In the past, applying for title loans was challenging. You would have to track down somebody that offers title loans in your area and visit them in person.
If you lived in a small town, then this was tricky. If you were lucky, you would have a couple of title loan lenders around the way. If you were unlucky, there would be one or none. If it was just one, then that company had control of the market, and this meant they could charge extortionate prices for their services. Luckily, the internet happened.
How the Internet Changed Title Loan Lending
When online lending platforms started to pop up online, title loan lending was changed forever. It meant that you no longer had to go to the limited number of physical lenders. You were also no longer bound by opening times for these lenders.
Thanks to the internet, you could apply for a multitude of companies— and you could do it any time that you wanted!
This article by USA Today sums that idea up perfectly if you are interested:
Streamlined Application Process
One of the most irritating things about applying for title loans in the past was that it just took way too long. You would need to fill out form after form. You could easily spend an hour to two hours with the lender, and even then they may still not approve you for your title loan.
Get Matched with the Right Lender
As we said before, in the past, you would need to hunt down lenders in your local area. Some of them could be a bit more difficult to track down. As a result, many people would have to settle for the first lender that they find. This has now changed.
Part of the job of online companies is that they match you up with the right lender. They are doing all the legwork for you. All you need to do is fill in the application form and the company will go to huge lengths to try and find the right lender for your needs. This includes ensuring that you get the best deal possible when it comes to price.
The advent of online title loans meant that it was now possible to get tailored options for your needs. It put the power of obtaining a loan in the hands of the borrower. This means that people are no longer borrowing money on unfair terms.
Honestly, the whole matching-with-the-right-lender thing is the main reason why you should be taking out a title loan through online websites. It means that you never have to settle for a company that you aren’t quite happy with.
It guarantees that the loans you end up with really are going to be right for you. We cannot stress that part enough. If you are taking out a title loan, it means that you are likely already in a bad financial situation. You don’t want to make it worse, do you?
Quicker and Easier Lending
We already covered how fast the application process is—it takes mere minutes. If you go through an online company like Titlelo.com, then you will receive instant preapproval for your loan.
This means you will know whether they may be able to find you a lender or not. The short application process and the fast preapproval means that you are not wasting a lot of time filling in an application only to end up being denied. Remember; you can complete this application process at any time of the day.
Once the application is filled out, the onus is on the website to find you the perfect lender. Once they have found that, they will get in touch and let you know who the lender is, as well as the steps that you need to follow to borrow the rest of your money.
The next step will invariably involve the lender inspecting your vehicle to ensure that they can lend against it. They will also require a couple of documents to prove your income and to ensure that you own the vehicle and there is no existing lien on the title. If everything goes smoothly, you could end up with the money the very same day that you asked to borrow it.
According to Possible Finance, borrowing online is designed to be as hassle-free as possible, while also ensuring that you get the money that you need quickly. The entire streamlined nature of the process means that you know exactly what is happening every single step of the way. It just makes borrowing so much easier.
Of course, if you do run into any issues with the application, or you have any questions, the website will always be there to help you out. Again, this helps to remove a lot of the headaches associated with borrowing money.
The problem with tracking down your own lender is that you never know which companies are good, and which may be a little underhanded with their tactics. Again, this is where online lending comes into play.
Many of the companies that find a lender on your behalf will do a lot of checks to ensure that the lenders that they recommend are good.
The lenders also need to live up to a high standard if they consistently want to be recommended (i.e. how they make money).
As we have stated several times on this page, one of the major benefits of working with online companies is that you know what is happening throughout the process. It is transparent. You know what is required of you if you want a loan.
There are no sneaky terms and conditions hidden in there. It is pretty much “what you see is what you get.”
Once again, this is going to be reducing a lot of the stress on you. It means that there are going to be no nasty surprises with your title loan, something which has caught many borrowers off-guard in the past.
If you want to borrow money with a title loan nowadays, then you really should be using an online lender.
It is the quickest, simplest, and easiest way to borrow. There is no longer any need to go direct to the lenders. Instead, go to the companies that can help you to find the best possible deal. The result will be far fewer headaches and a whole lot less stress when managing your title loan. This can only be beneficial, right?