3 Things To Know Before You Get Your First Title Loan
July 1, 2021 | June Mckaig
Interested in getting your first title loan? There are three things you should know before signing the agreement. Since it's your first title loan, your initial port of call should be learning the description of a title loan.
What Are Title Loans?
Title loans are loans that allow you to borrow up to $15,000 – if you borrow with us at Nevada Title and Payday Loans, Inc. – when you use the vehicle’s lien-free title as collateral. They are short-term monetary assistance that is designed to be used for emergencies only, including but not limited to:
- Paying for unexpected medical bills;
- Funding necessary travel
- Home repairs (from storm damage, etc.)
- Auto repairs (on your second vehicle)
You don't need to be employed to acquire a title loan. You do, however, need to be the full owner of a vehicle. In other words, there shouldn't be a lien on it. If there is, you'll need to wait until you have paid it off before trying to obtain your first title loan. You also need to make sure the title is in your name.
3 Things To Know About Getting Your First Title Loan
Now, before you get your first title loan, there are some things you should know. Here are three things to note before getting started.
1. You Get To Keep Your Car
Contrary to what you might have believed about title loans, you are able to keep your car and use it as you please. We use your vehicle's title as collateral, not the actual vehicle. There is no reason to leave your vehicle with us while you repay the loan.
2. All Credit Is Welcome
It's likely that you're worried about your credit score if this is your first time acquiring a title loan. We are sure you'll be relieved to know that it doesn't matter whether you have a good, not-so-good, or non-existent score. After all, you shouldn't be denied help when you need it.
3. You Start The Process Online
The process of getting your first title loan is simple. You don't even need to leave the comfort of your own four walls to get started. You start off by filling out the online form found right on our website. Then you can head to the nearest location to finish.
Still have more questions or need more information? Read our title loan FAQs to learn more!
The Benefits Of Title Loans
Aside from the 3 things you now know about car title loans, there are several benefits you need to know. Here are a few of the benefits you can expect if you are approved for your first title loan in Nevada Title and Payday Loans, Inc., today!
1. Lending Without The Jargon
Banks and other traditional lenders like to litter their loan pages with legal and financial jargon. This might be great if you're a finance professional. But for the rest of us, it's complicated, cluttered, and confusing.
Title loans are different. Everything is written in a way that you can fully understand before you have to sign anything. And if you don't understand something, our friendly loan representatives will also go over the loan terms and any questions you may have.
2. They're Not Reported To Credit Bureaus
Some people may believe that not reporting to credit bureaus is a bad idea. But it doesn’t have to be negative. While it could help you improve your score if you meet the repayments, it will decrease your score if you do not. It's always important to pay off your loans on time.
But there is much less pressure with a title loan since the credit agencies won't be notified. Of course, you still want to make sure you are sticking to the repayment plan.
3. Manageable Repayments
You want a loan that's predictable. With title loans, your repayments stay the same, allowing you to budget effectively without missing a beat. When you come to Nevada Title and Payday Loans, Inc., everything you need to know about our repayment plan is detailed for you in the paperwork.
4. Quick Access To Funds
Some lenders make you wait for days or weeks — and sometimes months depending on the type of loan — before you can access the money you need. Title loans allow you to retrieve the money on the same day as you apply.
How To Get Your First Title Loan In Nevada
We've ensured the process to get your first title loan is as smooth and simple as possible. Just follow the steps below to understand our process.
- Fill out the form found right on our website with your basic information. It takes a mere 5 minutes to complete and submit.
- Wait for one of our friendly loan experts to call you back. They will discuss the rest of the process and answer any of your questions.
- Take your driver's license, your vehicle, and your lien-free title to your vehicle to your nearest title loan location storefront.
- Sit down with one of our loan specialists who will look at your ID and quickly inspect your vehicle to determine how much you could qualify for if you are approved.
- The loan expert will assess the items and figure out whether you qualify for approval. This shouldn’t take long at all.
- If approved, the loan representative will go over the loan terms and help you finish the paperwork. Once that is complete, the money will be deposited into your account likely on the same day.
Get Your First Title Loan With Us Today!
With this information on your mind, you should be set to begin the process. And if you do run into any questions, you can always stop and ask us. Remember everyone at Nevada Title and Payday Loans, Inc. is always happy to help you get through a financial crisis. Fill the form in and we'll be in touch shortly.