Title Loans Los Angeles, California
The need for some additional cash once in awhile is a problem many of us will face at some point in our life. Whether we racked up too much money on our credit cards, we have unexpected medical bills to pay, or are in need of some extra money for a move, wedding, or other big life event, sometimes we just don’t have enough money in our bank accounts to cover the costs.
For many people, there are credit card or personal loan options. For the very lucky individuals, they can borrow money from family or friends. But not everyone has access to these kinds of loans. For many others, credit scores prevent us from qualifying for bank loans or lines of credit.
Luckily, for those people, there are car title loans.
What are Title Loans Los Angeles?
A car title loan is a kind of secured loan that allows individuals to receive cash without needing to consider their credit score or financial history. With any secured loan, an item or possession is used in exchange for the loan. In the case of a title loan, or a “pink slip loan,” the title of a vehicle is used as collateral.
Title loans California work in much the same way as a mortgage would. When you want to take out title loans online, you would simply apply using the information of the vehicle you are looking to take the loan out on. Your loan provider will consider the overall cost of the vehicle and determine how much money they are willing to give you as a loan.
To receive the loan money, you give your loan provider the pink slip of your vehicle. As the collateral for the loan, the provider will hold on to the title until you are able to repay the money that you borrowed. Although they are holding the vehicle’s title, you are still able to drive and use the vehicle as you normally would.
When you repay the loan and the additional interest, your loan provider will give the title back to you. At this time, you are free to take out another title loan or sell the vehicle if you wish.
What are the Benefits of Title Loans Los Angeles?
A title loan can help anyone in need of extra cash, especially for individuals in need of money quickly or who may not be able to qualify for other kinds of loans. If you’re considering getting a title loan on one of your vehicles, here are just a few of the benefits it may bring you:
- Easy Application Process: The application process is short and to the point. Because you don’t need to fill out countless documents proving that you can afford to repay the loan, you can complete a successful application in just a few minutes.
- Credit Won’t Hurt You: With a standard bank loan, your credit score is used to determine how financially stable you are and how likely you are to successfully pay back the money provided to you. While some people do not struggle finding creditors who will give you the money you need, others with very low credit scores may have a very difficult time. In the case of title loans, your credit score won’t influence if you can get extra cash or not.
- Minimal Requirements: To qualify for a title loan, you only need to be the owner of a vehicle. Vehicles that you can receive a title loan on include cars, trucks, motorcycles, SUVs, RVs or even boats.
- Simple Repayment Plan: Because a title loan is typically considered a short term loan, the repayment plan will be set in place before the loan is finalized. This will give you a clear path to repayment and getting your car title back so you can begin planning how you will repay the money as soon as you receive the loan. Knowing the due date of your loan can help you avoid late payments or increased interest rates.
- You Can Still Drive Your Car: A car title loan allows you to receive the cash you need without needing to give up your vehicle. For someone that only has access to one car, keeping your car throughout the loan is crucial for getting to work and performing other day-to-day tasks. With a car title loan, you can get the best of both worlds.
- Get Your Money Quickly: Probably the biggest appeal to title loans is how quickly you can receive the money. Because the application process is so short and requirements are at a minimum, loan providers can clearly see who qualifies for a title loan and who does not. Unlike credit scores, there is no gray area on who can receive a loan, so the process can run smoothly. If you’re in need of money in just a few days, a title loan may be right for you.
- Use the Money as You Please: Unlike many loans out there, a title loan is not given with the purpose of paying for a certain item or event, such as student loans for education or home loans for purchasing a house. With a title loan, the money you receive from the loan is yours to spend however you need it. Whether you’re in need of extra money for rent or you just want to buy some nice gifts for your friends and family members, the money you receive from your title loan is all yours.
These are just a few of the many benefits of car title loans. Consider what benefit some extra cash could do for you this month.
Applying for Title Loans Los Angeles
As we’ve briefly mentioned, applying for title loans Los Angeles is quick, painless, and easy. To start an application, you can fill out the online form here at LoanCheetah.com.
The first few questions of the online application will ask for the details about the car you are looking to pawn. Because the amount of money you receive from a title loan is dependent on the overall value of the car, using a nicer, newer, or more expensive vehicle will allow you to receive more money for your title loan.
To complete the form, you will need to give contact information that Loan Cheetah can reach you at. They will need to know your name, zip code, and a phone number to call you on.
After submitting your application, you will receive a pink slip loan estimate. This number can help you decide if you would like to move forward with the title loan process or if you would like to use a different vehicle to receive more loan money.
Once your application has been submitted, a Loan Cheetah representative will contact you to work out the final details of the loan. Your loan representative will help you create a repayment schedule and discuss your interest added to the loan amount. This phone call will also give you the opportunity to ask any questions you may have about the title loan process.
What Happens if I Can’t Repay My Title Loan?
As a secured loan, a title loan has collateral to give your loan provider security in knowing that the loan will be repaid. Even though you agree to the loan terms, circumstances do arise when you fall short on a payment, miss a payment, or are even forced to default on the loan.
Missing a payment or two is not a huge deal. In most circumstances, your loan provider may decide to increase the interest rate of the loan to put more pressure on you to make your payments. If you continue to miss payment due dates, the interest will continue to accumulate and you could end up spending much more on the loan than you originally intended to.
In the event that you miss too many payments, your loan provider may have the car repossessed to force the missed payments to be made. At this time, repaying the money that you owe can result in getting your vehicle back. If you are still unable to make the payments and you’re forced to default on the loan, it can be sold to cover the entire cost of your debt. If the car is sold, you will not be entitled to receive any additional compensation from the car.
While these circumstances are only for extreme cases, it is important to know the consequences of defaulting on your title loan. You should not enter into a title loan agreement that you will be unable to follow through with. Be smart about the deal you make with your loan provider and do your best to make your payments on time and in the full amount.