A Comprehensive Guide to Title Loans in Rhode Island
Are you having trouble paying this month's rent, your student loans, or any emergency bill on your plate right now?
If yes, you're probably desperate for some quick cash to help you keep your head above water.
Luckily for you, car title loans in Rhode Island can help you out in a pinch regarding emergency funding.
Rhode Island, known as "The Ocean State," features a bold anchor and a circle of stars on its flag, symbolizing its maritime heritage and the original 13 colonies.
What Are Car Title Loans?
Not to be confused with car loans, CAR TITLE LOANS are loans that take your car title as collateral when a lender gives you a loan.
They can also be called auto title loans, vehicular title loans, or pink slip loans.
Since you're only giving your car title away, you'll still be able to keep your car during the loan duration.
Why You Should Consider Getting a Car Title Loan in Rhode Island
If you're unsure about getting a vehicular title loan, then here are a bunch of reasons why you might need one.
The Statistics
If you live in Rhode Island, you probably realize that it's a bit expensive to live there.
The average family size in Rhode Island comes up to 3 people in a single household.
Meanwhile, the gross median monthly rent in Rhode Island is 1,043 USD.
But a household's average median income is 67,167 USD, translating to an average monthly income of 5,597.25 USD.
Rhode Island residents can live comfortably, but 10.6% of the population lives in poverty, making it hard to get by.
The Reasons
If you're struggling to keep up with all the bills being sent your way like a hoard of angry wasps, you can get an auto title loan to help you out.
They're a type of short-term loan which means it's easier to get than a traditional bank loan.
Those loans are paid long-term, making them the best deal for people who need money on SHORT NOTICE.
You can also get instant approval the SAME DAY you go through the loan application.
And since there are a lot of lenders in Rhode Island, you'll be benefiting from their competitive rates.
How Much Cash Can You Get From a Title Loan?
Getting money is the crucial part when you apply for car title loans.
So how much can you exactly get from taking out a title loan?
In Rhode Island, you can get a MINIMUM LOAN AMOUNT of 100 USD from the lenders.
The MAXIMUM LOAN AMOUNT for getting car title loans would be 500 USD.
However, while it's enticing to get more money through a car title loan, we recommend that you only get what you NEED.
Required Documents for Auto Title Loans
Before you can get vehicular title loans from your chosen lender in Rhode Island, you'll need to submit some documents that most lenders will look for.
Here are the basic requirements to go through the loan process:
- A clean car title
- Proof of income
- Proof of residency
- US resident ID
- Bank account details
- Name, contact info, address
Some lenders may ask for at least TWO REFERENCES like someone from your job, a family member, or a friend, to confirm that you have a way to pay the lender back the cash you borrowed from them.
Steps to Get an Online Loan Application for a Car Title Loan in Rhode Island
Now that you have everything, let's go through the vehicular title loans process.
Get an Online Title Loans Application
If you're not keen on going to a physical store to work with a Rhode Island title loan expert, then you can always apply online for your funds.
Go to the website or app of your chosen lender, and fill out the application for their pink slip loans.
Turn In Your Documents
After filling out the form, you'll need to submit all the documents the lender asked for from you.
Since you're going through an online application, you should send in pictures of the qualifying vehicle from 4 different angles so that an expert can ascertain its value.
Ace the Interview
The lender you'll be working with will also make you go through an INTERVIEW to review your qualifications and pre-approval.
Aside from asking you questions about the things you filled out in your application, they'll be going through the details of your vehicle as well.
Standby for Credit Check
At this point of the loan process, the lenders may also go through a credit check to look at your credit score.
Is getting a loan with bad credit OK?
Some lenders will take you on for a title loan, even if you have BAD CREDIT to your name.
Just don't expect to receive too much money.
Read Over the Loan Terms
Once your application is pre-approved, the lender will send you a contract where you will write all the terms of the loan.
We highly suggest that you read through all the details of the contract to get the most convenient terms for your title loan.
Once you've read through all the terms and conditions, all you have to do is give them your express written consent through your signature and send the document back to them.
Cash In Your Money
Once you have your loan approval, the lender you choose to work with will give you your money by wiring it to your bank account.
Various title loan services will usually approve applications with as little time as possible, meaning you can cash in your money the same day you choose to apply for a loan.
What to Do After Getting a Title Loan?
Now that you have the cash you need, you're going to need to get those funds paid quickly.
Interest rates will increase the amount of money you'll have to pay back, but that's to be expected from title loans.
Make sure you get your paycheck from your source of income and pay your loans on time.
You can set an ALARM, so you don't miss the date when it's due.
Be sure to read over your contract since some loaners won't accept your payment if you send the money TOO EARLY. They may even give you a FINE because of that.
What Happens if You Can't Pay Your Title Loan?
Now that you got your title loans in Rhode Island, everything should be going along swimmingly, right?
Well, what if you can't pay the money you owe?
Negotiation With the Lender
You can always call the loaner you worked with within Rhode Island to change the details of your contract.
With that, you can get more time to pay back what you owe and even change some details about the interest rates and fees.
Turning Over Your Car
If there's no hope of you paying your loan back, then the lender will take the vehicle as COLLATERAL.
In Rhode Island, the lender has the right to repossess your vehicle, sell it, and use the money they earned as compensation for the unpaid loan.
Alternatives to Vehicle Title Loans in Rhode Island?
If you think that title loans are far too cutthroat, especially with their interest rates, then you can always take a look at other options to help you get by.
Payday Alternative Loan
If you're not willing to risk your vehicle, then you can go to your local federal credit union and ask about taking out a PAYDAY ALTERNATIVE LOAN.
Payday alternative loans are short-term loans with lower interest rates than title loans.
You can get up to 1,000 USD and pay them back from a time span of 1 to 6 months, depending on your terms with them.
Credit Cards
If you're dealing with an emergency, financing yourself with your credit card could work out better in the long run.
There aren't many cash options when it comes to title loans since they're often capped at 1,000 USD or less (which is the case in Rhode Island). Credit cards can EXCEED that amount.
However, credit cards can exceed that amount and usually apply a maximum interest rate of 36%.
Ask For Help From Friends and Family
It can be a tough thing to do, but if your friends or family are well in their capacity to help you and they're willing, you could ask for help from them.
If getting a loan is too risky, borrowing money from people who care about you may be a better solution than getting a Rhode Island title loan.
FAQs
Here are some frequently asked questions about title loans in Rhode Island.
Is Getting an Auto Title Loan With Bad Credit OK?
Like we said, getting vehicle title loans with bad credit is OK.
If you go through a credit check with a Rhode Island title loan expert and they find that your credit score and credit history aren't as clean as you would want them to be, you can still get a loan from them.
You won't get as much as you might have if your financial history wasn't as bad.
Many lenders will still let you go through pre-approval and qualify for title loans in Rhode Island without issue.
You may even get loan approval on the same day.
How Is Rhode Island's Title Loan Interest Rates?
Getting title loans in Rhode Island is a quick and easy process, but paying back what you owe may be a challenging process for you.
Now don't fall out of your chair, but the interest rates for title loans in Rhode Island is 30% a month or 360% a year.
That means if you qualify for title loans and you borrow 1,000 USD, you'll need to repay them 1,300 USD within 30 days.
Getting that much cash in a short time may be DIFFICULT for some.
That's when your vehicle as collateral comes in as an UNFORTUNATE saving grace.
Final Thoughts
Title loans are an excellent way to make some QUICK CASH when you have your own vehicle, especially when you're in dire need of it.
You can apply online and go through the process in a short time.
With this guide, you can decide whether Rhode Island car title loans are worth the cash or not.