What You Need To Know About Online Lending
September 29, 2021 | Daniel Dewitt
Online lending is an extremely broad category for you to understand. When we are talking about online lending, we mean getting title loans to help with emergency expenses. But with that said, there are a few things you should know before you decide to head into the title lending world. Here is what you should know about online lending.
What You Need To Know: Online Lending Tips
1. They Are Great For Emergencies
Traditional bank loans aren't made with emergencies in mind. Their long-winded processes and stringent requirements make it tricky to get funding within a few weeks, let alone on the same day.
An online title loan from us in Mississippi Title Loans, Inc., comes with a simple process, allowing you to get money the money your emergency requires in less than 30 minutes. You can use title loans for things such as:
- Unexpected or higher than expected medical bills.
- Overdue bills that may incur late fees or penalties if left unhandled.
- Urgent travel costs.
- Car or home repairs.
2. Bad Credit Situations Are Welcome
Banks and credit unions usually require good to perfect credit scores. However, online lenders like us welcome all types of credit scores. Whether you have amazing credit or absolutely horrible credit, you can apply and qualify for online loans no matter your financial history.
If you do want to build up your credit before applying for title loans, it could take some time. FICO credit scores range from 300 to 850. If you have a score of lower than 579, you are said to have bad credit. To be honest, it's tricky to have good credit. Around 62% of the population have scored lower than 579.
There are five factors that affect your score. You need to rank well in each one to achieve a brilliant credit rating. The elements are as follows:
- Payment History (35%) — It shows how reliable you are with money by analyzing whether you consistently pay your bills on time and other factors. Missing your bill payments by just a few days can count toward a decrease in your score.
- Length of Credit History (15%) – This is how long you’ve had credit and how many times you use it.
- Total Amount Owed (30%) — The amount you owe on all your debts, including mortgages and court judgments.
- Credit Types (10%) — Mortgages, credit cards, car loans, and others.
- New Credit (10%) — All the credit you've recently applied for.
3. There Are A Lot Of Online Lending Options
Online lending covers a lot of options. There are so many choices in the digital lending industry, from title loans to payday loans to signature installment loans – which we happen to offer all three here. It's just a case of picking which one is right for you. There's bound to be something that suits your situation.
4. It's Easy To Compare Online Lending Options
Having an almost unlimited choice can be overwhelming if you can't easily sift through the not-so-great options to find the best. Thankfully, there are plenty of comparison sites available that allow you to clearly see the differences between them all.
5. There Isn't Laborious Paperwork To Go Through
The uncomplicated requirements mean there isn't much paperwork to contend with through the online lending process. You start the process from the comfort of your own home and then you can just head to one of our many Mississippi Title Loans, Inc. locations to finish up.
Not Sure What Type of Online Lending You Should Get? Try Title Loans
If you need same-day funding and own a car, title loans could be the right kind of online lending for you. With this loan, you can borrow a lump sum depending on the value of your vehicle (truck, car, or van).
All you need to do is ensure the car's title is in your name. If not, request a title transfer from the DMV, and then start the process by following the steps below:
- Complete the form and submit. It should only take five minutes or so. Wait for one of our loan representatives to give you a call. They will tell you about the process, define the documents needed, and answer your questions. Of course, you can ask queries at any point, but it's best to do it now.
- Head to the meeting place. It might be by you searching for ‘car title loans near me’ on our website or having us come to a more convenient location to you. Don't forget to bring your driver's license, lien-free title, and your car to the meeting. We won't be able to give you one of our title loans otherwise.
- Sit down with a loan representative who verifies your information and examines your vehicle to determine whether you qualify and the specific amount. If you're eligible, you sign some documents and receive the dollar amount you need either the same day or the next bank business day.
Secure Title Loans For Emergency Help Today!
If you are hit with emergency expenses and cannot handle them on your own, turn to online lending. Our title loans from Mississippi Title Loans, Inc. can really help get you out of a bind. Hopefully, now you have enough information to make an informed decision. If you do decide to check out title loans, fill out our online form now to get started.