What Is A Title Loan?
Sometimes when you have emergency expenses, you may be left searching for loans. If you’ve researched different types of short-term loans available for individuals with bad credit, one loan that you’ve probably found is a title loan. To fully understand what is a title loan, there are certain things to keep in mind. Here is a list to help with your title loans definition.
What You Need To Know To Understand What Is A Title Loan
Auto title loans MS are short-term, secured loans. What this means is that title loans use your vehicle’s lien-free title as collateral for a lump sum of money. The collateral ensures that we here at Mississippi Title Loans, Inc. will get paid back in one form or another. Title loans are often an option for individuals who meet one or more of the following circumstances:
- You have bad credit preventing you from getting a bank loan.
- You don’t have an active bank account in your name.
- You do not have a job at the moment but you do have a secure source of income.
- You need a large sum of money to help handle your emergency expenses.
What Do I Need To Qualify For A Title Loan?
In order to qualify for a title loan with us, you only need your driver’s license or state-issued photo ID, your lien-free vehicle title, and your vehicle for inspection. The driver’s license – or ID – is used to confirm you are 18 or older and the lien-free title is the collateral.
Your vehicle is only used to determine how much money you can qualify for. This means we will have to inspect your vehicle to determine its condition and value. If you have these items and understand the title loans definition, you can apply for a title loan, even if you have bad or no credit.
What Does Lien-Free Mean?
When it comes to what is a title loan, the lien-free title is important. A lien-free title is one that does not have any outstanding debts against it. This means that you own the vehicle outright. If your title is not lien-free, it cannot be used for a car title loan. You have to pay off debts and own your vehicle outright before it can be used for this loan.
What If My Title Is Not In My Name?
In addition to being lien-free, the title must be in your name, as it appears on your driver’s license. If another name appears on the title, it cannot be used as a title loan. Luckily, you can quickly get the title transferred to your name by visiting your local DMV before you come see us.
How Much Money Can I Get?
Here at Mississippi Title Loans, Inc., you can get vehicle title loans worth $300 to $2,500. The exact amount you are loaned is dependent on the value of your vehicle. This is the exact reason why we need to inspect your vehicle. But don’t worry, our inspection only lasts around five minutes.
How Long Does The Application Process Take?
The process of getting approved for a title loan from Mississippi Title Loans, Inc. is fast and simple. The in-person process can take as little as 30 minutes to complete. This is plenty of time for you to visit us during your lunch break or have us meet you instead. If approved, you can get the money you need the same day or the next business day.
Do I Get To Keep My Vehicle If Approved?
Many individuals might be afraid to apply for a title loan because they think they will not have their form of transportation if they are approved. This is not the title loans definition. If you are approved for a title loan, you will get to leave with your vehicle and drive it as usual.
In other words, you will get to drive your vehicle as usual while you are paying back the title loan. Only if you fail to pay back the loan will the vehicle be collected. However, this shouldn’t be a problem. As soon as you pay back your loans, the lien against your title will be removed, and the vehicle will fully be in your possession again.
How Do I Get Started?
Now that you know what is a title loan, If it sounds like an option for you, you can get started right now. Fill out the request form on the Mississippi Title Loans, Inc. home page. This form will connect you to the closest Mississippi car title loan location. After you click submit, a representative will give you a call so that you can set up an appointment.
At the time of the appointment, don’t forget your three required items. A title loan representative will evaluate your documents and inspect your vehicle. If approved, you get to leave with your vehicle, and you can get the money you need either the same day you are approved or the next.
Get A Title Loan Today!
You should now understand a bit better what is a title loan. Once again, the title loans definition is a short-term loan that uses your vehicle title as collateral. With Mississippi Title Loans, Inc., you can get up to $2,500 when you need help with emergency expenses.
If you are interested in one of these loans, fill out the request form on our home page. We will contact you shortly to get the ball rolling and help you get the loan you need. We look forward to speaking with you shortly and getting you the help you need.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.