A title loan is a type of short-term loan that uses the title of your vehicle as collateral. It is a popular loan option for consumers who need quick cash but don’t qualify for traditional means of financing. Unlike bank loans, qualifying for a title loan is simple and doesn’t require a credit check. Best of all, you can continue to use your car while the loan is outstanding.
In some states, title loans are also known as title pawns. However, auto pawns are not the same as title pawns. The former requires that you leave your car with a pawnbroker until you pay off your loan. Other terms such as pink slip loans, auto equity loans, and auto collateral loans are essentially the same as a title loan.
A lien-free car title is a title without any liens. A lien is a legal claim on a property by a creditor. Having a lien-free car title means that you own your vehicle outright without the threat of repossession or seizure.
As of August 2017, title loans are legal in 23 states with various limitations. These states include Alabama, Arizona, Delaware, Florida, Georgia, Idaho, Illinois, Kentucky, Mississippi, Missouri, Minnesota, Montana, Nevada, New Hampshire, New Mexico, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, and Wisconsin.
Titlelo makes applying for a title loan simple and straightforward. You can apply online or gives us a call at 855-341-4500. If you choose to apply online, all we need are your name, email, telephone, zip code, and information about your vehicle. If you decide to apply by phone, we’ll need the same information but you’ll have the added benefit of hearing our voices!
No, we do not check credit before pre-approving our applicants for a title loan. However, our lenders may require a credit check for applicants who reside in certain states. The good news is your credit rating will not affect your ability to qualify for a title loan. In most cases, your credit rating will help lenders determine how much you can borrow and your cost of credit.
That amount of money you can borrow is dependent on a few factors, including the value of your vehicle, the condition of your car, and the state where you reside. Generally, applicants can borrow from $200 - $25,000. To get a more accurate range, please call us at 855-341-4500.
Yes, you can definitely drive your car during the course of your title loan. In fact, that’s one of the leading advantages of a title loan as opposed to other types of loans. Unlike auto pawn loans, you don’t have to worry about giving up your only method of transportation while you continue making payments.
Titlelo makes the loaning process simple and swift. To begin, complete our application found here. Once finished, a representative from Titlelo will call you immediately to verify your information. We will then connect you with a local lender who will then inspect your vehicle and determine how much you can borrow. Upon approval, you will receive your funds in your bank account or by mail. When you pay off your title loan, you will regain your vehicle title and you can live happily ever after.
Pre-approvals for title loans are instant. However, getting fully approved make take up to 24 hours as lenders need time to inspect your vehicle, underwrite your loan and verify your personal information. Once you’re approved, you can bet you’ll get your funds as soon as possible.
Yes, vehicle inspections are required for loan approvals. Our lenders perform vehicle inspections to better appraise the value of your vehicle. The market price of your car is the most critical factor in determining the amount of money you can borrow. Without an inspection, a lender may be hesitant to loan against your vehicle.
Yes, we do offer title loans for applicants with bad or no credit. We understand that people make mistakes and we believe that FICO scores shouldn’t prevent people from getting help when they need it the most. That’s why we’ve partnered with lenders who share the same ideals. No matter what your score is, Titlelo is ready to help.
Our lenders use a variety of methods to get you your money quickly. Depending on how you choose to receive your money, it can take as little as a few minutes to a few business days. If you decide to accept a check, you will get your money in minutes. If you select an electronic deposit via ACH, you will get your money within two to three business days. All other payment options usually take three business days or more.
That’s perfectly fine with us. Titlelo can connect you with lenders that can refinance your existing title loan and save you money. Refinancing a title loan means finding a new lender that will pay off the amount you owe to an old lender. The balance from the old title loan will then be transferred over to a new title loan with lower interest.
Yes, you are able to get a title loan on both vehicles. However, Titlelo does not recommend this option. Title loans are typically restricted to one vehicle per company. To get a title loan on a second car, we would have to connect you with a different lender in your state. We believe applying for two separate title loans carry a higher risk to your financial situation, and therefore, we’re firmly against this option.
No, there are no loan-processing fees associated with applying for a title loan. Applying online or by phone is entirely free. However, there may be fees accessed by our lenders when you are approved for a loan. These charges are usually levied if you fail to make timely payments or if you choose to renew your loan after its due date.
