Title loans are a great alternative to some “traditional” style loans. Getting a title loan is not necessarily a bad thing.
There are many instances that a title loan can fix a problem that some banks and credit unions may not be able to handle. Many times when you do business with a bank or credit union, the process can be quite time consuming. For instance, many traditional lending sources can not get you the money that is in need the same day, or sometimes even the same week.
There is extensive underwriting that goes on. A bank loan officer must have you fill out the paper work, submit it to underwriting, and then wait to hear back from their underwriting department. Many times you do not even hear back for a week or more, and when you do, it is not a simple approved or denied but yet a list of other
information that is needed.
Many consumers who are in a pinch for some quick cash do not have that much time to wait.
Due to the recent economic problems, banks and credit unions have been put under extreme scrutiny to write good loans, and to have a very low default rate. In order to accomplish that, many borrowers must have an excellent credit score, and a certain amount of money in that particular bank.
If you do not have the credit score or the money in the bank, then forget it.
Many banks and credit unions do not want to write the small loans. Many traditional lenders minimum amount to borrow is $10,000. Many people do not need to borrow that much money, or don’t have the collateral that values high enough to justify a loan that high. The small dollar loans are not where traditional lenders make their money.
They traditionally like to lend on homes and commercial property that is worth hundreds of thousands of dollars, not car, trucks, motorcycles and trailers.
So when you are in a pinch, only need to borrow $3000, have had some credit issues in the past, and don’t have time to wait 3 weeks to find out if you are approved, come see the friendly faces at @VIP finance. At VIP Finance, we can get you a title loan from $300-$6000. We do not check credit. In most cases, we can
have you approved, paper work signed, and walking out the door in 15 minuets. All you need to do is bring your car, car title, proof of residence and proof of income to one of our 6 convenient DFW title loan locations.