There are many companies that claim to fund online title loans. The fact is that these sites are hosted by marketing companies or lead generation services. They want you to think they’re a direct lender or online loan originator. They say they’re ready and willing to offer you cash for your car title. The fact is, they’re only going to sell your information online to countless companies. If you really need fast cash you need to go with a reputable direct lender. This means you need to find a company that actually funds online title loans. You need a direct lender, i.e. a firm that writes the loan, collects your title, and gives you money based on the promise you’ll pay back the loan. These companies will have high-interest rates other expensive fees. The payoff is that you’re able to borrow a lot of money since you will use a car as collateral. A qualified lender can sometimes borrow up to the full value of their vehicle. We’ve seen consumers borrow tens of thousands of dollars. This form of financing is different from a payday advance or installment loan. You only need to put up your car title as collateral, i.e. hand over the pink slip.
Most car title lenders are often seen as being controversial. A borrower will often give up a pink slip to get fast cash, usually within 24 hours. If you find yourself in this situation you need to know you will shell out a large amount of money in finance charges. Any legitimate lender will tell you exactly what these finance charges are. Interest rates for this service are high, but not like what you see with cash advance and payday loan companies. Expect this data to be broken down in writing when you apply and sign the contract. You will need to pay off the full amount as early if possible. That way you won’t be charged the excess interest that will accumulate each day. Also, be sure you get to keep driving the car! Don’t let your lender take the car instead of a pink slip. There are services out there that claim they not only need your car title but they also need to keep your vehicle as collateral. This couldn’t be further from the truth.
A borrower does not need to give up their vehicle to get funding for a car title loan. Most of the reputable companies advertising vehicle equity funding have no problem letting you keep your car. Be sure that you pay off the loan on time. We stress this to all customers, whether they need a payday loan or cash advance. If you come across a financial situation and you can’t make your monthly payment be sure to call the lender. No borrower wants to give up their car and have bad credit. All as a result of the car being repossessed. Not only that, but you’ll still owe whatever the difference is if the car sells at auction!
There are dozens of ways to search for online title loan companies
Car title loans are risky ways to borrow money. Handing over a vehicle’s pink slip for money isn’t always the best move, but it works in certain situations. These online borrowing options serve a legitimate purpose in that they will give a consumer easy access to fast cash. Be sure you go with someone who provides this online service! Don’t waste your time and run the risk of having your information blasted all over the internet. Use our list of online title loan companies to quickly get money for a paid off vehicle. With this service you can cut through all the junk and get right to the process of applying for an online loan! There are so many stories every day of people who made the mistake of applying with dozens of sites they thought lenders. If you send in your personal and banking information to more than 3 online lenders there’s going to be a problem. Do your research and be on the lookout when applying for title loans online. There are plenty of great lenders out there. It all begins with knowing how and where to find them!