Title Loans in Lansing – Apply for Fast Cash in 2022!
We all want to be financially stable. But honestly, it is not easy to reach.
Getting FINANCIALLY DRAINED is possible even with a stable job and a constant stream of cash. That is why you must have a backup plan in case things go south with your monthly budget.
An auto title loan in Lansing, MI, is intended primarily to help cover unexpected fees such as a broken laptop or sudden school fees. Title loans can give you immediate assistance for household purposes by lending you cash.
Learn more about it in the sections below and try it out if you need some financial assistance.
Loans in Lansing, MI
There are a lot of loans available for you to try in Lansing, Michigan. But, not all will suit your needs and preferences.
This article will focus on the more common types listed below.
- Personal loans
- Payday loans
- Student loans
Other options involve home equity debt, cash-out refinance loans, credit card debt, and many more. With any type of debt, make sure only to borrow as much as you can pay back. This SAVES YOU from years of being in constant debt and anxiety.
Different Lansing (MI) Loan Options
Finding the right loan type is the first step toward securing some much-needed cash. A personal loan is probably the MOST COMMON LOAN in Lansing (MI).
This is the one you probably will hear people getting. You can get a personal loan from an online lender, a bank, or a credit union.
A direct lender of personal loans will release a lump sum amount of money to you once your loan proceeds.
The received cash is then paid back on a fixed schedule (usually monthly payments) until you can fully clear the loan.
Payday loans, on the other hand, are LESS TRADITIONAL AND KNOWN. But, it has been gaining popularity as the need for an urgent cash loan also increases.
A payday loan is a loan that offers a small loan amount that has to be repaid in a short period. Unlike personal loans, payday loans are PAID IN ONE LUMP SUM TRANSACTION weeks after the cash loan is released.
Lastly, a student loan (as the name suggests) is a type of loan used to pay off expenses related to schooling.
Repayments are in the form of monthly payments until you fully clear your debt. Student loans are CHEAPER than most loan types and WON’T REQUIRE A CREDIT CHECK.
Student loans are great for students who are not eligible for various scholarships and grants. It will allow them to focus on their education without constantly finding sources of cash.
Financial institutions that service student loans include government agencies and private companies.
Requirements, Benefits, and Downsides
A personal loan is great because it doesn’t (usually) require collateral. Contrary to credit card debt, the annual percentage rate is fixed, certain, and predictable. They can also be used for long-term financial problems because of their long repayment period.
Personal loans, however, involve OTHER FEES aside from the actual loan amount and interest rates.
You’ll have to prepare to pay origination and other processing fees, making your loan more expensive. Financial institutions offering personal loans are also very keen on credit checks. Bad credit might bar you from getting approved for this loan.
A payday loan may be the option you’re looking for if poor credit is a problem. Payday loans allow low-credit borrowers to apply for the loan.
You can even apply for it online. The loan application is SIMPLE, UNCOMPLICATED, and FAST, and it requires very few documents, unlike the more tedious personal loan.
All these benefits are great. However, remember that a payday loan is a very high-cost loan. The INTEREST RATES ARE HIGH, and so are other loan fees you’ll have to pay.
Student debts are cheaper than most loan types. This is perfect for students in Lansing, MI, who cannot avail scholarships or find ways to work and earn. The loan proceeds fast.
A student loan can, however, be available only to students while enrolled. There are usually A LOT OF REQUIREMENTS and ELIGIBILITY CRITERIA to fulfill.
Purpose and Niche
Personal loans are VERY DIVERSE, partly due to how popular and common these are. A personal loan is usually used for the following reasons:
- Debt consolidation
- Major events (weddings, vacations, etc.)
- Medical procedures (cosmetic surgery, dental needs, emergency care, etc.)
- Household purposes (renovations, replacements, repairs, etc.)
You can still use payday loans for the same purposes as personal loans. However, the small loan amount usually makes it hard to cover the previously mentioned expenses fully. For this reason, payday loans are more utilized for small, unexpected expenses.
- Utility bills
- Food and groceries
- School fees
- Car repair fees
Finally, you can use student debt for tuition fees, books, school supplies, and student accommodation.
Auto Title Loans in Lansing, MI
A car title loan is another loan type you can consider if you live in Lansing, Michigan.
Car title loans are intended primarily for vehicle owners who require quick cash.
Title loans in Lansing work through a type of collateral, THE VEHICLE TITLE.
You have to temporarily surrender your car’s title to a lender who will release cash to you after an agreed set of terms. The title or the pink slip will be returned to the borrower after the debt is cleared on time.
A car title loan in Lansing, MI, is a SWIFT, RELIABLE, and CUSTOMIZABLE.
Car title loan companies will offer rates, terms, and requirements. Contact your lender to know more about the specific title loans serviced by their company.
Need-To-Know’s About Title Loans Serviced in Lansing (Michigan)
Loans are known for being tedious, complicated, and unforgiving. While most loan types truly are, title loans in Lansing are not.
Despite that, there are a lot of things a borrower should know before submitting a loan application.
