Secured Loans in Long Beach, CA

Collateral is a contractual device used by borrowers and lenders around the world. Generally, it refers to assets pledged by a borrower to secure the loan. A secured loan, also known as homeowner loan are protected by an asset or collateral of some sort. It reduces the cost of borrowing, as it gives the borrowers incentives to work hard, why? Because the collateral maybe worth more to the borrower than to the lender. The borrower is not always ready to forgo his/her property easily.

Are you planning to go on a fun trip in Long Beach, or do you just want to explore California? Then you’re covered with car title loans. These loans are short term and tend to carry lower interest rate than all other sources of credit. It has grown increasingly popular helping individuals with poor credit. Using the value in your car, you will have the opportunity to qualify for a secured loan with better terms and lower rate.

How does a car title loan work?

If you were to take your car or other valuables to a pawn shop, any employee behind the counter would give u a loan based on what your items are believed to be worth. In this case, the shop will lend you money and charge interest.

This is just how a car title loan works at city loan. In a car title loan, the price of your car is evaluated based on the wholesale value, and then a loan is issued to you. Your car’s title is then held on until your loan is repaid.

Benefits of car title loan.

  • There is quick and easy access

You don’t have to go through the stress of paperwork or documentation before the loan can be made, it’s completely free and fast, you might qualify for a car title loan via our website, it’s always within twenty-four hours.

  • You still retain the possession of your car

Borrowers are opportune to use their cars as collateral against the money they’ve borrowed. This means they are free to use their cars while still on the loan, the title will only be retrieved when the money lent is retrieved.

  • There are no strict rules behind it like other loans

Unlike the mortgages and the home equity lines of credit, car title loans do not have strict credit scores requirements. So more loans are being made than traditional lenders. Gross monthly incomes of borrowers are being checked on to be sure of they are capable of refunding.

Car title loans vs. other short term loans.

Still considering car title loans as the best, one reason clearly differentiates it from other short term loans. The amount that can be borrowed is relatively low compared to car title loans, the terms are short, and the interest rates and fees of other short-term loans are very high.

An Auto Title Loan in Long Beach is based on Qualifications

Are you going to head to an auto title loan lender for extra cash in Long Beach, CA? Is the cash a necessity or for something extra like taking your family to the Aquarium of the Pacific or maybe catching a show at the Long Beach Convention & Entertainment Center? The title loan lender is not going to stop and ask those kinds of questions, it is not a loan requirement. Banks and credit unions will want this information, as their process is much different.

Long Beach, California

What you will use the money for or why you need it so urgently are not questions which apply to an auto title lender. There are no intrusive questions which apply to the cause of the financial emergency. What a title lender wants to know is based around the payoff. Because these lenders work with what are normally “riskier” applicants, the payoff is the focus for the application.

  • What condition is the car in? Since the title loan is secured with the title to your vehicle, the value of the vehicle is extremely important and an evaluation will be done by lender provided appraiser. The auto title loan lender will need your vehicle on the premises in order to process the application.
  • Do you own the title clear out? Bring the title with you. Your title will not work if it belongs to another party or if there is a lien placed on it. The title lender needs to protect their interest since this is their only way to collect if the loan goes into default.
  • Do you have your California driver’s license with you? There are many factors which relate to this qualification. The photo ID lets the lender know who they are working with and that it matches the owner listed on the title.
  • Show proof of employment. Even though the loan is secured with the pink slip, a lender will ultimately prefer payback in the form of money. This information gives the lender that you have the means to pay off the title loan.
  • Bring in a current utility bill to prove your residence. Often times a license will not have the most current address. Since utility bills are paid each month, you will need to provide the most recent one.

A bank’s application involves pages of documentation and questions to answer. The approval process may takes weeks and include an interview with the loan officer to find out more information. An auto title lender will not waste your time; as long as you bring in all the qualification information, once your car is assessed, you will know right away whether or not your application has been approved. Imagine driving away with the money in your pocket in what could be less than an hour! Fast money is simple when you use an auto title loan in Long Beach, California.