During tough times it can be a daunting task to look for solutions that work in your favor. The immediate need for cash cannot be fulfilled if you are looking at traditional ways. The most progressive way of getting rid of the financial crisis can be opting for title loans in Long Beach, CA. Title loans are secured short-term loans which can be beneficial in fulfilling your dire need for cash.
This type of loan is better than personal loans, etc. as it doesn’t involve a credit history or great credit score. However, in title loans, you need to keep your car as collateral. The lenders keep your car as collateral which allows you to get around 50% cash for the value of your car.
Benefits of getting title loans
If you compare them with traditional loans then auto equity loans offer better benefits. This allows you to have a clear mindset while getting same-day loans.
Here are some of the benefits of getting title loans:
- Simple to qualify – It is simple to qualify for title loans. There is no need of having a great credit score when applying for them. However, you do need to have some loan requirements like a clear car title, monthly income, residential proof, etc.
- Approved application date – The best thing about title loans in Long Beach you can get approved for them the same you apply for them. There is no need of waiting for weeks and months.
- No limit on borrowing – You can borrow little or as much as you require. The value of your car decides the limit of your borrowing.
After knowing the benefits of title loans, here is a simple step-by-step guide to getting them:
- Requirements – First things first, after calling your lender you need to complete the requirements for title loans. You need to submit some details like personal details, car title, identification, regular income, residential proof, etc.
- Application – You need to apply for auto equity loans and offer pictures of your car from the outside and inside. Also, a GSP tracker will be installed in your car.
- Approval – After your application is approved, you can get your money the same day. You can get it from various methods.
- Loan funding – Loan funding is done by various methods which makes it easy for you. This is by phone, online payment methods, cash payments, walk-in, money order, etc.
- Repayments – After your loan period is complete you need to repay the borrowed amount. After repaying it, the GPS tracker device gets removed from your car.
- Loan closure – Thus, the final step is that your car title gets returned.
Title loans have become a blessing for people who want same-day cash without bothering about credit scores. The above-mentioned guide to getting title loans in Long Beach is simple to follow and can be done by anyone. However, ensure that you complete the requirements beforehand so that you don’t face any trouble later.