Auto title loans are one of the most popular short term loan options for borrowers. Aside from quick funding and a simple approval process, they offer minimal prerequisites as well! To be eligible for title loan funding, a borrower must only meet a few requirements.
Consistent Salary
This is not an unexpected requirement, as most loan options will require that you have some form of consistent income to repay the loan.
Car Title to Qualifying Vehicle
The car title must be in your name and must not have any liens on it. The vehicle must also have enough equity to qualify.
Meet the Age Requirements
In most states, it is required that loan borrowers be at least 18 years of age.
Proof of Residence
Some states have laws and restrictions in place for title loan lending. For this reason, your residence must be verified by the lender. If you live in a state that doesn’t allow title loans, you will not be able to qualify for a short term loan.
Vehicle Insurance
Depending on the state you reside in, you may be required to have limited coverage or comprehensive insurance on the vehicle.
References
References are often requested when applying for jobs, renting an apartment, and many other circumstances. You may be asked to provide some references for verification purposes when applying for a loan.