Title Loan Requirements: What you Do and Don’t Need

Published on: 15 June 2018 Last Updated on: 06 October 2020
Loan Requirements

A title loan is a type of a loan where an asset is given to act as collateral, popularized because of two main reasons:

  • When determining your qualifications, title loans don’t put your credit rating into consideration.
  • Title loans get approved very quickly for loan amounts of as little as $ 100.

This makes title loans some of the most convenient and efficient options in the lending market.

The Breakdown of A Title Loan :

Title Loan

A car title loan is the most common type of title loan. It’s a case where you as a potential borrower, you are obliged to be in possession of car outright and sign the title over to an auto loan title company.  The loan company will allow you up to 25% of the value of the car to the borrower and then retain the car’s title as collateral in case you breach the repayment agreement.

It’s worth noting that the amount you want to borrow must always be put into consideration. The value of your car or the commonly called – equity in the value will set the limit of the amount of money you can borrow.  If your car has a high value, so will be your title loan.

The lenders will in most cases lend you money they are sure they can get it back easily if they were to sell your car in case you default the payment.

With car title loans, there are no prepayment penalties, so it’s okay and not costly if you want to pay off your loan earlier.

Be Careful of Rolling Over :

 A lot of title loan cases end up in rolling over. This means that you decide to prolong your payment by another 30-day loan. The disadvantage of rolling over with your title loan is that it gets very expensive and every time you extend the loan you are penalized for new loan fees. There are cases where the process of extending a car title loan is controlled by the law.

Unlike the interest rates that you usually pay on credit cards, title loans have a very high cost despite the fact that there are laws that limit the interest rates. You, therefore, end up paying back more money than you actually borrowed.

The Risk of Losing Your Car :

Getting a car title loan sounds so good but there is always a big problem which is the risk of losing your car to your lenders. This happens in the event that you can’t pay back your lender. Your car will then become their possession and they sell it to get back their share of the money that they lend to you.

Car title loans are different from bank loans, typically they have easier requirements. Here are the key dos and don’ts you need to know to apply for a title loan.

What You Do Need To Apply FOR A Title Loan :

 You will need the following before going for a title loan:

  • Vehicle title with your name
  • Valid driver’s license
  • Proof income
  • Proof of residence

These requirements will be qualified in the following manner:

Vehicle Title with Your Name :

Vehicle Title

 Since the title loan is being given to you, the title of your car must be in your name, and lien-free or something close to lien free. What’s a lien-free car title? It simply means that you have total ownership of the car; it’s completely paid off with no outstanding balances or loans against it. Certifying that your vehicle is lien-free is important because the amount of money you are given on the loan is on the basis of the value of your vehicle at the time of application.

A Valid Driver’s License :

A Valid Driver’s License

 For proper verification of your identity, your valid driver’s license is required. In addition, the names on the form of identification must match the name on the title of the vehicle in order to issue the loan.

Proof of Income :

The companies that give you loans don’t necessarily depend solely on credit scores. Rather, you will be asked to show your proof of income like:


Bank statements

Monthly allowances such as retirement accounts

With proof of income, you basically tell the lender how much you can afford to pay back.

Proof of Residence :

Since title loans aren’t given to every region, you just have to prove your current residence and also certify that you have been an ongoing resident of your current residential area for the past two years.  This same requirement is still used to verify your identity.

What You Don’t Need To Apply For the Loan :

 There are so many misconceptions about what you need to apply for a title loan. Mostly, you might think that you need:

  • A good credit score
  • A bank account
  • A high-paying job

However, contrary to popular belief, none of these requirements are essential anywhere when applying for a title loan.

A Good Credit Score :

 You don’t need a perfect credit score for you to get a title loan.  A good credit score doesn’t necessarily prove your eligibility for a loan.

A Bank Account :

A Bank Account

 Are you worried that you don’t have a bank account? You don’t need to be. You will be provided with a check for your loan amount without having to give your account number from you.

A High-paying Job :

 This is one of the most popular misconceptions that is among many people. There are flexible payment options for a realistic repayment schedule and the amount you’ll feel comfortable accepting.

With the right kind of documents, you can easily get a title loan. You do not need to have a high-paying job, a good credit score nor even a bank account. All you need is a clean car title and the right kind of financier willing to lend you the money.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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7 Wise Financial Choices That Will Help You Follow Your Budget

