Is It Possible To Get A Title Loan Within A Day?
Yes, it is possible to receive a car title loan within a day. You can get the loan amount from most lenders on the same day if you follow these three easy steps and finish them all before 2 p.m.
- Request for a title loan.
- Get your lender’s approval.
- Sign the agreement & receive funds.
Lender Tip:
Remember to keep all the loan documents in one place so you can provide the lender with all of them. This will ensure that your loan request process is quick and hassle-free.
Key Takeaways
- You should have a lien-free car title in your name to request a loan.
- Even with your bad credit, you can still get a loan approval.
- Your loan amount depends on the car’s value and ability to repay it.
- You do not need a job but a regular income source to be eligible.
Loan Amount, Fee, Duration, and Interest Rates on Title Loans In Encino
Title loans in Encino, CA, are regulated by the Department of Financial Protection And Innovation. There are limits on some parts of title loans, which are listed below:
| Interest Rate | Maximum 30% Per Month For $2,500 |
| Loan Amount | $2,500 to No Maximum Limit |
| Loan Fee | 20% Per Month |
| Loan Duration | 30 Days |
Loan Example
Picture this: You want to take out a loan of $1000. The title loan interest rate is 30% per month. After the end of the month, the installment loan total would accumulate to $1300.
So, you must pay this amount before the due date to avoid a late payment charge or car repossession by the lender.
What Documents Are Required To Get A Car Title Loan?
You typically need the following documents to request a car title loan in Encino, California. Here are some of the most typical ones:
- Lien-Free Title
- Valid government-issued Photo
- Proof of Income
- Proof of Residency
- Vehicle Registration and Insurance
Note: Document requirements may vary from lender to lender; therefore, we recommend checking with the lender before requesting a loan.
Do I Need To Have A Job For Title Loans In Encino?
No, you don’t need a traditional job to qualify for a title loan, but you do need a consistent source of income. Lenders understand that not everyone may have a typical 9 – 5 job.
So, if you have alternative income sources, you can request a title loan. However, it is always better to go for this loan in emergencies.
Here are some other sources of income that many of the lenders accept:
- Freelancing
- Passive Income
- Severance Pay
- Worker’s Compensation Pay
- Annuity
- Trust Fund Income
- Social Security Benefits
- Rental Income
- Trust Fund Income
- Disability Insurance
- Monetary Settlement Ordered by Court
- Cash Settlements
- Tax returns
Who Keeps My Car While I’m Paying Back The Loan?
When you’re repaying a car loan, you retain the ability to continue driving your vehicle. As a precautionary measure, the lender holds onto the car’s paperwork until the loan is fully settled. Rest assured, as long as you stay current on your payments, you can enjoy both ownership and use of the car.
Upon completing the payment schedule, the car becomes yours, and the lender will remove the lien. When you are paying back the loan, do not forget how important it is to keep up with insurance and regular car maintenance.
However, if you cannot pay loan dues due to any unfortunate event, the lenders have the right to take possession of the vehicle.
Title Loan Benefits You Can Get Today
There are many advantages to getting title loans with Montana Capital Car Title Loans, such as:
Easy Access to Funds
Our streamlined online application procedure guarantees that you will have a quick and easy loan approval process. Moreover, you can do the whole process from home. Additionally, you can receive the approval on the same day, saving you from waiting days or weeks for it to process.
Acceptance of Bad Credit
We accept applications with poor credit, giving you the chance to get the money you require.
No Penalties for Early Payment
We won’t charge you more if you pay off the loan early. In fact, we advise our clients to repay their loans as quickly as possible to avoid paying interest and to help them pay off debt sooner.
Acceptable Title Range
When you select us as your auto title loan lender, you can use several different types of titles to back up the loan. Some lenders will only give title loans for cars and motorcycles, but we let you request a loan from many different sources, like an RV, boat, truck, etc.
Household Income Of Residents In Encino, California
| Household Income (<$50K) | 29% |
| Household Income (<$50K-$100k) | 25% |
| Household Income (<$100k-$200k) | 26% |
| Household Income (>$200k) | 20% |
| Median Household Income | $92,148 |
| Per Capita Income | $50,215 |
Source: The Census Reporter
Frequently Asked Questions
Can You Get a Title Loan on a Leased Car?
No, a leased car cannot be used as collateral for auto title loans. On the other hand, if your car has enough collateral, you may obtain a title loan. You can keep the remaining money for your use, and the lender may use part of it to buy out the lease.
Do Title Loans Check Your Credit?
Certain lenders may perform a credit check on you when you request a title loan. However, this credit check won’t impact your eligibility compared to a traditional bank loan. You can be approved for a loan if you demonstrate that your automobile is worth enough and that you can return it easily.
Can I Still Get A Title Loan If I’ve Had Bankruptcy In The Past?
Yes, you are still eligible for a title loan even if your bankruptcy has been discharged. When approving a loan, lenders prioritize your ability to repay the loan and your existing financial status.
Request For An Emergency Loan Today!
Are you in need of urgent, fast cash assistance? Are you out of options due to a bad credit score?
With Montana Capital Car Title Loan, you can request vehicle title loans in Encino, CA. With our fast and easy online process, you can get a loan hassle-free right from your computer while sitting at home.
Find out how much cash you can borrow with our free loan calculator for your car title loans.