It’s a situation that’s all too common, especially with the high costs of medical bills, car repairs, home appliance replacements and many more of the things life throws at us. Your emergency fund or credit cards may not always be sufficient. Fortunately, there is another option. People experiencing the same financial issues have gotten the help they needed by applying for title loans Kansas City.
With a title loan, you’re getting a loan using the value of your car. This means that there’s no credit check involved in the title loan process, so if you have bad credit, it won’t be a factor here. Even better is the fact that you can obtain a title loan the same day that you apply for it.
You can use a title loan for whatever you want, whether that’s paying off bills that could result in a shutdown of service, expanding your business or something else entirely. All you need to do is complete the application and give the lender your car title. As long as you own a car, you can get cash in your pocket.
One of the biggest benefits of title loans is how quickly you can obtain them, and we’ve made the process even easier. When you’re looking for title loans Kansas City, it can be frustrating to try and find a reputable title loan company in your area. You may see listings for title loan companies that are too far away, and that’s the last thing you need when time is of the essence. We take the guesswork out of finding a lender with our efficient online application for car title loans in Kansas City. You can fill it out right here on our website, and it doesn’t take more than 30 seconds.
Just head over to the application form and enter the required information. First, you’ll need to fill out the following information about the car that you plan to use as collateral on your car title loan:
You’ll also need to provide the following contact information:
That’s all the info that we need to get from you. Once you’ve submitted the form, we’ll come right back with your free car title loan estimate, which we calculate based on the current market value of your car.
We’re also going to have one of our friendly car title loan representatives follow up with you at their earliest convenience, so you don’t need to do anything else after you finish the form. The representative who you speak with can answer any further questions you have about the title loan process, and get you setup with a location to go obtain your title loan.
The federal government has put a few laws in the books for title loans, most notably that all title loan borrowers must be at least 18 years of age, which is why title loan companies need to check your government-issued ID before issuing a loan. For the most part, though, the federal government has given individual states the latitude to set their own title loan laws. This means that how title loans work can vary quite a bit from state to state. Each auto title loan in Kansas City falls under Missouri’s title loan regulations.
When you get a title loan, you’re getting a secured loan, with secured meaning that it has a form of collateral attached to it. The collateral is your car, but you don’t need to let the lender keep your car during the term of the title loan. You hang on to your car the entire time, while the lender only keeps your car title until you’ve paid off what you owe. Missouri requires that lenders consider your income to verify that you’re going to be able to pay back your title loan. It’s best if you can provide a form of income verification, such as a paystub or bank statement. If you don’t have that, lenders also typically accept estimates provided by customers.
The maximum amount that you can borrow through a title loan in Missouri is $5,000. Obviously, your car needs to have a high enough current market value for you to be able to borrow this much. To determine your car’s value, the lender will look it up in a vehicle value guide, and then perform a quick vehicle inspection to determine its condition. There is no cap on title loan interest rates in Missouri.
The minimum title loan term length in Missouri is 30 days, and most lenders will set up terms for exactly 30 days. If you’re unable to pay back your title loan on the due date, you have the option of extending it, which is also known as rolling it over. You do this by paying only your interest and carrying the loan principal to a new repayment period. The new repayment period has a new interest charge. The state allows you to extend your title loan this way twice, and on the third renewal and any after it, you must pay at least 10 percent of your loan principal each time.
If you fail to make a payment on your title loan’s payment due date, then you’ve defaulted on your loan. Before repossessing your car, the lender must wait 10 days and then send you a notice about the default, along with information on how you can catch up on your payments. If you still haven’t caught up on payments 20 days after that notice, then the lender can repossess your car. After repossession, the lender must send you a written notice before selling your car, and the notice must include information on the sale.
One of the things that people appreciate the most about title loans is their convenience.
You won’t find many types of loans that you can get as quickly as a title loan. The entire application process is a breeze, as you don’t need to bring much in the way of documentation, there’s no credit check and approval rates are very high. Borrowers often get through the application process in 30 minutes or less.
Being able to keep your car over the term of the title loan is helpful, as it means that you won’t be stuck looking for rides or alternate methods of transportation.
With the option to extend your title loan if you’re short on cash, you have more flexibility regarding your payment than you would with other types of loans.
Title loans are great for stress relief. When you have financial issues weighing you down, a title loan can put cash in your pocket, allowing you to pay off your most pressing needs right away.