There’s now a solution for those in Michigan who need quick cash. By taking out a car title loan you can borrow a large amount of cash, sometimes up to $15k and pay it back over a period of 12-18 months. You don’t need good credit and most applicants can qualify for title loans in Michigan as long as they have a vehicle that’s paid off and in their name.
The requirements for online title loans will vary based on the amount you’re looking to borrow. Typically an auto title lender will require you to be at least 18 years old, have a valid driver’s license, and own the car outright. You’ll also need to provide a copy of the title and registration. Your car title is always the most important requirement and there’s little to no chance you can be approved for a title loan in Michigan without a clear title. Be sure to have physical possession of the pink slip and confirm there are no lienholders or other companies that claim ownership of your vehicle.
Once you’ve been approved for an auto title loan, you can expect to have the money in your account within one business day. This is one of the fastest ways to borrow money and it’s why title loans are becoming increasingly popular. In some cases you can even get the money quicker by working with a local title loan company in Detroit. Many of these local lenders will let you apply online or in person and pick up the cash that same day after you get approved. No more waiting for money to hit your bank account or clear from a direct deposit. Find a top title loan company in Detroit that offers same day cash and you can get everything done quickly!
Many title loan companies in Michigan will approve you for a loan, even if you have bad credit. The reason is that your car title is used as collateral and the lender has a lower risk if you’re unable to repay the loan. This also makes it a good option if you need money quickly and don’t want to go through the hassle of trying to get a personal loan from a bank where you would likely have trouble getting approved because of a poor credit score.
Title loan companies know you’re likely applying for a vehicle equity loan because of your bad credit score. Don’t let the fact that you missed a payment or two in the past hold you back from applying for title loans in Detroit!
Almost any car, truck, or van can qualify for a title loan in Michigan as long as the title is in your name and there are no liens against the vehicle. This includes cars that are new or used, as well as those that were previously financed and now paid off. Are you leasing a car? That could qualify as well. Simply contact your lender and see if you can buyout the lease and gain possession of the title to move forward with a title loan. The amount you can borrow will depend on a number of factors such as the age and make of your car, its market value, and how much equity you have in it. Because of these factors the loan amount will vary significantly with amounts coming between $2,000 and $20,000.