If you are in search of financial aid on a short term basis, collateral loans are the best option for you. Below we have discussed some of the benefits of collateral loans after which you will be able to read a simple guide on how to apply for a cash loan.
1. No Credit Score Requirement
Most lenders check borrowers' credit scores when reviewing loan applications. Luckily, lenders of collateral loans have no such requirement which means even those with unsatisfactory credit scores can apply.
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2. Quick Cash
The second benefit of going for a title loan is that you can get cash really fast. While, other types of short term require lots of preparation and documentation, lenders of it ask for very few requirements.
3. No Change in Lifestyle
Pawns too give instant cash, but require borrowers to hand over the physical possession of their vehicles to lenders. On the other hand, lenders of title loans let you use your car while you still owe them money.
4. Flexibility in Paying Back
The payback period of title is significantly longer than that of other types. For example, some companies give borrowers up to 36 months to pay back. This protects the vehicle they chose to be collateral. On the other hand banks, pawn brokers and other lending institutions are very stringent about the payback period and do not wait much before auctioning away your collateral.
Steps to get a Collateral Loan
Follow the steps mentioned below to get a cash loan in as less as two days.
1. Search the Web
Conduct a systematic search on the web to find out the lender of collateral loans that is best for you. Do so by keywords such as 'car title loans in Orange County', 'pink slip loans in Sacramento' or 'collateral loans in San Francisco'. Such a search will help you find all the lenders that cater to borrowers in a certain region. Select the five websites that appear at the top of the search results list.
2. Compare Lenders
Find out the details of the conditions on which different agencies that deal in car title loans are ready to lend to borrowers at. Following are some of the things that you must look for when browsing the websites of different lenders.
i. Time taken to process application and provide borrowers with the cash
ii. Maximum time given to the borrower to pay back
iii. The minimum market value of the vehicle that is to be used as collateral
iv. The interest rate at which the loan is being lent at
3. Apply!
After thoroughly analyzing the information mentioned on the websites of different lenders, make your final choice and contact them by emailing, calling or physically visiting them. If you find the customer service to be satisfactory, proceed by submitting the documents to the lender of it requires.
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