Title Loans in Arkansas: Your Key for Funding
Have you lost track of your bills' due dates because of your busy schedule?
Are you planning to apply for a loan with your car but don't know anything about title loans in Arkansas?
No worries, we got you!
Save yourself some time for all the information-seeking actions!
Continue reading this as we already did the job for you.
What Is a Car Title Loan?
From the word itself, you must have a VEHICLE TITLE with your name as the owner. This will serve as the collateral for your loan application.
Car title loans are also known as title pawns. This secured loan enables you to have that emergency funding you need quickly.
You are ELIGIBLE for title loan services if you have any vehicles with the needed requirements and qualifications.
Having a normal median income below the government destitution line also doesn't matter. You can definitely have a suitable deal for you!
In other words, title loans use car titles to lend the highest amount of money possible in the fastest time.
How Do Car Title Loans in Arkansas work?
You only have one car. You are AFRAID that using it as collateral will give you difficulties in everyday transportation.
Let us clear something up.
Applying for auto title loans in Arkansas does NOT mean returning to public transportation.
You just have to submit the car title with the other requirements for loan approval.
It is similar to pawning your precious jewelry. The only difference is you can still DRIVE your car until you get back the vehicle title upon fully paying your loan.
Also, the loan amount you can receive on a title loan in Arkansas mostly depends on the VALUE your car holds. The BETTER condition means the BETTER cash options for you.
Check these basic regulations in Arkansas title loans to be guided.
Loan application processes DEPEND on the lending company. But, most car title loans, Arkansas companies generally, follow these three easy steps:
Step 1: Apply Online, via Phone, or by Visiting the Company’s Office.
You probably want your title loans to be as fast and convenient as possible.
We feel you!
While most lending companies do online title loans, a store visit is always possible. This mostly happens when the lender needs to inspect your vehicle's condition.
Thus, you can accomplish an application form ONLINE.
You can also CALL the company if you want. It is unlikely that financing companies will use pre-recorded messages here for your application process.
We are sure a loan agent will assist you!
If not among these two, you can directly visit the loan store and PHYSICALLY do your auto title loan.
Step 2: Submit the Needed Documents
As mentioned above, the title loan process varies according to the lending company. Thus, the needed documents also have a few differences.
One thing is for sure!
These primary documents are ESSENTIAL to gather the needed information.
This may include, but is not limited to, your contact details, source of income, and car registration information.
Through this, they can verify how much cash fits your car's value. The same goes with your capabilities for payment installments based on your source of income.
If you can't personally submit the requirements to the lender's office for some reason, express written consent is needed. But, it still DEPENDS on the company if this is possible.
Step 3: Time to Get Your Funds!
This is the exciting part!
Most financing companies providing affordable title loans, Arkansas-located ones especially, do instant approval. This is when you successfully meet and accomplish the first two steps.
At this stage, you can now sign the final agreement. This primarily includes the interest rates, monthly payment amount and schedule, and payment term.
It would be best if you also are CAUTIOUS in reading the critical details in this agreement.
Consequences, such as penalties, are also stated here if the terms being agreed upon aren't met.
THEN, you can already expect a direct deposit most of the time on the same day of your approval.
TIP: Apply for title loans from a company with a physical office nearest your current location. It will be easier for you to be present physically when needed, especially for car inspections.
We know you want your funds to be released as SOON as possible.
Below are some of the basic documents Arkansas Car Title loans require.
Check this list for those you already have. AND get those requirements you don't have to be prepared before applying.
- Car title. Your name should be the one written as the owner in the document.
- The caryou will use as collateral.
- Images showing the present condition of your car.
- Document/s showing your current source of income.
- A valid Identification Card (Government-issued).
- A proof that you are a resident of Arkansas.
- Bank account details (Bank statements are not included)
- Document showing vehicle insurance.0
- Document showing vehicle registration.
You must prepare these standard requirements in advance to avoid unnecessary delay.
TIP: Check the website or contact the Arkansas Title Loan provider before preparing the requirements. This is to avoid unnecessary stress in collecting those unrequired documents.
Approval time is very crucial.
Especially, when you need that money as SOON as possible.
Commonly, application for title loans in Arkansas gets approved within a day. If the process is smooth enough, you might even see the loan amount in your bank on the same day.
This commonly happens with online title loan applications. Especially, when lenders are already SATISFIED with all the documents submitted by the loaner.
However, there are some situations when more business days are needed to get approval.
Other companies will NOT be satisfied by just submitting car photos. Thus, the need for a physical car inspection.
Regardless of what scenario you'll get into, it will NOT take several days as long as you meet all the essential steps and requirements.
Loan Amount Available
Arkansas residents can have a minimum loan amount of $100 from title loans. That may reach up to $50,000 if you are lucky enough, which is payable in 30 days.
We don't want to cut your excitement. But don't get too worked up yet.
The amount you can loan still depends on the type of car you have, together with its current condition. Title loans provide 25% to 50% of your car's value.
