Title Loans Sulphur, Louisiana
It isn’t uncommon for many of us to need some extra financial help once in a while, but banks make it difficult to borrow money from them – especially on a short-term basis. Sometimes, when you just need a little extra money until your next payday or until you can get back on your feet, you don’t want to go through all the hassle of getting your credit score checked and applying for a long-term loan.
For those instances, title loans in Beaumont make for the perfect borrowing option.
A title loan, like a regular loan, allows you to borrow money when you are in need. But unlike a typical bank loan, the process for applying and borrowing money isn’t as complicated.
About Title Loans Sulphur
A title loan allows you to take a loan against your car title, meaning you use your vehicle as collateral for the deal. Title loans are a kind of secured loan, similar to a mortgage, that allow you to borrow money on an item that you own. By securing the debt with an item that can cover the cost, you are reducing the risk the lender takes in giving you money.
With the risk reduced, lenders can give money more freely. They don’t need to check your credit score or consider your financial ability to repay the money based on the same terms as a bank loan. Instead, you promise to forfeit the item of collateral if you should be unable to hold up your end of the deal.
For a title loan to work, you must exchange the title of your vehicle for the loan money. By giving the title to your loan provider, you give them the ability to take possession of the car, truck, motorcycle, or SUV if need be, but you are still able to drive the car as long as you do not miss payments or default on the loan.
When you make the exchange, both you and your loan provider will be of the understanding it is a short-term switch. For most title loans, the money will need to be returned in a few weeks or couple of months. Once you make all the necessary payments on your debt and the loan is returned, your title will be given back to you as well.
Applying for Title Loans Sulphur
The application process for title loans Sulphur is very different from how you would apply for a loan from the bank. In most bank loan situations, you need to meet with a banker to discuss your loan options. Then, you will be able to fill out forms to begin the application process. This step alone can take hours or even days. After the application has been submitted, you may even need to meet with bankers again to discuss your application.
But for title loans in Sulphur, you can fill out the Platinum Lending application online in just a few minutes. The only information you will be required to provide are details about your vehicle, including the make, model, mileage, and year of the car, and some basic contact information about yourself.
After submitting your online application, Platinum Lending will give you an estimate on car title loan so you can have a better understanding of how much you could receive from title loans Sulphur. To complete the application process, a loan representative will reach out to you using the contact information you provided. While on the phone with your loan representative, you can finalize your loan deal and make plans for getting your loan cash.