Those who live in California and have bad credit and are also in need of money may want to check out car title loans. Car title loans are a simple, fast way to get a lump sum of cash without having to submit reams of financial paperwork to a lending institution. Over the past few years, the number of car title loans issued in California has risen nearly 140 percent. In the current economic environment, the trend is expected to continue.
In California, car title loans are made or arranged pursuant to a California Finance Lenders Law License. This ensures that the loans meet all of the requirements and restrictions placed on short term loans in the state of California. It does not matter whether you obtain the loan at a physical location or over the internet. All car title loans issued in California must adhere to these guidelines.
In California, car title loans can range from $2,510 to $10,000, depending on the lender. Borrowers in California often must provide proof of employment to obtain a car title loan. This provides the lender with the information that they need to determine whether you will be financially able to repay the money they are lending to you. However, credit checks are usually not necessary because the loan is secured with the title of your car serving as collateral for the loan.
Applying for a car title loan is more convenient than applying for a personal loan at a traditional bank. The financial disclosures necessary are minimal and approval can be granted after a cursory look at your car, the title, and your employment documents. Borrowers that want to receive the money quickly can authorize the loan company to deposit the funds directly into their bank account, eliminating the need to wait for a check to be cut and traveling to a banking location to cash it.
Online lenders that issue car title loans in California often are willing to come to you to complete the loan application process. At a time that is convenient for you, the lending company will send a representative to your home or workplace to inspect the vehicle, have paperwork signed, and give you a check for the amount of the loan requested. Interest in the loan is expressed by filling out a qualification form on the loan company’s website, which gets the ball rolling on your loan. In most cases, borrowers can have the money they need within several days.
Love Counting My Pennies?
Sign up to get our latest content by email.