Spending is an obvious thing in life. Inasmuch as someone is alive, he or she cannot just avoid spending money. To keep living, we need money. We cannot access some basic necessities such as food without money. Spending money is a basic fact in life. But the manner in which you spend can determine the quality of life you live now and in the future. Proper spending behaviors will protect you from incurring too many costs on an item.  In fact, good financial habits will help you not overspend and use your finances in an appropriate manner instead. It is very important to take time and examine your spending habits. Make the necessary changes and see yourself succeeding financially. The key to financial health is to always stop and think. Before you make a purchase, it is important to ask yourself if the purchase is really necessary. But the most significant thing you can do is to budget. Through budgeting, you can save a lot of money and help you have extra cash to spend. Put differently, your budgeting style along with healthy financial decisions will determine how successful you will be. You need to decide how much money you will regularly spend on some items and stick to that decision. In this blog, we are going to address two things; the wise financial choices that will help you stick to your budget and the best way to outrank bad spending habits with good ones. A good housekeeper will always know when the home is organized and when it is not. This should always be followed by a remedial course of action. The same thing happens with your budget. You know when it is not effective and then you take steps to redesign it. When it comes to budgeting, you control everything. One way of appreciating your hard work and efforts is to remain true to your budget and even seek help where necessary. The following tips will help you follow your budget always: Make it realistic and practical. Let us take an example of what you set aside for entertainment monthly. If your budget is $80 every month but you spend a total of $240, something is wrong somewhere. The best thing to do is to get to the middle. Increase the allocation to probably $160 and lower your spending down to that level. The more real your budget is, the more you are likely to go by it. So make your budget real and be true to it. Plan how you spend on meals: Do you go for grocery unplanned, not knowing how much you are going to spend at the store? That is like taking a financial poison and you might get overwhelmed with time. The point is, you should plan for your meals, breakfast, dinner, and lunch. You do not have to pick whatever appears to be good in the stores. Just visit the stores with a list of the things you are going to pick along with how much you are going to spend on them. Pick all you need and leave the store right away. Stop using credit cards: Recent studies show that about 83% of Americans prefer credit card payments to cash. This is because credit card postpones the pain that comes with payments until later in the month. This is a temptation that can make you spend too much money that what is worth for an item. Avoid this problem by sticking to your debit card or cash. Do not allow the challenge that comes with delayed payment to force you into incurring more costs on items than their worth. People even seek loan online as it’s convenient moreover for you to be sure that your lender is legit, they need to explain the loan terms clearly like A1 Credit a trusted financial institution. Learn to wait: If you out for window shopping with no desire to make a purchase, then you come across a very nice t-shirt but nothing is left on the money left set aside for clothing, just walk away. Breathe in and convince yourself that you will actually buy it but only next month. By that time, you have accumulated enough cash to make that purchase. Consider social events: You perhaps like celebrating events with friends. This could be on events such as weddings and anniversaries. But the problem is that you fail to include the associated costs in your budget. Draft a social calendar and always consult it. Note your necessities: Your basic necessities may include food, housing, and medication. If you commute to work, transport cost may also be included in your basic wants. Do not spend too much on luxuries. But note that a basic a luxury to you may be a basic want to someone else. Just define your basic necessities and prioritize them. Restrict to your budget: Prioritize your needs and how you spend on them. Set goals on your money. Try to restrict yourself to the provisions of your budget. Do not live beyond your means. Accept to live within your abilities. It can be quite challenging to stick to your budget. However, it is possible if you fully determined to do that. The seven tips discussed will help you in this regard. What about your financial habits? Well, let us briefly see how you can break them. It can equally be challenging but you can be successful if you use the following tips. Cut spending on clothing. You don’t have to visit a store on a weekly basis. If it is necessary that you spend, but let it be at a thrift store and you will save money Eat at home. Incontrovertibly, eating out is expensive. Learn to cook your meals at home. Besides, if you have a family, it is only good to share meals as a family. Reduce entertainment costs. Consider free entertainment alternatives around. Avoid credit cards. They postpone the pain that comes with making payments at a cost. Learn to use cash or your debit card instead. Repay debts in time to avoid extra charges. At whatever cost, do not use funds from your retirement account. Conclusion: Making a budget and sticking to it are two different things. But if you follow the tips discussed in the first section of this blog, you will be successful.  Nevertheless, sticking to your budget can be senseless if you have the same bad spending habits. We have discussed six tips that will help you outrank bad spending behaviors. We wish you the best as you shape your financial life. Read Also: Debt Consolidation Plans For Your Debt Relief Ways That You Are Wasting Money On Marketing How To Become Financially Stable Before Age 30 How Financial Trading Can Give You The Life You Want How Artificial Intelligence Is Helping Banking And Financial Institutions? The Importance Of Saving: The Bedrock Of A Bright Financial Future

