Category Archives: Loans

How Long Does It Take to Get a Title Loan? | loancheetah

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If you’re in need of quick cash, a title loan can be a viable option. But how long does it actually take to get a title loan? Whether you’re considering a title loan without title or a standard car title loan, understanding the timeline can help you prepare better.

The Title Loan Process

1. Application Time: The initial application for a title loan is generally straightforward and can often be completed online. With websites like Loan Cheetah, you can apply for a Car Title Loan With No Title Needed in just a few minutes. The process typically involves providing some personal details and information about your vehicle.

2. Documentation Review: Once you submit your application, the lender will review your documents. If you’re applying for a no title car loan or a title loan without title, this step may take a bit longer as the lender needs to assess the situation carefully. Generally, this review takes anywhere from a few hours to one business day.

3. Approval and Funding: After your documents are reviewed, and if everything is in order, you will receive approval. For traditional title loans with no title, the approval process may be slightly extended due to the additional verification needed. Once approved, the funds are typically disbursed very quickly. In most cases, you can expect to receive your loan amount within one to two business days. However, some lenders offer expedited services, and you might get the funds on the same day.

Special Considerations

  • Can I Get a Car Title Loan Without the Title?: It’s important to note that most lenders require the title for the loan. However, some lenders might offer loans with alternative documentation. Check with your lender for specific requirements.

  • How Do You Pawn Your Car Title?: If you’re pawning your car title, the process is similar to a loan application but typically involves securing your title as collateral.

Conclusion

In summary, getting a title loan is a relatively fast process, but the exact time frame can vary based on whether you have the title or are opting for a car title loan without the title. On average, from application to funding, it can take anywhere from one day to a few days. For the quickest service, consider lenders with expedited processing options.

For more details on obtaining a title loan and how it works, visit Loan Cheetah.

Get Cash Fast with Same-Day Online Title Loans | loancheetah

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Get fast cash with same-day online title loans. Learn how to apply, what documents are needed, and how to qualify even if your car isn’t fully paid off. Visit Loan Cheetah to apply now. www.loancheetah.com

When you need quick cash, same-day online title loans can be a lifesaver. Whether your car is fully paid off or not, this guide will help you understand how to apply for a title loan online, what documents you need, and how to ensure a smooth process.

Can You Do a Title Loan Online?

Absolutely! Online Title Loans offer a convenient way to secure a loan without the hassle of visiting a physical location. By submitting your documents and information online, you can get approval and access to funds quickly, often on the same day.

What Documents Do I Need for a Title Loan?

To apply for a title loan online, you’ll need the following:

  • Car Title: The essential document that proves you own the vehicle. If you don’t have the title on hand, some lenders may offer a title loan without the title immediately, but it could complicate things.
  • Government-Issued ID: A driver’s license or passport to verify your identity.
  • Proof of Income: This could be recent pay stubs or bank statements.
  • Proof of Residence: A utility bill or lease agreement showing your current address.

Having these documents ready will help speed up the approval process.

Can I Get a Title Loan If My Car Isn’t Paid Off?

Yes, you can still get a title loan even if your car isn’t fully paid off. Some lenders allow loans on vehicles with outstanding payments. The loan amount typically depends on the car’s equity, which is its current value minus the remaining loan balance.

What If I Don’t Have the Car Title?

If you’re wondering, “Can I get a car title loan without the title?”, the answer is yes, but it’s more complex. Some lenders may provide title loans without the title in hand or with a lien on the vehicle, but this varies by lender and location.

How Long Does It Take to Get a Title Loan?

One of the main advantages of online title loans is the speed. If you have all the required documents, the process can be completed within a few hours, with funds often available the same day.

Personal Loans Without a Car Title

If you don’t have a car title, you might consider personal loans without a car title. These loans don’t require your vehicle as collateral and might be a better option for those who don’t fully own their car.

Finding Cheap Title Loans in Texas

Looking for a cheap title loan in Texas? Comparing rates and fees from different lenders is key. By doing so, you can find a loan that fits your budget.

Title Loans Online Without Title

For those who don’t have their title, some lenders offer title loans online without a title. However, this option is less common and may come with higher interest rates or stricter terms.

How Do You Pawn Your Car Title?

Pawning your car title involves using it as collateral to secure a loan. The lender holds the title until the loan is fully repaid.

Get a Title Loan Quote Online

Before committing, it’s a good idea to get a title loan quote online. This will give you an estimate of how much you can borrow and what the repayment terms will be.

