Before inquiring about getting a title loan, you would naturally want to find out about all the pros and cons of fast title loans before applying. Understanding fast title loans before applying allows you to borrow responsibly and understand if this financing option is the correct choice for your economic situation.
In this guide from Delaware Title Loans, Inc., we will explain everything you need to know about the benefits of quick title loans. We will also go over how to get fast approval loans and the process for filling out a Delaware title loan application.
Understanding Fast Title Loans: Everything You Need To Know
Emergency cash title loans allow borrowers who have fully paid off their car to use their vehicle title as collateral to borrow money. Car title loans can help when someone is faced with a financial emergency, such as medical bills, unexpected travel costs, or home repairs. However, there are details for understanding fast title loans you should know before applying.
The following are some essential details regarding fast approval title loans:
1. You Use Your Lien-Free Car Title As Collateral
A title loan is a short-term loan that uses your vehicle as collateral. It’s a collateral loan, meaning you must use a high-value item to secure the loan in order to get approved. In this case, you will use your lien-free car title.
A lien-free vehicle title is one free of any outstanding debts, liens, or judgments. Basically, you must have fully paid off your car to use its title as collateral for this loan. During the approval process, we will place a lien on your car title to process the loan, allowing you to borrow money and clear the lien after repayment.
We only place a lien on your car title, so you get to keep your car during repayment. You are only in danger of losing your car if you miss multiple payments and default on your title loan.
2. You Can Borrow Up To $15,000
Fast approval loans all have different loan amounts, with the amount you can borrow depending on collateral, approval requirements, etc. Delaware title loans allow borrowing up to $15,000 because borrowers secure the loan with high-value collateral.
However, not all borrowers will get approved for the maximum amount. Your loan amount will depend on the value of the vehicle to which your lien-free car title is attached. During an in-person meeting, we will assess its value using a nationally recognized pricing guide. Our inspection will look for your car’s age, make, model, condition, and mileage to determine how much you can borrow.
3. There Are Minimal Requirements
Along with a lien-free car title, there are other items you are required to have to get approved for fast title loans. Thankfully, you only need a few items, and they should be easy to find. One of the benefits of quick title loans is the minimal requirements we have that allow you to gain fast approval for emergency cash.
The following are the required items for emergency cash title loans:
- Your driver’s license or state-issued ID card
- A lien-free car title in your name
- Your vehicle for an inspection
4. Credit History Does Not Affect Title Loan Approval
Another one of the benefits of quick title loans is you do not have to have good credit to get approved. At traditional bank institutions, you must prove your creditworthiness to get approved for bank loans. That is not relevant with Delaware Title Loans, Inc. because you use your lien-free car title as collateral.
You secure the loan with high-value collateral, so we are protected should you not be able to afford repayment. While we may do a soft credit inquiry, your credit score will not make or break your loan approval. Borrowers can get quick title loans with bad credit or no credit at all.
You can also rest easy knowing borrowing money from us will not affect your credit score. We do not report our Delaware title loans to the major credit bureaus, so your credit score will not dip by taking on our loans.
5. Fast Title Loans Have Flexible Repayment
At Delaware Title Loans, Inc., we have flexible repayment terms for title loans. We do not have a set-in-stone repayment schedule that every borrower must follow. We understand everyone’s financial situation is different and will adjust your repayment based on your situation.
Most borrowers agree to make fixed monthly payments until their loan is repaid. You can define the terms and determine how much you are willing to pay each month. During your in-person meeting, you can discuss repayment terms with your loan associate to assess how you want repayment to work.
6. The Approval Process Is Fast And Simple
The final thing you need to know for understanding fast title loans is the approval process. Thankfully, it’s easy to get approved for emergency cash title loans at Delaware Title Loans, Inc. We have a simple Delaware title loan application process that only requires a few steps. You can get approved as fast as the same day, and the in-person process takes less than 30 minutes.
The following are the steps involved in the Delaware title loan application process:
- Fill out our online inquiry form
- Speak to a loan representative on the phone
- Gather your required items and head to a Delaware store location
- Have your required items verified and your vehicle inspected for its value
- Sign paperwork to complete the process
- Receive your emergency cash title loan the same day or the next business day
Apply For Emergency Cash Title Loans In Delaware – Borrow Up To $15,000 Today!
Understanding fast title loans allows you to make a better decision about whether it can help with your current economic situation. Now that you understand some of the benefits of quick title loans, you can begin the Delaware title loan application to get fast access to emergency cash.
Delaware Title Loans, Inc. keeps the approval process simple, allowing borrowers to get the cash they need as quickly as possible. Fill out our online inquiry form today to start and hear soon from a loan agent to walk you through the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
