Title Loans in Royal Oak [A 2022 Guide]
Are you in need of financial stability? Have you missed one too many repayment deadlines? Looking for a way to secure funding to lessen the bills on your table?
If you want to earn cash fast, try applying for car title loans in Royal Oak today! Keep reading to learn more about the application process and the loan amounts you can get.
Evaluating Eligibility for Car Title Loans (Royal Oak, MI)
Regarding title loans, Royal Oak loan institutions often require specific standards. Check if you meet the requirements of your potential lender before applying.
There are different standards for you AND your vehicle, so take your time reviewing our mini checklists below!
1- Applicant Standards for American Title Loans
- Residency: You can only avail of title loans serviced by Royal Oak City loan institutions if you’re a resident of Royal Oak, MI
- Vehicle Title: Your records should show that you are the sole owner of the car title and that your vehicle title came from Royal Oak, MI
- Repayment Plans: Your lender will be more inclined to approve your request if they see that you have a concrete repayment plan
- Credit History: While most lenders don’t require credit checks, having a good credit history increases your credibility
2- Vehicle Standards for American Title Loans
- Low Mileage: This might not be a strict requirement, but most title loan lenders prefer cars with low mileage. Make sure to coordinate with your lender beforehand to verify!
- Car Value: The value of your car loan should be smaller than your car’s value so that you don’t end up with negative equity. Be sure to pay off your auto title loan amount ASAP
- No Lien: If your vehicle has a lien title, title loan creditors will find it easier to repossess your car if you miss a LOT of repayment deadlines
- Overall Condition: It’s better to have a car in good working condition since this increases your car’s value and your chances of getting a car title loan in Royal Oak
Applying for a Car Title Loan in Royal Oak, MI
Now that you’ve checked both your and your vehicle’s eligibility, it’s time to start applying for Royal Oak title loans!
Step 1: Answer the Auto Title Loan Application Form
To officially begin the car title loan process, you’ll have to provide your basic information through the application form.
You can choose to apply online or through the phone, whichever method is more comfortable for you!
Once you receive the form, you’ll be asked to answer some questions about your financial status and your car. Make sure to go through the whole form to review your answers.
Step 2: Submit the Necessary Documents
After submitting the title loan application form, you’ll have to submit the required documents. While the files may vary depending on the lender, here are some of the common ones:
- A valid government ID
- Vehicle title
- Proof of residency
- Proof of income
- Pictures of your vehicle
You can send these documents via email, fax, or mobile phone/laptop. Wait for your lender to signal before moving on to the next step.
Step 3: Reading Between the Lines
Once you’ve received your lender’s approval, go through the entire title loan agreement to look over the following details:
- Loan terms
- Loan amount/how much cash you’ll be receiving
- Payment deadlines
- Interest rate
Once you’re satisfied that the terms and conditions indicated in the title loan agreement are aligned with what you and your lender agreed upon, you can proceed to the next step.
Step 4: Instant Cash!
Congratulations, you’ve received your lender’s final approval!
If you’ve successfully reached this point in less than a few hours, you can now receive your loan proceeds within the SAME day. The more prepared you are, the faster the process is!
Your lender may choose to make a direct deposit to your bank account, or they may choose to provide your loan through a check or an electronic bill.
Once you’re received your loan, it may be tempting to spend everything all at once, but remember to STICK to your repayment plan!
Trivia on Auto Title Loans (Royal Oak, Michigan, MI)
After learning more about the process of applying for Royal Oak title loans, you’re all set to start laying out your options!
If you’re still torn about whether or not to pursue title loans, check out our trivia section below. We’ve included a few common questions on the technicalities of Royal Oak title loans.
1- Demonstrate Ability for Car Title Loans (Royal Oak)
Getting your lender’s conditional approval entails being able to meet your lender’s standards and requirements. You should discuss these with your lender before you pursue a car title loan.
Remember that the more time you spend completing the process, the longer your application will be pending review.
As long as you successfully show that you’re organized and prepared to meet deadlines, your lender will be more inclined to approve your title loan application!
2- Will I Need to Undergo a Credit Check to Get Title Loans (Royal Oak, Michigan, MI)?
If you have bad credit, you may be worried about your chances of securing auto title loans in Royal Oak, Michigan. Rest assured that this isn’t usually the case regarding title loans!
Various title loan lenders prefer to look at your basic documents to gauge your eligibility for a car title loan, which is why you must prepare all the needed files beforehand.
On the slim chance that lenders will do a credit check, your chances won’t necessarily diminish even if you have bad credit. You’ll just have to discuss your options with your lender.
Don’t be afraid to ask questions if there’s anything unclear! It’s best to be transparent with your lender throughout the car title loan process.
3- Things to Consider When Looking for a Lender in Royal Oak, Michigan
When choosing a lender, it’s important to read through their services and check their minimum loan amount. Check if there are additional fees, such as interest rates.
While these terms are usually indicated in the title loan agreement, it’s always best to be prepared so you can AVOID hidden fees!
By researching the various title loans serviced by lending institutions, you can know how much you’ll be paying for a car title loan in Royal Oak.
4- Where Can I Repay Title Loans?
This will primarily depend on your lender, but several title loan institutions use financial companies such as MoneyGram.
There are NUMEROUS MoneyGram locations in Royal Oak, so don’t worry about not being able to find a nearby branch!
You can refer to the website or their app for more instructions if you’d prefer to send the money online. [R]
Advantages and Disadvantages of Car Title Loans (Royal Oak, Michigan)
Car title loans in Royal Oak, Michigan, are intended primarily to provide secure funding backed by the authority of title loan institutions.
This essentially means that state laws and company laws protect your money! However, it’s important to take note of some significant pros and cons of title loans.
