In our busy life we are often faced with the need of having quick cash in order to cover some outstanding debt, urgent medical treatment or even celebrate a happy occasion like an anniversary. There are several options to get money – get a title loan from a bank, borrow from a relative or get a quick payday or title loan with no credit check.
If you are not familiar with the last option, keep on reading and we’ll tell you all you need to know about no credit check title loans.
What differentiates traditional loans and car title loans
The one thing that separates title loans from any other type of loan is that you use your vehicle as collateral. It could be a car, a truck, a motorcycle, a boat – anything with a title. As long as you are the owner, you can get money for the title. Understandably, car title loans are the most common form of title loan. When people are in a financial crisis or just need money fast, they find that title loans are much better than other alternatives. That’s because we get to keep your title which gives us some security and lowers our risk. In turn, we are able to offer interest rates much lower than those of other fast cash options. This is also why we can afford to give a loan with no credit check. You can be approved as quickly as 15 minutes. And the best part – your vehicle remains yours to drive!
What is a credit check?
In most cases, lenders require to perform a credit check prior to lending money. This allows them to estimate the risk and helps them decide whether or not they want to give you that loan. Having poor credit score makes it hard to find a safe loan. There are two types of credit checks – hard and soft. A hard credit check means pulling a full copy of your credit history. The most important thing about hard credit checks is that having too many of them will lower your credit score. That’s because they show up on your credit report. Soft credit checks, on the other hand, return much less information and they do not affect your credit score in any way.
Do you qualify for a no credit check title loan?
Getting an online title loan without a credit check is a relatively simple and straightforward process. There are several requirements that you need to be compliant with in order to qualify for receiving the loan. There might be some slight variations depending on the company. Here is a list of the basic requirements:
- To be at least 18 years of age
- To be resident of the respective state in which the company operates
- A current utility bill as proof of your residence
- To own a vehicle that is paid off
- To have a car (or other vehicle) title in your time, which is free and clear, meaning there are no other liens against it
- To provide personal ID – driver’s license, social security card or any other personal information
- To provide vehicle documentation – vehicle registration, insurance, etc.
In order to get a no credit check title loan, you can use any vehicle with a title – cars, trucks, RVs, motorcycles, or boats. Most often a car used as a collateral but many companies work with other types of vehicles as well.
In some cases, companies may require some additional information or documents such as your last pay stub or to provide a spare set of the vehicle keys. Quite often, there is a limit on how much the vehicle is valued at so that it is accepted as collateral for the title loan.
You should also keep in mind that some companies may as well run a credit check on you but proceed with giving you a title loan even though you have bad credit history. At the end of the day, that is the niche they are operating in.
What are the advantages of no credit check title loans?
The main advantages of a no credit check title loan offered by the best companies in the field are the following:
- It is quick
- Everything is done online
- Bad credit is no problem
- There are many ways to pay – cash, money orders, cashier’s checks and even debit cards
- You keep and drive your car
- You may even get a cash bonus if you refer a friend
There might be some additional advantages offered by the different companies. In some cases, the lender does not require an insurance of the vehicle or accepts a foreign ID as well.
The main advantage is that you get the cash that you urgently need very quickly and without extensive paperwork.
How to recognize a good no credit check title loan company?
So, you have emergency expenses and you need to cover them as quickly as possible… No problem – check online and find the best company that offers quick title loans following these tips:
- Most companies are licensed to lend money only in one or a couple of states. Therefore, do not waste time to search for title loan companies in general but narrow your search down to the lenders in your state. In fact, you can even narrow it down to your city. For example, you can say “title loans in Long Beach, CA”
- Make sure that they have very clear requirements and explain the loan process on the website
- Make sure that you are dealing with a real lender and not just a company who wants to collect your personal information and then sell it to an actual title loan lender.
- Look for a well-maintained site with updated information, working contact details and useful articles
Once you feel confident about the lending company you have chosen, you can send them the required information.
So, if you are in need of a loan, rest assured that you’re not the only one. People look for loans for plenty of different reasons, like starting their own business, paying for school or preparing for a wedding. Or they simply need money to pay their bills until their next paycheck. If your credit isn’t great, no credit check title loan may be a great solution.