If you’re in need of title car title loan, you probably need access to the money as conveniently as possible. Here’s how you can apply for a title loan online and have the cash deposited directly into your bank account.
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What is a Car Title Loan?
Any loan for which you pledge the title to your car is called a car title loan. Contemporary technology has made it possible to both apply for the loan and get the cash automatically with a direct deposit.
Applying for a Title Loan Online
Before applying for title loans online with direct deposit, you’ll need to gather several pieces of documentation to make the application process proceed more quickly. The first thing you’ll need is the title document to your car, listing you as the owner of the vehicle. If another person is listed on the title with you, both of you will need to complete the application and provide the following documentation.
- A government-issued form of identification will be required. This can be a driver’s license, a state-issued ID card, a passport, or a military ID card.
- Proof of your income is needed to demonstrate your ability to repay the loan. This can be a pay stub, proof of pension income, government-issued income award letters or bank statements. A letter from your employer, retirement income statements, settlement statements or those for any alternative form of income will serve this purpose as well.
- Lenders also require proof the address you provide is the one at which you indeed reside. A utility bill with your name on it will typically suffice.
- You’ll also be asked for a set of nice clear photographs of the car. Shoot all four angles of the vehicle, along with the interior and a close-up of the odometer reading.
You’ll be asked to upload copies of all these documents as part of the online application process.
One of the best things about car title loans, particularly for people who may be having credit problems, is that a car title loan online can be obtained without a credit check. Lenders will consider your car to be collateral for the loan once its value is determined to be sufficient. They know they can sell the car to recover the loan amount, as well as any accumulated interest and associated fees, if something goes wrong.
Car Title Loans with Direct Deposit
A direct deposit is an electronic transfer of funds from one bank account to another. The title loan lender will need the account number to which you’d like the funds transferred, along with the routing number your bank uses. The cash can be placed in either a savings account or a checking account.
Transfers are usually instantaneous, and the funds can be used as soon as they show up in the account you specify. However, if this will be the first time you’ve done a direct deposit, it might take a day or two to get everything set up. The timing will vary according to the rules and procedures your banking institution follows.
It’s important to note that some lenders charge fees for providing this service, so ask about this before you elect this option. That way, you can find a lender who won’t charge you to deposit the proceeds of the loan directly into your account.
That’s basically how car title loans with direct deposit work. They’re fast, convenient and don’t require a credit check. This could be the answer for which you’ve been looking if you need to get your hands on some quick cash.