Apply Online for Car Title Loans in South Hill, WA
A significant population of adults relies on the services of title loan lenders.
Why? Because when you need money FAST, they are the most convenient.
You will even see title pawn storefronts advertising “quick cash” or “no credit check required”. That is how approachable and luring they can be!
Lenders will request and review only a few important documents. The most important of all is your clear vehicle title. If you have that in check, you’ll have your proceeds in no time!
What Is a Car Title Loan?
In Washington, a car title loan, also known as an auto title loan or title pawn, is a short-term cash borrowing that requires your vehicle as collateral.
To avail of title loans, the reason for your borrowing should primarily be for household purposes.
This means you use the proceeds to catch up on bills or for emergency surgeries and hospitalization.
Auto title pawns are popular because of their fast online application process and minimal requirements. You can apply and get your cash proceeds on the same day!
These borrowings in Washington usually have a MINIMUM loan amount of $100 and could go up to a MAXIMUM loan amount of $50,000.
It should be equivalent to about 25% to 50% of your car’s value.
You will need to repay your title pawn within 15 to 30 days. Although it is called an auto title pawn, you may also use a motorcycle or a truck as collateral.
Once the borrowing is approved, the creditor will request to keep your vehicle’s title in exchange for the monetary proceeds.
You may get it back once you repay the title pawn in full. But if not, the creditor has every right to repossess it.
Payday Loans vs. Auto Title Loans
Many people looking into quick monetary solutions usually consider either a payday loan or a title pawn.
How are they similar and how do they differ? We’re here to find out!
Both monetary borrowing services review only minimal requirements. You can qualify even with bad credit!
Both services offer limited borrowing sizes too. The loanable amount ranges will vary per state. These small amounts also have to be repaid in a short period.
For a payday loan, you will need to issue a check for a single payment covering the loan amount including interests and fees.
The specific due date is usually on the borrower’s next payday or the next pension income.
Some lenders prefer to have authorization to electronically debit funds from the borrower’s prepaid card account.
For an auto title pawn, your vehicle’s clear title is the lender’s safety net in case you default.
However, be wary that high rates compensate for the super convenient nature of these borrowings as compared to traditional banking services.
Are Title Loans Legal in South Hill?
Washington has put in place regulations for title loans. You can borrow a minimum amount of $100 and a maximum amount of $50,000.
Since an auto title pawn is a short-term loan, you should repay the loan within 31 days. Some lending companies may allow you to request an extension but of course with a cost!
The maximum annual interest rate for these borrowings in Washington is capped at 252%.
Why Apply for an Auto Title Loan?
Apart from the possibility of getting the proceeds on the same day of your application, here are a few more reasons to apply for title loans:
- Convenient Online Application
- Competitive Interest Rates
- Impeccable Customer Services
- No Credit Check Required
- Quick Approval
- Keep Driving Your Automobile
Are you convinced yet? These benefits are waiting for you!
South Hill, WA Title Loan Requirements
Title pawn requirements are few and easy to acquire. You will need the following:
Personal Details and ID
To apply for title pawns, you will need to supply the lending company with your personal and contact information.
These should at least be your name, contact details, SSN, and e-mail address.
Depending on the lender, they may require ADDITIONAL INFORMATION for validation purposes.
Residents of Washington should also provide any government-issued ID bearing their photograph to verify their identity.
Commonly, these can be your driver’s license, passport, or state ID.
Clear Vehicle Title
All title pawn services will need this! The clear vehicle title must be legal under your name.
The car must be fully-paid with no lien. The state of Washington allows for cars, motorcycles, and trucks as safety.
This is another key factor for your loan application to get approved. The inspection will determine how much monetary proceeds you can get out of your loan.
If you are applying through the internet, you need to submit clear recent photos of your automobile. You have to take photos of all four angles.
Some lending companies require you to have assessors inspect your automobile in-store. you must choose one just around the neighborhood for convenience.
Proof of Valid Vehicle Insurance and Registration
For added security, lending companies will require you to provide your vehicle’s insurance and registration documents.
You will also need to provide details like the year, make, and model of your vehicle. Other details like accessories and engine mechanisms can increase the loanable amount.
Proof of Income
Title pawn lending companies are not keen on credit scores. But you do have to prove you can pay back the monetary proceeds loaned.
It does not have to show big numbers. It wouldn’t even matter if you work part-time, full-time, or retired. For as long as you have income or pension proceeds, it should be alright.
Payroll documents can be in the form of pay stubs, tax returns, bank statements, etc.
