We all know how difficult it is to get a loan. The lengthy loan process and the number of checks the banks and other financial institutions do before granting a loan can make anyone toil hard. Loans are a risk for banking sector because if the borrower is unable to repay the loan amount the banks can be in debt this is the reason banks and other financial institutions have created a very rigorous process that help them evaluate whether the loan applicant qualifies for the loan or not and what asset he/she has to keep as collateral so that in case of non-payment of the loan amount the banks can recover by putting the borrower’s asset on auction.
But banks, financial institutions and micro lenders have fixed criteria through which they determine the eligibility of the loan applicant. Credit check in this regard is one very important factor that all financial institutions consider. Due to this most of the people who have a bad credit score are not at all entertained by the banks. But like not all people are habitual offenders similarly it cannot be said that all people who have bad credit score are willful defaulters. There can be many situation because of which a borrower might not be able to pay the premiums on time or not been able to repay the loan amount. So this is complete injustice for people like these.
But there are many other mediums through which even people with bad credit score can avail quick money for emergency situation. We are talking about car title loan that is helping people in need of quick money since many decades. The irony is that people still don’t know about car title loans and instead of opting for it choose the bad reputed payday loans from micro financial institutes that charge them hefty interest rates. Whether you choose car title loans online or meet the representative in person there is one thing you will get for sure and that is complete peace of mind.
Car title loans have numerous benefits in comparison to the traditional banking sector. When you opt for car title loan you have to go through minimal paperwork, you can get loan even if you have bad credit, you can avail refinancing on your vehicle, you can get loan up to $50,000, you get adequate time limit to pay your loan, there is no pre-payment penalty imposed on you and you are free to drive your car even after the loan.
With so many benefits it is indeed quite unbelievable that a loan like car title loan really exists. But it exists and is also very easy to get. There are many ways you can get it. You can call the car title loan provider and fix and appointment with him to fulfill the formalities or you can apply for the loan online. For applying online you have to follow the below mentioned points.
- Visit the car title loan provider’s website
- Go to the “Apply for the loan” page
- Fill in the details like Name, Address, Vehicle details, Loan amount and upload all the documents
- Book the appointment
- Visit the physical address along with your car
Once all the formalities are fulfilled and you are found to be eligible for the loan the loan will be sanctioned to you in as less as few hours.