Online title loans – essentially a form of secured loans – are incredibly popular today, particularly those that are made available by less than traditional lenders.
Giving folks with less than picture-perfect credit an opportunity to take advantage of lightning fast cash (usually between $100 and $10,000 or so) with little headache and hassle along the way, you’ll essentially be putting the title of your vehicle up as collateral to take advantage of this lending opportunity.
While easy to take advantage of and perfect for those that need quick cash in a hurry, car title loans can get expensive. They usually have hefty fees attached to them, annual percent rates (APR) that climb higher than 260%, and can get you into some serious financial hot water if you don’t move to pay them back just as quickly as humanly possible.
According to Titlelo, some of the online title loan companies out there are run by unscrupulous individuals looking to take advantage of folks that are having a tough time making ends meet as it is. These fly-by-night operations run predatory loan businesses, and it’s important that you stay as far away from them as possible.
Do banks offer title loans?
Many people searching for title loans online are also curious as to whether or not traditional banks and credit unions offer these types of lending packages.
They know that traditional banks and credit unions abide by federal rules and regulations as well as local and state laws when it comes to financing, and they also know that these organizations aren’t going to be looking to take advantage of them every step of the way.
And while most traditional banks and credit unions aren’t going to advertise the fact that they offer title loans, the overwhelming majority of them will as some form of secured loan package they are happy to help with.
Do these banks offer these loans online?
This is where things get a little bit murkier.
Some banks are embracing the internet and technology a lot faster than others, whereas others are more traditionalist in their views of technology and have been slower to roll out new services like car title loan opportunities via the web.
At the end of the day, it’s a little bit hit and miss when it comes time to find a bank that offers these kinds of loans online – though they certainly exist. A lot of the “online only” banking opportunities out there offer these kinds of deals, facilitating these loans through their online platform or a mobile application that handles the bulk of the heavy lifting for you as well.
You won’t have to look hard to find unconditional lenders that offer car title loans completely online, either. Some lenders are 100% online only. These lenders are always looking for ways to facilitate title loans via the web with absolutely no “brick-and-mortar” footprint whatsoever.
If you’re going to go down this road and take advantage of these kinds of services it’s not a bad idea to do your research and due diligence before you sign on the dotted line. You need to be sure that you aren’t going to be doing business with predatory operations with zero physical footprint, particularly if things go south and you need to find some sort of recourse.
All things considered, your best bet when looking to take advantage of a title loan is to get set up with a bank or credit union (traditional lenders) that offer these kinds of solutions or an online operation that you can verify independently. You have to be sure that your financial future is safe with these lenders, that you aren’t going to be signing away your financial future to patch up your current situation, and that the deal you are agreeing to is honest and transparent.
Keep these things in mind when you go to search for car title loan opportunities and you’ll have absolutely nothing to worry about as you move forward. Legitimate lenders – particularly banks and credit unions – will have your best interests at heart, and the real deal online only operations will have your best interests in mind as well!