Title Loans in Columbia, MO
Title loans have gotten very popular in recent years, and for good reason; they are one of the most convenient and simple ways to get cash quickly when you need it most! Fortunately, when it comes to title loans Columbia, Missouri has lots of excellent lenders that are eager to help you!
In fact, for title loans, Columbia residents have many great lending options to choose from. With so many awesome choices, choosing a lender will be the hardest part; everything else about a title loan is as easy as can be!
Once you have found a lender, though, you will quickly find that there is a lot to love about title loans
Needing extra money is often a problem for many people, and getting that money can be a huge challenge. More people would find it easier to get additional funds if they consider the alternative lending options offered.
Title loans in Columbia are simple personal loans that are approved without much of the complication typically found with standard loans. They are an alternative type of funding that is approved quickly and easily and without a credit check.
Understanding Columbia Title Loans
For those who don’t know, title loans are loans that are given based not on a person’s credit, but on collateral. To receive a title loans in Missouri residents don’t have to have good credit or even any credit at all. All they will need is a lien-free vehicle title that can be put up as collateral on the loan and a regular source of income that can be used to pay back the loan. As long as they meet those very basic requirements, then they can get the loans that they want!
Choosing a Lender
When borrowers decide that a title loan is a good fit for them, their next step, of course, should be to find a good, qualified lender in their area and to educate themselves on the basics of title loan laws.
The most important law for people to know and understand is that title loan lenders have to be licensed to legally do business in the state of Missouri, so it is very important for borrowers to choose a fully licensed lender to work with. Otherwise, they increase their risk of getting cheated or treated unfairly in some way. Licensed lenders are trustworthy lenders that must follow many strict rules in order to maintain their licensed status.
Interest Rates
One concern that people typically have about title loans is that they will have to pay very high interest rates. And, while it is true that some lenders do charge higher interest rates than others, it is also true that many lenders offer very affordable and reasonable interest rates.
The best way to get affordable, fair interest rates is to comparison shop between lenders. Look at the different prices charged by different lenders and then choose the one that offers you affordable interest while still giving you high-quality service.
Loan Amounts
People also tend to wonder how much they can borrow when they take out a title loan. Really, there is no simple answer to this question since loan amounts do vary from one lender to the next. In general, though, most lenders will base how much you can borrow on the value of your car, and the more your car is worth, the more money they will typically offer you. Some lenders will also consider your income, and the higher your income level, the more money they will offer you.
Do keep in mind, however, that, though it may be tempting, you should never borrow more than you actually need and certainly not more than you can realistically afford to pay back in the given time frame, usually about two weeks to one month.
The best thing to do is to take a careful look at your finances before applying for a title loan so that you will know exactly how much to borrow while still staying safe.
Title Loans in Columbia Application
Simple is best when it comes to title loans, which is why our application only requires a few details about your vehicle and is doable in just minutes. As soon as you get the application to us, we can get a loan offer to you. If you like the offer, we can begin processing your loan as soon as you’re ready. Any questions you have will be answered when we discuss your loan. This is also the time when we explain how title loans work and ask for a little more information about your source of income and car’s condition. Getting the money you need won’t take long after that because it’s just a simple matter of signing a loan agreement and turning over the vehicle title. Your need for fast cash is satisfied as quickly as possible, meaning you could have money in your hands within hours.
Everything begins with qualifying. You need to be at least 18, and you need an income so you can afford to make loan payments. Having a job is one way to get income, but so are other sources, such as unemployment or retirement benefits. The main requirement for title loans Columbia is a vehicle. Whether it is a car, truck, motorcycle or other vehicle, if you apply for the loan, the vehicle you put up must be owned by you. Once approved, you’ll give the vehicle’s title to the lender. After the loan is paid in full, you’ll get the title back.
Anyone who meets these qualifications can get a title loan, even if their credit is bad because there is no credit check. Eliminating the credit check means eliminating the need to look through someone’s payment history to see if they pay on time. Title lenders believe in second chances, so go ahead and apply for a title loan, and get the money you need.
Legal Info
Original loan terms last 30 days, but loans are renewable. Interest rates vary, and lenders are allowed to charge upfront fees and other loan fees. If a borrower so chooses, they can return the money and cancel the loan within one business day of accepting it. Their lender is prohibited from penalizing the borrower for cancelling the loan.
Prior to repossessing a vehicle, the lender must tell the borrower 20 days in advance. The lender must tell the borrower 10 days in advance of selling a repossessed vehicle. During the repossession notification period, the borrower can bring the account current to keep the vehicle. The borrower can pay off the loan during the sale notification period to stop the car’s sale.
Perks
Car title loans in Columbia come with multiple perks, the biggest two being easy loan approval and fast cash distribution. Unlike mainstream loans, which have longer applications, documentation requirements and typically lengthy processing times, title loans are fast from start to finish. Our application can be done in minutes or less, and processing happens the same day most people apply for their loan. Because title loans are based on vehicles used as collateral, it’s easy to be approved. With a simplified system, nearly all applicants get cash the same day they submit an application.
Another fast and easy benefit is not having a credit check. This speeds things up because there is no time spent pulling or examining the credit history of an applicant. Because loan representatives aren’t checking to see if the applicant has too much debt or whether they have late payments and charge-offs, there is no reason to deny a loan application because of a low credit score. Applicants use their vehicle as loan collateral, and that’s all a title lender is looking for. So, all the people with bad credit who are typically rejected by traditional lenders could find acceptance when they apply for an auto title loan in Columbia.
Title lenders set short loan terms so you can fix a short-term money problem, but if the problem requires more time to solve, we’re okay with that. Talk to us about what’s going on if you find it challenging to make all your payments by the end of the loan term. Renewing your loan is an option.
You don’t have to pawn all your valuables to get cash. Why take multiple items to a pawn shop where you have to wait for someone to assess each items value before you’re offered money? With title loans, you don’t even have to leave the couch to apply, and all you need is one vehicle to get cash.
