What Is an Instant Online Title Loan?
An instant online title loan is a loan that you can get without going to a physical location and that uses your vehicle's title as collateral. You can use your vehicle’s title to secure a loan when you need cash to meet emergency needs.
When you submit the needed personal information and documents, most lenders will ensure you obtain your funds as soon as possible. The majority of lenders will credit your account the same day or the next business day.
You can agree with your lender during your online application process whether you will pay back the loan in a lump sum or in installments.
How Do Title Loans Work?
Most people are unaware of how title loans work, even though they are one of the most straightforward loans to obtain. The most important thing is to find a lender who will provide you with a loan based on the value of your car.
The lender will consider your financial history, credit score, outstanding debts, and source of income before approving your loan. Because this is a secured loan, most lenders will consider your application even if you have bad credit.
The lender does not take physical custody of your vehicle, and you can continue to drive it. However, the title stays in the lender's control until the debt is paid off. Your lender will place a lien on the vehicle's title until you pay off your loan.
The entire application process will be completed online, with the lender sending a mobile notary to sign the final documents at the end.
The vehicle title must be fully in your name to qualify for a title loan. If you don't pay back your title loan on time, the lender can repossess your vehicle.
What Do I Need to Prepare for an Online Title Loan?
Every online title loan lender will ask for your personal information and copies of specific documents. Lenders are different, and they may ask for different items, but they all need the same essential information to grant a loan.
The following is a list of documents that most lenders will require:
- The title of your vehicle.
- A government-issued photo ID.
- Photos of your vehicle.
- Proof of income (job letter, bank statements, unemployment benefits, etc.).
- Proof of vehicle insurance in your name is required.
- Address proof is required.
- Your vehicle’s identification number.
It's worth noting that different states have different minimum vehicle values, determining the amount of money you can borrow. Even if you borrow a small amount, the lender will be forced to set stricter criteria if your vehicle has a lower value.
To be eligible for an online title loan, you must be at least 18 years old. The vehicle must be registered in your name.
If you bought the car with a loan and are still paying down the loan, the car's current value must be significantly higher than the remaining loan balance. However, very few lenders will lend you money if you have an outstanding loan on your vehicle.
You can't have any other lender's lien on your vehicle's title, and you can't be bankrupt.
How much would you like?
How Fast Can I Get a Title Loan Online?
You should be able to get the funds within 24–72 hours. Once you've provided the lender with the necessary information and documents, you should receive their approval within minutes.
With an online loan, you can avoid all of the paperwork that comes with traditional loans. You won't have to wait in lines like you would at a bank, and you won't have to wait for hours to find out whether your loan has been approved.
The Best Place to Take out a LoanApply Now
Benefits of Getting an Online Title Loan
There is no need to despair when you urgently need cash and you have a high-value asset in your name. Your car is one of the valuable assets with which you can borrow money.
As we will see below, there are various advantages to taking out a title loan online:
You retain the physical asset
You keep possession of the asset physically, which is one of the benefits of a title loan. Retaining physical possession means you can continue to use the asset. The only thing your lender keeps is the asset's title document.
Soft credit check
When you have an asset that can be used as security and have a steady income source, you can still get a title loan with bad credit and lenders will only run soft credit checks on you. A soft credit check will not hurt your credit and will not adversely affect your loan application.
Flexible repayment schedules
When you have an asset to back up your loan, lenders are more willing to allow you some leeway when repaying it. You can pay back a small loan on your next payday if it is a tiny sum. You can also request to repay in several installments if it’s a larger sum.
You can borrow a significant amount
Because the value of your vehicle is what determines the amount you can borrow, getting a high amount is possible. Most cars are costly and of high value, so you can borrow a significant amount at once.
Quicker access to cash
Lenders will process your loan as quickly as possible if you have a high-value asset and a stable income. The process and funding will probably take two business days at most if you meet the requirements.
How Does WeLoans Compare?
|Why Use Us?|
|How much am I allowed to borrow?||Up to $35,000||No hidden fees or charges|
|What are typically the loan terms?||Up to 36 months||Various repayment options|
|Do lenders check my credit?||Yes||Soft search only|
|Do lenders take bad credit?||Yes||Bad credit considered|
|Chances of approval||Good||Quick turnaround|
|How to apply?||Apply online||No paperwork needed|
How to Apply for an Instant Online Title Loan?
Finding a good title loan provider can seem like a complex undertaking. However, if you apply via WeLoans, we can make the process easier and faster.
Follow the steps below to see how fast we can help you get a loan.
- Fill out the online form with your personal and financial information and submit it. We'll also need some basic information about your vehicle. It should take no more than three minutes. WeLoans sends your loan request to our extensive network of lenders for review.
- One of the lenders will contact you and ask you to bring your vehicle and paperwork to a nearby in-store. They merely want to assess your vehicle to determine its value.
- The lender may credit your account the same day or the next business day after you accept their offer.