Conclusion

Same-day online title loans provide a fast and convenient way to get cash when you need it most, even if your car isn’t fully paid off. By understanding what’s required and comparing your options, you can find a loan that meets your needs. For more information or to apply, visit Loan Cheetah.

Secured vs. Unsecured Loans: Which one is Better?

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Are You Better Off Getting A Secured Or Unsecured Loan?

If you have certain personal emergencies that you feel you’ll need a short-term loan for, you’ll usually have several kinds of loans or lines of credit you can look into applying for. But usually loans fall into one of two categories which are secured and unsecured loans. The question most people have is “which kind of loan is better?” The answer is that it ultimately depends on factors like how you would rate your eligibility to get a loan, how much you need to borrow, how long you need the loan for, and many other things the lender would need to consider. But first, here’s a basic understanding of the differences between the two loans.

The Simple Difference Between Secured And Unsecured Loans

Secured loans, which are also sometimes called guaranteed loans or collateral loans are called such because they use an asset or multiple assets to borrow against. The asset therefore becomes collateral. What will happen is in exchange for the loan they receive, the borrower will authorize the lender to repossess the asset if they fail to repay the loan as agreed to. Usually the asset will have high value so that the borrower can borrow a significant amount of money.

Unsecured loans in their simple definition are loans that don’t require an asset to be used as collateral from the borrower. Now they do usually come with other caveats, but in their most basic form, all the borrower needs to do is sign their name on an agreement to repay them. Maybe the idea of being able to borrow without putting an asset at risk of being lost sounds more appealing, but you may find other reasons why a secured loan could be better.

Pros And Cons Of Each Loan

Secured and unsecured loans each have strengths and weaknesses that you have to weigh when you consider them. Keep in mind though that there’s many variations of loans within each category, and there can be some exceptions to their pros and cons. But generally speaking, this is what you can expect from each of them:

Pros of Secured Loans:

  • They can be easier to qualify for because using collateral means there’s less risk the lender loses all their money if you default
  • You can sometimes borrow more than you can with unsecured loans
  • You usually don’t need to worry about your credit score or history

Cons of Secured Loans:

  • You will usually only be able to borrow up to about half of what your assets are worth
  • Usually the lender can take immediate possession of your assets if you default

Pros of Unsecured Loans:

  • You can usually use them for the same purposes as secured loans
  • In some cases, you may have more favorable repayment terms without assets at risk

Cons of Unsecured Loans:

  • You usually will have credit and income inquiries made about you to determine if you qualify
  • You may not be able to borrow as much as you would with a secured loan

Most business loans are secured loans, but when it comes to personal loans, they could be either secured or unsecured. Loans like auto loans and mortgages are secured, but smaller loans like debt consolidation loans and credit cards are unsecured, although credit cards are technically not loans but are still often mentioned in this category. However, when it comes to short-term loans, an auto title loan would be considered a secured loan while a payday or installment loan would be unsecured.

Why Auto Title Loans Can Be Good Secured Loans

With an auto title loan, you’re borrowing money using your vehicle, but you give the lender your title until you’ve repaid the loan. The more your vehicle is worth, the more you get to borrow against it. Usually you’ll borrow about 30℅ of its current market value, but in some states you may get to borrow as much as 70℅. A title loan could be anywhere from $500 to even as high as $10,000 in a few rare cases, but some states only allow borrowers to borrow up to $4,000 or $5,000 using a title loan, and some states do not allow title loan lenders to operate at all. But in states where they are legal, you usually have about 30 days or a little longer to repay your loan or pay off the interest due. If you fail to do so, the lender can repossess your vehicle, though there are sometimes laws that limit how this can be done.

Why Payday Loans And Other Small Dollar Loans Can Be Good Unsecured Loans

A payday loan is unsecured, but the lender usually runs verification checks on you to make sure you’re employed and have an active bank account so they can collect payment. You can usually get these loans very quickly because they’re usually for only about $300, and it never takes long to verify the required information. The downside to a payday loan is that it’s not only significantly less than a title loan, but you also have much less time to repay it with only about two weeks to either pay in full or roll it over. Another personal loan that can be a better alternative to a payday loan is an installment loan which can allow you to borrow a little more money, but instead of paying it off all at once you pay it off in installments over a longer period of time. As with title loan regulations, payday and installment loans are also governed by the states.

The bottom line is there really is no right or wrong answer to whether a personal short-term loan should be a secured or unsecured loan. If you’re not worried too much about your current credit score or income situation, a small unsecured loan may be the best. If you do have credit problems but have an asset like a vehicle you wouldn’t mind using to borrow against, secured loans are probably better.

