Title Loans St. Louis
If you’ve ever experienced a financial crunch and needed some cash in hand fast, then you know how difficult that situation can be. If you’re lucky, you have family and friends to turn to. If you’re not, then it may feel like you have no options at all, but you actually do: a Midwest title lender that specializes in short-term loans.
Title Loans St. Louis: All You Need to Know
What you should know about title loans in St. Louis is that they’re an option for anyone who is at least 18 years of age and has a vehicle that he or she owns outright. Almost all vehicles have enough value to be eligible for a loan, so even salvage cars are often an option. It’s also important to note that you’re securing the loan with a title rather than the vehicle itself. What that means is that you retain control of the car or truck throughout the loan period and can use it for your commute, errands and so forth.
A secure loan is one that carries very little risk for the lender, which means that there are a lot of options when it comes to title loans in St. Louis. You can borrow small amounts, such as $100 or $500, and you can set the terms. Loan terms can often be as short as 30 days. Of course, there are alternatives to title loans, such as personal loans from banks. However, bank loans often involve additional challenges. First Bank, for instance, specializes in unsecured loans and won’t consider you unless have the necessary credit score and income. Peoples National Bank often doesn’t lend less than $5,000, and U.S. Bank often has a 180-day minimum term, which ensures a certain profit level for them.
Title Loans St. Louis: Applying Online
When it comes to Midwest title loans, you have many options, and not all of them are at brick-and-mortar locations. In fact, Midwest Title Lender is among the leading online options. Anyone can apply online, and many people can complete the process and have the money transferred to them without ever leaving the comfort of their own home. You will need some information to get started, such as:
- The vehicle year
- The make, model and any style designation
- Estimated mileage or an odometer reading
- Your full name and zip code
- A cell number and email address
You enter this information via short form. You’ll also need to agree to the terms and conditions of applying, and then, you can submit the information. Don’t worry. You won’t have to wait long. The title loan calculator will provide you an estimate of the maximum amount available to you within seconds. If you choose to continue, a loan representative will contact you by phone or email. You can ask him or her any questions about title loans in St. Louis and discuss topics such as borrowing less or more than the quote provided. When you’re ready to proceed, the loan specialist can guide you through the rest of the process. Finally, money will be transferred to your bank account or available for you to pick up at a designated location.
Legal Regulations in Missouri
All car title loans in Missouri whether you apply for and finalize them locally or online are governed by a series of laws and regulations. If you have any additional questions beyond the information provided here, you can contact the Missouri Division of Finance either online or by telephone.
All lenders who participate in title loans in St. Louis and throughout the state must be licensed and must maintain ongoing criteria for licensing. That means all lenders are monitored and regulated. Under the law, all lenders must provide the loan in a written format that explicitly states the total cost to you. The state caps all short-term loans at $5,000. Any loan of $500 or less is considered a payday loan and may be subject to different laws than outlined here. Although payday loans can, title loans cannot be for less than a period of 30 days. These loans are renewable. On a third renewal, the borrower must have at least paid 10 percent of the principal in order for that renewal to be valid.
Benefits of Car Title Loans
Title loans in St. Louis are an increasingly popular option because they let people get cash fast with minimal hassle. Bank loans are more trouble. Even if you meet the criteria and find the limitations acceptable, it may take 24 hours or more for the loan to finalize. The average title loan processes in about 15 minutes. There are, of course, other short-term borrowing options, but title loans tend to be more cost-effective and provide the borrower with great flexibility.
So why do title loans process so much faster than other kinds of loans? Well, the main reason is that they’re secured so there’s less risk involved. A lender doesn’t have to perform a credit check or a background check because your title secures the loan. That means you can have bad credit, including bankruptcies, or no credit. You don’t even need employment or income verification, which makes these loans an excellent option when you’re between jobs, collecting disability and so forth.