Finding out the need-to-knows for a title loan helps you avoid unnecessary hassle and delays in your loan process. This is also KEY TO A SUCCESSFUL APPLICATION. An educated borrower is less likely to get into more debt than an uninformed one.
The sections below will talk about the general details of most title loans.
Don’t forget that title loans vary from each other. The specific title loans serviced by your lender should always be your point of reference.
For some borrowers, the first question that pops into their minds is, “How much cash can I get from a title loan?“.
There are NO REGULATIONS that actively limit the actual loan amount offered by lenders. There’s no hard line on how much money you can borrow from title loans. The maximum and minimum loan amounts depend on how much cash your vehicle is worth.
On average, however, the minimum loan amounts are calculated as 25% of your vehicle’s value. On the other hand, the maximum amount is around 50 to 75% of the vehicle equity.
In most borrowers, this value can be anywhere from $1,000 to over $50,000.
Most lenders can give you an estimate quotation of how much money you can borrow when you inquire. This can help you decide which title loan company is best for you and your financial assistance needs.
Final note: While no state laws limit how much money you can borrow, most lenders have a predetermined range of loan amounts they offer.
This is the basic formula for calculating how much we must pay to clear any debt. Principal amount + interest rates = Debt.
Interest rates are fees that a lender directly charges a borrower to earn money, mitigate risks, and avoid losses. A CAR TITLE LOAN IS AN EXPENSIVE DEBT because of its steep annual percentage rate.
The high rates result from fast processing (within the same day or after one business day). The convenience of quick cash comes with many risks for lenders.
- Risk of delayed payments
- Risk of nonpayment
- Risk of delinquent borrowers
As much as possible, we want to MINIMIZE how much we will have to repay. As such, it is ideal for applying for loans that do not charge any other extra fees. Here are some fees you can watch for to keep your debt low.
- Processing fee
- Prepayment penalties
- Low credit score fee
Pre-payment penalties are fees borrowers are forced to pay if they repay their debt earlier.
Title loans in Lansing, Michigan, DO NOT charge hidden fees such as pre-payment penalties. But, it is always good practice to ensure your lender does not charge such fees. Not all title loan companies follow the set regulations of title pawn lending.
Title loans are short-term loans. The simple explanation for this is that you have to repay your debt in a short amount of time. This is usually WEEKS OR MONTHS.
Short-term loans are good for covering unexpected TEMPORARILY (but nonrecurring) fees.
A short debt period also gets you IN AND OUT OF DEBT AS FAST AS POSSIBLE.
However, short-term financing is not for everyone. A short period can make it harder for a borrower to pool enough money to repay the debt (HARDER TO REPAY). The consequence can be anywhere from an inflating debt to the permanent loss of your vehicle.
The good thing about car title loans (Lansing, MI) is that the loan period is usually FLEXIBLE.
Most lenders accept negotiations regarding the loan period a borrower prefers. Some lenders will even accommodate loan periods of up to 12 months.
Car Title Loan Requirements
Most of us dread the requirements list every time we apply for something. However, required documents are important to keep all loan types reliable.
Lansing (Michigan) title loans have two sets of requirements.
The first set of requirements is meant to prove a borrower’s legitimacy. After all, who would want to lend money to just anybody? A lender needs documents that demonstrate ability of a borrower to pay the debt. A borrower’s legitimacy can be proven through the following documents:
- Valid ID
- Proof of residence in Lansing, MI
- Proof of a bank account or debit card history
- Proof of employment or a steady stream of cash
The second set of requirements is meant to help a lender put a price on your car (the collateral).
- Clear vehicle title
- Vehicle year, car mileage, car model
- Vehicle Identification Number
- Basic documents of insurance
- Proof of being the sole owner of the car
Funding Time of Title Loans Serviced in Lansing, Michigan
The best title loans (Lansing) can be received within the same day. But, not every lender can guarantee a funding time this fast.
A MORE REALISTIC expectation is anywhere from one business day to one full week.
Required Steps of Car Title Loans (Lansing, MI)
The loan process for every title loan in Lansing (MI) is more or less the same. The process map displays each step to getting a successful title loan.
The car title loans in Lansing, MI, start with submitting the full application. Borrowers can APPLY ONLINE by submitting the required documents for the Lansing title loans. Once all the documents are complete, your lender will give you conditional approval.
Conditional approval of Lansing (MI) car title loans means that your application is approved, pending review of the loan terms and agreements.
After the pre-approval, your lender will check that you provided acceptable property (aka, your car passes all standards and requirements). Once that is done, final approval will be given.
The release of the money to your bank account will immediately follow.
You are then expected to make monthly payments within the debt period to avoid losing your car.
We hope you learned everything about title loans in Lansing, Michigan. If you have more questions, don’t hesitate to ask us. We’d love to help you realize your car title loan needs.
Loan applications can be SCARY, especially if you have bad credit.
But! With the right information and resources, you can get your final approval in the easiest and fastest way possible. You may even get what you want on the same day you apply!
Good luck with your application, and make the most of your life!