Title Loans Jefferson City
Title Loans Jefferson City: A Short-Term Borrowing Solution
More and more people are turning to title loans in Columbia when they need a relatively small amount of cash and/or want to borrow it for a relatively short period of time. Auto title loans are available to anyone who’s at least 18 years of age and has a vehicle that’s owned outright. Nearly any car or truck, including salvage vehicles, has enough value for such a loan. Most of these loans process in under 15 minutes, and you can repay title loans as soon as you like without penalty.
Title loans in Jefferson City are generally much more convenient than bank loans. After all, personal loans can take hours or even days to process. Another issue is secured versus unsecured lending. Title loans are secured, but bank loans generally aren’t. That means that you need to meet a bank’s criteria in terms of credit score and income. There’s also the issues of loan amount and loan term. Title loans can be for very small amounts for periods as small as one month. Hawthorn Bank, on the other hand, focuses on amounts of $5,000 or more, and Home Savings Bank wants a term of at least 90 days.
Title Loans Jefferson City: Online Title Loan Options
Although you have numerous local options for title loans, you can also apply for and even secure your loan online through a leading lender like Midwest Title Lender. You’ll just need to provide some basic information via a short application form. These details include:
- Your first name, last name and zip code
- Email address and/or telephone number
- The year, make, model, and style of your vehicle
- An odometer reading or estimate mileage
There’s no need for a calculator for title loans. As soon as you submit the information, the site will provide you with a quote. Next, you can have a loan specialist from Midwest Title Lender contact you via email or telephone. He or she will answer any questions, help you choose a loan and then, guide you through completing it. You can pick the money up, or it can be wired to your bank account.
How Titles Loans Are Regulated in Missouri
All auto title loans in Missouri are governed by the Title Loans Law. That law requires lenders to be licensed and regulated. It also caps small loans at $5,000. Loans cannot be for less than 30 days, but they can be longer if you choose. In addition, loans are renewable, and you cannot renew a loan for a third time unless you have at least paid 10 percent of the total loan. Missouri doesn’t govern how often you can take out such loans, and it has protections in place for how lenders can collect.
The Benefits of a Car Title Loan
Title loans in Jefferson City tend to be cheaper than payday and other short-term loans and more convenient than bank loans. Since these loans are secured, you don’t need good credit and can even have bad credit or no credit at all. Background checks aren’t required. Neither is employment and income verification, which makes title loans are good option for people who are between jobs, collecting unemployment and receiving disability benefits.