Title Loans In Salt Lake City, UT
Most of us have been in a tight spot where we’re strapped for cash because of an unexpected expense or a budgeting misstep, and if you’re ever in that situation again, title loans in Salt Lake City can be a great way to work yourself out of it. All you need to take out such a loan is to be 18 years old and have the physical title for a car or truck that you own. Since the loan is secured with your vehicle, acceptance rates are high and processing times are low, and you still get to use your car throughout the loan.
When you’re in a jam, title loans in Salt Lake City tend to be much more consumer-friendly than personal loans from banks. Bank loans can take a day or longer to process, and since they’re typically unsecured, they require credit, income, background checks and so forth. There’s less flexibility as well. Consider that the Bank of Utah wants personal loans to be at least $1,000 and often requires $5,000 or even $10,000. Furthermore, banks like Target Bank and Brighton Bank demand a minimum repayment schedule of three to six months and may want some control over how you use the money.
Title Loans Salt Lake City: Get Your Loan Online with Platinum Lending
Did you know that you can apply online and even complete your loan without leaving your home? All it takes to get started with Platinum Lending is some basic information:
- Your full name and zip code
- Your phone number and email address
- The year, make, model and trim of your car and truck
- Estimated mileage or an odometer reading
After providing this information via a short form, Platinum Lending will provide you a response in seconds in the form of a title loan quote. You’ll then be contacted by a loan expert who can answer your questions, discuss your options and help you finalize your loan online or locally. Some additional information will be required to finish your loan, but even online title loans with no inspection are the norm because electronic records indicate whether any major work has been performed on a vehicle.
How Utah Regulates Automotive Title Loans
All title loans in Utah are governed by the Title Lending Registration Act. The focal point of this law that all lenders of such loans must be licensed and remain in good status. The law also requires lenders to provide the borrower in writing an explicit disclosure of money borrowed, fees, interest rates, payment schedule and the total obligation if one were to take the entire period to repay. Beyond that, the state doesn’t restrict you much as a borrower. Loans can be for any amount or length. Extensions and early repayment are both options, and the state doesn’t limit how often you can borrow in this manner.
The Benefits of Automotive Title Loans
Automotive title loans Salt Lake City are often a better option than personal loans from a bank and even other short-term borrowing options, like payday and pawnshop loans. Title loans:
- Process within minutes
- Can be completed online
- Have a high approval rate
- Don’t require credit and other checks
Unlike most bank loans, title loans can be completed fast and even from the comfort of your home, and most short-terms loans tend to cost more overall due to higher rates and fees. These loans are available to you when you have bad credit, no credit or a bankruptcy on your record. Income and employment status are also irrelevant, which is why acceptance are typically well above 99 percent.