Michigan Title Loan Is Exactly What You Need for Emergency Cash
If you have ever experienced difficulties in your life, you probably know how hard it can be to get funding for your needs. This task becomes even more difficult if you currently have a bad or poor credit history. Many borrowers face rejection from banks and credit unions and don’t know where they can get the money to meet their expenses. However, a Title Loan is an easy and safe way to cover any need.
More and more people in Michigan are choosing this type of funding because applications are approved almost instantly and borrowers don’t have to meet a lot of eligibility criteria to get the money. Keep reading for more information on what a Title Loan is and how it works.
Emergency Title Loans Michigan Main Information
The main distinguishing feature of this loan is that it is secured by collateral. This is why the borrower must fully own the title of their car in their name in order to be eligible to apply for and receive funding. He must temporarily transfer the title to the lender during the debt repayment time and receive it when the debt with interest is fully repaid. Most often, the Title Loan is short-term, so the debt must be repaid within one month.
Since the Title Loan is quite simple and has minimal eligibility criteria, the chances of getting approved are quite high. That is why, if borrowers need money to get out of trouble quickly, a Title Loan may be the best option for them.
Michigan Title Loan Requirements
In order to get a Title Loan in Michigan you don’t have to meet a lot of eligibility criteria. This loan is created so that almost any borrower can cope with their needs. Below you can learn the basic requirements for receiving funding:
- Be a US citizen or an official resident who is at least 18 years old
- Have a regular monthly source of income
- Have an active bank account
- Provide ID
- Provide an active bank account
- Provide a social security number
You must also provide documents for the vehicle, such as original vehicle title with solo ownership, current registration, government issued identification matching the name on the title, insurance proof and proof of residency matching the name on the title.
Completely Online Title Loans Fast
Many borrowers in Michigan are unaware of this, but it is now possible to get a Title Loan completely online with no store visit. Thus, instead of physically inspecting the vehicle, the borrower will be required to provide good quality recent photographs of the vehicle. Specialists will pay attention to factors such as brand, model, cost, mileage, and so on. In other words, the more expensive the cars, the better its condition, the more the borrower will be able to get. Once the application is approved, the loan amount will be transferred directly to the borrower’s bank account.
3 Easy Steps To Get Same Day Title Loan in Michigan
If you have decided that a Title Loan in Michigan suits your wants and needs and you want to apply, you must learn how to do it right. Here are three main steps you can take to help you get funding as quickly as possible:
- Visit the website of the selected lender and fill out a simple and convenient online form. Most often, filling out an application does not take more than 5 – 10 minutes and can be filled out at any time convenient for you. You will be required to provide basic information about you and your vehicle. Next, make sure that the information entered is correct, otherwise you may be disqualified.
- Next, you will need to visit the physical location of the lender in order to undergo a physical inspection of the vehicle. Or, if you have opted for a fully online application, you will be required to submit recent, high quality photographs of the vehicle. Once the lenders have reviewed your details and made sure you meet the eligibility criteria of the selected lender, they will contact you to discuss loan terms and repayment terms.
- Once you transfer the car title to the lender, you can get financing. The loan amount will either be transferred to your bank account or you can receive the money in person. Then you can dispose of the received money at your discretion.
Instant Title Loan Pros And Cons
Before applying for and receiving funding in Michigan, experts recommend that you study the advantages and disadvantages of a particular loan offer. Pay attention to them.
- Simple and convenient online application. You don’t have to go anywhere, as you can fill out a simple and convenient online application that will not take you more than 10 minutes.
- Fast approval. If you study the laws of the state where you live and the eligibility criteria of the selected lender in advance, your application will be approved almost instantly.
- Convenient payments. In the case of online financing, the loan amount will be transferred directly to your bank account.
- Possibility to drive your car. Regardless of the fact that your vehicle will be collateral for the loan, you will be able to continue to drive it.
- Bad credit is not a problem. Even if you have had problems paying off your debts, a bad credit history will not prevent you from getting money and coping with your difficulties.
- A deposit is required. In order for your funding application to be approved, you must be the sole owner of the vehicle title in your name. You can also lose your vehicle if you can’t pay off your debt on time.
- High interest rates. Depending on the lender you choose, you may also face high interest rates that can be difficult to repay.
Michigan Title Loan Alternatives for Emergency Cash Advance
In case you need money now immediately try the following options besides Car Title Loans:
- Michigan Online Payday Loans for bad credit – Instant approval from direct lender is guaranteed in most cases with no credit check.
- Pawn shop loans.
- Bad credit Personal Loans.
- Cash apps.
- Extra work.
Choose your city to get emergency Title Loan nearby:
- Grand Rapids
- Sterling Heights
- Ann Arbor
- Farmington Hills
- Rochester Hills
- West Bloomfield
- Royal Oak
- St. Clair Shores
- Dearborn Heights
- Battle Creek
- East Lansing
- Grand Blanc
- Port Huron
- Lincoln Park
- Bay City
- White Lake
- Madison Heights
- Oak Park
- Van Buren
- Allen Park
- Grand Haven
- Forest Hills
- Garden City
- Mount Pleasant
- Norton Shores
- Mount Morris
- Auburn Hills