How Credit Card Consolidation Can Help Your Financial Situation

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One of the most significant ways to get into debt is by applying for and owning many different credit cards. Often, this is because the stores and credit card companies make it so easy to obtain a credit card that you get carried away. Before you know it, you have accumulated a multitude of cards with very high interest rates that will take years to pay off. In many cases, stores offer discounts on purchases if you apply for, and receive, a credit card. Do not fall prey to this. Each time you acquire a store credit card, even if it is a soft credit check, it will still appear on your credit report and change the dynamics of your score.

Making minimum monthly payments is one way to dig the hole even deeper because you are basically paying the interest charges, and the principal continues to rise. Consolidating credit cards into one loan can be a way out. Search diligently for a loan, or a low interest credit card, on which you can combine all of your cards. Merging high interest debt into a single payment can be an enormous financial relief. The stress of trying to make minimum payments while the balance continues to increase can cause many sleepless nights.

When you have combined all credit card debt into one loan, you have an established amount to pay each month and a prearranged time period for repayment. This strategy will only be beneficial if you do not continue to use credit cards in the same manner you have been doing. Consolidating the cards and then continuing to use them, or procuring new cards, will begin the process all over again.

If you are struggling with debt and perhaps paying late, or not at all during some months, it may be difficult to find a consolidation loan with the lower interest rate you are seeking. Some of the areas for consideration are:

Current Credit Score

Check your score with the three reporting agencies – Experian, Equifax and TransUnion. If your credit is not good enough to qualify for a loan, do not apply. Your credit score may be negatively impacted by the application itself.

Applying for the Loan

Applying for a loan through traditional means generally requires a hard credit inquiry, and that may impact your credit standing. If poor credit is an issue, try less conventional ways of trying to acquire a loan, such as through private investors, borrowing from friends and family, or borrowing from your retirement account. Submitting applications for several different loans is a red flag because it suggests that you are not credit worthy.

Repaying the Loan

Once you have secured the funds to consolidate your credit cards, be extremely careful that you make payments on time; otherwise, your credit score will suffer. Paying on time can help repair damaged credit and put you on a better footing, which may signal better interest rates.

Transferring Balances

Once you have moved the balances from credit cards to the newly consolidated loan, destroy the old cards, but do not close the accounts. This creates another ding on your credit report, but keeping zero balances may help improve your score.

Is a Consolidation Loan the Right Choice

Regardless of how you got into this difficulty, a consolidation loan can be the answer to your problem. Budgeting is the key to acquiring and maintaining good credit. You become more deliberate about spending habits, and the by-product is improved credit. As you see your credit improve, you may be less likely to fall into this kind of credit conundrum again. If you do not create, and follow, a sensible budget, you will end up in the same situation again.

Impulsive buying is a major culprit. In addition, many people fail to make adjustments to their budget when their situations change. When there is more outgo than income, it should be a clue that you are overspending. Using credit cards to maintain a certain lifestyle is dangerous.

If credit card debt is the only kind of debt you have, a consolidation loan may help diversify the types of credit you have and may improve your score slightly. You especially want to avoid multiple inquiries into your credit if you plan to make a significant purchase, such as a house or car.

Think carefully about a debt consolidation loan and the period of time it will take to repay it. Even though you may find a good loan with low interest rates, which makes monthly payments more manageable, that is still a lot of outstanding debt for a long period of time. This may also affect your ability to make large purchases. Paying off the loan over a shorter time can help you prepare for a major purchase.

Consider a balance transfer credit card if you can pay off the debt in the prescribed period of time. Otherwise, you are right back where you started. That introductory rate period may ruin your carefully laid plans to get out of debt. If you have not paid the loan in its entirety when the introductory rate is over, you will be charged a much higher interest rate.

If you do not want to make your finances worse, be astute enough to carefully read the fine print in any balance transfer or other debt consolidation loan. The best way to get out of debt is to change your spending habits and to gradually, with patience, work your way out of a bad financial situation. If you can maintain a budget and pay your bills on time, your financial difficulty will improve over time. It probably took a shorter period of time to accumulate the debt associated with your credit cards than it will take to pay it off. Paying down the debt and starting on a path to good consumerism will ultimately give you the peace and comfort of knowing that you have control over your spending and, perhaps, other areas of your life.

California Moves to Limit Interest Rates on Short-Term Loans

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When people fall behind on their bills, they often turn to short-term loans. This can seem like a helpful way to deal with a sudden financial emergency, but those in need might not have many options to choose from or fully understand the terms of the loan. In some cases the borrower will find that they’re paying triple digit interest rates. In many situations, these high interest rates are the reason borrowers are struggling to keep up with the amount that’s due with each installment. California is the latest state to take a closer look at this situation and lawmakers seem eager to regulate these types of loans.

