There’s many ways you get quick money and one of them is through car title loans. Some may have been familiar with this, and some don’t. However, title loan is not that different from other types of loan. The difference is that the borrower should surrender their vehicle’s title in exchange of loans to play poker uang asli. They should give the hard copy and within certain period of time, the vehicle’s title will be under the lender’s possession until the borrowers repay their debt.
There are also many reasons why car title loans preferred. Here are some of the reasons you may want to know:
- The process is relatively quicker than other types of loans. There are no complicated procedures. It only takes less than 30 minutes to finish the process of your loan application. This is why this is one of the fastest ways to get loans.
- Another reason why car title loan is preferred due to its complicated procedure. There is no such thing as checking on your credit score. Some lending institutions may ask about it eventually. However, your credit score won’t determine whether or not your loan application will be approved. They may ask about it for additional information they think is important. Some lending institutions even lend money to the unemployed.
- The amount of money you can borrow depend on the value of your vehicle. Thus, you need to make sure that your vehicle’s value is high if you are planning to get higher loans. The lenders usually offer 50% of the vehicle’s value. Therefore, your credit score is not that impactful to the car title loans because your car is more important to consider.
- There’s two ways you can get car title loans. You can send application online or directly visit the store. Thus, there is nothing to worry about because everything can be handled efficiently. Some lender institutions in some states may ask require you to include auto insurance to your application. However, you can always find another that doesn’t require it if you don’t have any.
- The average period you should repay your debt is 30 days. However, you there’s also APR, annual percentage rate. It means you can repay the money in one year instead of one month. The APR of each state may be different. It is relatively around 7.5%. However, you need to borrow at least $500 to be able to choose this payment method.