Get The Same Day Cash With The Title Loans

Are you looking for the fast and easy way to get cash without using your credit card? Then, you don’t need to worry at all! Here, in this article, I’m going to discuss the easiest and fastest way to get the cash, which is via using ‘title loans’.

It’s a type of loan in which you can use your car title instead of a credit card. There are several companies that provide such loans and the size of your title loan depends on your vehicle’s value, the amount of cash you need and your ability to repay. Applying online will make the process easier and faster, when it comes to car title loans.

How Title Loans Work?

Now let me explain you how title loans work? To answer this question you need to tell the reason of getting a loan in the first place. As a borrower, you can find loans to fulfill any type of financial need such mortgage loans, school loans, auto loans payday loans and personal loans. The type of the loan varies as per the need of the borrower. Moreover, terms and conditions of every loan varies such as deciding the time span to repay the loan, payment due dates and interest rates.

There are three types of loan options for the borrower; open-ended loans, close-ended loans and secured and unsecured loans. It’s very crucial that you know how loans work so you can decide which loan type is right for you.

Open-ended Loans

When it comes to the open-ended loans, these are the loans that you can acquire over and over again. It usually includes credit cards and other lines of credit.

Close-ended Loans

These are the type of loans in which the borrower will be granted a specific balance that doesn’t renew once repaid.

Secured Loans

As the name suggested, these are the most safest loans as they rely on an asset as collateral. The best example of a secured loan is the auto title loan. In this case, if the borrower defaults, the lender has the right to take the possession of the car’s title.

Unsecured Loans

When it comes to the unsecured loans, it doesn’t require collateral, but they do charge high interest rates. You also have to pay any fees mentioned in the agreement. In this case, monthly fees could be costly. There are some lenders who charge up to 25% of the borrowed amount, so don’t forget to ask the lender regarding the APR (annual percentage rate) on their loans. APR lets borrower know how much it costs to borrow money for 1 year.

Now let’s examine how title loans work. In this case, lenders provide car title loans to the borrowers for cash (for a certain time period) when they give the title of their vehicle such as motorcycle, car or truck to the lender as a collateral. Generally, the borrower has to pay a fee and the lender allow 30 days to repay the loan.

Once you understand how the title loans work, you can start applying online today. It’s very simple; you just need to contact the lender company online and they’ll ask you to submit some documents. The documents include, a photo ID, title of the car and the application form. In some cases, lenders ask you to share the pictures of the vehicle or some asks you to make them buy a roadside service plan or provide them extra car keys. If they accept your application, then you’ll be asked for the car’s title. Once you agree to the terms and conditions and signs the agreement, you will have to repay the loan in a given time period.