There are multiple ways to get money for emergency expenses. But one of the quickest and most hassle free options is a 24 hour title loan. With these types of online title loans, you can see the approval process move quickly. Apply online and fill out your documents, answer any questions from a loan underwriter and complete the vehicle inspection. After completing the application and getting approved you can pick up your cash all within that same day. a 24 hour title loan is effective and within reach for anyone who needs fast money with a secured loan
What Do I Need To Get Approved For 24 Hour Title Loans?
Consider some of the general requirements that you must meet before getting a same day title loan. These may include having a car that is paid off or almost paid off, having proof of income, and being at least 18 years old.
In addition to those requirements, you will also need valid state identification for Ohio residents as well as the title to your car. The title will be the most relevant requirement here as that is what a lender uses as collateral for the amount borrowed. In some situations, you may be able to provide a title that’s nearly paid off, but this will limit your ability to get a larger sum of cash and it’s not likely you will complete the loan application in 24 hours or less.
Also expect requirements for employment verification and work history that shows you make a certain amount of money each month. With normal car title loans, an underwriter will verify your monthly income to ensure you can make the monthly payment. They may still request that for a same day title loan, but again your loan amount may be limited or there may be extra stipulations in the lending contract.
Benefits of 24 Hour Title Loans
There are some clear benefits to getting a car title loan in one business day. One is that you can get your money quickly, often within the same day you apply. This is ideal for emergency expenses when you need cash fast. In addition, having the chance to access cash in less than one day may not even require a vehicle inspection. That can definitely speed up the funding process and also lead to more vehicles passing the approval process. Other benefits include no prepayment penalties and a simple online application that only take a few minutes to complete.
Drawbacks Or Negatives Of A 24 Hour Title Loan
As with any type of loan, there are some drawbacks associated with a 24 hour title loan. One is that you may not be able to get as much money as you would with a standard car title loan. This is because the lender is taking on more risk by funding the loan in a shorter time frame. Another drawback is the interest rates, which tend to be slightly higher than traditional car title loans. The finance rates with any bad credit loan are higher than an unsecured bank loan.
Fast funding title loans can be a great option when you need cash quickly for emergency expenses. Just make sure you meet the general requirements and have all the required documents ready to go so you can get your money fast.
How Does The Online Application Process Work?
The application process for a 24 hour title loan is relatively easy. You can apply online and the entire process can be completed in minutes. You will need to provide some basic information such as your name, address, car make and model, and the amount you would like to borrow. You will also need to provide proof of income, state identification, and the title to your car.
Once you submit the application, an underwriter will review it and may ask some questions. If everything looks good, they may approve you for the loan on the spot and you can pick up your cash later that day. It’s important to note that some companies may not be able to get you the cash in person. As an alternative, they may simply send it to your bank through ACH or bank wire and that process ultimately depends on bank timelines which could add a day or two.
Get 24 Hour Title Loans With Bad Credit – Is It Possible?
Bad credit does not need to stop you from getting a 24 hour car title loan. In fact, many companies offer loans to those with less-than-perfect credit scores. The interest rates may be higher than with a standard car title loan, but it’s still possible to get the cash you need quickly. The fact of the matter is that a significant amount of applicants applying for title loans in 24 hours have bad credit and they would simply apply for other low interest loans if they had manageable credit. Lenders know this and because of that most won’t verify your credit for title loans without a credit check.
Just make sure you provide all the required documents and meet the other general requirements. This will help speed up the process and increase your chances of getting approved for fast funding from less than perfect credit scores.
So if you’re in need of some extra cash and you have a car that is paid off or almost paid off, a bad credit title loan may be a great option for you. Just make sure you meet the general requirements and that way you can save a lot of time and hassle when applying for a title loan in 24 hours. Get started on your application straight from our website or contact the team at GoTitleLend today to see just how much money you can get!