Advantages:
- Affordability: If you’re looking for affordable title loans, Royal Oak has several loan institutions that feature competitive interest rates!
- More Flexibility: Since you’re providing your car title as collateral, Royal Oak lenders are more inclined to be lenient when adjusting repayment deadlines.
- Efficiency: Getting instant cash within the same day sounds like a myth, but it’s possible! Just prepare all the necessary documents for title loans before applying.
Disadvantages:
- Loan Cycles: One of the main disadvantages of title loans is that you can accumulate a lot of debt if you miss a lot of repayment deadlines.
- Repossession: The worst-case scenario for title loans involves being unable to pay off your title loan debt. If this happens, your lender can repossess your vehicle instead.
- Loan Term: Unlike traditional loans, title loans aren’t long-term. They often go up to 30 days, but you can try coordinating with your lender to ask for deadline extensions.
Other Types of Loans (Royal Oak, Michigan)
Did you know that you can find a variety of loans in Royal Oak, MI? While title loans are some of the more popular ones, you can refer to our list of loans below!
1- Secured Loans
You can avail of a secured loan by giving collateral. By providing acceptable property, your lender will be assured that you intend to repay the loan.
Some common types of secured loans in Royal Oak are the following: [R]
- Mortgage Loan: If you’re looking for a loan for household purposes, you might want to try this loan. Remember that you’ll need to use your property as collateral!
- Credit Cards: In cases where borrowers with no credit history can improve their credit scores by buying a credit card. To secure this loan, you’ll need to pay cash deposits.
- Vehicle Loans: These are the types of loans that require you to use your vehicle (i.e., a car, an airplane, a boat) as collateral. This is where title loans in Royal Oak fall under!
The following are some of the advantages of a secured loan:
- Borrowers can get a lower interest rate compared to unsecured loans
- It’s easier for borrowers with bad credit to apply for secured loans
- Borrowers can enjoy larger loan amounts compared to unsecured loans
Here are some of the disadvantages of a secured loan:
- Borrowers can risk losing their collateral if they miss a lot of repayment deadlines
- For most secured loans, there’s less flexibility when it comes to what you can use the loans for
2- Unsecured Loans
If you’re uncomfortable providing collateral in exchange for a loan, you could consider unsecured loans! Just note that you’ll need a good credit score to be approved.
Some examples of Royal Oak unsecured loans are the following: [R]
- Personal Loans: These loans can be used for various payments through lenders, banks, and credit unions.
- Unsecured Credit Cards: These cards are more accessible than secured credit cards because you won’t need to submit collateral (i.e., cash deposits) to get approved.
- Student Loans: Various private institutions service student loans, but you can also apply for these loans through the Department of Education.
Here are some of the advantages of an unsecured loan:
- Your properties won’t be at risk if you can’t pay off the loan
- If you’re part of a business that files for bankruptcy, there’s a possibility that your debts can be discharged [R]
Here are some of the disadvantages of an unsecured loan:
- If you plan to spend a few months or years paying your debt back, the total costs will be VERY expensive
- Because lenders don’t require collateral, you’ll have to pay higher fees to get this loan
3- Installment Loans
If you’re looking for a cash advance, you might be interested in applying for this loan!
This type of loan is usually known as a category for both personal and commercial loans, but it’s also defined as a type of loan that can be paid through installments. [R]
Some examples of Royal Oak installment loans are the following:
- Auto Loan
- Mortgage Loan
- Student Loan
Here are some of the advantages of an installment loan:
- Often, the amount that you’ll need to pay will remain constant throughout the loan cycle
- If you pay off your debt early, you’ll save more money in the long run!
Here are some of the disadvantages of an installment loan:
- If you don’t pay off your debt immediately, the resulting fees may become more expensive
- If your payments are constantly delayed, your credit score may get affected
4- Small Business Loans
Are you the owner of, or a worker in, a small business? It can be difficult to compete with large companies, but don’t fret!
Did you know that there are several types of small business loans that you can consider applying for? These include the following: [R]
- Microloan Program: Through this program, you can get up to $50,000! Remember that you may be required to pay off your debt within 7 years.
- Disaster Loan Program: Business emergencies happen more often than we’d like. If you’ve been affected by the pandemic, you can consider applying for EIDL or PPP!
- 7(a) Loan Program: This program lets borrowers get up to $5 million, which can cover many expenses! The repayment deadline is roughly 25 years, with fixed or varied rates.
Here are some advantages of getting a small business loan:
- It can be a cheaper option compared to selling your invoices to a third party or giving a percentage of your future credit card sales to a lender
- If your business doesn’t qualify for a traditional loan, you might have a better chance of applying for a small business loan!
Here are some disadvantages of getting a small business loan:
- You may have to submit a lot of requirements before applying for this type of loan
- There may be delays in approving your request because the process can be long
- You might need to provide a downpayment before proceeding
5- Payday Loans
Payday loans are short-term loans that provide you with a small cash advance such as $500.
Their repayment deadlines can be strict, and you may be required to repay your loan during your next payday. [R]
The following are some of the advantages of a payday loan:
- They include flexible requirements (i.e., ID, income, and bank account)
- They’re accessible to borrowers with bad credit
Here are some of the disadvantages of a payday loan:
- You’ll need a bank account to avail of this short-term loan
- You can only get a small amount
Driving Along Royal Oak City
Applying for the best title loans in Royal Oak, MI, shouldn’t be difficult. If you want to LESSEN the funding time and receive your loan within the same day, it’s best to prepare!
Do thorough research on the loan amounts and interest rates of title loans serviced by Royal Oak lending institutions to avail yourself of the BEST title loans.
You can also try exploring other featured locations in Michigan nearby states!