Cash crunches and financial emergencies are difficult to handle. Nobody is prepared for such condition nor does anyone wishes for it. Certain emergency bills or surprise expenses demands quick cash and left one with no option rather than borrowing. People generally consider borrowing from friends and families in certain situation but when they cannot get enough support the individual is left with no option other than borrowing from financial institutes. Traditional loan process which includes banks and credit unions are really difficult as they have high demands and the process is time-consuming. Moreover, any individual with poor or low credit score cannot get through the process. One cannot rely on the traditional loan process to help through the emergency financial crisis.
People generally exhaust all the option and finds themselves stuck in a stressful and helpless situation. The ownership of the vehicle can be a great help for the individual in such a crisis. The vehicle can be easily used to get instant cash by applying for a car title loan. As the name suggests, car title loan uses the vehicle title of the borrower in exchange for the fund. The vehicle title or the pink slip of the vehicle states the ownership of the vehicle and hence is considered as one of the important vehicle documents. In the case of car title loan, the vehicle title is used as the collateral which secures the loan amount and ensures the lender that the amount will be repaid. The use of collateral makes the loan process secured while reducing the risk involved.
One can easily apply for the car title loan by filling the loan application form online or by visiting the physical office of the lender. The borrower requires to fill the loan application with all the vital information and requirements, the lender reviews the application form to determine the requirement of the borrower and then inspect the vehicle to analyze its worth and condition. A percentage of the vehicle’s worth is provided to the lender and one can get up to $ 50,000. Unlike most of the loan processes, the car title loan doesn’t include plenty of paperwork or financial verification of the borrower. Any individual who owns a clear and lien free vehicle title is eligible to apply for car title loan process irrespective of their financial condition.
To qualify for the car title loan Hayward one needs to attend the minimum age requirement and should own a clear vehicle title on his or her name. the documents required for the processing of the car title loan process includes car title, car insurance papers, borrowers photo identity proof and a proof of regular income. The repayment structure of the car title loan is really flexible and affordable and that is why title loan is gaining popularity among the borrowers. If strategies well, car title loan can be a great savior for everyone who gets stuck in the financial crisis and finds it stressful to get back to normal life.