Proof of South Hill Residence
You will need to submit proof that you live in Washington.
You can submit billing statements or mail containing information about your address.
Bank Account Information
Although not all title pawn shops demand bank details, still be wary of those who do.
They usually check whether it is active within the past 60 days. If there are no recurring deposits, they might question your source of income.
Requirements will vary per lender. Some will not even verify your payroll or require you to be employed.
Check among lending companies available and choose the best one that suits your needs!
Steps to Get Fast Money in South Hill
Just follow these few steps and you can get cash borrowings on your automobile easily online:
Step One: Fill Out a Free Online Application Form
You have the option to apply through the internet, over the phone, or walk in-store. Either way, loan agents will happily assist you.
But if you want to save the hassle of going through Washington traffic, we encourage applying in the comforts of your home.
Step Two: Prepare Necessary Documents
Have ALL the requirements we listed above ready.
If you apply on a morning of a business day, it is likely you can get your monetary proceeds on that same day.
Depending on the nature of your loan, lending companies may request additional information.
Step Three: Collect Loan Proceeds
Once your application is approved, you can collect the proceeds through either of the funding methods:
- Receive a check in the mail
- Wire transfer
- Pick-up cash on-site
- Direct deposit
Step Four: Make Payments on Time
Once you’ve agreed on the loan terms and have signed a contract with the lender, make sure to follow the repayment schedule.
No one wants to see you lose your car or fall deep in debt!
If we have not gotten everything covered yet, we sure have them here! Check out the answers to what many interested borrowers are asking:
Can I Qualify for Title Pawns With No Automobile Inspection?
Inspection of your automobile is necessary to estimate the allowable loanable amount.
However, if you are applying for a title loan in Washington completely online or by phone, photos of your automobile, among other requirements, will suffice.
The inspection is necessary to confirm whether or not their client is eligible for their services.
How Much Monetary Proceeds Can I Get for My Automobile?
You can get 25% to 50% upfront proceeds for your car’s equity.
Submitting your vehicle’s identification number (VIN) will help the lending companies determine the market value of your qualified automobile faster.
Thus, releasing the proceeds more efficiently.
Can I apply even with bad credit?
YES, you can!
Title pawn lending companies are MORE LENIENT when it comes to credit checks.
Unlike if you were to apply for borrowing at big financial institutions like banks, you can still do business with a title lending company even with a bad score.
This is possible because in case you default on your payments, the lender can go after your vehicle.
What Are Alternatives to Title Loans?
In any case, if the loanable amount you borrow from an auto title pawn is still insufficient, you can opt for payday loans or installment loans.
These borrowing services will not require a vehicle as collateral. They will however stipulate terms for scheduled repayments that are similarly short-term in nature.
Other options we recommend include:
- Apply for short-term small borrowings from unions or community-based organizations.
- Get a credit card advance.
- Apply for peer-to-peer borrowings.
- Consider a pawnshop borrowing if you have any other acceptable property you can use for security.
- Try making some extra bucks by taking an extra part-time job.
- Negotiate with your employer for a monetary advance.
- Ask for help from family and friends.
Make sure to compare rates and see which fits better to your needs and capacity to repay.
Is There a Way to Increase the Loanable Amount?
In Washington, you can ask to increase your loanable amounts through refinancing.
Refinancing replaces the existing borrowing with a new one with a higher amount but usually with lower rates. This way, it will be easier to manage your monthly repayments.
Do I Need to Be Fully Employed to Qualify for Title Pawns?
No, you do not need to be fully employed to apply and be approved for auto title pawns.
You just need to send proof of your payroll. This determines your ability to repay creditors.
It would not matter if you work full-time, part-time, self-employed, or even retired. Proof of payroll is also not limited to just paychecks.
You can even submit social security benefits to prove that you can make repayments on time.
Do All Vehicles Qualify for Title Pawns?
Most lending companies accept cars, trucks, motorcycles, and RVs.
Cars with high mileage might have lower chances of getting approved, or if approved, will result to lower loanable amounts.
If unsure, contact your agent to check whether or not your automobile makes the cut.
Get a Car Title Loan in South Hill Today!
With fast application processes, straightforward requirements, and high approval rates, getting your monetary proceeds quick is no problem with title pawns!
Just make sure you can manage your repayments and stick to the contract.
Sure, these borrowings can be tempting when you are facing budget issues, but still, be diligent when committing to these borrowings!
We hope this has been a helpful read. Share your experiences with us by posting in the comments section below!