What Is A Title Loan?
A title loan is a short-term, secured loan that allows you to use your lien-free car title as collateral to receive up to $2,500 in emergency cash. This type of quick cash loan can help you get the money you need fast to pay for unexpected expenses, such as late bills, medical costs, and auto repairs.
In this guide from Mississippi Title Loans, Inc., we will explain what title loans are, what the requirements are for car title loans, and how the approval process works. Use this guide to learn all the information on Mississippi title loans that you need to decide if it is right for your financial situation.
Understanding Mississippi Title Loans: What You Need To Know
When facing a financial emergency, title loans can help those who have fully paid off their vehicles. They can use their car title as valuable collateral to earn a lot of emergency cash to pay for their unexpected expenses. Learn more about title loans below with information on title loan approval, benefits, and the process.
The following is some of what you need to know about Mississippi auto loans:
What Are The Title Loan Requirements?
Car title loans have a small number of requirements that make them easier to get approved for than traditional bank loans. You must be 18 years old and have a vehicle title without outstanding liens or judgments.
You also must have the following required items to get approved for a Mississippi car title:
- A driver’s license or state-issued photo ID
- A lien-free car title in your name
- Your vehicle for a quick inspection
If you meet these title loan requirements, you can get approved for a car title loan in Mississippi. However, you may still be confused about what having a lien-free car title means.
What Is A Lien-Free Car Title?
When it comes to what is a title loan, the lien-free title is important. A lien-free vehicle title is one that does not have any outstanding debts against it.
This means you have paid any outstanding debt on your vehicle and own the car outright. If your title is not lien-free, it cannot be used for a car title loan. You must pay off debts and own your vehicle outright before it can be used for this loan.
In addition to being lien-free, the title must be in the name that appears on your driver’s license. If another name appears on the title, it cannot be used as a title loan. You can quickly transfer the auto title to your name by visiting your local DMV.
What Is The Mississippi Title Loan Approval Process?
The process of getting approved for a title loan from Mississippi Title Loans, Inc. is fast and simple. We allow all credit borrowers to receive emergency money, as long as they meet our requirements. The in-person section of the approval process can take less than 30 minutes. You can also get approval from a convenient location, such as your home or office, in less than a day.
The following are the steps involved in getting approved for a Mississippi title loan:
- Fill out our online inquiry form
- Speak to one of our loan agents on the phone
- Agree to a location for the in-person meeting
- Bring your required items for verification at the in-person meeting
- Hand over your vehicle for a quick inspection
- Sign loan documents
- Receive your quick cash loan as soon as the same day or next business day
Frequently Asked Questions About Mississippi Title Loans
How much can you receive for a title loan?
Here at Mississippi Title Loans, Inc., you can get vehicle title loans worth $300 to $2,500. You can use this money to pay for urgent financial emergencies.
What does a loan agent look for in a vehicle inspection?
The exact amount you can receive for your title loan depends on the value of your car, as determined by one of our loan agents during a vehicle inspection. They will look at the vehicle’s year, make, model, condition, and maintenance to determine your loan amount.
Do you need to visit a store location to get approved for a title loan?
No, you can get approved for an online title loan without visiting one of our Mississippi store locations. Our loan agent will meet you at your home to get you approved for a car title loan.
Can I get approved for a car title loan with bad credit?
At Mississippi Title Loans, Inc., we allow all credit borrowers to get approved for auto title loans. This quick cash emergency loan uses your car title as collateral to secure the loan, so your bad credit does not affect approval.
Do I get to keep my car while repaying a title loan?
If you are approved for a title loan, you can leave with your vehicle and drive it as usual. However, if you fail to pay back the loan, the vehicle will be collected. As soon as you repay your loans, the lien against your title will be removed, and the vehicle will be fully in your possession again.
Get A Mississippi Title Loan Today!
Now that you understand a title loan, you can decide if it is right for your financial situation. If you need emergency cash to handle urgent expenses, contact Mississippi Title Loans, Inc. today for our fast and easy approval process.
Fill out our simple online form to provide your basic information. One of our friendly loan agents will call you to guide you through the straightforward process and help you get the emergency funds 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.