What are the Requirements for an Online Title Loan?

Online title loans can be a lifesaver when unexpected circumstances require you to come up with cash in a hurry. They are easy to apply for and can be done from the comfort of your own home. You can find out whether you are approved or not. And perhaps the best part is that you get the funds really quick! Borrowers need to understand e how they work and what will be on the table when it comes time to qualify. All these factors will matter when it comes time for approval you to get approval with most online title loans.


What You Need to Know About Title Loans Online and Credit Implications

Car title loans will have something that secures the automobile. Meaning a vehicle is the pink slip collateral for the loan. In simple terms, a finance company will confiscate the vehicle if payments are not made. Here is what you need to know about getting a title loan and what needs to be done when applying online.


  • Secured Value: Car title loans are limited to 25% to 50% of the car’s cash value.  The exact amount is determined when your title lender inspects your vehicle.
  • Length of Loan: Financing for a new car can be for up to six years. Most online title loans should be used for very short term circumstances. Their terms are usually for 30 day periods. These are often renewable several times, but that does get really expensive.
  • Fees: On top of the interest rates, there are various fees that are often associated with title loans. Many lenders charge a $25 to $30 lien fee, plus processing fees, document fees, origination fees, key fees and more. These can sometimes add 20% to 25% to the cost of a loan.


Since most online title loans are secured, an applicant’s credit history is not as important. In fact many companies don’t even check a borrower’s credit history or credit score at the time of approval. find your credit score and apply for online title loans Some don’t even need proof of employment and checking information or bank account history. This further suggests that these loans are pretty easy to get approved for. Still there are some requirements associated with getting approved for online title loans. Here are some of the most common ones for you to take note.  You don’t have to worry about your credit or other financial factors. Even employment or job history won’t matter in many cases. Pink slip lenders still want to see some proof that you will be able to repay the equity loan. They also want to be sure that they can retrieve the car without too much difficulty if you default.  To protect themselves, most lenders will need you to provide some form of the following:


  • Title: This needs to be the original pink slip. Which means the car has to be completely paid off. Furthermore, there often can only be one owner listed on the pink slip or vehicle registration. In all cases that is the person who is granted the loan.
  • Registration: An unexpired registration in the same name as the one on the pink slip.
  • Proof of Insurance: Primary insured must be same name as title and registration.
  • Government Issued ID: Absolutely must. It should be same name as on title.
  • Proof of Residency: A utility bill or other evidence of residency by same name as on the pink slip.
  • Keys: A working set of all keys to the vehicle, if it needs to be repossessed.
  • Valid References: Usually names, addresses and phone numbers of at least 2 people.
  • Proof of Ability to Repay Loan: Pay slips, references from financial institutions, banks, etc.


You should make sure to have all these documents available before beginning your application process. There are also are a couple of other things you need to keep in mind, as well. know what your lender requires before submitting an application online The lender or bank will want to verify the vehicle’s condition before transferring funds. They may also need you to attach a GPS unit to your automobile so that they can track it in the event of default. But here’s the kicker, some of those models can be used to disable your car remotely!

Car title loans should only be used for the shortest amount of time possible. Treat this form of borrowing much the same as you would a payday loan or online advance. We know the rates are going to be high and you want to pay off the full amount in the quickest amount of time. They should have a realistic expectation of paying the full amount you took out. Renewing a car title loan is like selling your car for a fraction of its value. Still, someone who owns their car outright and is facing a very temporary cash crunch can use these types of cash advances.
No one will deny that online title loan applications make it fast and easy. This is always the case when compared to traditional bank loans and alternative financing methods!