What Do I Need to Get Online Title Loans?
August 6, 2021 | Louis Tully
Online title loans are on the rise right now – and for a good reason! They’re an accessible and easy way to get cash together when you need it on short notice to cover an emergency expense.
Mostly, that’s due to the fact, that there aren’t a lot of complicated qualifying requirements for online title loans, unlike, say, bank loans.
With Cash Cow, the list for qualifying items is short and to the point. All types of income are accommodated, and you can easily get approved even if your credit is bad. As long as those qualifying items meet our standards and you provide the appropriate documentation, you have all chances to be approved for an online title loan in Louisiana.
Who Is Eligible for Online Title Loans?
Online title loans are one of the most accessible loans around – but they do target a very specific group of people, and you need to make sure you belong to it first.
Namely, you need to be a car owner of legal age, who outright owns their car (i.e. it’s not financed nor are there any outstanding liens placed against it), and has sufficient documentation to prove both their legal age and car ownership.
Here’s What You’ll Need to Get Online Title Loans
There are just 3 required items you need to provide Cash Cow with to prove your eligibility for the loan:
1. Valid State-Issued Identification Document
You need to be at least 18 years old to be approved for an online title loan. This is the main age restriction in Louisiana, and no lender is allowed to take your words for face value when it comes to your age (Cash Cow being no exception).
You can either provide your valid state-issued photo ID or driver’s license to prove your age, both should work fine. The document will help the lender verify your identity and age, as well as ensure it’s your name on the vehicle title you’re planning to use as collateral.
2. Lien-Free Title to the Car in Your Name
When it comes to secured loans, like title loans, the title to your car will serve as collateral (hence the name – title loan). Since it ensures the lender’s assets are protected, the title needs to satisfy the following requirements:
- It must be completely lien-free – lien-free means there aren’t any outstanding loans or judgments against your title, and you have the complete ownership of your car, with no financial obligations to anyone;
- It must be in your name – you won’t be able to use a title with another person’s name on it even with their permission, so if it’s an issue make sure to have the title transferred to your name at the DMV before applying. If the title has your and someone else’s name on it, and both names are separated with “and”, both of you are required to sign off on the loan.
3. You’ll Need to Provide Your Vehicle for Inspection
Car inspection is required, because the value of your car will determine the maximum loan amount you can qualify for.
The market value is based on the national pricing guide, but your car needs to be inspected to see if it has suffered any wear and tear that brings the price down.
As online title loans are secured loans, and your car’s value is what will be securing the loan. The lender needs to make sure there’s no serious mechanical or cosmetic damage that seriously brings down the price of the car.
Note: It’s worth noting that the car itself won’t be acting as collateral, even if its value is what determines the loan amount. The title will act as collateral and stay with the lender – the car will stay with you, as long as you keep making timely payments.
Guidelines to Getting Online Title Loans in Louisiana
If your required items are all ready to go, the process itself should be smooth sailing.
- Start by submitting a filled-out form on the website. The form will send your information to the nearest store location. As soon as it gets processed, you’ll get a call from the loan representative (so keep the phone close).
- The loan representative will confirm your information, explain the process, and answer your questions. Once they’ve made sure you’ve got all the necessary details, they’ll set up a meeting with an agent at a place that’s most comfortable for you. The agent will drive to the designated place to deliver your loan documents.
- You’ll take the required items to the meeting so that the loan representative can assess your items and determine if you qualify for the loan, the maximum loan amount, and the payoff terms.
- Once all the details are worked out, they’ll help you finish the final procedures, and you’ll get the cash!
Get Your Online Title Loan Today
Applying for online title loans in Louisiana is simple. Make sure you’ve got all the required items in order and follow the instructions from the loan representative handling your case diligently – and the process could last as little as just 30 to 45 minutes! Apply for title cash now – and get up to $1,400 funds to cover your emergency expenses.