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Title Loans in Pennsylvania: How to Apply & Get Approved

No one wants to be caught in the middle of a financial emergency. It's very inconvenient, stressful, and takes a toll on a person's mental well-being.

This is why it shouldn't come as a surprise that there have been a lot of quick and easy solutions out there to help anyone get through their financial emergency.

A great example of such a solution is Pennsylvania title loans.

Today, we're here to help you understand what title loans are all about and why you should get them.

Quick Financial Solution: Should You Get Title Loans in Pennsylvania?

Today, several people have joined the bandwagon of applying for title loans in Pennsylvania. It's one of the quickest ways to get funds and solve a pressing financial emergency.

That alone is very enticing to many people! One can't even imagine how many people have already applied for title loans since it started.

If you're enticed by the whole idea of getting quick funds, regardless of reason, we're sure you've considered applying for online title loans.

One of the many selling points of title loans is that you can get your funds IMMEDIATELY. As long as you comply with the requirements, present collateral, you're all set!

Not to mention, having a bad credit rating is hardly an issue. You can still apply for title loans, similar to others having a good rating.

The only difference, however, is that the likelihood of getting approved with bad credit may be a challenge. (We'll get into that later.)

Affordable title loans (Pennsylvania) are a tempting offer, but should you get it? DEFINITELY.

3-Step Process: Applying for Car Title Loans in Pennsylvania

Many people have this misconception that applying for title loans takes a long time. Some think the application is similar to a traditional bank loan, but it's NOT.

Applying for Pennsylvania title loans is SIMPLE and EASY, and it only takes 3 easy steps.

You can finish the whole application process without breaking a sweat! And soon enough, once your loan gets approved, you're all set.

Optional Step: The Pre-Approval Stage

If you want to stay on the safe side and don't want to waste your time and energy, getting pre-approved is a wise thing to do.

You can know from the get-go whether there's a good chance your auto title loan will be approved or not.

Getting pre-approved isn't a mandatory step, so don't worry if you skip this step.

Step 1: The Application Form

The first step you need to do is fill out an application form online or in-store. Most prefer online title loans because of their overall convenience — no need to leave your home anymore!

Plus, they can also receive advance customer service through the online application system.

But for others, they feel more comfortable with going to the store. They can easily ask for assistance from anyone in the store and have their questions answered.

Now, for the application form, you must answer all the questions. Don't miss out on any blanks, especially if it's asking for important information like the following:

  • Collateral
  • Loan amount
  • Occupation
  • Normal median income
  • Credit history

Once you're done, submit your form and let the title loan process officially begin!

Step 2: The Requirements for Submission

Once your application form gets approved, you'll need to submit the requirements and other relevant documents.

Take note that this step is usually the MOST CRUCIAL. It is usually where most people mess up, especially if they're missing a requirement.

It could be very detrimental to their auto title loan application, and they won't be able to enjoy this fast cash solution.

Beforehand, make sure you already have all your requirements prepared so that all you have to do is submit them.

Luckily, there's a standard list of what most stores ask for to qualify for title loans in Pennsylvania. Here are some of the important items you should present and some tips to help you out.

#1 Car & Vehicle Title

Car title loans ALWAYS require a vehicle under your name.

You could present almost ANY car you have.

But for auto title loans, it's always best to present a car that is presentable and has a high estimated value.

REMEMBER: The lower the value of your car, the less loan amount you'll get. Choose wisely!

Take photos of the car, and make sure to show its mileage, make and model, year, etc.

Next, submit a copy of your vehicle title. Car titles are used as collateral so that applicants can get their quick cash soon.

#2 Proof of Income and Employment

Most auto title loan lenders would ask people to submit proof of income or employment.

This is a very important requirement to help lenders determine whether a borrower has a source of funds to pay off the title loan.

A good proof would be an employment certificate, employees pay slip, bank account certificate, bank account information, among others.

The more confident lenders are with your ability to pay, the more likely you'll be able to avail of their title loan services.

Notwithstanding this requirement, do note that there are also lenders who provide title loans to currently unemployed individuals.

#3 Government ID

Lenders need to know WHO you are and WHERE you're from. This being the case, you need to present a government-issued ID.

Ideally, this should contain your basic information like name, photo, address, and more. For car title loans (Pennsylvania), you must be able to show that you reside in Pennsylvania.

Step 3: Claim Your Funds

Once your lender is satisfied with the requirements you've presented for the title loan, you're all set to receive your funds!

It can take a few minutes to about an hour until you receive your funds, which isn't that bad compared to other short-term loan options.

There are various ways to get the proceeds of your cash loans, and the choice is with you.

  • Deposit the amount on the bank account set-up for you
  • Through a cheque
  • Cash pick-up from the lenders' store
  • Via a dedicated cash app

Tips To Increase Your Chances of Approval

Some people, unfortunately, DO NOT qualify to get a title loan, and it could be for various reasons.

Luckily, there are many steps you can do to increase the likelihood of your title loan getting approved.

#1 Clear Your Credit

If your credit isn't that good, it's time to do some clean-up. As much as possible, you want to start paying off any debt that you could already pay for.

This reduces your debts from piling up and your credit from going down. When you've already got extra funds to pay for a certain item, DO IT.

Having good credit isn't just to get a title loan. It has many advantages, such as qualifying for a housing loan, among others.

Plus, creditors are more likely to entrust you with their money when you have good credit.

This step may take some time, but the result is WORTH IT.

#2 Plan Your Finances

Lenders don't want to loan money just to anyone. Whether you have a business owned or working for an employer, creditors need to see some structure in your finances.

