How Does A Title Loan Work & What To Expect In Louisiana
Most people will face a situation where they need to borrow cash at some point. But where do you turn if you can't get approved for a payday loan or bank loan because of poor credit? Have you ever considered a car title loan? With these loans, you'll borrow against the value of your vehicle and get cash quickly to pay for emergencies that come up or to keep up with bills. In Louisiana, these loans are regulated by the state's Office of Financial Institutions. Here is how they work and what you can expect when applying.
Car title loans in Louisiana are short-term personal loans that take advantage of the title on a car as collateral instead of relying on credit scores or employment history. Instead of signing a contract, you'll simply hand over the title and be handed cash right away. This type of loan has become more popular in Louisiana because it offers fast access to funds at a time when people need quick financial help. You will often have 3 to 12 months to pay off the loan and the interest rate will be much lower and manageable than some other forms of credit.
Get A Title Loan In Louisiana With Car Title Loan Lenders USA
For many people, the thought of applying for a title loan in Louisiana through a local bank or corner store is off-putting. You may be nervous about being taken advantage of or simply don't have time to deal with filling out paperwork and waiting for approval. When you apply online, though, you can get the money quickly without having to leave your home and worry about long lines and complicated contracts. Most lenders will take your car's title information over the phone or by email. In just minutes, you can get the money you need, and begin applying for title loans in Louisiana with a reputable lender and get the funds to pay for any financial crisis that pops up!
With bills coming up, it can be difficult to know what to do next. A better alternative would be a car title loan from an online lender through Car Title Loan Lenders USA has we work with customers in New Orleans and Shreveport and know exactly what you need to qualify. Not only does this type of lending product allow much easier application process as well as quick access to cash, but also is available when traditional financing isn't an option at all such as if someone doesn't have great credit history or employment history.
Guaranteed Approval Title Loans In Louisiana With A Lien Free Title
Do you have a vehicle that runs that's lien free and completely paid off? You should have no trouble getting approved for a title loan if you can provide a copy of the pink slip to a local direct lender. There's no requirement for good credit and you don't even need to hand over the vehicle as security for the amount lent out.
Loan Amounts With Title Loans In LA
One benefit of title loans in LA, is that you can borrow much more cash than what you would get from a bank or personal loan lender. These loans are secured and that collateral backs up the amount a lender gives out. So expect a title loan value of around $2,500, with larger amounts approaching $10,000 with some of the national companies that offer loans in New Orleans.
Bad Credit Title Loans In Louisiana - How Do They Work
The fact is that many applicants for title loans have a poor credit score. Otherwise, wouldn't you apply for a personal loan that surely has lower interest rates? Creditors know this and instead of focusing on your FICO score, they instead look at your vehicle's value and your ability to make future payments. Some secured lenders won't even check your credit score and instead focus entirely on the equity in your car or motorcycle or semi!
Apply Online Or With A Title Loan Place Near Me
Where and how you apply for a title loan depends entirely on you. Would you prefer to start the process online and then complete the vehicle inspection at an office in New Orleans? Or do you want to meet with a neighborhood company in Lake Charles that only accepts in person applicants. However you choose to apply is your call, and again the main requirement is that you show some type of collateral from a car or suv!
What Do You Need To Qualify For A Title Loan In Louisiana
Although you may think that a title loan is like a payday loan, there are few differences between the two kinds of loans and most lenders will require proof of your income before they approve you for a title loan. When applying, you'll need to bring in documents proving your identity and residence as well as the vehicle registration information, the car title and any insurance papers. Most lenders request these documents but won't run your credit or evaluate your employment history. Like payday loans, though, there is a risk with this kind of lending product because if you default on payments then the lender can legally reposes your vehicle. Also check the national and state title loan laws to find out what to look for when choosing a secured lender.
You may need to pay for some extra charges when applying for a title loan in Louisiana. The lender may charge an application fee that could be $50 or more, and you'll also have to pay the interest rate on the loan amount over time. Since this is a short-term credit product, you won't need to worry about building up high amounts of debt but you should know exactly how much it will cost before signing any documents. Also expect the unexpected when you look to tap into your car's collateral. Some vehicle's are worth far more than what you would expect and that could lead to title loan funding amounts of well over $5,000 in Louisiana.
Refinance An Existing Title Loan In Louisiana
If you already have a title loan in Louisiana and want to refinance it, there are some steps that you need to follow. The first step is to find a lender who will work on the new credit with you. You can do this by going online or looking in your local phone book. There could be several lenders in your area who may lend to people with bad credit or no job but if they are willing to work with you, find out how much their interest rate is and if they assess prepayment penalties. This rate could go up depending on your credit situation as well as whether or not you have any types of debt that need paying off.
Another thing that goes into the equation when refinancing an existing title loan is how long the term will last. Some lenders will not want to do anything longer than 6 months, while others will allow you to choose a longer term. You can end up paying more money on interest over time if the terms are long but this could be worth it if you need the additional time to pay off your debt.
What Else Do I Need To Know About Louisiana Title Loans Online?
Online title loans in Louisiana can be a great way to get quick cash but you need to know about all of the details before applying for one. First, find out what your interest rate is and how much you will have to pay on top of it over time. Second, research lenders that may offer low-interest rates or even no interest if you qualify for their program. Lastly, find out what your loan term is and see if there are any penalties for paying off the debt early. This way you are fully aware of everything involved with title loans in Louisiana so you can make an informed decision on whether this credit product fits your situation or not.
Lastly, only borrow an amount that you absolutely need and pay back the loan as soon as you can. This way your credit score can improve as you make timely payments each month, and you know that you're always in control of your finances. Call Car Title Loan Lenders at 866-515-9866 to see what you car or semi-truck is worth in Louisiana and we will get your online application started ASAP!