When you need money for an emergency and you are short on cash, Online title loans usually seems like the most appropriate option for you. It has been estimated that over 2 million Americans opt for car title loans every year. These loans are very much like payday loans and they allow you to borrow money from your lender in exchange for the title of your car. However, loan time is relatively short and lasts for about 30 days at most.
There are more than one reason why online title loans seem appealing and some of these reasons include the fact that lenders do not require a credit check, you get to keep driving the car till you pay and the best part is, you get the loan that very day plus application process takes as little as 30 minutes.
What Are The Steps Required To Take Out A Title Loan?
- Find out your car title
- Complete an online application and upload all necessary documents listed. These may include proof of income as well as a government-issued ID, address and insurance.
- When the lender clears you and reviews your car, then sign the contract once you get approved.
Note that the lender will keep your car title until you repay the debt even if you get to keep your car
What Are The Risks Of Online Title Loans?
- They are quite expensive.
- It helps in increasing your debt
- You may end up losing your car.
- You could get scammed online.
The Best Alternatives To An Online Title Loan Includes:
- Get credit card cash advances
- Get a personal loan.
- Opt for a payday loan.
Conclusion
Although this seems like the easiest way to get money, it might not be worth it in the end and you may pay a lot more than you bargained for.
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