Editor's choice: Max Cash Title Loans
- No bank account required
- No prepayment penalty
- Bad credit OK
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Short-term loans are generally easier to come by than your average personal loan — and title loans can be even easier since you’re putting your car up for collateral. But you still need to meet a few basic requirements to qualify. Your state also has laws that could affect the standards to get a title loan.
Car title loan requirements vary by lender and the state you live in. However, you’ll likely need to meet some of the following criteria to qualify:
Even if you meet all of these requirements, you might have trouble qualifying for a title loan if you’re a member of the military. That’s because federal law requires lenders to charge no more than 36% APR on a title loan with a term of less than six months. They also must provide special disclosures to military members.
While some title loan companies are willing to make these exceptions, many won’t lend to members of the armed forces. Dependents of servicemembers might also have trouble qualifying.
To make sure you meet all requirements, lenders typically ask for documents to verify your application. The documents required to get a title loan can vary between lenders. Typically, you have to provide the following:
Loans that sound too good to be true often are. If a title loan provider advertises how easy it is to qualify for a loan, it could be a sign of a predatory lender — especially if it “guarantees” approval. Most reputable lenders make an effort to check that you’re able repay the loan by looking at your income or credit. Minimal requirements could be a sign of:
Generally, you’re better off working with a lender that has more requirements, even if you have poor credit or low income.
Don’t think you can qualify for a title loan? Live in a state where they’re illegal? You might want to look into these alternatives instead:
Title loans might have fewer requirements than your average bank loan. But you’ll still need to meet a few basic eligibility criteria to qualify.
Before you apply, check out our guide to short-term loans to learn about all of your options.
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