With bills to pay and emergencies to take care of, people often find themselves in need of cash before their next payday. If you own a vehicle or a motorcycle, there’s good news. With a title loan in Salt Lake City, you can handle emergencies and pay your bills before they get overdue.
The process of getting a title loan
Usually, the procedure is simple. Utahmoneycenter.com says you need to take your car or the motorcycle to the lender together with the lien-free title. You will then fill out an application as the lender performs a quick appraisal of your car. Once the application is approved, you receive the cash. The approved amount is based on the value of the car. The title is returned to you once you repay the loan.
Eligibility for a title loan
For you to qualify for a title loan, you need to fulfill the following:
- You must be 18 years old and have an identification card as a proof.
- You need to have a lien-free title of the car that will serve as a collateral for the loan.
- You should prove that you have a steady income. You don’t need to be employed as long as you have a source of income.
- If the application is online, you need to provide a Social Security Number or the Individual Taxpayer Identification Number.
- If your online application is successful, you might be required to mail the physical title.
Exceptions with title loans
Many loan facilities will require a credit check, and that you have a good credit score. This can make it difficult to access good loans. However, with title loans, this is not the case. No credit checks are required. Your car instead acts as the security.
To get a car title loan, all you need is your car and some income. A title loan will help you until your next payday.