How Do Online Car Title Loans Work In Michigan

 

Anyone who owns a vehicle is eligible to borrow cash from a title loan lender in Michigan and the odds are that you will probably get funded quickly for a loan amount of at least $1,000. Compare this to someone looking for an unsecured loan or cash advance. Unlike secured loans, the credit requirements are stringent and you may face days or weeks of underwriting. There’s less paperwork and requirements from Michigan title loan companies, and that’s because you’re putting up a vehicle as security for the funded loan amount. Your lender knows they have that collateral to fall back on if there’s an issue with missed payments or if you default.

 

Title Loan Lending Amounts In Michigan

The loan amount you’re eligible to borrow will depend on the value of your vehicle. Most Michigan title loan companies will lend you up to 55% of the wholesale value but some may extend that up to 70%. If you have a paid off car, SUV or truck with a clean title in hand, you can likely qualify for one of these loans without any issues. The same can be expected if you’re looking to get cash for your motorcycle or boat equity. As long as there’s enough collateral to back up the loan amount, you should have little trouble getting an instant approval title loan from Hyperlend. One thing is for sure, and that is you’ll be able to borrow more money than what’s available from other short term lenders like cash advance stores or unsecured personal loan companies.

 

Michigan Title Loan Rules & Lending Requirements

The requirements to get a no hassle title loan in MI mostly revolve around having a lien free vehicle title. You should have little trouble getting funded if your name is shown on the title as the legal owner. In some scenarios, the lender may ask to see the vehicle in person but most of the time they will just need to verify ownership by running a simple VIN check. This can all be done quickly online or over the phone which means you could get cash for your vehicle’s title in less than 24 hours in many cases. The other requirement is being at least 18 years old and having a regular source of income. Most lenders in Detroit will also require that you have a valid driver’s license; some will ask for additional documentation like your current car insurance paperwork.

 

look up the lending requirements for title loans in MI.

How Online Title Loans Work: Interest Rates & Loan Terms In Michigan

When you agree to borrow money against your auto title, you should expect to see a high APR for your loan. This is because title loans are often issued to people with poor credit history and the lender is taking on some risk by offering cash with minimal underwriting requirements. The typical interest rate you will see is between 25% and 75% but some lenders may charge as high as 100% or more. The other thing to be aware of is that most title loan companies will require that you make payments monthly. In Michigan, the minimum loan term is typically 3 months, but some lenders may allow you to extend that out to 12 or 16 months! Just keep in mind that the longer you take to repay the loan, the more interest charges you will have to pay.

Work to pay your account on the due date or you can make a payment in person at one of their brick and mortar locations. Most title loan companies will also allow you to renew your loan if you’re having trouble making ends meet. Remember that each time you extend or rollover the loan, you will be charged additional fees which can quickly add up.

 

What To Expect When Applying For Auto Title Loans In Michigan

When applying for a title loan in MI, you should know a few things beforehand. First and foremost, ensure you have all the required documentation on hand, such as your vehicle title, driver’s license and proof of income. You’ll also need to clearly understand the interest rates that will be assessed on your loan and the repayment terms. Most lenders will require that you make payments on a monthly basis but some may allow you to extend that out to 12 or 16 months. Just be aware that the longer you take to repay the loan, the more interest charges you will have to pay.

 

Michigan Title Loan Lending Regulations

In Michigan, there are no explicit regulations regarding online title loans. However, the state has laws that govern how these types of loans can be structured and advertised. For instance, all lenders must disclose the APR for any title loan before any agreements are finalized. In addition, all lenders must provide borrowers with a written contract that outlines the terms of the loan including the repayment schedule, fees and charges associated with the loan. Finally, the state of Michigan requires that all title loan companies be licensed and registered with the Department of Financial and Insurance Regulation.

 

How To Apply For A Guaranteed Approval Title Loan In Michigan

Did you know you may be guaranteed approval for a title loan in Michigan if you have no recent bankruptcies or repossessions and can provide a paid off pink slip as collateral? By showing a lender that you can make the required payments on time you present yourself as the perfect candidate for a vehicle equity loan with same day funding amounts of up to $10,000.

Contact Hyperlend during normal business hours to learn more about the cash loans offered in MI. You can also start on the application online or apply directly at locations in Detroit or Ann Arbor.

 

Check Out Our Other Title Loan Places In Michigan:

 

Borrow up to $15,000 with a title loan in Michigan.