Are you thinking about applying online for a title loan? Online title loan marketplaces have been growing steadily over the past two decades, and this is, of course, great news for consumers who face an ever-present need for borrowing. Check out this research from the American Bankers Association (ABA):
Is there a clear regulatory framework to protect online loan packages?
The U.S. Federal Reserve has been slow to set up a comprehensive legal framework for the issuing of loans by banks using online platforms – Europe has been far more effective at laying out these plans. However, even if this poses challenges for consumers [read more about legislation here, most people can access title loans online through dozens of leading lenders.
Borrowers don’t realize it, but there are a lot of state-specific factors that influence loan application services and your ability to get a title loan. For instance, lenders are only allowed to offer title loans across vast territories, so most firms provide loans to a few states.
It is a fairly straightforward process and works a lot like any other loan process, except in this case you have to put down one of your assets as collateral. If you’re wondering where to get the loan in the first place, here is a list of the best companies offering title loans:
TMG: This is by far the best place to go online for auto title loans – and it’s also the highest-rated on ConsumerAffairs.Com. Loan applicants can get up to $50,000 processed and approved in the same day, however, in the case of auto loans, you must have cleared off the debt and earn a minimum of $1,500 a month.
Loan Center Title Loans: This company provides a reasonably large platform to fund title loans, and it has been in business for over 13 years. The rates are among the lowest anywhere, and funds can be approved in 24 hours. Applicants should also have employment with earnings of at least $1,500 a month. Bear in mind that Loan Center Title Loans isn’t accessible from all 50 states.
Finova Financial: They have a car equity line that offers low rates and one-year payback plan, not to mention same-day funding and no penalty for prepayment. The car owner must also be lien free and have adequate car insurance including collision coverage. Loans are offered in six states. Check their website for more information.
CaliforniaTitleLoans: Here you will find same-day online title loans (if you live in the sunshine state) and the best part is, bad credit won’t be a feature in your application. They qualify a loan based on the equity of your collateral, and payment terms range from anywhere between 12 and 40 months.
PremierTitleLoans: This is a coast-to-coast company that prides itself in offering affordable rates and quick loan processing. Applicants should have an income of at least $1,500 a month, a co-signer, and they can qualify for a loan even with bad credit. Services are available in most states.
Pros of online title loans
Tips on getting the best title loan
Make proper inquiries about lender plans before pursuing a loan. Remember, a longer repayment plan means you deal with lower installments, and therefore more flexibility on your part. Repayment penalties tend to complicate things so watch out for them, and learn about the lender’s online application process. Some websites require an additional phone call or other communication when applying online for title loans [including visual inspection of
collateral] to approve a loan.