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This year, it was reported that Louisiana has the second worst economy among all states. Several contributing factors include high unemployment rate and lack of growth in science and tech industries. Like the rest of the Southern region, majority of the residents in Louisiana work in low-income industries. This is why it is not surprising that residents without well-paying jobs are forced to look for quick access to cash when times get rough.
A car title loan may just be the perfect solution for this kind of situation. For one, it offers a fast and easy process to borrowers. One of the biggest benefits of applying for a title loan is that it can be completed in a short period, sometimes as fast as just 10 minutes.
apply nowApplying for car title loans online shouldn't be difficult. Complete our simple online application and enter basic information about yourself and your vehicle. Once you're pre-approved, one of our friendly experts will contact you.
Titlelo will assess your needs and match you with the best lender in your area. Once you've accepted the terms and conditions of your lender, we'll help you gather everything you need to make the process simple and swift.
Visit your local title lender and bring your title, ID, and any other required documents. Review and sign your loan documents and get the cash you need instantly. Drive away with your car and get back to what matters in your life.
Unlike other types of loans, Kansas title loans do not look at a borrower’s credit history. The vehicle title will serve as a collateral to ensure that the borrower will pay the loan back. But it does not mean that the borrower also needs to surrender the car. Using the title as collateral should be sufficient to provide a layer of security to the deal.
In Louisiana, there are hundreds of lenders offering payday loans and cash advances. However, these types of loans do not ask for a collateral, so the interest rates they charge are a lot higher. In the long run, this may do the borrower more harm than good. On the other hand, title loans are secured, so lenders tend to offer lower interest rates. This makes title loans a far better choice to suit the financial needs of Louisiana residents.
apply nowOnline car title loans work similarly to a traditional bank loan or personal loan, with a few noteworthy exceptions. For one thing, title loans generally don't require a credit history or good credit.
The main exception, however, is that the borrower's vehicle serves as collateral. The financial institutions offering this type of short-term loan often offer larger loans at lower interest rates.
You can easily apply for Louisiana title loans online if you're the registered owner of a debt-free vehicle. Car title loans are a form of vehicle equity.
When you're applying for Louisiana loans online, the list of requirements is relatively short. Most providers of Louisiana title loans only have three significant prerequisites, namely:
It's worth noting that some companies may also ask for proof of residence within state lines when applying for online title loans in Louisiana. Generally, most companies will be happy to help you as long as you meet the three criteria listed above.
Whenever you apply for Louisiana title loans, you require specific documentation. Specifically, it would help if you had the following:
Your vehicle's lien-free title document.
Your car's registration document.
A copy of a valid, government-issued identification document.
Bank statements, or another form of proof of payment, verifying that you have a monthly income.
A proof of residence documents like a utility bill or rent agreement.
Some providers of title loans in Louisiana may also ask for additional documents so they can see if you'll be able to make the monthly payments. Unlike conventional secured loans, most title loan companies have no interest in your credit scores.
It's worth noting that some lenders may request references before offering you a loan. They take this step to ensure that most people know you as trustworthy and you're likely to repay your loan.
You can only apply for a title loan if the vehicle title is in your name. The loan terms on title lending specifically state that only the vehicle's owner can take out a loan using it as collateral.
Assuming someone gave you the car, you can have them sign the title over to you and then proceed to get your loan.
If you lost or damaged the title document somehow, you could apply for a replacement at your nearest office of motor vehicles (OMV). The processing fee for this transaction will be around $76, and it may take several weeks before you receive your new title loan.
You can only apply for a Louisiana title loan if you own a vehicle title and have the corresponding paperwork.
If you have bad credit, you can still easily apply for a title loan in Louisiana. Most lenders won't do a credit check if the vehicle title is free and clear.
Since this kind of loan relies on vehicle equity rather than credit, it's the ideal short-term solution if you need instant cash or emergency funds. You can get instant approval, but you'll still need to prove that you have a source of income.
When you apply for online title loans, you shouldn't expect any specific amount. Once the loan provider has determined that you meet the basic requirements and qualify for a loan, they'll consider the value of your car (your positive equity) and how much you earn monthly.
They'll then use this information to determine how large a loan they can safely give you. If a lender tries to provide you with more money than you could pay back, that's highly suspicious. At most, they should offer you around half of your vehicle's worth.
The best deal you can expect will be from around $500 to about $5000, depending on your car's value and condition (for example, low mileage equates to a more valuable vehicle). Some providers offer exceptionally high amounts of up to $25,000.
While there aren't all that many laws regarding car title loans in Louisiana, the law does have a few things to say to ensure that lenders don't give out more money than borrowers can safely repay.
The short version is;
Title loans must be at least $350. This law protects borrowers from taking out small amounts of excessive interest rates.
Lenders must keep the interest rate on this type of loan below or at 36%. This rule ensures that Louisianans won't suffer under interest rates as high as 90%, unlike some other States.
Lenders cannot penalize Borrowers for paying monthly installments early or late.
By law, lenders can and will repossess your car if you default on your payments. However, they must give you appropriate notice and meet you in a neutral place to take possession of the vehicle. They must also give you sufficient time to remove personal effects from the car without penalizing you for that time.
There are a couple of reasons why people may prefer getting title loans in Louisiana to other types of loans. Some of these include:
One of the fantastic things about online title loans in Louisiana is that the law sets interest rates. A lender can charge you a maximum of up to 36% interest.
The law also sets the minimum loan amount, which must be at least $350. In other words, a $350 loan, with a 30-day length, can accrue a maximum interest of $122,50.
Your vehicle is an essential part of your day-to-day life, and if you're going to be using it as collateral for car title loans in Louisiana, you need to ensure that you're using a reliable lender.
At TitleLo, we work with many trustworthy Louisiana title loan providers throughout the United States. So, if you're looking for dependable online car title loans, please get in touch with us.
We'd love to help you apply for a title loan online through our quick and easy application process. We work only with the best title loan companies, so you can rest assured that the loan terms are good and there are no hidden fees.