Instant Online Title Loans – The concept of a title loan that you can get instantly, online, sounds interesting and tempting. Fill out a form online and instantly have money in your bank account; sound great, right? But, however, in practice there is no such thing as an “instant online title loan”.
As discussed in a previous post about Online Title Loans, there are three main types of online title loans. Unfortunately, none of these are “instant”. In fact, they can take longer, in some cases significantly longer, to fund than a title loan from a lender with a brick and mortar location. This article briefly discusses online title loans, how they work, requirements, and overall funding time-frames. For the purposes of discussion, we use the term “instant online title loan” to describe a fast online title loan.
What is an Instant Online Title Loan?
First, what is an instant online title loan? As mentioned, it is simply an online title loan advertised with the word “instant” in front of it. Title lenders aren’t exactly known for honesty when advertising, so it is not surprising that there are plenty of sites advertising these instant online title loans. So, the better question is, what is an online title loan?
What is an Online Title Loan?
An online title loan is similar to a traditional car title loan; if you need more information on how car title loans work our previous post details the car title loan process. It can be challenging to find accurate and complete information about title loans online. Much of the information provided may be biased, outdated, or misinformed so make sure to read more than one source.
A non-biased source is from the FTC, that is a good start. Additionally, Fast Title Lenders, in keeping with our commitment to honesty and transparency, has published numerous articles related to car title loans. We provide real, accurate information; including the information title lenders prefer you don’t know like how interest is calculated and how to save on your next title loan.
Back to online title loans – they are very similar to traditional title loans only part of the process is completed online. However, depending on the lender, the portion of the loan completed online can range from just the Application and pre-approval; all the way to the full funding of the loan. As with any other loan, there are benefits and risks associated with online title loans. If you are considering one, make sure the benefits outweigh the risks.
How do Instant Online Title Loans work?
Instant Online Title Loans work similar to regular title loans, only the process begins online. As mentioned, there is no real difference between an “instant” online title loan and any other title loan where part, or all, of the process is completed online. Make sure to find out how long it will take to have your loan funded if you do apply for an “instant” online title loan. We offer online title loans that are usually funded the same day. They are easy to apply for and easy to complete.
Are there No Inspection Instant Online Title Loans?
Unfortunately, no, there is no such thing as an “instant online title loan”. When you think about it, how could a lender realistically fund a title loan instantly? You will need to provide evidence of your vehicle’s condition and mileage; and also provide the lender with your title before they will fund the loan.
The ironic thing is that many of the lenders advertising “instant Online Title loans” actually take longer, in some cases significantly longer, to fund the loan than a traditional lender. If speed of funding is important to you make sure to find out exactly how your loan will be funded and when. Different lenders have different time frames. If they mail you a check after you mail them your title, this could take more time than you are willing to wait.
How long do Instant Online Title Loans take?
Instant Online Title Loan time frames depend on the lender, however none are actually “instant”. You should consider that you will need to apply for the loan, get approved, and also complete the loan process. The process will include providing pictures of your vehicle, copies of your documents, and usually mailing the original copy of your title.
Many lenders also require an appraisal by a third party. This all takes time, and is far from instant. Depending on the lender it can be anywhere from a day to a week.
*Online Title Loan Tip: Get funded faster.
Want to make sure you get your title loan funded fast? They key to making sure your loan is funded quickly is having all of the required information and documents ready when you apply. If you can’t find your title and have to get a replacement, that will add time. If you can’t find your insurance card and have to get a new one, that will take some time. Title loans also require proof of income, so make sure you have your two most recent pay statements with the rest of your information. If you can’t find them and have to print replacements, that will take time. We suggest gathering all the required information and documents and putting them in a single folder. This will ensure there are no unnecessary interruptions to the process and will help make sure your loan gets funded quickly.
What is the Closest thing to “Instant”
If getting your car title loan funded quickly is important to you; that may be the reason you are looking for an Instant Online Title Loan. The closest thing to an instant online title loan is finding a lender with a brick and mortar location that also provides online title loans. These lenders will be able to complete most of the title loan process online and get your loan funded the same day. Fill out the lender’s online application and visit the lender to get your loan funded. This can take as little as 30 minutes and is the fastest way to get an online title loan, even though it does require a store visit.
We provide fast title loans at a fraction of the cost of most lenders. You will have a place to go if there are any issues with your loan or you have questions about payments. This is one of the benefits of using a local lender, and there are several others as well as risks. Before getting an online title loan, it is important to weigh the risks and benefits.
How much do Instant Online Title Loans Cost?
Instant online title loans typically cost the same as any other title loan; and usually have very high interest rates. Fast Title Lenders provides an alternative to the lenders charging very high rates. We also developed a Title Loan Calculator to help our customers determine the actual costs of title loans, considering most lenders do not provide cost information readily. Feel free to use our calculator to evaluate whether or not an online title loan is in your best interest.
The way we use services is evolving; this includes the banking and credit industries. Title loans are a form of credit, although they typically are not talked about in the mainstream. As more services evolve to offer online options, we expect the title loan industry to follow. The industry has been a bit slow in adopting new technologies, this is partially because of the lack of standard regulations across states. While you can get a fast online title loan today, they are far from instant.
As more services become electronic, we expect title loans to become easier. Perhaps the fact that title loans are not permissible in all states is a reason for the slow adoption of technology solutions. Add that to different rules and regulations in the states that do permit title loans, and you can see the difficulty in attempting to standardize the title loan process.