What Is A Title Loan? Title Loans Explained
Before getting a title loan, it is important to know exactly what a title loan is. By knowing what a title loan is, you will be better able to decide whether it is a loan best suited for you and your current situation.
Having title loans explained can also help you prepare better for their process should you choose to get one since you’d learn about their requirements.
What Is A Title Loan?
There are certain sides of Utah title loans that can help paint a full picture of what they are. When answering what is a title loan, covering each of these sides gives you an essential piece of information that helps to have title loans explained well to get a better understanding of what a title loan is.
1. What Type Of Loan Is It?
Title loans are loans that you may hear referred to as title pawns, auto title loans, or car title loans.
They are short-term loans and usually provide a sum of money used for financial emergencies. Title loans are considered secured loans, which allows lenders such as Utah Title Loans, Inc. to have less emphasis on the credit check portion that most traditional loans rely on.
2. Who Uses Title Loans?
Title loans are typically used by individuals who are looking for quick cash but are unable to obtain funds either due to time pressing matters, poor credit, or a lack of other means or resources. Title loans are available for anyone that fully owns a vehicle, which makes them easily accessible to a large percentage of Americans.
3. When Do People Use Title Loans?
Many individuals that utilize title loans are individuals who find themselves in a financial bind or an emergency. Examples of financial emergencies that could be tackled with a title loan are:
- Urgent home or auto repairs.
- Rent or utility bills.
- Medical bills such as emergency room visits.
- Unexpected but important travel, such as for work purposes or family emergencies.
If friends and family are unable to assist you in your time of financial need, or you are too time-pressed to be able to get money through some other means, it may be worth considering a title loan as an option.
For this reason, a title loan is usually a last resort. But it’s still an option, nonetheless.
4. How Do Title Loans Work?
Knowing how title loans in Utah work is important for potential loan applicants to understand. Title loans get their name from the fact that the title to your vehicle acts as collateral.
In order to receive the loan, a title loan provider will ask you to temporarily use your car title as collateral. That is why it is sometimes referred to as a title pawn or auto title pawn. You are essentially using your vehicle title as collateral for the duration of the loan.
Once your loan is paid back, you will get your car title back, and the loan terms will be complete.
But Can I Keep My Car?
The idea of handing over your car title, even briefly, may cause unnecessary alarm about whether you lose access to your vehicle. If you are considering getting a car title loan, you don’t have to worry about finding alternate transportation.
Utah Title Loans, Inc. will request that you have a government-issued ID, a lien-free vehicle title, and your vehicle itself to qualify. However, the vehicle itself is only used to determine its value and how much you can receive in title loans. But you’ll be able to keep and use your vehicle as normal after qualifying.
5. Where Can I Get Title Loans?
Now that you know what is a title loan, the last thing to learn to have title loans explained in full is where to get them. Finding a trusted title loan provider who makes the experience both quick and efficient will help you get the funds you need with ease and satisfaction.
Utah Title Loans, Inc. offers exactly that and can help you get up to $15,000 in title loans. All you have to do is:
- Submit an online title loan form to have a representative contact you and go over the required items and the overall application process.
- You can then choose a time and place for your vehicle to be inspected and have your items verified to determine if you qualify, meaning that No store visit is required.
- If approved for a title loan, you can receive your money the same day or the following business day.
Thanks to our highly rated customer service, you can complete the entire application process without leaving the comfort of your home. A representative can aid you in completing the whole process in as little as 30 minutes from when they meet you.
Get A Title Loan Today
Whether you know you want a title loan or you aren’t sure if a title loan is for you, you can submit an online inquiry form with Utah Title Loans, Inc. today to speak to an experienced loan representative and find out more about what is a title loan!
Once our loan representative has title loans explained to you, they can help guide you through the loan process so you can get the money you need today or by the next business day. Submit your form today to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.