parent dies

Surviving Loss: What to Do With an Estate After You Lose a Loved One

2.4 million funerals take place in the U.S. every year. If you're not in the funeral business, this is a sobering thought. When a parent dies, the grief and pain you are dealing with can often be compounded by financial pressures if you are named as their executor. In a way, it is flattering to be named a parent's executor. It means they trusted your intelligence, patience, and fairness enough to appoint you the overseer of their property after they are gone. In other ways, it is overwhelming to consider the number of debts, unknown assets, and contentious relatives you will need to keep a record of. If you are unsure what to do when a parent dies and you are the executor, take a deep breath, pick up a pen, and begin to approach your responsibilities in an organized, measured way. What to Do When A Parent Dies and You Are the Executor: Right after someone dies, there is usually a period of chaos. During this time, the estate needs to be opened, and the executor is appointed to avoid surprises by debt collectors or the IRS. You may have already been appointed the executor in a will. No one should begin to take or distribute assets yet. As the executor, it is your job to decide whether or not the will should go into probate, which is the official "proving" of the will in court. If the estate is larger, or if there is some disagreement about the will, probate may be necessary before you can begin carrying out your duties as the executor. When you go through probate, you will have to file papers with the local probate court, prove that the will is valid, and present the court with a list of debts and assets. You should also explain how they should be distributed. The probate process could take anywhere from a few months to a year. If your parent set up a living trust, you won't have to go through probate. The person named as the trust's successor will be able to distribute assets according to the will without having to go through the courts. Your overall responsibility as the executor is to make sure that all debts and creditors of the deceased are paid off. Then the rest of their assets can be distributed according to their expressed wishes. An executor is different from a power of attorney, who makes decisions about life-sustaining medical treatments while a loved one is still alive. Once they have passed, the power of attorney is no longer valid. If there are any dependent children or pets, you will need to be certain that guardians are appointed in accordance with the decedent's wishes. These are often complicated things to handle, you might want to enlist the services if an expert right away. Thomas Church, Florida Will Contest Attorney is one of the best Estate Litigation experts in USA. Get the Right Paperwork: Your first duty as the executor is to find your parent's will. It could be filed away with important paperwork or in the hands of their attorney. It is usually necessary to file with a probate court, even if it is determined that probate is not necessary. If there is a will in place, you will receive letters testamentary, which is a legal document authorizing you as the executor to take control over the decedent's estate. If there is no will, you will receive letters of administration. You can then begin your work as an executor. You should also be certain that a pronouncement of death has been filed. This is a letter filled out by a medical professional stating where and when the decedent died. A death certificate should become available after the funeral. You can obtain it from your funeral home, county registrar, or health department. About 10-15 copies should be sufficient to cover your administration needs. You will need the certificate to prove the situation to insurance, credit card, and mortgage companies. If you find you need more copies, they can be obtained from the Department of Vital Records. It is important to begin keeping a list of assets and liabilities before liquidating assets, paying off debts, and distributing funds among beneficiaries. Acquiring credit card statements, mortgage statements, vehicle registrations, a social security card, and copies of insurance policies will also make the process smoother. You should be sure to punch a hole in the decedent's driver's license and passport to help prevent fraud. Giles & Robinson, P.A. explains that an ancillary administration can take six to nine months to finalize. Hire Some Help: An estate attorney, like Verhaeghe Law, can help you avoid mistakes that could cost you money in the long run. A financial consultant can help with asset transfers. An insurance agent can assist with claims forms to help make sure beneficiaries are paid. The costs of the funeral, as well as getting the decedent's affairs in order, are taken from the estate. Don't be afraid to ask for help to make sure the process goes smoothly and does not end up making you liable for problems that may arise. Stop Payments: The decedent's estate is responsible for any debts that arise after death. Heirs and beneficiaries are not responsible, although some feel a sense of moral responsibility to pay them off. You should notify all credit card companies, government agencies, utility companies, and mortgage banks of the death. This will help you to avoid late charges, and accounts will be transferred to decedent status. Doctors and other health professionals who may be owed fees should also be notified. Check the decedent's credit card statements and be certain to cancel any payments with "auto-renewal," such as those for magazine subscriptions, AARP, AAA, and clubs. You may want to wait a month or two before closing the decedent's primary credit card so that you can view the companies that need to be notified. Be certain to contact the three main credit reporting agencies: Equifax, Experian, and Transunion, immediately. They can flag the decedent's account so no one will try to steal their identity. It is also a good idea to check back two months later to be certain no fraud has occurred. You should be sure to notify Social Security so they will stop payments and you will not be responsible to pay back posthumous checks. If your parent was employed at the time of their death, you will need to call their employer. You can find out about any payments due to them, death benefits, life insurance policies, and beneficiary benefits. Pay Off Debts: Keep a list of how much your parent owed to mortgage companies, credit card companies, car payments, etc. You may need to liquidate assets, such as selling houses or cars, to pay off these debts. Check with a CPA to see if your decedent's taxes have been paid. Money from the estate can be used to pay any money owed to the IRS. You will also need to file taxes for your parent from the day of the year they passed until the date of death. If the estate is large, there may also be state or federal estate taxes to pay. Consolidate Assets: The executor should open a separate bank account for ongoing bills, as well as incoming checks. Keep valuables safe in a safety deposit box. You should hire an assessor to see how much their property is worth. It is your duty as the executor to maintain the decedent's property until it is sold or bequeathed to the proper beneficiary. Distribute Assets and Maintain Healthy Communication: After all known debts are paid, you can begin distributing remaining funds to the family as specified in the will. It is important to get and keep a signed receipt from each beneficiary after they are paid. Many arguments and breakdowns during the asset distribution process happen because folks feel that they are being overlooked or marginalized. It is important to let them know what the timeline is so that they will know exactly what is being done with the funds and when they can expect to receive funds that are due them. It is a good idea to take some time before making investments with estate funds, as grieving can be an emotionally overwhelming time for most. Close the Estate: You may be required to file a petition in court before distributing assets and closing the estate. As the executor, your duty is complete. Take Care of Yourself: Losing a parent can be one of the most confusing, disheartening times in an individual's life. If you are overwhelmed by the complications of what to do when a parent dies and you are the executor, be sure to enlist the help of qualified professionals. By keeping detailed records, liquidating assets, paying off debts, and distributing assets, you can be assured that your parent's affairs have been handled properly and you can begin taking steps toward the next chapter in your life. For more lifestyle advice, read our blog today. Read Also: Eight Essential Tips For Getting Out Of Debt 9 Vital Options For When You’re Desperate For Money

