Title loans are a type of secured loan, in which the borrower uses their vehicle as collateral. The vehicle could be a car, truck, RV, or even a motorcycle depending on the lender! Title loan lenders typically offer fast funding to approved borrowers, often within 24 hours or less, because the loan is secured by the borrower’s vehicle. So, if you are wondering- “how fast can I get funded with a title loan”? The answer is it depends, but it is usually quick!
The process of obtaining a title loan is usually relatively quick, as the lender will generally only require proof of ownership of the vehicle and a clear title, as well as some personal information and possibly proof of income.
To get funded with a title loan, you will typically need to bring your vehicle, the title to the vehicle, and some personal identification to a title loan lender. The lender will then evaluate your vehicle and determine the amount of the loan based on the value of the vehicle. Once the loan is approved, the lender will typically provide the funds to you in cash or via direct deposit to your bank account. In some cases, you can even pick up your title loan funds in person.
What Do I Need to Get Fast Funding with a Car Title Loan?
The faster you can obtain the documents you need to qualify for a title loan, the faster your loan could be processed and approved if you qualify! If you think about it, title loan agents can only work as fast as you do. While you can apply for a car title loan online, you are still required to submit a few documents to verify things like your income, your car’s value, and your information.
The specific documents required to apply for a title loan can depend on the state you reside in and the lender you choose. In general, however, you may be asked to provide the following documents when applying for an auto title loan:
1. Proof of Valid Identification: This may include a government-issued photo ID such as a driver’s license or passport.
2. Proof of a Steady Income: Lenders will want to see that you have a steady source of resources to repay the loan. This may include pay stubs, tax returns, or other alternative documentation of your income.
3. Proof of Residence: You may be asked to provide proof of your current address. Typically, most applicants will submit recent official mail, such as a utility bill or rental agreement.
4. Car Title: At the time of your application, the car title will need to be in your name. If it is not, you may need to pay your local DMV (Department of Motor Vehicles) a visit to get it in the right shape to apply.
5. A Few References: In some cases, a lender may ask you to provide a few references that can vouch for your financial character. Those references could be personal or professional, but you can submit both if you choose to.
It’s a good idea to gather all of the necessary documents before applying for a loan, as this can help to streamline the process and increase your chances of getting approved. Be prepared to provide any additional documentation that the lender may request. You may be required to provide different documents depending on your state of residence.
But if you are wondering how fast you can get funded with a title loan, you need to do everything possible to speed up the process! Before you apply, collect all of your documents and set them aside.
Apply for Online Title Loans and Find Out if You Qualify for Fast Funding Today
Applying for fast online title loans could be a breeze if you gather all of the necessary documents ahead of time! You can apply for a title loan in person or online. However, many applicants prefer applying for title loans online because it can be faster and more convenient.
If you need fast funds in one business day, you can apply for a title loan online! No need to leave your house to obtain fast funding near you.
