- Since many people are facing financial difficulties and in need of money, they are looking at various financing options. Title Loans are one of the most popular emergency loans. However, many people do not have enough time to visit the lender’s store. Is it possible to get Title Loan online with no store visit? Our guest today, the chief editor of Maggie Loans and well-known financial consultant Maggie Gallagher, will answer this question! Hello Maggie, how are you today?
- Hello,William! Wonderful, thank you. I am always glad to have new opportunities to tell people about the lending market and answer the most popular questions. Today I will be glad to talk with you about Title loans.
- Maggie, could you tell us some basic information about this type of loan so that borrowers who aren’t considering this option can get everything they need?
- Of course! A Title Loan is a secured type of financing for people with any type of credit. For the duration of the loan, the borrower must temporarily transfer the title of his car to the lender. He will be able to get the title back when the debt is fully repaid. You should also be aware that a Title Loan is a short-term type of financing that often has to be repaid within 30 days. That is why the borrower must be sure that he will be able to pay the debt on time before applying.
- Maggie, that’s an interesting question. What is the difference between a traditional Title Loan and a No Store Visit Title Loan?
- Yes, I agree with you, the question is quite interesting and it is very important to know the difference. When applying for a traditional Payday Loan, the borrower will need to bring the car to the nearest location of the lenders in order for specialists to conduct a physical inspection of the car. The Online Title Loan has a completely online application, which means the borrower does not need to travel to the lender’s store. A physical inspection is not required, and instead, the borrower is only required to provide recent photographs of the vehicle so that the lender can assess its condition. If you want to find out more details about no store visit online car title loans, you can visit our Maggie Loans website or message me directly.
- So the entire lending process can be completed entirely online?
- Quite right! Now the borrower does not even have to go to the lender’s store to receive the money, as the loan amount will be transferred directly to his bank account.
- It’s just incredible and very convenient, isn’t it? However, can a borrower with bad credit, for example, take advantage of the online financing option?
- Undoubtedly! Since the online Title Loan is secured by collateral, lenders have a guarantee that the debt will be paid on time. Thus, lenders often do not request a traditional credit check at all, as the most important factor influencing approval is income. That is why borrowers can get Online Title Loan no store visit even with a bad credit history.
- Maggie, what about the eligibility criteria? Will it be necessary to collect a large amount of documentation in order to get a no store visit Title Loan?
- Not really. This loan is quite easy to get, and most often the eligibility criteria are minimal. For example, the borrower must be a U.S. citizen or legal resident who is at least 18 years old, has a regular monthly source of income and an active bank account, and must provide identification and a social security number.
- What about car documents?
- It’s good that you asked about it, name! Of course, in order to be approved, the borrower must also provide vehicle details such as original vehicle title with solo ownership, current registration, government issued identification matching the name on the title, insurance proof and proof of residency matching the name on the title.
- Maggie, another important question that concerns most of our readers. How much does an Online Title Loan no store visit cost?
- Of course, an Online Title Loan costs less than a Payday Loan, for example, because it is secured, but it is still quite an expensive type of financing. Average interest rates are around 300%.
- Indeed, potential borrowers should consider whether they can repay this debt on time. And how much can they get with the Title Loan?
- The amount of the loan is not unambiguous and varies depending on the value of the car, its condition, the lender and the state of residence of the borrower. As a rule, the borrower can receive from 25% to 50% of the value of his car. Typically, the average Online Title Loan ranges from $100 to $5,000, however, some lenders offer loans up to $10,000.
- Perhaps the last question for you, Maggie. Is a Title Loan no store visit safe?
- Definitely, the entire online process from filling out the funding application is completely safe, but this loan still comes with certain risks. The danger of this type of financing is that the Loan is secured and the borrower’s car is the collateral. Thus, if he fails to repay the loan on time, the lender will be able to take the car in order to consolidate the debt on the loan.
- Thank you very much Maggie for taking the time to meet and interview for Newschool.edu. See you soon!