Find Out How Title Loans Work In Idaho

If you’re facing a financial emergency and could use cash fast, you may have considered using a title loan. If you would like to know more about this type of loan simply look into how title loans work in ID.

Unlike traditional personal loans from your local bank, a title loan may be able to get you the cash you need fast without maneuvering around the obstacles of traditional lenders.

In this concise guide, you’ll learn all you need to know about how title loans work in Idaho so you can decide whether or not one is right for you. This information will include:

• What a title loan is
• Terms to know
• Who can get one
• How the application process works
• And more…

What Is A Title Loan And How Does It Work?

Title loans are short-term loans that use your paid-off, lien-free vehicle title as collateral. At Idaho Title Loans, Inc. a title loan can be worth up to $15,000. The total loan amount depends on your situation as well as the condition, year, mileage, make, and model of your car.

Many people hear the word “collateral” and run before learning more, but it doesn’t have to be scary. Collateral just means you offer one of your assets as proof that you have the funds to pay back the loan. With this type of loan, the asset is your paid-vehicle, lien-free car title, which is used to ensure that you will keep to the monthly payments set by the lender. If the borrower plans to repay the loan as agreed upon, the collateral is never touched by the lender.

Terms To Know

There are a few terms you should know when learning how title loans work. This direct and to-the-point glossary will make sure you’re not caught off guard when reviewing any title loan paperwork.

• Lien: a legal right to keep one of your assets until you repay a debt you owe
• Lien-free title: This means you have no judgments or liens against the title, hence the term, lien-free title. If your car is paid off and own it outright your title will be lien-free.
• Online request form: Completing this is the first step in our online request process for a title loan in Idaho.
• Collateral: an asset pledged as security to be forfeited to the lender in case you stop repaying a loan
• Vehicle inspection: a quick look-over of your vehicle by our loan agent that will help determine your loan amount. This inspection takes just a few minutes.
• Qualify vs. apply: To qualify means to meet the criteria that allow you to apply for a title loan. Applying is the act of formally requesting the loan.

Why Get A Title Loan?

Title loans may be a good option if you need a few hundred or a few thousand dollars to quickly pay off an urgent bill. Some viable situations include needing to replace an essential home appliance, pay for a home or secondary car repair, cover emergency travel or medical procedures, or pay an overdue and urgent bill.

Idaho Title Loans, Inc. knows how important your primary vehicle is to everyday life, which is why we let you keep your vehicle during the loan to use as you normally would. We have also streamlined our loan process so that you can apply from the comfort of your home or head to one of our many offices to finish the request in less than an hour.

Who Qualifies For A Title Loan?

Learning how title loans work is much easier than applying for other types of personal loans. We want to make our loans accessible to all, which is why we make qualifying for a title loan as easy as possible.

You can qualify so long as you have a paid-off, lien-free vehicle title, a state I.D., and the vehicle in your possession. You don’t need a bank account or good credit to apply. You also don’t need to show proof of employment to be considered.

How To Get A Title Loan In ID

If you meet our short list of requirements, head to our Idaho Title Loans, Inc. homepage to start the process and apply for your title loan today. This short form sends your basic information to our office nearest you, from which a knowledgeable loan rep will give you a call.

During the call, you’ll be able to get more information, confirm your details, and schedule a meeting to complete the loan process and vehicle inspection. This meeting can occur at your home, a nearby location, or one of our offices – it’s your choice!

At the meeting, your title, I.D., and car will be quickly inspected. If everything checks out, you could have your money by the end of that same day or the following business day.

Get More Information On Title Loans Now

Do you have your I.D., car, and title handy? If so, you could have the money you need in your account within a few hours through our efficient loan process.

When you need cash ASAP, there’s no need for frills, high credit scores, or a big-paying job. Idaho Title Loans, Inc. is here with a straightforward solution. If you’ve still got questions about how title loans work or are ready to apply for a title loan, simply fill out our online request form now, give us a call, or reach out to us through our chat feature. We're waiting to hear from you!

 

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.