Can I Get Completely Online Title Loans With No Phone Calls Through WeLoans In Arkansas?
Yes, you can get an online car title loan through WeLoans in Arkansas without making a single phone call or visiting a brick-and-mortar outlet.
WeLoans prioritizes convenience and speed. The entire process of getting a title loan in Arkansas through WeLoans can be started and completed online. Our network of online title lenders in Arkansas will approve you within minutes of getting your request, and you will automatically receive the funds in your bank accounts as fast as within the same day.
Why Should I Get Online Title Loans In Arkansas?
As one of the most common secured loans, title loans are convenient and super-fast, thanks to the multi-lender network we work with here at WeLoans. Other reasons to get an online title loan in Arkansas include:
- You'll continue using the car: while your car is the collateral for a title loan, you can continue driving the vehicle if you can consistently make timely payments. The title lender only holds on to your car title documents, but the car remains in your possession.
- Bad-credit friendly: since title loans are secured loans, lenders will still consider your eligibility even if the applicant has a very low credit score. So, if traditional lenders have turned you down due to bad credit, it is possible to still get car title loans for bad credit through WeLoans, and there won’t be any hard credit inquiries involved!
How Do Lenders Determine The Value Of My Title When Getting Title Loans?
Car title lenders typically give you 25% to 50% of the market value of your car title as the loan amount. But how do they determine the car's value? Factors that determine the value of your vehicle title include but are not limited to:
- Make and Model - newer-model cars tend to have a higher market value. Except for classic cars, a 2018 model will have a higher resale value than a similar one produced in 1998. Also, the more popular vehicle makes and models could have a high market valuation due to the high market demand.
- Mileage - the higher the mileage of a vehicle, the less it will fetch in the market.
- Current Condition - a car in good condition, devoid of structural or cosmetic damages with a well-maintained interior, will get a higher valuation.
- Modifications - modifying a vehicle could either raise its value or decrease it, depending on the nature of the alterations. Taste-specific changes such as a spoiler may reduce the value while upgrading the powertrain could increase its value.
What Are The Rates And Fees Of An Online Title Loan In Arkansas?
It is generally agreed that title loans are usually more expensive than loans you can get from traditional financial institutions like banks or credit unions. In most states where interest rates for title loans are not capped, lenders may offer up to 25% per month, which translates to an APR of 300%.
In addition to the interest rates, lenders may also charge lien fees, document fees, origination fees, processing fees, GPS fees, etc. In unregulated environments, these fees could quickly add up and substantially increase the overall cost of your title loan.
Fortunately, Arkansas State laws limit the maximum annual interest that title loan lenders can charge to 17%. But to get the best deal, consider WeLoans as we only deal with a network of lenders that provide some of the best title loan services with competitive rates that are within the state legal cap.
