Financial emergencies are not rare cases and yet many fail to prepare for them. If you’re in the same situation, you have probably exhausted all options to get access to a loan. Don’t worry, though, because there’s still a way.
If you own a vehicle or a motorcycle and have a steady income, Utah Money Center and other lending companies say that you might have access to title loans. This allows you to hand over the title of your vehicle as a form of collateral for your loan. Here’s what you need to know about it:
Requirements for a Title Loan
- You must be 18 years or above
- Your name must be on the title of the vehicle or motorcycle
- You do not necessarily need proof of employment, but you should have a steady income to show that you can repay the loan
- If the application is online, give your Individual Taxpayer Identification Number, valid Social Security Number, and other documents
- If the application is offline, you may need to mail the physical title once the application is successful
Title Loan Lending Process
Getting a title loan is simple. All you need is to take your vehicle or motorcycle as well as the lien-free title to the lender. Fill out an application, while the lender does a quick appraisal of your vehicle or motorcycle. They will set the cash you’ll get based on your needs and value of appraisal.
Once they approve the loan, you’ll receive the money and still be able to use your vehicle or motorcycle. After paying the loan, they’ll return the title to you. They have the right to take your vehicle or motorcycle though if you were not able to pay completely on time.
Do not allow your expenses to overdue, apply for a title loan and clear your bills on time. This could be the answer to your emergencies. The process is easy, and there is nothing to fear so long as you know you’ll be able to pay back.