas, Missouri, Nevada, Ohio, Utah, Wisconsin, and Wyoming. In Texas, CheckCity.com acts as a credit services organization/credit access business (CSO/CAB) and will not be the lender for loans obtained through this site; CheckCity.com will instead attempt to arrange a loan between you and an unaffiliated third-party lender.
Customer Notice: A single payday advance is typically for two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday advances are not recommended as long-term financial solutions. Loan proceeds issued through our website are generally deposited via ACH for next business day delivery if approved by 8pm CT Mon. – Fri.
This is an invitation to send a loan application, not an offer to make a short-term loan. This service does not constitute an offer or solicitation for payday loans in Arizona, Arkansas, Colorado, Georgia, Maryland, Massachusetts, New York, Pennsylvania, or West Virginia. Tosh of Utah, Inc. dba Check City Check Cashing, a payday lender, is licensed by the Virginia State Corporation Commission (License #PL-57). Anykind Check Cashing, LC. dba Check City, a payday lender, is licensed by the Virginia State Corporation Commission (License #PL-21). The maximum funded amount for payday loans or installment loans depends on qualification criteria and state law. See Rates and Terms for details. Utah Customers: For consumer questions or complaints regarding payday loans and/or title loans you may contact our Customer Service Department toll-free at (866) 258-4672. You may also contact our regulator The Utah Department of Financial Institutions at (801) 538-8830. In California, CheckCity.com is licensed by the California Department of Financial Protection and Innovation pursuant to the California Deferred Deposit Transaction Law, Cal. Fin. Code D. 10.
Please see Rates and Terms to check the availability of online loans in your state. Check City does not provide loan services in all states.