A title loan is a type of loan that our vehicle supports. To get a title loan, you will have to give the title of your vehicle to the lender in exchange for money. After you repay the borrowed amount to the lender, you will get your vehicle back. Title loans use your vehicle as an ancillary. If you are in urgent need of cash you can opt for title loans, but it should be your last option. A lender offering title loans puts little or no importance on your credit history and past financial activities. FastTitleLoans is an online platform where you can connect with lenders who provide different types of title loans.
Car Title Loans are also known as auto title loans. Car title loans are significant for people who require financial assistance urgently, but banks and other financial establishments have rejected their loan applications because of poor or low credit scores. Car title loans are also significant for people with low incomes. Due to the high risk of defaults, car title loans have high-interest rates. Car title loans enable you to borrow money from anywhere with approximately 25%-50% of the value of your vehicle in exchange for the amount that the borrowers will receive from the title loan lender. If you don’t know where to find the title loan nearby, Title Loans Near Me at FastTitleLoans can help you out.
What Type of Loans FastTitleLoans Provide?
FastTitleLoans provide different kinds of title loans. The primary forms of title loans that FastTitleLoans provide are:
Auto Title Loan
Auto title loans are the most common type of title loan that FastTitleLoans offers in addition to other loans. It is an effortless and swift option when it comes to title loans. Title loans allow you to receive the money you require quickly, with no hassles, and if you have all your relevant documents and your vehicle is in working condition.
Boat Title Loans
In the case of auto or car title loans, your car or other vehicle serves as an assurance. Similarly, in the case of boat title loans, your boat serves as an assurance. Whenever you apply for a boat title loan, you use the equity available on your boat. Your boat serves as the guarantee that you will return the borrowed amount to the lender on time. Getting a boat title loan is similar to a car or auto title loan and is relatively simple and easy if you have prepared and completed the required paperwork.
Motorcycle Title Loans
With the help of your motorcycle, you can opt for a title loan. The procedure of a motorcycle title loan resembles the process of applying for a car title loan which requires a title or assurance of a motorcycle. To get a motorcycle title loan, you must follow the rules and regulations of the lender you choose.
A few other types of title loans that FastTitleLoans offer are:
- Payout Loans
- Installment Loans
- Personal Loans
- Cash Advance
- Quick Loans
- Short Term Loans
- Bad Credit Loans
- Same Day Loans
How to Apply For a Title Loan via FastTitleLoans?
To apply for a loan through FastTitleLoans, you should follow the steps mentioned below:
Submit Essential Details
With the help of an uncomplicated form, you can connect with money lenders offering several forms of title loans. Submitting your essential details through the FastTitleLoans is relatively easy. Through the platform, you can search for money lenders offering title loans and have collaborated with FastTitleLoans.
The documents required to apply for FastLittleLoans are as follows:
- The original vehicle title shows that the borrower is the sole owner of the vehicle.
- An authentic government-issued identification card.
- Income Proof
- Residency Proof
- Vehicle Insurance
- Existing Vehicle Registration
Get Funds Quickly
When the money lenders who collaborated with the FastTitleLoans platform receive your application and the documents you have submitted, they will rapidly and appropriately check your application and the submitted documents. When you take your vehicle to their store or wherever they ask you to be physically present with your vehicle, title loan lenders will thoroughly examine your car. According to the standards that market data has set, they will check the value of your vehicle. After lenders thoroughly check your vehicle, they will decide the amount they will give you.
Receive Money Quickly
After the borrower and the money lender on the FastTitleLoans agree to the terms and conditions, the borrowers will receive funds from the lender directly into their bank account within just a few working days.
Pros and Cons of FastTitleLoans
The pros of FastTitleLoans are:
No Checking of Previous Financial Activities
Money lenders offering title loans do not check earlier financial activities. Therefore, people with low credit scores and less income can opt for title loans only after they do not have any other option for financial assistance and are not eligible for loans that banks and other financial establishments offer.
Swift Approval and Effortless Access to Money that Lenders Provide
As lenders do not check credit history, they take just some minutes to sanction a title loan application and examine your vehicle. When title loan lenders approve your application, you get immediate and effortless access to cash.
The cons of FastTitleLoans are:
Long-Term Debt
People opting for title loans seldom fall into possible debt traps. Title loans become burdens on the borrowers later, which means that people opting for title loans take one title loan after the other to repay the previous loan, fall into a debt cycle, and cannot get out of the debt trap. Title loans are unsafe and risky and keep borrowers in debt for several months.
Extremely High-Interest Rates and Monthly Fees
In addition to paying the borrowed amount, borrowers must pay additional monthly fees. The annual percentage rate is approximately 300% because of high-interest rates, monthly fees, and other charges. The additional fees pile up one after the other, and borrowers fall into a debt burden.
Short-Repayment Tenure
The repayment tenure of title loans is short. Borrowers must repay title loans within a few weeks. In contrast, conventional loans have a tenure of a few months to three years based on the amount you borrowed. In addition to the high annual percentage rate, a few weeks does not give borrowers sufficient time to gather money to repay the lender.
Lose Assets
If you fail to repay the title loan on time, you can lose your assets. After opting for title loans, borrowers end up in an awful situation and fall into a debt trap. To avoid debt burdens, repaying the loans on time is essential.
Possible Alternatives to Title Loans
A few potential alternatives to title loans are:
Seek Help from Near and Dear Ones: To avoid taking loans from financial establishments and debt burdens, you seek help from friends and family. Request them to lend you some money and set up an agreement with a repayment plan.
Personal Loans: Personal loans are installment loans used for financial assistance and are available via banks, online lenders, credit unions, and other financial institutions. They offer loans with repayment tenures of one to five years. In contrast to the interest rates of title loans, the interest rates of personal loans are low.
Paycheck Loans: If you are on good terms with your employer, you can request an early salary pay. The repayment tenure of paycheck loans is friendly. You can make reasonable monthly payments within some months.
Credit Cards: Credit cards comprise set limits and will charge you if you fail to pay your balance by the time the billing tenure ends. The interest rates of credit cards are lower than title loans.
Conclusion
Car title loans are precarious when differentiated from other loan options and can put you in debt. Since people with low incomes and poor credit scores opt for car title loans, the interest rates are very high. If you fail to repay the borrowed money to the lender on time, the lenders will take authority of your vehicle and sell it to recover their amount. Thus, car title loans should be your last option. You should consider other options whenever you need financial assistance. It is advisable to look for other options before considering opting for car title loans.
