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Applying for Title Loans Lafayette
Applying for title loans Lafayette is much simpler than other loans. Since it only takes a few minutes of your time, the sooner you complete and submit the application, the sooner you can get cash in your hands.
Step one in getting a title loan is to make sure you qualify. You need a vehicle to use as collateral. This can be a car, truck or other vehicle. Just make sure you pledge a vehicle that you own and one with a clear title. Applicants must be at least at least 18 years and have proof of identification, such as a driver’s license. Because lenders need to know you can pay the loan back, you need to have an income. This can be from your job, but working is not required to have your title loan approved. You can get income from alimony, a pension, unemployment benefits or another source.
Once you meet the qualifications for title loans Lafayette, just complete the simple online application by providing your name and contact information so that we can get in touch with you to finalize the loan. The application also calls for the make, model and a few other details about the car you’re putting up for the loan. We use this information to determine your vehicle’s value, which is what the loan amount is based on, but there is some flexibility in this number. When we discuss your loan, we’ll get more information about your car’s condition, and sometimes we adjust the value as well as the loan offer.
Finalizing your loan won’t take long. In fact, most loans are processed so fast that borrowers get their money the same day we get their application. Something that speeds up processing is basing the loans on collateral instead of a credit score. While mainstream lenders rely on credit ratings as a way to determine who deserves a loan, title lenders consider your vehicle. With its high value, the car will more than cover the loan, if the borrower does not pay back the money. When a borrower puts up their personal property as loan security, they assume all the risk. Bottom line- anyone with vehicle collateral could be approved for title loans Lafayette, even if they have bad credit.
How Title Loans Lafayette Work
Bennett Title Loans keeps things simple, which means short applications, fast processing and really fast money distribution. When you submit an application, we give you an instant loan quote. We get in touch with you to see if you like the offer and want to proceed. If you do, we start processing your loan immediately. That’s a unique characteristic of title loans because most other lenders take much longer to process and approve or deny loans.
The offer we make is based on the value of your car, so you know right up front how much money you’re likely to receive. During processing, we explain title loans so that you understand how they work, and we answer any questions that you have. We also ask you a few questions about your car and your income. It’s important that you have a source of income that provides enough money to make loan payments.
During processing, we will work with you to set up a repayment plan that fits your budget. Since loan terms are at least two months in Louisiana, you should have no problem paying off the loan in a timely manner. However, if you run into issues making all the payments by the end of the term, let us renew the loan for you so that you get extra time. Your loan is fully processed once we work out all the details, have you sign a loan agreement and collect your vehicle title. As part of the loan agreement, the lender holds your vehicle title until all payments are made, and then, the title is returned to you.
Money placed in the palm of your hand is the final step in getting a car title loan in Lafayette. Because the application process is streamlined for efficiency, we are able to wrap up most loans in less than a day. For people with a cash emergency, title loans offer an excellent way to solve an urgent problem. This is especially beneficial for people with bad credit. While mainstream lenders are likely to deny the application of people with low credit scores, title lenders not only welcome them, but typically approve their loans.
