Emergency Loans In California Now In Exchange Of Your Car Title

Federal regulators are setting new rules for banks that offer deposit advances.

It is hard to tell when a financial deadlock will knock on the door. Not everyone has the financial stability or the savings to tide over the situation. Getting help from the bank is not a way out as one might not have the time to wait for the bank’s complex and long procedure. However, there is a way out for those in need of emergency loans in California. There are companies that offer auto title loans. Auto title loans are those in which the title of a vehicle is used as a collateral for the loan. Vehicle owners just have to provide the companies with the title of the vehicle and secure the loan.

The auto title loan is provided to the person in need based on two things: the wholesale value of the car that should be at least $5,000 and the financial ability of the person to be able to repay the loan. Sufficient proof of one’s financial standing has to be provided in the form of bank statements to get the loan. One plus point of getting emergency loans on California from such companies is the fact that the time taken for getting the loan is very less. If everything stays in place, then the loans are often passed in less than half hour.

Most of the financial institutions often put down the request of a loan on the basis of the car owners bad credit score. This is something that the companies offering emergency loans in California against an auto title is not bothered of. They will just judge the person’s ability to pay the loan or not. So, whether a bad credit or a no credit, the loan giving company is not concerned about it at all. Just provide them the correct documents that are required, and get the emergency loan.

The auto title loan giving companies are in no need of a stack of papers to pass an auto title loan. The very fact that they are the fastest route to get an emergency loan is the reason that many people flock to them. But there are a handful of documents that are required of the car owner when approached such companies. The documents that one needs to submit includes:

  • Certificate of title or lien satisfied/lien release
  • Copy of driver license
  • Current proof of residence
  • Copies of bank statements or paystub as proof of income
  • Evidence of insurance for the vehicle
  • References, at least 3 in number

Once the documents are all submitted, the vehicle owner can borrow something between $2,600 to $50,000 from the quick fund providing companies. Most of the companies are good enough not to ask for extra set of keys. The time for repaying the loan often is 36 months an pre-payment does not harm anyone. There is no pressure from the loan giving company and one can repay as per their convenience within the stipulated date or anytime whenever there is cash available at hand.