Check your car now before sending an application! Make sure it is in the BEST possible condition it could be.
ALSO, lenders will look into your current source of income for your installment capabilities.
That could be in the form of business owned or current employment details. Thus, you might now want to start looking for those pay stubs you received from past paydays.
Title Loan Interest Rates
Affordable title loans in Arkansas have competitive interest rates. This can be in the form of a monthly or an annual percentage rate (APS).
But, it still depends on the lender and on your state location. Thus, applying to companies that offer the best deal for you is a must.
If you DON'T consider comparing interest rates from different companies, you might end up paying a common percentage of 25% monthly or 300% annually.
Also, note additional charges to avoid being fooled by hidden fees!
Expect other charges such as processing fees, document fees, and the like.
Nonetheless, most lenders are TRANSPARENT with all of this information.
TIP: Don't apply immediately! It is tasking to inquire to different lending companies. But, it is a great way to compare the loan deals to pick the best one for you.
Most repayment processes for title loans, Arkansas state generally, are similar to the application options mentioned above.
You can do monthly payments online, via call for instructions, or by going physically to the loan store.
For sure, you don't want to lose your car.
You can have that FAST cash with Arkansas easy title loans.
But, it is also as FAST as losing your collateral if you are unable to pay the money back, with the agreed interest and other charges.
Make sure to pay your obligations on time!
For funds paid quickly, reloaning is undoubtedly more effortless than the first application.
Frequently Asked Questions (FAQs)
Do you still have more questions?
There are indeed a lot of essential things to know before applying for Arkansas title loans. Suppose we haven't answered them above. Maybe you can find them in the following FAQs:
How to Choose the Right Title Loan in Arkansas?
Looking for Arkansas affordable title loans? You can actually easily find the best title loans in town.
However, what you should think of are your payment capabilities.
Of course, it is good to loan as MUCH money as you can.
But, is the deal suited for your financial situation? Are you sure you can do your repaying obligation on time?
Ask yourself these important questions first. You will know the best deal you are looking for without losing your collateral.
Will I Be Approved for an Arkansas Title Loan With a Bad Credit Record?
Most providers of Arkansas Title Loans DON'T care about bad credit records.
But, there are still those that look for GOOD credit history.
You can be approved with your bad credit score. But, you would still want to have a good one to achieve better deals.
You want BIGGER cash funding with low-interest rates, right?
Then, having an EXCELLENT credit history is one of the ways to achieve this!
What Specific Vehicle Brand Ensures Loan Approval?
The vehicle's brand does NOT guarantee funding approval.
Due to its well-known brand, you have used it for your car renting business before?
Maybe you had a gross median monthly rent for that in the past. But, that doesn't also ensure approval.
In other words, the brand might increase or decrease the car's value. Thus, affecting the funding amount you can have.
Even having a car for collateral is useless if you don't comply with the other required documents.
Overall, funding approval is based on a process with the essential requirements, notjust on a specific vehicle brand.
Why Is Title Loans Better Than Bank Loans?
These are the common comparisons when applying for a car title loan versus a traditional bank loan.
- Average vs. fast approval time
- Easy vs. complicated application
- Few vs. many requirements
Car title loan funding application mostly takes one business day to get approved. While banks' approval usually takes time.
One significant reason is the difference in the number of requirements they ask from loaners.
Title loans in Arkansas need fewer requirements for fast and easier funding. In contrast, banks require the other way around.
Another one is the difference in the application processes. An auto title loan usually has three steps, while most bank loans have more.
Alternatives to Consider
Few requirements are usually required in different places for title loans, Arkansas state being one of them. They also have a few application steps or easy processes.
But, there are still instances of not being able to secure approval for this short-term loan.
Also, Arkansas is one of the States that prohibit Car title loans in 2022.
It is not the end of the world for you!
There are a lot of other alternatives you can consider to still get that money for your emergency funding.
- Personal loan
- Cash Loans
- Payday loans
Various title loan services vary according to the application process. This includes an online title loan and application via call, and it could also happen in loan offices.
The same is valid with the requirements and interest rates. This depends on the lender and the loaner's state address, source of income, and collateral.
But, they are similar in requiring a qualifying vehicle and a stable business or employment for their loaners.
Thus, it is best to check the companies first to compare the perfect option that works best for you.
Maybe another lender can provide a HIGHER value for your car. One company can possibly ask for a LOWER interest rate. It could also be a BETTER payment plan from the other provider.
Another vital thing to NOTE is a credit check does not apply to most Arkansas title loan companies. However, having the best credit score can bring you better deals.
If you are having difficulty grasping everything, read again from the start or be guided by this video.
We didn't say you can already relax and not worry when you forget your dues.
Of course, it is best to pay ahead of time!
What we are trying to imply is that you DON'T have to panic in times of need.
Arkansas title loans are always available for emergency funding.
Get your car key now! And, drive your way to a title loan in Arkansas for that much-needed money!