For the pre-approval process, we will need your personal information (name, phone, email, and zip code) and your vehicle information (make, model, year, and estimated mileage). Once you’ve been prequalified, our lenders will require you to have a valid government-issued ID, a lien-free title, and proof of income. In certain states, you may be required to also bring proof of insurance, proof of address or proof of registration.
No, you don’t need to be employed to get a title loan. Other forms of income such as disability, social security, child support, alimony, unemployment, and self-employment are accepted as long as you can provide proof. Although we do have lending partners who will approve loans for people with no source of income, Titlelo doesn’t recommend this option since we consider it high-risk credit.
Yes, you can qualify for a title loan without having a bank account. Our lenders will only require a bank account if you choose to receive your money via ACH. Other than that, you should have no problem qualifying for a title loan without a bank account.
Yes, you may still qualify for a title loan after filing for bankruptcy. Unlike traditional loan options, title loans are not limited by your bankruptcy status as title loans are collateral based loans that rely on the value of your vehicle to secure a loan. In essence, the value of your car is your creditworthiness. Our lenders will be more than happy to process your title advance just like any other applicant.
Yes, the vehicle title does have to be in the name of the person who is requesting the loan. If your title has your name along with someone else, please contact Titlelo to find out what procedures are required to obtain a title loan in your state. Typically, titles with two names are accepted as long as both names are on the title loan application.
No problemo. In most cases, our lenders are still able to process your application even if your vehicle is registered in a state in which don’t reside. However, there are special instructions that need to be followed on a case by case basis. Please give us a call at 855-341-4500 so that we can walk you through them.
No, your vehicle does not have to be paid off before you can apply for a title loan. However, Titlelo does recommend it. This requirement is necessary for most title loan lenders. Without a vehicle that’s been paid off, lenders won’t be able to place a new lien on your title. That means they won’t have any recourse in the event of a default.
Yes, title loans are available to you even if your title is not clear. In certain states, our lenders offer 2nd-lien title loans. This type of loan allows you to qualify for a title loan even if you are still making payments on your vehicle. However, Titlelo does not recommend this option as we consider it a high-risk loan.
The way in which you pay for your loan depends on the payment option your lender has available. Most lenders allow you to pay online or by phone. Other lenders with physical locations will allow paying your title loan in person. A few of our lenders accept payments via direct deposit or money transfer services like Western Union and Moneygram. Your lender will provide you with this information after you have been approved for a title loan with them.
In most cases, our lenders allow applicants to cancel their loans within 3 days of receiving their advance. If the original principal is paid before the 3-day grace period, you won’t be liable for any interest charges. However, keep in mind that not all lenders allow this option and the ones that do may have an early cancellation fee.
Title loan terms and due dates vary by state. Our lenders will provide you with this information after you have been fully approved for a title loan with them. Usually, loans are due within 30 days unless you request a longer loan term.
Most of our lenders will not charge a prepayment penalty. A prepayment penalty is a fee that is accessed when you pay your loan before its due date. Titlelo tries its best to do business with lenders who will not charge a prepayment penalty.
If you are late with your title loan payment, you may be charged additional fees. The number of fees will vary by state and lender. In addition to being charged a fee, there may be other consequences if the loan remains unpaid. Our lenders may choose to report your delinquency to all or one of the three credit bureaus, submit your information to a collection service, or seize your vehicle and sell it to a third party.
Your lender will return the vehicle title to you once you have finished paying off your title loan in full. If you complete your title loan with a lender that has a physical location, you will usually receive your title back immediately. If your title loan was completed online, it might take a few weeks to receive your title back in the mail.
Titlelo is not your ordinary title loan processor. We have partnered with multiple lenders to provide you with the most competitive offers from around the country. We believe this business model is best for consumers as it simplifies the title loan process and enables our users to access much-needed funds without the hassles of dealing with sketchy or untrustworthy lenders.
Titlelo is an online company that is located in Ft. Lauderdale, Florida. Our specific address is 3000 NE 30th Place, Suite 104 Ft. Lauderdale, Florida 33306.
You can speak with a live representative by calling us at 855-341-4500 or chatting with us online.
Absolutely! Titlelo takes great pride in protecting the information of our users. We never have and never will compromise your personal information. You can rest assured that your data is being guarded with the highest and most advanced encryption methods. Your information is safe with us.