Title Loan From Progressive Loans

Title Loan

Need cash urgently? Worried about your credit Score? Use your car title loan for instant cash!!

In this era when everybody is working hard to live the above the standard lifestyle, there arises a situation in almost everyone’s life where they have to make urgent payments like:

Mortgage Or Rent
Cosmetic Needs
Medical Bills
School Supplies
Repairs
Vacations
Legal Fees
Household Requirements
Emergencies, Etc.

If you have the required cash to bear these expenses then you are lucky! In case you are short of money, then applying for an instant cash loan will be helpful. If you are not a salaried individual then you do not qualify for a payday advance cash. In this dread situation, your only option left is car title loan.

Internet is the rich source of information where you can even find out the various title lenders easily and quickly. These lenders are 24*7 ready to help you and offer you instant cash in the form of car title loan.

Why a car title loan is a great idea?

There are large array of benefits of car title loans, especially for those people who encounter with any kind of emergency situation but don’t have enough money available to them. There are a few scenarios that totally justify that why a car title loan makes a great idea.

Easy to qualify & Easy to process!!

This type of loan is very easy to qualify for any individual. Any title lender would be happy to assist you in the loan process if you own a car and do not owe anything else on that car. The process of applying for the loan is very easy. All you have to do is fill out a form for car title loan. It will just take a few minutes.

Instant Cash with no hassle!!

Car title loan will provide you instant cash. It does not take more than a few minutes in order to get the loan approved if you meet the minimal requirements. After the approval the funds are transferred directly in to the bank account. You can also get the money from the title loan office.

For Prepayment No Penalty at all

There is no penalty if you prepay the loan amount. You can prepay it anytime. In the case of prepayment, you just have to pay the interest for the number of days you kept the loan amount.

For example: if you want to repay the amount within the 20 days, you’ll be charged interest for 20 days only.

You would not encounter with any problem even if your credit score is bad. You will be surprised to know the fact that people who have bad credit score can easily qualify for the title loan. No lender will check your credit score. Title loans have become the best loan option for people who possess bad credit score.

How do car title loan works?

You can apply for car title loan either online or at a physical office of the lender. There are a few steps that need to be followed and the steps are:

Step 1: In order to get the title loan you’ll need to show the lender:

An Application form
The Car that you own
The title to your car
Your photo ID

Step 2: If the lenders approves your loan, he or she will keep the title of your car and give you the loan amount.

Step 3: When it comes to the loan repayment, you will have to pay the loan within 30 days with a monthly fee of the lender.

How much a car title loan costs?

It depends on the lender you choose. Some lenders take as much as 25% of the amount that you borrowed from him.

For example: If you borrow $5000 for 30 days and the monthly fees is 25% then the amount you’ll pay to the lender is: $5000×25%=$1250+$5000=$6250.

How to compare costs?

Almost all types of loans have annual percentage rate. This rate is known as APR. The APR will let you know how much it costs to borrow the money for a year. At the time of title loan application submission, the lender company must tell you about the APR.

APR comprises of:

The amount you borrow
Monthly interest rate
How much you pay in fees
How long you borrow the money

Can I still qualify even if the car is under a title loan from a different company?

The answer to this question is YES!! As long as there is enough equity in your car, you can qualify for the loan. There are a few lenders in the market that are interested to offer you title loan even if your car’s tile is under a loan from the other lender company.

Lenders understand that each and every borrower’s situation is different. You just have to discuss your requirements with them so that they can work out in a better way.

How much money one can borrow?

The amount of the title loan depends on the value of the car. Lender Company will first inspect the value of your vehicle. Then, the company will make an offer based on the condition of your vehicle. So, make sure that your vehicle is clean as well as in good shape before the evaluation process.

Generally, most of the lenders make a proposal of the 50% of the value of your vehicle. They do this because they have to make sure that if you cannot pay the amount back, they can get enough wiggle room to recover.

What if I cannot repay the amount in the specified period of time?

If you fail to repay the amount then the title loan lender company will let you borrow the amount for the next 30 days. This process is known as a ‘rollover’ the title loan. In order to rollover the loan, you will need to pay another monthly fee.

If you still fail to repay, the lender will assume the possession of your car. Although, you can still negotiate with the lender in case you are not able to pay the loan on time. They can lengthen the time period of your title loan.

If you cannot repay the title loan that does not mean a few people from the lender company will come at your doorstep and take your car on the first due date. In fact they will be interested in sitting with you and have a discussion of all the possible options. Always remember that they are very much interested in getting their money back than acquiring your car and selling.

Worried about Credit Check?

Title loan lenders will not perform any credit check for assigning your loan. Since they have your car as a guarantee, they do not pay any attention to your credit check. The only thing that matters to them is the value of your car. That’s why car title loan is the best option for the people who have to pay some kind of debts or have lost their job.

How to apply for the title loan?

Either search online or offline for a title loan lender and contact them. If you have found a lender online, you’ll just need to fill an online application form for title loan. Make sure you have read all the terms and conditions of the lender company before filling up the form. After filling the form, the lender may set up an appointment with you.

After the evaluation of your car, the lender will make an offer for you. If you are OK with the offer and agree on the terms, just sign the contract and get the money in the form of check or direct transfer to your bank account.