You don't want to be all over the place. As much as possible, you need to be able to show that you know where to allocate your money.

#3 Don't Wait Until the Last Minute

Procrastination is everyone's biggest enemy. Title loan applications are so fast and easy to do that people procrastinate and wait until later to fix their requirements.

THIS is when the problem starts to begin. It is only later on that most people realize that they might have missed some of the requirements and have to wait a couple of days more to complete everything.

Post Title Loan Application: Enjoying Your Online Instant Cash

You get your funds paid quickly, all thanks to easy title loans! Your borrowed money went to good use, and all you had to do was have your vehicle title ready and other requirements.

Does this mean you're already in the clear? Well, not yet.

Now that you've got the funds of your title loan, you need to devise a plan on HOW to pay it back during the pay period.

Unfortunately, people skip this step. After they apply online and get approved, they forget to plan HOW to pay their short-term loan on time.

We don't want that happening to you, and we want to make sure you don't miss any payment. That being said, we've listed down some tips for you to follow.

  • Tip 1: Take note of the payment terms you agreed to. Will you be receiving a monthly statement, bi-annual, or annual? You can always discuss this with your lender.
  • Tip 2: Title loan interest rates COULD be pretty steep. Some lenders would offer competitive interest rates but are still relatively big. Take note of the interest rates and annual percentage rate you're being charged with. This way, you can plan how much you need to save up.
  • Tip 3: Remember, American title loans are not a permanent solution. They are merely quick fixes that can help you get by during an emergency.

Risks Involved With Getting Car Title Loans: Worth It or Not?

There's a lot of advantages when you apply for Pennsylvania title loans. It's one of the quickest solutions out there when you need quick funds.

Undeniably, the whole idea of car title loans is so tempting. Fill out the forms, present your collateral, and still be able to drive with your car on the same day!

But no matter how tempting the offer sounds, there are still certain risks about getting a car title loan you need to learn about.

#1 Paying Extra Fees and Charges

If you're not careful about reading the fine print on your contract, you might be surprised with the fees and charges you have to end up paying for.

READ THE FINE PRINT, and you should be fine!

#2 Paying High-Interest Payment

It's no secret that some title loan lenders would charge high-interest rates. Usually, these interest rates take into account many factors:

  • Value of the car diminishing through time; or
  • Non-payment or delay in payment of the loan

Notwithstanding the high-interest rates, there are still various title loan services that would have "competitive rates." They pretty much offer the same service, but at a rate comparably lower than others.

Consider the competitive interest rates as one of the ways customers are enticed to avail of title loans (Pennsylvania).

#3 Losing Your Car

The beauty of title loans is that you get to keep your car. BUT, if you continuously fail to pay your loan, there's a big chance it may be taken away from you.

For sure, you do not want this happening to you. Unfortunately, however, some lenders would repossess vehicles and sell them for value later on.

Alternatives to Title Loans You Should Consider

If you feel like Pennsylvania title loans aren't for you, there are still other short-term loan applications and solutions you could check out.

Regardless of your situation, don't worry because there's always something for you!

  • Check out the short-term loans banks offer near you. Make sure the loan amount and terms are favorable to you.
  • Payday loans are also a viable solution, although you have to be cautious about the high-interest payment. This is also a great option for people who have a bad credit score, though the amount they can receive may be comparably lower to someone with good credit.
  • Restructure your debts with your creditors. There's no need to be ashamed to ask for help, especially if you need extra time to pay off some of your expenses. Just let your creditors know, and hopefully, you receive a favorable result!
  • If you've got valuable items such as jewelry or watches, consider getting pawnshop loans. You can use your precious items as collateral in the meantime.
  • Asking for a cash advance from your employer, friends, or family is okay, especially if it is an emergency. We're sure they'll understand, especially if they know you'll put it to good use.

Frequently Asked Questions

How Fast Can You Receive Your Loan?

Believe it or not, you can receive your funds within minutes upon the approval of your car title loan. You might think it's an exaggeration, but it is THAT fast.

Is There Still a Credit Check?

Some lenders would still do a credit check on their clients. This helps them determine whether the person is fit to take out a loan.

Normally, creditors want to ensure that their clients can pay AND on time. It is a big risk on their part to loan out money to anyone with a high risk of non-payment.

Nevertheless, some wouldn't do a credit check. After all, the title loan is secured by the vehicle, and creditors can repossess it in case of non-payment.

Can People With Bad Credit Apply for Title Loans in Pennsylvania?

ANYONE can apply for a title loan, regardless of whether you have a good or bad credit score.

TAKE NOTE: People with a good credit score have a higher chance of approval. Plus, they may even receive a better loan amount and interest rate offer.

On the other hand, people with bad credit MAY still apply for a title loan and even be qualified! The only trade-off, in this case, is that the loan amount might be low, and the interest rate may be high.

Why Choose an Auto Title Loan Over Traditional Bank Loans?

Unlike bank loans, auto title loans in Pennsylvania are notoriously fast and convenient. The bank loan process could take a long time, and the requirements tend to be a little more stringent.

For example, having bad credit is a big red flag for bank loans. Unlike in a car title loan, where bad credit isn't that much of a big deal.

Final Words

Title loans work so quickly — you can get money fast, especially when you need to pay urgent bill/s. Stay on top of your financial emergency and check out Pennsylvania affordable title loans!

The title loan instant approval process is very enticing to many, so no wonder it's one of the BEST solutions to fixing financial issues.

With some people living beneath the government destitution line, you won't be surprised why many apply online for the best title loans.

The next time you find yourself in a tight situation, don't forget, America title loans Pennsylvania are here to help.

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