At some point in life, we find ourselves in an emergency situation and need extra cash. Whether you are starting a new business or have to clear unpaid accruing bills or are facing any financial crisis, you need fast cash. Whenever we find ourselves in a situation when we need some financial assistance, we think about getting a loan.
One great way to get quick cash is to take a title loan. For all the types of loans that exist, car title loans are the quickest and easiest solutions to all your money problems. The process becomes even faster when this title loan is completely online.
To get a car title loan, you need a car with a clean title in your name to serve as collateral for your loan, a valid ID and a source of income. A title loan may be somewhat expensive, but a car title loan is a savior when you urgently want cash. To get a car title loan or auto title loan, you have to surrender the legal document that shows your ownership of a car, motorcycle, camp truck, van or SUV. Check out these 6 tips to find best online title loan provider:
- Check the application and approval process
The application process for getting a car title loan is quite simple. Since the loan is approved within an hour or less, the process usually gets done online. However, it depends on the company if they want phone verification or you have to apply in person or you can do it online. It’s good to know the application process and how long it will take to complete it, before you apply.
- Check the provider’s license
You need cash urgently, but never make any decision in haste. Take some time in finding out a legitimate online title loan provider who has a license to operate in your state. The online car title loan lender you choose must fulfill all the legal requirements of your state.
- Inquire about the payment options
It is important to clear everything before signing the agreement. Ask the car title loan lender about the payments option. The lender may withdraw the payment straight from your paycheck or you may pay the company directly. Moreover, ask about the duration of the loan. You should look for a shorter duration loan as longer period means lower monthly payments, but a higher total cost.
- Pay attention to the fine print
People often ignore or forget to carefully read and understand the fine print. The fine print on the documents should be carefully checked to find any hidden terms and conditions, how is the interest calculated and what is the penalty for a delayed or early payment.
- Check for an early payment penalty
Since loan companies earn money from the interest that you pay, they don’t want early repayment of the loan. Make sure to ask your lender if they charge a pre-payment penalty before you sign the documents. Most firms that offer online title loans will not charge a pre-payment penalty, but it’s good to double-check.
- Keep driving your car
Last, but not the least, ensure that you will be able to keep driving your car while repaying the loan. The loan company may repossess your car only if you fail to make payment.
Hope you find these tips helpful in getting the right online title loan and solve your financial problems.