Title Loans Washington DC
Almost all of us will face a time when we are low on cash, a bill is due, and we just can’t seem to come up with the money to make the payment. Whether we’ve exhausted all our lines of credit, we don’t have time to apply for a standard bank loan, or we have no one in our lives capable of loaning us the money, it can feel like we don’t have anywhere else to turn.
For these times, there are title loans in District of Columbia.
A title loan does not work in the same way that a standard loan does. There is a different application process, a special set of standards, and a unique repayment system and consequences if the loan is not met.
About Title Loans Washington DC
Consider how a standard bank loan works. You fill out an application using your credit score, currently salary, and other financial information. The bank will use this information to determine if you qualify to receive a loan from them. If you are approved, you receive your cash with an interest rate reflective of their faith that you will pay back the loan. For someone with a bad credit score, a bank loan isn’t an option.
A title loan is a loan, but it doesn’t work in the same way as a bank loan. While you must still apply to receive a loan, you don’t use any of your financial information to see if you are approved. Instead, all you need is some basic information about your vehicle.
A title loan is like a pawn where your car is the collateral. If you’re in need of some money but a bank loan isn’t an option, a title loan will consider the worth of your vehicle and give you a sum of money worth a fraction of that price. In exchange for the money, you give the loan provider the title of your car to hold onto until you can repay the loan.
Benefits of Title Loans Washington DC
The biggest benefit of a title loan is that it is available to anyone that owns a vehicle. While newer and more expensive cars will allow you to receive more cash from your title loan, even older cars or vehicles with a high amount of miles can allow you to receive some bit of loan cash.
For someone who has struggled to make ends meet but also suffers from poor credit, a title loan can literally be a life saver. Whether you can’t afford to buy groceries, you’re facing eviction, or you’re just looking for some money until you can make it to your next payday, title loans in DC can help you from drowning.
The money that you receive from a title loan is yours to spend however you wish. Unlike many loans that are given with the purpose of purchasing one thing or another, like an education or a home, title loan providers are only interested in ensuring you have the money that you need.
Defaulting on a Title Loan in DC
Although a title loan does not work in the same way as a standard bank loan, there are still serious demands of the repayment schedule. As a monetary loan, you will need to make payments on the money you borrowed in a timely manner. In many cases, a title loan is not intended to be a long term loan, so payments may be expected out of you in just a few short weeks.
Missing payments will result in the interest on your loan to continue to accumulate. As anyone who has taken out a loan or credit card in the past knows, interest can quickly turn a manageable loan into much more than you ever intended on spending.
If you continue to fall back on the payments you need to be making, the loan provider has the right to repossess your car and hold it until the back payments are made up. If you continue to miss payments or are unable to pay back the money that you borrowed, the loan provider may choose to sell your vehicle. The money received from the vehicle’s sale will be used to cover the debt that you owe.
Applying for Title Loans in DC
Platinum Lending allows you to apply for online title loans through their website and over the phone. The application process is easy and can be completed in just three simple steps.
- Filling out the Application
On the Platinum Lending website, you will find an online application for title loans in DC. To complete the form, you will need to provide information about the vehicle you’re looking to pawn. Details like the make, model, year and mileage will all be necessary for a successful application.
- Getting Your Car Title Loan Estimate
After a successful application has been submitted, you will be given an estimate of how much you can expect to receive from your car title loan. While this number is not definite, it can give you an idea if your title loan can cover the costs you’re looking for.
- Talking with a Loan Representative
To finalize the loan process, you will be contacted by a loan representative from Platinum Lending. At this time, you can answer any questions you may have, determine the right amount of loan money you should receive, and agree on an interest rate for the loan. This time will also be used to outline the final payment due date of the loan and give you a more in-depth idea of what should happen if you are unable to meet the loan’s demands.
Title loans can be a wonderful thing. If you’re ready to get started, you can fill out a title loan application at Platinum Lending today.