How Do Title Loans Work in Delaware?
March 16, 2021 | Louis Tully
If you’re trying to find an optimal solution for financial hardship, a title loan might be on the list of possible options for you. But before you start figuring out how online title loans work, you need to know in what cases a title loan can be a real lifesaver and when it’s not recommended.
How Do Title Loans Work?
When a Title Loan Is a Good Idea
When one is pressed for cash, title loans are often lauded as a good way to get an emergency fund. One of the upsides to how title loans work is the simplicity and swiftness with which you can get the needed cash.
But keep in mind that getting a loan only works in your favor when you're smart about it. So, using payday loans for frivolous expenses, like shopping, is a bad idea. We recommend you look at the questions below, and if you answer “Yes” to them, then a title loan is definitely for you!
- How urgently does this problem need to be handled?
- Will postpone dealing with the problem cost you more issues down the line?
If the answer is no, then try to come up with a comprehensive plan and budget on possible ways of handling the problem without taking on a loan.
But if your problem is time-sensitive, then you should probably start figuring out how title loans work, as your priority should be handling the problem ASAP.
What Do I Need to Apply for a Delaware Title Loan?
So, how do title loans work? Delaware Title Loans, Inc. has got an answer for you: title loans work in a pretty simple and straightforward way as long as necessary items are in order. Here are the items you need:
1. A Valid Document That Proves You’re of Legal Age
To apply for a Delaware title loan, you need to be 18 years of age or older, and to prove it, you need a valid state-issued document that confirms it. So, have your driver’s license or any other form of government-issued I.D. on hand when you meet with one of our verification agents to finalize the application project, otherwise, you won’t be considered.
2. Your Vehicle and Vehicle Title in Your Name
With a title loan, the car is going to act as collateral as well as the main determiner of how much you qualify for. The thing is the car in question must be unequivocally yours – you can’t apply for a title loan if the car title is in your parent’s/friend’s/some other person’s name, even if you’ve been using the car for years.
Another important thing about the title to keep in mind is that it should be completely lien-free, which means there shouldn’t be any outstanding loans or judgments against it when your car title is concerned.
3. Some Sort of Income
You need to have an income to pay off the loan, that’s unavoidable. But luckily, those who wish to apply for a Delaware Title loan, don’t have to fear being denied on the ground of a low-income source (which is a whole different thing from most traditional bank loans).
Delaware Title Loans, Inc. accepts and works with all kinds of income, as long as potential borrower shows they can pay off the loan in the future. In fact, our loan representatives will do their best to come up with the payoff schedule that works for you.
4. A Happy Smile on Your Face (as Bad Credit Isn’t a Problem)
Another important thing that differentiates title loans from traditional bank loans is that your credit history doesn’t influence your approval chances at all! You can easily apply even if your credit score is bad (or nonexistent altogether!) as long as you satisfy the existing requirements.
How Do I Apply for a Delaware Title Loan?
- Go to the Main Page of our website and fill out the online form.
- Wait for the loan representative to contact you via phone and walk you through the process. Ask questions if you have any. At this point, you’ll be scheduled for a meeting with a verification agent at the location that’s most comfortable for you.
- Take your car and the required documentation (car’s lien-free title, your state-issued ID) to the meeting and let our agent verify your information, inspect your car, and establish the amount you’re eligible for.
- Sign some papers. Get your approval and cash the very same day.
So How Do Title Loans Work?
As you can see the answer to the question “how do title loans work” is much simpler than many seem to think. The entire application-approval process lasts for under an hour (on average around 30-40 minutes), during which your car gets inspected for the loan representative to decide how much cash you qualify for, you complete the simple paperwork and get the cash in exchange for the car’s title.
The car itself – despite some misconceptions many seem to have – stays with you and you’re free to drive it while paying off the loan.
Apply for Your Delaware Title Loan Today!
You can also check out our title loan locations in Delaware in case you prefer face-to-face interaction with one of our dedicated loan specialists and get your questions answered.
So, what are you waiting for? Don’t let your financial issue grow bigger and cause more serious consequences down the line! Apply for your online title loan in Delaware today!