What is a title loan? If you’re not familiar with them, title loans are a type of short term, fast cash loan that uses the value of the prospective borrower’s car as collateral for the value of the loan. They’re convenient, simple, and most importantly, fast. But why is that?

There’s a few core reasons are so easy to get. Today we’ll be going through each so you can decide if a title loan is the right fit for you.

Your Credit Score Doesn’t Have to be Stellar

Though it may not seem like it, your credit score has a huge impact on your life from mortgage rates, car payments, and interest on credit cards. Good credit can put you on an upward trajectory to success, while bad credit can force you into a downward spiral where punishing interest rates force you to spend on interest payments and mean you can never pay off the principle.

It’s a spiral that’s all too common and one that holds most Americans in its grip. Americans in general are in the midst of a debt crisis precisely because of loans that each successively deteriorate their credit even as they hollow out economic options so your only recourse is to sign up for a new one.

Luckily, title loans are largely credit score agnostic: they often don’t take your credit score into account when you apply, and don’t report to credit agencies if you default. Title loan companies are able to do this because by putting up your car as collateral, the company doesn’t need to ‘trust’ your previous debt record.

Title loans being largely credit agnostic is a huge point in their favor; it means you can take out money without the pressure of further ruining your credit score, and also gives you access to a reserve of cash you otherwise wouldn’t have during emergencies.

There Are a Lot of Locations

Another reason it’s so easy to get a title loan is simply because of the sheer amount of title loan location out there. Because title loan companies understand that the main use for a title loan is an emergency, they try and make the process of getting one as fast as possible. To that end, they have locations spread all across Delaware.

The process once you’re in a store itself is fairly straightforward and simple and often lasts as little 30 minutes. This kind of speed is completely unparalleled in the loan sphere: a normal personal loan from a bank can take a week if not a month, and you’ll be subjected to a series of credit checks in the meantime. The only faster form of lending is credit cards, and we all know just how disastrous and punishing the interest rates on those can be.

You Can Start the Process Online

While you’ll have to step into a title loan store to actually get one, another reason title loans are so convenient is you can start the process online. For example, on our site you can start by filling out the online form at the top of the page; after that one of our loan representatives will give you a prompt call back to answer any questions you have.

The advantage of being able to start the title loan process online can’t be overstated. We live in a digital age where everything can be done online, so why not the loan process? The process being online means you can start with the click of a mouse and be catapulted into the loan process.

The Required Items Are Simple

Unlike a traditional loan where you have to go and get your credit checked and talk to the bank and then finally be approved, the items you’ll need to get for a title loan are drastically simpler. To get a title loan you’ll need to bring the following to the title loan store:

• A driver’s license or other form of state issued I.D.
• The lien-free title to your vehicle. Lien-free simply means that you own your car fully and completely and it isn’t owned in part by a third party.
• Your vehicle itself for inspection. Our inspectors will do a quick inspection to evaluate it’s worth and how much cash you’re loan is eligible for.

Armed with these three simple items you’ll be ready for your loan. The amount of your loan will depend on the condition and value of your car.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.