Title Loans in Madison, WI
Most people assume they couldn't qualify for any kind of loan if they aren't currently working. However, that's not always the case. For instance, you might have other sources of income that still qualify for title loans in Madison. Lenders may show preference to borrowers that are currently employed, but car title lenders often accept several other types of income like Social Security, unemployment benefits, disability benefits, pension income and so on. If you need extra cash this month to cover new purchases, pay off a few bills or anything else, it may be worth your time to discuss your needs and income with a professional car title lender like Loan Cheetah. You won't be charged anything upfront to apply, and loan interviews are also free. As long as you have the clear title to a working vehicle that you own, you've already passed one of the loan requirements for title loans. Overall, auto title loans are much easier to get than traditional loans that have more restrictions on qualifying. Qualified borrowers can also get their title loan cash the same day they turn in an application, which is really quick compared to bank loans.
How the Application Process Works for Madison Title Loans
You can choose to apply over the phone or use our short and convenient application for online title loans. Just fill out the following fields of information when you have a few spare minutes:
- Your name and a phone number where we can contact you.
- A description of the vehicle you want to use as collateral, which includes a mileage estimate, the year your vehicle was manufactured and the make, model and style.
After receiving your application information, we process the application and provide a free car title loan estimate to give you an idea of how much money you could stand to receive based on your car's information. You can expect to receive a call from a loan representative who will guide you through the loan process for title loans in Madison and get you qualified for the loan.
Wisconsin Legal Regulations
When loan approval is received, you'll be asked to meet with a loan representative at a nearby loan store. At this time, you will need to turn over your paper car title to meet collateral requirements for the loan. State auto title loan regulations require approved borrowers for title loans in Madison to receive and sign a written contract. In accordance with regulations, contracts must include all the terms of the loan and any special agreements.
title loans in Wisconsin are usually taken out for 30 day periods, but arrangements can also be made to extend the terms of the loan by 30 day increments. Wisconsin has no cap on interest rates. Typically, the lender and the borrower must come to an agreement on the interest rate. The state limits loan amounts to $25,000 or about 50 percent of the vehicles value used as collateral.
Do Vehicle Title Loans Offer Advantages Over Other Types of Loans?
- A Fast Loan Process
Title lenders can process loans far faster than credit unions and banks because we don't have as many rules, restrictions and credit to deal with. Most title lenders can easily process and pay out a loan in a day. We pay out the day we receive your application.
- Credit Is Not Considered for Loan Approval
For most people, applying for a loan can be stressful because they worry that their credit rating won't meet the standards required by the lender. However, that's not the case with auto title loans. A title loan never requires a good credit score or credit history because loans are secured by the borrower's vehicle.
- Borrowers Keep Their Cars While Repaying the Loan
Loan Cheetah does not restrict driving or take your car during the loan period. We believe it's more important that you retain the use of your transportation to earn a living and continue with your normal lifestyle.
- Customers Enjoy Better Loan Rates With Bigger Loan Amounts
As an incentive for securing a loan, title lenders reward borrowers with bigger loan amounts and competitive interest rates. Having a larger loan amount often provides you with more flexibility and more financial options than a smaller loan amount.
- Neighborhood Loan Stores
The only time you need to visit a loan store is to sign a contract and close on the loan, but we do have several loan stores scattered throughout the city for your convenience.
Title loans in Madison are a great deal with no credit qualifying and same day cash.