Taking a Closer Look at Short-Term Lending in California

Now that the state has a governor willing to stand up against short-term lenders, many are hoping that the state legislature will finally take action against predatory lending policies. In particular, the bill would put a cap on how much interest short-term lenders could charge to their borrowers. The proposed action, dubbed Assembly Bill 539, would limit interest rates to 36%, allowing an additional 2.5% federal funds rate to be applied on all loans. This cap would apply on loans from $2,500 up to $10,000.

The state’s attorney general, Xavier Becerra, is a proponent of the bill and is joined by California businesses, churches, and community organizations. The current version of the bill is being sponsored by the Los Angeles County Board of Supervisors and, considering all of the support behind it, there may be a stronger possibility of getting it passed.

On the opposite side of the issue are the lenders themselves. Even though there is plenty of community support for the bill, lenders are investing considerable money into a campaign to sway lawmakers. If their tactics prove effective, the state legislature may still veto the bill in spite of so much support. In that case, lenders will continue overcharging their borrowers at rates which cause many to fall behind on their loans.

In the Hands of the Lawmakers

At this point, the issue rests with state lawmakers and it remains to be seen how they will decide. Assemblywoman Monique Limón of Santa Barbara introduced the bill, but even she seems concerned that the state legislature will vote against the bill. She says it will be up to each representative to determine how they will side. They can either choose to side with a few lending businesses, or they can pass a bill that will benefit consumers and more responsible lending institutions.

The opposition includes more than 19 short-term lenders, who offer vehicle title loans, small personal loans, and other installment loans. Together, they have invested up to $3.5 million in lobbying lawmakers to vote against Assembly Bill 539. Their campaign has been ongoing only since 2017, but this is just the latest strategy to keep the state’s laws on their side. Since 2010, these same companies have donated upwards of $3.2 million to political parties, election campaign funds, and to individual state legislatures as campaign contributions.

Those lenders have increased the pressure as California’s Senate Banking and Financial Institutions Committee conducted a recent hearing on the issue. Ahead of the hearing, short-term lenders gifted state senators with a total of $39,000 this month. In addition, they contributed $10,000 to the California Democratic Party.

Other Lenders Are Already Subjected to Interest Rate Caps

Judging by the actions of these lenders, you might think this is the first bill of its kind. To the contrary, California lenders who offer loans up to $2,500 are already limited in what they can charge to borrowers. These smaller lenders are only able to charge between 12% and 30% in annual interest. That cap originally applied to larger loans as well, but, in 1985, the state voted to apply the cap only to loans totaling $2,500 or less.

California often leads the charge in financial and social reform, but not in this case. Compared to many other states, California has relaxed restrictions on private lenders, making it easier to charge predatory rates to borrowers. In addition to Washington D.C., 36 states have initiated interest rate caps that are applied to larger short-term loans. For instance, borrowing $10,000 over a five year period results in an average 25% interest rate elsewhere in the country.

Meanwhile, the number of borrowers in California has skyrocketed in recent years, partly because of a ballooning cost of living. Since 2008, the number of borrowers of short-term installment loans in California has grown from 2,000 up to 350,000. Those borrowers are paying annual interest rates of 100% or more.

Opponents of Assembly Bill 539 say the cap will harm borrowers as well as short-term lenders. They claim they will no longer be able to offer loans to those with bad credit or no credit, who are the consumers that make up the bulk of their borrowers. They say the lower interest payments will require them to be more selective in who can borrow. Currently, short-term lenders use their willingness to lend to virtually anyone as an advertising hook.

In fairness, not all short-term lenders are attempting to block the passage of the bill. Previously, the state’s supreme court has made it possible for other courts to deem high-interest loans as “unconscionable” and left it up to them to determine whether or not those loans would be legally enforceable. Combined with suggestions that a cap may be left up to voters in a ballot measure, the supreme court ruling encouraged many short-term lenders to open negotiations. While they may still be against the proposed cap, some lenders are willing to discuss a compromise.

It remains to be seen how the state will vote on Assembly Bill 539. If they do pass the measure, lending in the state of California will change abruptly. Paying more reasonable interest rates will allow borrowers to meet their financial needs without risking the mounting debt that results from triple digit interest rates. While lenders claim the proposed cap will harm borrowers, it may actually make it easier for California consumers to meet their financial obligations without having to resort to loans as frequently.