Title Loans South Milwaukee
When an individual is in need of a title loan, it can be a rather time-consuming task to conduct necessary research. Midwest Title Lender eliminates a good deal of the daunting research with the competitive nature of the services it provides.
Introduction to Title Loans South Milwaukee
A title loan is a special kind of loan that allows the owner of the vehicle to exchange the clear title of the vehicle for cash. The amount a potential borrower can obtain is based on the value of the vehicle as determined by the Kelly Blue Book or NADA. Some providers of title loans in Milwaukee set their own limits that amounts to a percentage of the value of the car (it is rare for a borrower to cash in the entire amount of the car’s equity).
Title loans in South Milwaukee are designed to appeal to those with bad credit or those who need cash in a hurry and don’t have time to wait for a traditional bank loan. In most cases the funds are available the next day which makes title loans in the Midwest extremely appealing.
Applying for Title Loans South Milwaukee
The application process for title loans in South Milwaukee is quick and easy. Midwest Title Lender requires only minimal information in order to assess a potential borrower’s qualifications for title loans in South Milwaukee. Once borrowers complete the application they will be provided with a title loan estimate, and a loan specialist will contact the borrower at their earliest convenience.
The information Midwest Title Lender will need from applicants includes:
- Make, model and mileage of the collateral vehicle
- Name, zip code and phone number of borrower
- Clear title to the vehicle being used as collateral for the loan
- Source of income (it will also be necessary to provide proof of the amount and source of income)
Legal Regulations for Title Loans in Wisconsin
A car title loan is usually a short term loan that is secured by the borrower’s vehicle title. State laws determine whether an individual state is allowed to provide car title loans. The Consumer Federation of America (CFA)categorizes the legalities of all car title lending contingent upon the authorization of that specific loan product, whether the lender operates by using legal loopholes or is actually prohibited. Wisconsin has no cap on the cost of car title loans. Some lenders manage to provide these loans through loopholes that allow higher dollar amounts on the loans in order to bypass the regulations.
Benefits of Title Loans
Borrowers have varying reasons for choosing title loans. However, there are two primary reasons: the borrower doesn’t qualify for a traditional bank loan because of weak or poor credit or the borrower needs the money quicker than the typical turn around time for a traditional loan. The benefits of title loans include the following:
- No credit check
- Minimal personal information required (name, zip code and telephone number)
- Competitive interest rates and terms
- All income sources accepted (social security, welfare, unemployment)–the borrower only needs to prove his income is sufficient to cover payments on the loan
- Funds available as soon as the next day
For those borrowers who have bad credit title loans are a godsend. They usually have no other collateral with the exception of their car’s title so being able to use the equity to obtain cash for an emergency is a stress reliever. It is important, however, to choose a lender carefully requires research and due diligence. Midwest Title Lender meets all the needs of the borrowers and potential borrowers it serves.