ONLINE TITLE LOANS

How do car title loans work, and what to expect when I apply?

Car title loans are a type of loan that allows you to use your car as collateral in exchange for money. The equity in your vehicle guarantees the cash being offered by a lender. You typically need to sign over the title of your car as collateral, and you should able to keep your driving the vehicle while the loan is paid off. With these secured loans, you can typically borrow amounts higher than unsecured lending offers like payday loans and personal loans, and the time it takes to get approved is often less than one business day.

When you apply for online title loans, there are some things that you can expect. First, the lender will typically assess the condition and value of your vehicle to determine how much they are willing to lend to you. They will want to make sure the title is in your name and completely paid off and may look at factors like your credit history and income level to help determine how risky it would be to lend to you.

Can I apply with Hyperlend if I have bad credit?

Yes. Having bad credit or no credit at all is only one of many factors a lender looks at when you apply for a title loan online. Bankruptcy and other forms of bad credit will not automatically disqualify you from funding, but the amount you can borrow may be limited. If a loan underwriter feels that you have sufficient income to make the monthly payments and pay off the loan in full, then there is a good chance you will get instant approval.

How fast can I qualify and get funded for an online title loan?

If you get pre-qualified online, you can typically expect a fast loan approval that ranges from just a few minutes to a matter of hours from you first send in your paperwork. After receiving an approval notification, you may still hear back from the underwriting department to confirm a few more details.

Once you send in these items, we will set up an appointment for you to meet with a loan processor to sign the loan documents and complete the vehicle inspection. When a lender receives final approval confirmation, they can quickly fund the loan by transferring the funds directly into your checking account. Ultimately, the time from when you first apply with Hyperlend to when you get cash depends on how fast you can get all the documents together and complete the vehicle inspection. 

How much money can I get with a title loan online?

The average loan amount is based on the vehicle’s resale value. Lenders also consider other factors and details when determining loan details, for instance, the vehicle mileage, condition, and model/make. If you prefer to keep the car and drive it, you can ask an underwriter to also look at your current take home pay, and employment situation, as that can affect your chances of making monthly loan payments. The loan amount is around $400. The maximum loan can be near $20,000, but these numbers are not typical and are primarily for high value vehicles.

Can I qualify for a vehicle equity loan if the car is not paid off?

For most companies to offer financing with a secured loan, the car must be paid off – or almost paid off. For example, if you owe less than 15% of the vehicle’s wholesale value, you may still qualify for a car title loan or pink slip loan from Hyperlend. In this case, the amount you borrow may be lower and ultimately depends on the amount of equity available and other underwriting conditions.

What if I lost my vehicle title? Is it still possible to get cash with an online title loan?

That’s OK; you can still be approved even when you don’t have the vehicle. However, it must be paid off, and you must be the vehicle’s registered owner. Applying with a title pawn provider may be advantageous if you can’t qualify for a title loan because you don’t have the title. In this scenario, you would hand over the vehicle to a title pawn company and they keep possession of the car until you pay off the loan in full.

I need a car title loan, but what if I’m not showing as the owner on the pink slip?

The majority of title loans are going to require the actual vehicle title for approval. But if you have the original signed pink slip from the past owner, you may still be approved for a loan with no store visit from Hyperlend. Please speak with the customer service representative or underwriter handling your application and explain the exact situation with your auto title. You won’t be able to get the loan proceeds until the title is signed over, so it’s imperative to be sure you qualify for online title loans before getting started with the paperwork!