Anyone who owns a vehicle can borrow cash from a car 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, personal loan lenders’ 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 should qualify without any issues. The same can be expected if you want cash for your motorcycle or boat equity. As long as there’s enough collateral to back up the loan amount, it would be best if you had little trouble getting an instant approval title loan.
One thing is for sure with a title loan: you’ll be able to borrow more money than with other short term lenders like cash advance stores or unsecured personal loan companies.
Title Loan Requirements
The requirements to get a no hassle car title loan in MI primarily 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 must verify ownership by running a simple VIN check during the inspection.
Michigan Title Loan Lending Regulations
In Michigan, there are no explicit regulations regarding online title loans. However, state law governs how these types of loans can be structured and advertised for residents in Grand Rapids or any other state. For instance, all lenders must disclose the APR and repayment amount for any title loan before any agreements are finalized.
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 regular 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.