Who Can Qualify For An Online Car Title Loan?

April 22, 2021 | June Mckaig

online car title loan

 

If you’ve suddenly found yourself facing financial troubles, you might be wondering if you could get some cash together and fix it by applying for a car title loan.

The answer is very likely yes. It doesn’t take much to qualify for a title loan. As long as you satisfy the few requirements Mississippi Title Loans cares about – which the list is much shorter than with bank loans – you could get approved and get the cash the very same day you apply.

And you could do it from the comfort of your own home by starting to apply for an online car title loan. Just make sure you’ve exhausted other possibilities first.

When Should One Apply For An Online Car Title Loan?

Title loans being accessible, easy to acquire, and fast sometimes tempts people into applying for them when the situation doesn’t really call for it.

Remember that going into debt shouldn’t be your first choice of action. If you have other means of getting funds together, without adding to your financial obligations, try utilizing them first.

If, however, your problem is time-sensitive and there is a risk it’ll get worse if not dealt with ASAP, a title loan could be a life-saver.

Good examples of problems that often call for a short-term fast loan to fix without further issues would be unexpected medical or vet bills, car problems, locksmith/electrician/plumber services, and so on.

Who Can Qualify For An Online Car Title Loan?

Anyone who’s over 18, owns a car and has that car’s title in their name and completely lien-free is very likely to qualify for an online car title loan.

Title loans are heavily regulated, so you cannot apply if you’re a minor or aren’t in possession of a state-issued ID or a driver’s license that can prove you’re of legal age. The car’s title will be acting as collateral and its state will help us determine how much you could qualify for, which could be between $300 - $2 500.

As for the lien-free title – we will keep it for the duration of the loan payoff. Even if you’re the de-facto owner of the car, you won’t be able to use a title that’s in another person’s name – even with their permission.

 

car title loans MS

 

Does Credit History Matter When Applying For An Online Car Title Loan?

While other kinds of loans rely heavily on the state of your credit history, we are different here at Mississippi Title Loans. You can freely apply and get approved not only if your credit is bad – but if it’s outright nonexistent. As long as the required items are in order and you are of legal age, your credit shouldn’t be a problem.

Will My Credit Score Be Influenced If I Apply For A Car Title Loan?

Just like you can apply even if your credit is bad or nonexistent, your credit won’t even be impacted or influenced by the car title loan. The loan will stay entirely between you and us even if you default on your payments.

Mississippi Title Loans, Inc. won’t be reporting your loan to any credit bureaus, so it won’t impact your credit score in any way – either negative or positive.

Can I Apply For An Online Car Title Loan If I’m Unemployed?

The great thing about our title loans is the fact that you can still get one even if you are unemployed and don’t have a steady income right now. You just need to make sure you have a secure way of paying back the title loan on the repayment schedule.

While the chances of getting a traditional loan with a major bank without a paycheck are slim to none, we want to at least try to give out as many loans as possible – so we do our best to try and accommodate potential borrowers.

That includes accepting alternative methods for loan payoff if the potential borrower in question is unemployed. Unlike with bank loans, you can use unemployment or welfare benefits, worker’s compensation, your pension, alimony, and even savings to pay the loan off.

Talk to the loan representative about your situation; as I said, we’ll do our best to come up with the most optimal options for you.

How To Apply For An Online Car Title Loan

If the required items – your state-issued ID, your car, the car’s lien-free title in your name – are all in order, the application process will be a breeze. Just follow the guide below for details:

  1. Go to the Mississippi Title Loans, Inc. website and fill out the online form for title loans;
  2. Answer when the loan representative calls you to provide instructions and answer questions;
  3. Take the required items to the meeting at the nearest title loan location in Mississippi;
  4. At the meeting, let the loan representative inspect the car and assess the documents to determine if you qualify for the loan and how much cash you qualify for;
  5. If you get approved, you can finish the easy paperwork right there on the spot and get the cash the very same day.

This entire procedure typically takes under an hour – and if everything’s in order could take as little as 30 minutes.