Title Loan Requirements Aren’t Challenging to Meet
Finding money quickly can be crucial when you’re in a tough financial spot. If you live in North Carolina and suffer from poor credit scores, applying for traditional bank loans can seem impossible. With challenging requirements and lengthy approval times, they can become more of a hassle than a solution to your problems.
Inquiring about title loans could be better if you need money quickly! The process can be quick, straightforward, and simple to apply for. In some cases, qualified borrowers can receive access to cash within the same business day as applying!
Before you can get started, learn how title loans work in North Carolina and why this can be a great loan option for people who don’t have disposable income.
Title Loans Can Be Simpler Options Compared to Other Loans
Title loans are short-term or long-term loans that allow you to borrow a percentage of your car’s value. Essentially, you will use your car as collateral for the funding. A lender will place a lien on the vehicle title if you obtain approval. Once the money is paid back, lenders will remove the lien. This option can be excellent for people with bad credit because your financial history isn’t a significant determining factor of approval.
For traditional unsecured bank loans, the credit score does affect your chances for eligibility. Lenders will look at a person’s history when making determinations, and a low score can indicate that they are financially irresponsible. Overcoming a bad credit score can take years of no missed payments, and one slip-up can last on your record for a long time!
With a title loan, lenders will conduct a credit check, but they care much more about these two factors:
- How Much Equity Is in Your Vehicle
- If You Have Consistent Income to Repay the Money
Car equity is essential during a title loan inquiry because it can affect your approval and possible loan amount. Generally, borrowers can receive anywhere from 25-50% of their car’s value in funding, which can differ depending on your state!
Consistent income doesn’t necessarily mean you must work a traditional 9-5 job. Steady income means receiving ongoing money from an outside source for more than 90 days. Unfortunately, government unemployment checks do not qualify for title loan approval.
Below are examples of alternative income sources that you can use for a title loan inquiry:
- Worker’s Compensation
- Social Security Benefits
- Tax Returns
- Child Support/Alimony
- Pension Income
- Some Self-Employment
Contact a title loan agent if you have questions concerning your income proof during the application process!
What Do I Need for a Title Loan in North Carolina?
Obtaining approval for title loan in North Carolina means meeting specific criteria before you can inquire. To apply for a title loan, you must:
- Be an Adult at Least 18 Years or Older
- Have a Qualifying Vehicle Title in Your Name
- Have a Qualifying Vehicle Title With Some Positive Equity
- Show Proof of Consistent Income
You can prove your age and identity for a title loan in North Carolina by providing a valid government or state-issued photo I.D. You must also have a qualifying vehicle title in your name to proceed with this process. If you don’t have a car title in your name, transferring one can be as simple as going to your local DMV office!
A vehicle with positive equity is crucial during a title loan inquiry because your approval and loan amount can depend on this. If you want help determining your car’s equity, you can subtract what you still owe on it from the car’s overall value. If you owe more than the car is worth, you may have negative equity and, therefore, not qualify.
Finally, title loans can be accessible lending options for people from various backgrounds because many alternative income sources may be acceptable! You must show proof of income during your inquiry to qualify potentially.
Inquire About Title Loans in North Carolina Today!
It’s never fun to run out of money when you have many bills to pay. Missing bill payments can hurt your credit score, making life much more difficult. If you need help with your financial situation, inquiring about title loans could be the answer!
Start today by filling out this pre-approval form or calling to speak with a title loan agent.
