When you’re amid a financial emergency, you need cash right away. After all, one of the reasons you’re interested in a title loan is you’ve heard you can be approved the same day you apply. That is true, and what’s more, many lenders will deposit funds directly into your account, eliminating the anxious wait for your check to arrive.
Here’s how to get an auto title loan with direct deposit.
What is a Title Loan?
This is a short-term loan that’s secured by your vehicle, so you must make certain you can repay it. On the other hand, such collateral means high approval rates.
What’s also appealing about title loans is you usually don’t need good credit, and you can continue to drive your vehicle while you’re making payments. You will get your title back when the loan is paid off.
What Do I Need to Get One?
Every company is different, but you’ll mainly need a car with a lien-free title, and proof you have the earnings to repay the loan (pay stubs, etc.).
You’ll also need a government-issued ID, recent photos of your vehicle inside and out, and the vehicle’s make, model, age, and mileage. Some title loan companies may require a couple of references – personal, professional, or both.
If you must undergo a credit check, don’t give up hope if your scores are subpar or if you have a “thin” credit file. You may still qualify for a loan. Remember, your vehicle serves as collateral, a fact that minimizes lender risk.
Most lenders will allow you to apply online, where you can submit documents.
How Much Can I Get?
Again, it depends on the lender as well as the state you’re in, but you can expect to receive between 25 and 50 percent of your vehicle’s value. And by “vehicle,” we mean a motorcycle, boat, or RV, in addition to a car or truck. The average loan is for $1,000, although loans commonly range between $100 and $10,000 or more.
You’ll usually have 30 days to repay, unless you get an installment loan that allows you to make monthly payments for a year or longer.
Just as many employees would rather have their earnings direct deposited rather than sent to them in the mail, most borrowers prefer being able to access their loan funds that way too. You could have your cash within 24 hours following approval.
Title loans online with direct deposit, which means a wire or automated clearing house (ACH) deposit, are especially welcome during a financial emergency.
If you aren’t familiar with the term, you may be wondering, what is a direct deposit? It’s when an electronic payment is automatically transferred to the recipient’s bank account. Thus, you’ll need to give your title lender your banking info, including your preferred account’s routing number. The lender will then forward the data to the banking system to establish direct deposit. The transfer is complete after the funds are automatically cleared through the ACH.
Now, if you don’t have an account set up for direct deposits, you’re going to need to do that.
As we’ve emphasized, funding through direct deposit is very fast. You could be approved for a loan the same day you apply. After all, when something unexpected has happened and you need cash fast, you don’t have time to wait around for a “snail-mailed” check.
Getting an auto title loan with direct deposit, after being quickly approved, makes everything better – sooner rather than later.