Today’s lending world is quite different than it was 15 years ago. Banks and other lenders were much more liberal with their lending practices until the economy began to fall apart in the late 2000s. Fast forward to 2017 and trying to obtain a loan is much more challenging. Borrowers need to have excellent credit and payment histories to be approved. Car title loans have become more popular over the past decade because it’s not a requirement to carry out credit checks for approval of credit. To complete a car title loan, a borrower must be willing to offer a vehicle as collateral.
Applying for a car title loan is rather easy. At Embassy Loans, which has helped tens of thousands of customers obtain car title loans, and you can complete the process in one of two ways. Potential borrowers can call the company directly, and an agent can help them fill out the application. Customers may also complete an application online. Filling it out takes just a few minutes.
The application asks for the typical information including an applicant’s name, address, and contact information. Applicants must prove their residency and can do so by submitting a copy of a utility bill, for example. The application also asks for extensive details of the vehicle including its year, make, model, and VIN, or vehicle identification number. Once completed, the application is submitted and the next step of the process can occur.
That next step is to obtain a value for the vehicle you are using as collateral. Individuals can get an idea what their car might be worth by checking blue book values. Embassy Loans will assign a value similar to typical blue book values, and then the loan agreement can be finalized. The borrower can pick up the money at the MoneyGram location closest to them.
The entire process of obtaining a car title loan is very easy. The quick and easy process is one of the benefits of car title loans. In many cases, applicants can get their money within an hour of filling out their application. Car title loans are a great way to get access to fast cash.
Car title loans are also great because they do not require the review of an applicant’s credit history. A vehicle used as collateral provides security for the loan, so approval of the car title loan is not dependent upon the borrower having an excellent credit score. The downfall to a car title loan, of course, is that if a borrower fails to make repayments, the lender can take possession of the vehicle. Repossessions are rare, but lenders must be able to recoup their losses in the event of a default.
If you are searching for access to cash quickly and own a vehicle, check into car title loans.