Title Loans St. Peters
Title Loans St. Peters: The Ins and Outs of Title Loans in Your Area
Auto title loans in Missouri are becoming an increasingly popular way to borrow money when people need relatively small amounts of cash and/or need to borrow for a relatively short period of time. Title loans in St. Peters are secured loans, which gives you loan amount and term options. Also, these loans are secured with the title and not the vehicle itself. That means that you keep the vehicle for your own purposes. Most vehicles have loan value, and even salvages can often be used as collateral.
Title loans are an alternative to other short-term borrowing options, such as payday loans, but also bank loans. Banks present complications that aren’t present with title loans. If you go to U.S. Bank, for instance, the loan office will offer an unsecured loan, which requires a strong credit history and verification of income and employment. Even if you meet that criteria, there will be limitations. Enterprise Bank & Trust, for example, will generally require a loan amount greater than $5,000, and Lindell Bank may require a minimum loan term of 180 days and have early repayment fines in place.
Title Loans St. Peters: Applying and Finalizing Your Loan Online
Local lenders aren’t your only option for title loans. Midwest Title Lender is one of the most prominent online lenders for your region and can give you a quote for title loan in a matter of seconds. To apply, you just have to fill out the short form available on this website. That process includes:
- Entering the year of your car or truck
- Providing the make, model and style of the vehicle
- Inputting an odometer reading or estimated mileage
- Keying in your full name and zip code
- Supplying a cell number and/or email address
- Confirming that you’ve read the terms and conditions
Once you submit that information, Midwest Title Lender will respond with a loan estimate in seconds. If you’d like to continue at that point, a loan specialist will contact you to answer your questions, discuss your concerns and help you finalize the process. This process takes less than 15 minutes for most. When it’s complete, any money can be transferred to you, or you can pick it up at a designated spot.
Legal Regulations Concerning Title Loans in Missouri
Like most Midwest title loans, all title loans in St. Louis are regulated by a series of laws. Those laws require lenders to be licensed as well as monitored and regulated in an ongoing fashion. Title loans are generally between $500 and $5,000 and must be for a period of 30 days. Although amounts can be less than $500, they then fall under the payday loan regulations, which are different. You can take out as many loans as you like as often as you like. You can also renew loans. However, in order to renew a loan for a third time, you must have paid at least 10 percent of the total loan amount.
The Benefits of Choosing an Automotive Title Loan
Since you do have other options, such as payday loans and bank loans, why choose a title loan? The two main reasons are convenience and cost. Title loans in St. Peters are usually cheaper than payday loans, and they’re even cheaper than bank loans because of the added loan length. In terms of time, as mentioned earlier, most title loans are done in 15 minutes or less. That’s because there’s no need for credit checks, background checks, employment and income verification and so forth.