Title Loans Milwaukee
Modern day lending institutions have made it easier for consumers to get money when they need it by offering a variety of products. When it comes to borrowing money, people have very different wants and needs; and so, a product that would be suitable for one may not favor another. Title loans are some of the options that you can choose when dealing with nonconventional lenders in Milwaukee. A title loan is a product where the lenders gives money in exchange for holding the title of an asset. These loans are viable alternatives to payday loans or salary advances. Car title loans Milwaukee are some of the most popular products.
When in need of borrowing, you go to a lender, surrender the title of your car and get money for it. For this type of loan, a lender will need a car that does not have any lien on it. It means that you must be the outright owner of the car. The loan in this instance is usually a percentage of the value of the car. This portion varies between lenders, but you can find out before applying. For this reason, the value of your car will dictate how much of a loan you are eligible for. You can get title loans Milwaukee for as little as $100.
Quick Approval of Title Loans Milwaukee
The fast approval process for car title loans is one reason they have achieved their level of fame. A lender in Milwaukee will take about a day or two to process your loan. The application process for other loans products can be an exhaustive one with documents after documents being required. It takes time to put all the necessary papers together and then have to wait until the lending institution can verify them. It gets worse when you forget some papers and have to return. You will do away with these hassles when applying for a car title loan.
Our application process for title loans in Wisconsin is impressively simple and takes you about five minutes. The form is easily accessible, so you don’t have to rummage through the site trying to find it. All it requires is the style, make, year, and estimated mileage of your vehicle. These details are necessary for the valuation of your car because they are used to gauge its condition. There is a loan calculator available as we get to help even more. What happens is that when you input the details of the vehicle, the calculator gives you a ballpark figure of the loan you can get. We take care of the math, so you don’t have to. You get to know if your car has enough equity for the loan you have in mind. For clarity’s sake, the car title loan estimate we give does not incur any charge. When applying, ensure that the title of your car is in your name. If not, then a trip to the DMV for a name change will be necessary.
The application process also requires your personal information. With these details, it makes it less of a task to contact you when a loan approval has gone through. We also have to ensure that an application is legitimate. One thing that a majority of borrowers worry about is the security of the information they provide. Our online processing is on a secure website, and we have privacy terms to ensure the information provided stays confidential. Some of the details we need include your full name, address, and zip code. After filling the form, we have representatives that remain in contact with borrowers.
Federal and State Rules
Lenders providing any product have to adhere to state and federal rules that apply. In Wisconsin, there is a ban on car title loan businesses. However, customers can still find the products they need by using lenders not located in the state. It is why online lending services are preferable options for most people because they don’t have to be in the area from where they are applying.
According to federal lending rules, a lending institution must provide full disclosure when offering a loan product to a borrower. Full disclosure means that as the borrower, you know about the interest rates that a lender is charging along with any restrictions that may come with your loan. The point is to make sure that consumers are well informed about the terms and risks of a loan before starting the application process. However, when applying, some people forget to go through the disclosure agreement that is usually available online. When speaking to a loan representative, you can ask about all this. Some of the items you can find in a disclosure agreement include:
- Interest rates
- Terms of the loan such as refinancing, repossession, etc
In case you don’t understand some of the terms of a loan, it is always advisable to get clarifications. It would cause problems when charges come up, and you have no clue how they were incurred. The good thing is that applying online means you can get answers in minutes. The FAQ also provide useful insights for new customers.
Part of the terms for car title loans Milwaukee is that a lender has the right to repossess your vehicle when you default. Defaulting means failure to make any payment towards the clearance of your loan. Note that it is possible to pay interest only on our loan and then roll over, which means that lenders may charge an additional interest amount, and you get more time to make payments.
There are also laws that govern the collection of debts, which title lenders have to stick to. The Fair Debt Collection Act provides an outline for how lenders should proceed when demanding payment from debtors. The Act prohibits:
- Contacting customers by phone before 8 in the morning or after 9 in the evening
- Making telephone contact with clients for the purpose of annoying, harassing, or abusing through bad language
- Making debt collections by means of deception or misrepresentation
- Making threats of legal action when there is no intention of pursuing such an avenue
- In case you have failed on debt repayment, we exercise the right processes, so you are aware of what is about to happen.
Plus Sides for Car Title Loans
Applying for a car title loan with Midwest Title Lender does not require you to submit to credit checks. Usually, a lending institution has to get your credit history and score before considering you for a conventional loan. Keeping up a spotless credit history is hard for most people, which disqualifies them for most products. Car title loans also don’t have the need for employment checks, just the security of your vehicle. The lack of such scrutiny when getting a car title loan is another reason it is a suitable solution when you need fast cash. Unlike other loan products, a poor credit score does not mean that you get a high-interest rate. Your score has no bearing at all when evaluating your loan application.
Car title loans are forms of fast cash products. It means that they are suitable for emergency situations. For example, if a medical situation has come up and you don’t have other means to pay for it, or you need quick repairs for your house that you had not planned. Such scenarios require immediate solutions, and title loans offer that.
When you apply for Midwest title loans, we get to keep the title, but the car stays with you. We understand that most people need vehicles to get to their places of employment. By keeping your automobile, you can still go to work without any trouble and work towards repaying the loan. Now that you have the relevant information on what a car title loan can do for you, you can start the application process. Our loan representatives have additional information for anyone who needs it.