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.
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
We make it simple to apply for a title loan online and all we need is your car's pink slip and your employment verification. 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
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 - How Do They Work
The fact is that many applicants for title loans have poor credit scores. Otherwise, wouldn't you apply for a personal loan that 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 repossess your vehicle. Also, check the national and state title loan laws to determine what to look for when choosing a secured lender.
You may need to pay extra charges when applying for a title loan in Louisiana. The lender may charge an application fee of $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 precisely how much it will cost before signing any documents. Also, expect the unexpected when you look to tap into your car's collateral.
What To Know About Louisiana Title Loans?
Online title loans in Louisiana can be a great way to get quick cash but you need to know the risks that are involved when using a car or truck as collateral for a loan. Even if you miss one payment, your lender will have the opportunity to repossess the car and that means your vehicle can be sold at auction. Not only that, but you'll still owe money to the finance company if the sale price is less than the original loan amount!
Only borrow an amount that you are able to repay and make double payments monthly to pay down the interest. 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 your car or semi-truck is worth in Louisiana and we will get your online application started ASAP!