Buy Bitcoin

How to Buy Bitcoin From Norway

Need to buy bitcoin (BTC) however, don't have the foggiest idea how? In case you're new to the universe of digital currency, seeing precisely how bitcoin works and how and where you can buy bitcoin in Norway is an entirely huge test. To enable you to comprehend the language and securely get your hands on a portion of the world's most outstanding computerized money, we've assembled this present novice's manual for purchasing bitcoin in Norway. A bit by bit manual for purchasing bitcoin You can buy bitcoin in Norway in three basic advances: Pick a bitcoin wallet Before you can buy any bitcoin, you'll have to set up an advanced wallet where you can securely store your coins. Bitcoin wallets don't really hold any coins, however, rather, store the private keys you have to get to your open bitcoin address and sign exchanges. There are many alternatives to browse, including the accompanying: Equipment wallets, for example, the Ledger Nano S and TREZOR, give disconnected stockpiling to your private keys. Work area wallets, for example, Electrum and Exodus, can be downloaded to your PC and used to store private keys on your hard drive. Portable wallets, for example, Jaxx and Coinomi, enable you to deal with your BTC from your Android or iOS gadget. Web wallets, for example, Blockchain Wallet and GreenAddress, offer helpful online access to your bitcoin. Paper wallets enable you to print out your bitcoin open and private keys and utilize this bit of paper as your wallet. Pick a cryptographic money trade The subsequent stage is to choose how and where you will buy bitcoin. There are several stages to look over, and they can be isolated into three principal classes: Bitcoin intermediaries Intermediaries offer the speediest and most effortless approach to buy bitcoin, enabling you to pay for your computerized coins utilizing fiat cash (like NOK or EUR). Specialists offer easy to understand stages and enable you to buy bitcoin utilizing natural installment strategies like a charge card or a bank move. Their primary drawback is that they regularly charge higher expenses than different choices. Cryptographic money exchanging stages These steps, for example, enable you to buy bitcoin utilizing different digital forms of money. They will, in general, offer lower expenses than agents and give access to an increasingly assorted scope of coins. Notwithstanding, you'll, for the most part, need to effectively possess another cryptographic money so as to utilize this kind of trade, so they're not fit to amateurs. Distributed (P2P) bitcoin trades Distributed trades cut out the go-between and enable clients to exchange straightforwardly with each other. The vender has the opportunity to indicate the cost they need and their acknowledged installment techniques, and this strategy enables you to exchange with expanded protection. Be that as it may, you may need to make do with a value higher than the market swapping scale. Instances of distributed trades incorporate LocalBitcoins and Paxful. Buy bitcoin The last advance is to present a request through your picked stage. For most amateurs, the least demanding and most advantageous alternative is to utilize a bitcoin intermediary. Regardless of which kind of trade you pick, you'll ordinarily need to pursue a record first. Contingent upon the trade you use and the administrative necessities it is dependent upon, you might have the option to join essentially by giving your email address or you may need to give your complete name, contact data and confirmation of ID before being permitted to exchange. When your record has been confirmed, you'll have to enter the measure of BTC you need to buy, pick your installment strategy, survey the expenses and the all-out expense of the exchange and after that settle your buy. The precise advances you'll have to pursue fluctuate contingent upon the installment strategy and sort of stage you pick, so continue perusing for more subtleties on the various ways you can buy bitcoin. Read Also: How To Make Money From Bitcoins In 2019 Millennial Investors Will Drive Bitcoin Price Growth In 2019 Bitcoin Profit Review 2019