What Is A Title Loan, And How Do I Apply?
Financial emergencies often strike at the worst possible time. You’re already on a very strict budget and can’t afford additional expenses. However, now you have to come up with hundreds or even thousands of dollars overnight.
A title loan can help you raise the money you need. If you're asking, "What is a title loan?" keep reading to discover how to find fast title loans near you.
How Do I Apply For Fast Title Loans?
The Definition Of A Title Loan
It may be easier to understand title loans if you know the difference between secured and unsecured loans first.
Lenders have two ways to manage their credit risk whenever they lend money.
The first is to check the person’s income and credit history, which will show their capacity to pay back the loan and their track record for making payments on time. Loans that are based entirely on “creditworthiness” are called unsecured loans.
The second method is to ask the borrower to present collateral that can serve as a guarantee for the loan. If something goes wrong and you cannot complete the payments, the collateral can be used to satisfy the debt. Loans that are based entirely on collateral are called secured loans.
So, a title loan is a secured loan where you use your paid-off, lien-free vehicle title as collateral.
What Are The Benefits Of Title Loans?
Aside from knowing what is a title loan, you need to decide if it’s the right option for you. Here are some of its benefits.
1. You Can Apply Even If You Have Bad Credit
Since you can offer a guarantee, your income and credit history may not be as important when it comes to this kind of loan. So, don’t worry if you have a low credit score or have no credit history because you’ve never taken out a loan before. You can still find out if you qualify for title loans.
2. You Can Still Use Your Car While You Pay Off The Loan
One of the biggest myths that emerge when people talk about a title loan is that you have to surrender your vehicle before you get the money. That’s not true! The lender places a lien or legal claim on the title and then lifts it after you repay the loan. So as long as you meet your payment agreements, you can use your car as you please—the title loan will not affect your daily routine!
3. Our Requirements Are Simple
These are the only items you need to get a title loan:
- Driver’s license or state-issued ID.
- Lien-free title to your vehicle.
- Your vehicle for inspection.
4. You Get Your Emergency Money Fast
Bank loans can take a long time to process because of all the documents you have to gather, and the time it will take for them to check your credit report. A “normal” application can take several days; if you have credit issues, this can extend to several weeks.
If you have urgent needs that require you to raise money ASAP, then a bank loan is out of the question. You need fast title loans—and we have the fastest ones available.
With Nevada Title and Payday Loans, Inc., you can get your emergency cash that day or on the following business day. You can complete the process in as little as 30 minutes—which is shorter than the time it would take to line up at the bank.
How Can I Get Fast Title Loans Near Me?
The answer is just a few clicks away. Just fill out our online inquiry form to get started. It will take only a few minutes, and your information is immediately sent to the nearest branch.
A loan expert will take charge of your application and call you to assist you personally. We’ll explain more about what is a title loan, how to qualify for one, and what to expect during the process. Don’t be shy about asking questions—we are here to help!
Then, you'll arrange a time to complete the process at the Nevada Title and Payday Loans, Inc. branch nearest to you. We have locations all over the state, so it’s easy to find one that’s convenient for you to visit. When you go there, be sure to bring your vehicle title, your ID, and your vehicle for inspection.
You don’t have to spend a lot of time at the branch. Our fast title loans can take as little as 30 minutes to process, including showing your documents, getting the vehicle inspection, and securing the emergency cash you need. Once your loan is finalized, you get your money—usually on the same day or the next business day if the papers were completed after the cutoff time.
Fill Out Our Online Form Today!
Now that you've answered "What is a title loan?", you can fill out our online form and get your emergency money in the next 24hrs. Nevada Title and Payday Loans, Inc. is here to help. Reach out to us today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.