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Car title loans are basically a short-term loan that uses your car as collateral. You secure a car loan with your car title and can continue to use your car as you pay back your loan. Typically a title loan is easy to qualify for, even if you happen to have bad credit, making it a great option for anyone who finds themselves in a financial bind and needing cash quick. If you own your vehicle, you should be able to get a title loan approved within minutes. There is no need for a credit check because you are using your car as collateral. The process of getting a title loan is a relatively quick and painless one. You can simply fill out a form either online or at the loan office. Once a loan agent has verified your documentation, ie your car ownership, they will let you know whether you have been approved or not. Some loan agencies even offer a same day title loan service, where you could literally walk out of the office with cash in hand in under half an hour. One of the great things about a title loan is that it provides a short-term payment plan, with the longest term being 30 days. This means you won't have to worry about calculating monthly payments or budgeting for the future. You can get the loan quickly, and pay it back just as fast. If you run short on cash and are not able to pay off the loan within the set timeframe, the loan will be rolled over - which often times means it will have a higher interest rate. This is done so that the loan doesn't default. Because title loans are often taken out for a value lower than the value of the vehicle, title loans are relatively low-risk for lenders. This means there are plenty of lenders out there who offer title loans, and you shouldn't have a problem getting approved for a loan even if your credit score isn't the highest. To be approved for a title loan, your vehicle should be in decent, working condition and have a respectable wholesale value. You will most likely be able to borrow as much as your vehicle is worth. Loans can range anywhere from $500 to $15,000, depending on the value of your vehicle and how much you are asking for. Some of the most common reasons for taking out a title loan include needing money to go to school, pay off debts or emergency medical expenses. In these cases, you need cash quickly and may not have time to go through a pile of paperwork. This is what makes a title loan such a lucrative deal. They are an easy short-term solution when you need money in a hurry. If you're looking for Title loans in California, there are plenty of lenders out there who would be pleased to discuss what options are available to you. You can find a few companies in your area by looking through the phonebook or by doing a quick search online. Title loans in California are a great way to get a loan quickly using your vehicle as collateral and without a credit check.
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