Car Title Loans Provide Urgent Cash Instantly

By: Kevin Clark

If you need cash for urgency then you can use your car title for taking a loan. Car title loans are a way to access urgent financial help. Like payday loans, car title loans also are approved instantly. But car title loans enable you to borrow a bit greater amount which is where these loans score over any other instant loan.

Car Title Loans are given against your car title. So, for car title loans it is required that you must be having a clear title of the car and the car must have liability insurance. The borrower is also required to be living at his current resident for at least six months. Another must is that the borrower is employed for at least six months at the current place.

Car title loans are approved mainly on the basis of the information provided on the loan application and so credit checks are normally not done on the borrower. You would be approved a smaller amount under car title loan. The loan amount usually does not exceed $2500. If you want a car title loan of over $500 then lender want you to be in the same employment and the same residence for at least one year. Those who require more than $1000 they must have an open checking account.

Car title loans are very short term loans. These loans are initially approved for few days to a month. You are required to pay back the full loan amount on due date. You can extend the loan for up to a month further on paying the fees of the lender. Car title loans are very costly as these loans carry very high interest fees of the lender.

You should also note that you are supposed to bring to the lender your driving license, your last pay stub, last bank statement, phone bill, your car title, proof of liability insurance, the car and an extra set of its keys left with the lending company. But remember that car title loans have its pit falls. For instance you are supposed to repay the loan amount in one go at the due date which if you failed to pay than you shall have to extend the loan for another month with greater fees of the lender. Your car also may be repossessed in case you default on the repayment.

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