The title loan lender will also hand over the copy of the contract. Via this contract document, you will get to know about the loan amount, interest rate, duration, penalties and extra fees.

How to Get a Car Title Loan Online

There are several lenders who run their business online as well. Different lenders use different types of applications; however the overall information and the process required is same. You’ll need to put your personal information, your car information such as Company, Model, Colour, Mileage, VIN as well as your insurance into an online application form. Insurance information is necessary since the lender might need you to buy more insurance to your car. Some title loan lenders do not find it enough for your vehicle so they will even ask you to buy extra insurance on your vehicle.

After carefully filling up all the required information, submit this form. After that the title of your vehicle must be provided to the lender. Make sure the title of your vehicle is not salvage; it must be clear. There must not be any liens on your vehicle, as well. After completing this whole process, all you need to do is sit back at home and wait. If the lender also has a physical location, he will mail you for the further process. The process may complete online or you will have to visit their physical office to submit your car title as well as keys. The process will not take your much time since there is no credit check at all. Since your car is collateral and it is a secured loan, the title loan lender will not feel any risk associated with it.

Title Loan is more common than ever!!

This type of loan has become more popular since it has become difficult for the customer to borrow money from the other ways. It’s not possible for everyone to get credit card, rules and regulations are tightened towards the payday loans and credit score have become important in order to borrow money via other methods. Car title loan has become the lifeline for many people in the United States of America, nowadays.

You can still use your car!!

If you have taken a title loan on your car that means you have given up the title to the lender, which does not mean you cannot continue to drive or keep your car. The title loan lender to which you have borrowed money on your car title will treat the title of your car as collateral and return back to you if you have made the complete payment. Therefore, your routine line would not change at all.

Much Cheaper than Cash Advance

Payday loans can be an expensive way of borrowing money. As compared to the other loans, title loan known to offer lower interest rates. The main reason behind it is that the title loan is to the vehicles, using them as collateral. Therefore, Lender Company does not have to charge you high interest rates.

Fast payment Schedule

At the time of signing up the title loan contract, you will get to know about how much you’ll need to pay and by when. Most of the time people repay their title loan as soon as their next payday arrives. Number of paydays depends on the amount of loan you have taken. Most of the time people need a large number of paydays since they had taken a large sum of money. Therefore, if you have taken a small amount of money then you will be able to repay it very soon.

Pitfalls to Avoid:

Due to the nature of the internet insurance quoting which lends itself to a type of abstract information problem for the loan seeker, online title loan could be really difficult to navigate. Below are a few consistent problems regarding online title loan. You will also get to know how to avoid them.

Unclear Inspection for the vehicle: The main issue which comes with the title loan is regarding the proposed cost of the car. In this type of loan, title is used as collateral. Most of the online sites fail to specify the percentage of the value of the car a borrower is able to capitalize on. Due to this, some of the online sites are only misleading the borrower, nothing else. Thoroughly examine the website of the title loan lender. If you cannot see the particular value portion on the website, just approach the company straight away and ask them about how much they will offer to your car title if you put it up as collateral.
Data Trap: This type of problem is very common when it comes to the title loan. As an applicant you will have to fill a complete form that contains personal information in order to get an error-ridden, vague or even non-existent quote from a site. Once you have entered your personal information, the company will use all your valuable personal data which includes your name, address, income details and even credit history for marketing campaigns or pass it to the third party. Beware of these types of title loan sites online.
No Customer Service: There are a lot of title loan lending companies that do not have enough interest in offering good personal customer service or telephone service to their clients. These types of money lending companies are simply hoping for a careless borrower to reach their site and sign up on their site without doing further research. Do not act like these foolish people, but do search about whether the title loan lending company is holding or had reasonable amount of vehicle financing agreements or not. If you do not find the site legitimate, just leave and go elsewhere.

No Fine Print on the website: Some car title loan lending sites are tarnished for using the fine print in a illusory way. One of the main dangers associated with this type of loan is known as “rollover”. In the situation of “rollover”, the rest of the debt will get compounded and will be rolled out into the new one where interest rates are much higher than the previous rate you paid. Most of the consumers get caught in the debt spiral where high interest rates make sure that the debt can’t be paid off by the consumer. In the online title loan, these types of details are difficult to track down with the swanky images of cash and promises of future ownership of your vehicle. Look the following information in order to avoid the pitfalls:

o Read out the large as well as fine prints. Read out the time period for which the interest rate is calculates and how the interest rate is calculated. For example, if is mentioned 2% interest rate is calculated then it is fine, but check out is it 2% per month, this way it will be 24% per year.

o Read out what are the penalties for the late payments on your title loan. If your payment is due for the first time would it means they will take away your car? Does the interest on the title loan gets increased or any type of extra charged associated with the late payment condition.

o Read out what are the mediation rules and do you need to go through it. Is it possible for you to take down the company to the court when becomes necessary in future.

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*Title Loans are Available For The Following States: Alabama, Arizona, California, Delaware, Georgia, Idaho, Illinois, Kansas, Louisiana, Mississippi, Missouri, Nevada, New Mexico, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Wisconsin.