Title loans give you a bit of a “lifeboat” opportunity when you find yourself drowning in debt. Online tile loans give you the same sense of security without ever having to leave the comfort of your own home. Reputable lenders that offer online title loans are also going to be able to deposit the cash that you are asking for directly into your bank account inside of 24 hours (sometimes even faster than that.)
Of course, to take advantage of online title loans you need to make sure that you are able to clear all of the requirements that they may have in place.
Different operations and different services are going to have different title loan requirements you’ll have to meet, but by and large most of the reliable and reputable services out there have similar requirements that we have broken down in this quick guide.
Let’s dive right in!
One of the biggest advantages of online title loans is that they are a form of secured lending. This means that you may qualify for a loan regardless of your credit history or score. That’s a big piece of the puzzle for a lot of people that find themselves hurt by the Great Recession and the credit crunch that followed. There are some requirements you will need to meet, however, with the most important ones being:
A Car Title
It’s virtually impossible to get a title loan online without having a car title in hand to begin with. You’ll need to be the sole owner of the vehicle – with any loans and liens paid off on the vehicle – and the only person that will be eligible to receive a car title loan is going to be the person with their name on the car title itself.
You won’t be able to get a car title loan for a vehicle that you do not own, for example. And you will not be able to get a loan for a vehicle that you do not own outright – even if you’ve been making payments on the vehicle.
The second thing you’re going to need is an active registration for the same vehicle that you have a title for. This registration cannot be expired, and has to have information on the registration that matches the name and details on your car title.
Active Proof of Insurance
The primary insurance for the vehicle that you are using as security has to be in the name of the same individual that is on both the car title and the car registration. These details need to match up for you to be able to put your vehicle up as collateral.
Government Issued Identification
No surprise here, you’ll need to have a government ID (driver’s license, state license, voting license, etc.) to prove that you are who you say you are when you go to take out a loan from online car title lenders. On top of that, you’ll also need to make sure that your government issued ID matches the information on the car registration, car title, and the car insurance you have for the vehicle as well.
Proof of Residency
You’ll need to provide information that double verifies your identity as well as the residency information you are provided as part of your financial lending package. Utility bills are great way to prove your residency, though there are whole hosts of other options that you can use – all of them outlined by the online lender you choose to move forward with – if you need to find another approach to verify you live where you say you do.
Proof of Income
Lenders are going to want to see that you have every opportunity to repay the loan. Pay stubs or payslips, financial institution references, bank account information, etc. can all be used to confirm that you have the means available to repay the loan that you are taking out.
Keep in mind that proof of income does not mean proof of employment. It is common for borrowers with SSI, disability, veteran benefits, and other sources of income to qualify, even if they are unemployed. Lenders like Titlelo, LoanMax, and Embassy Loans all accept others sources of income.
Different lending institutions will require different forms of income verification, and that’s something that you want to go over with the particular lending institution you’re hoping to do business with moving forward.
Some online lenders are going to want to have at least two different references to your character and your ability to repay loans that they may call upon just to make sure that they are making the right business decision moving forward.
You’ll usually be asked to provide names, valid addresses, and the contact information for these two individuals (and sometimes more) and most of the time it’s requested that these references do not share the same address as you.
A Set of Working Keys
Finally, most lenders that provide online title loans are going to request that you provide them with a working set of all of the keys to your vehicle – a duplicate set, obviously – should the vehicle that is being put up as collateral to secure this loan needs to be repossessed in the event of failed repayment.