Convenience has become the single most important factor that consumers look for with contemporary purchases. With delivery apps for groceries, takeout, and even cars, convenience has become a sought-after commodity for everyone.
Luckily, convenience can be translated to loan options, particularly with car title loans. For those that are looking for a convenient car title loan online, there are a ton of options to choose from. However, with a lot of options comes the responsibility of being informed, so borrowers can choose the right loan option for their financial situation.
How Does a Title Loan Work Online?
Car title loans can be called different names, such as an auto equity loan or an auto title loan. Regardless of the name used, the process essentially remains the same. Title loans use the equity of your vehicle as collateral in exchange for emergency funds. The title to your vehicle is used as collateral, but it is promptly returned upon full repayment of the loan.
Who Could Benefit from a Title Loan Online?
Title loans can potentially be beneficial for individuals that are not confident with their credit history. As a result of using collateral to potentially secure the loan, title loans can be more flexible with the eligibility requirements. While those with less than perfect credit may have a hard time qualifying for traditional loans, an online title loan can be more accessible. This is due in part to the equity of the vehicle being more important than the borrower’s credit history during the approval process.
The Online Loan Approval Process
Unlike traditional forms of lending, an online car title loan can be easier to acquire for many. The approval process can take less than thirty minutes for some loans, which is a huge convenience!
However, there are a few initial requirements you’ll need to meet before you think about getting a title loan online.
You must:
- Be 18 Years of Age or Older
- Own a Vehicle in Your Name
- Have a Steady Income
Documents Needed for Online Title Loan Approval
Even though you are applying for a title loan online, you’ll still need to submit some documents to a loan agent in order to prove your eligibility. You don’t have to submit these documents in person, instead you can scan them or take pictures with your phone and then email the files.
The general documents most title loan lenders ask for include:
- A government issued photo ID
- Proof of income (bank statement, pay stub, pension statement, disability payments, etc.)
- Proof of residency (utility bill, mortgage statement, rental agreement, etc.)
- Car title in your name
- Photos of the vehicle from all angles
Getting the Funding You Need Conveniently Online
With the above information in mind, you’ll be well on your way to getting the money you need when you need it. When you find yourself in need of emergency funding with flexible options that are beneficial to you, an online title loan could be your best bet.
Interesting related articles:
- What is a loan?
- What is a personal loan?