Philadelphia, PA -If you find yourself in a situation where you urgently need funds, and your credit history or time does not allow you to apply to a bank, then the best option is to contact a non-bank company. The most popular non-bank offerings are payday loans and title loans. In order to understand which of the proposals suits you best, read the article below.
Emergency Lending with StarLoans
Short-term payday loans are instant loans over the Internet that can be obtained even in 15 minutes! With online payday loans in Pennsylvania, you can get $100 - $1,000 with a repayment period up to 31 days. Thanks to modern loan platforms, lenders can offer clients quick and convenient access to an express loan via the Internet - in extremely attractive amounts and flexible repayment dates.
Anyone who owns a car in Pennsylvania can get a loan even faster. The amounts that can be obtained through title loans are higher, since the amount of the loan depends solely on the value of your car. To get a title loan, you simply have to take money against his car. More and more such offers are available on loan websites that operate in Pennsylvania. Only those who own passenger cars can afford this type of loan.
How does such loans work?
A car loan is a type of transaction that is secured by the car of the person who decides to take it. With this type of option, you can borrow a much higher amount from the lender. And all this thanks to its protection in the form of a car.
To receive both cash advance pennsylvania and title loans, you must take the same steps as are required when applying for other types of it, that is:
- First, you need to choose a loan company whose services you would like to use; it does not have to be a stationary facility; now more and more websites offer these types of loans.
- In the next step, you will need to complete the form required by the lender; it should include data such as: name and surname, ID card number, residence address, e-mail address, telephone number, information about employment and data about you car in the case of title loans.
- Then you have to wait for a response from the lender.
Formalities That The Lender Will Expect From Us
If our loan application is approved, then we will have to complete all the formalities required by it.
First, the loan company will send us a loan agreement, car ownership transfer and a power of attorney, thanks to which you will be able to enter the lender as a co-owner of our car.
It is worth knowing that on the basis of a car transfer agreement, the loan company obtains 51% of its ownership. Only when we pay off the loan in full, does it transfer all ownership of the vehicle to us. From the borrower's point of view, the most important thing is that he will be able to use the car for the entire time it is repaid (if he is only a co-owner of the car).
In the case of title loans, once all the required documents have been signed by both parties, the borrower must:
- Take the power of attorney and the ownership agreement with you and go to your communications department.
- There he must submit an application for the loan company with which he signed the loan agreement to be entered in the registration certificate as a co-owner of his car.
- The borrower has 7 days to perform this type of activity; they are counted from the moment of concluding the agreement with the lender.
- The next step is to send the borrower a scan or a readable copy of the new registration certificate.
- In addition, many loan companies also require that you send them several photos of the car (including its engine - there should be a legible VIN number on them; a photo of the windows is also recommended in this case - there should be a registration sticker on it).
What documents are required when concluding this type of loan agreement?
To take advantage of a car loan, you must take the vehicle registration certificate and your ID card with you. The age of our car will be extremely important for the lender. For most loan companies, it cannot be more than 8 - 12 years old. It should also be remembered that our registration certificate should show that we are the only owners of the car for which we want to take out a loan.
If you apply for a quick payday loan, you only need to provide your ID card and the proof of income.
Our car should then have:
- Current liability insurance policy,
- Assignment of the policy to the lender,
- Vehicle card (if, of course, it has been issued earlier).
- From the borrower's point of view, the most important thing in this case is that the loan company will not check the source or amount of our income. It is possible because it is secured by our car.
Are such loans profitable?
There are no perfect loans, because each one requires the timely payment of all installments. Of course, a loan is unequal. That is why it is worth carefully comparing the offers of various loan companies. The safest option is to choose an offer from a company that has been operating on the market for many years such as online cash on starloans.net. By contacting it, you can be sure that she is a trustworthy institution. After all, hundreds or even thousands of people before you trusted this company.
The advantages both types of loans:
- You do not need to present certificates that would document the manner of receiving and the amount of income we achieve
- You do not have to wait long for the loan company's decision (of course, if we immediately provide a set of documents required by it)
- You will be able to take a new loan from the same loan company as soon as we pay off the one we took out first
- Even those who have never used this type of offer can apply for such a loan.
Thus, choosing one or another type of loan, you should start only from your preferences and desires. The risk of losing the car if we fail to repay the loan we have taken is one of the biggest disadvantages of title loans. Still, you can receive big amounts even when you do not have a stable source of income; all because your car will protect her in this case.
It is up to you to decide which loan suits you and your needs at any given moment.