The financial sector make lots of financial products for the people in order to make the financial management easier. The loan is one of the most popular and well known financial arrangement in which the lender gives money to a borrower by keeping something as collateral, and the borrower agrees to return the property or repay the money. Usually, the process has some interest rate involved with it along with the predetermined time for repayment of the loan.
There are different loan processes available; the most popular one is the traditional loan process which deals with the banks and credit unions. The traditional loan process has been working for decades and therefore people consider it as the most genuine loan process even though there are much better options available. The traditional loan process is considered to have complex loan structure with high demands and requirements. The process is often considered time-consuming and lengthy as it requires plenty of paperwork and also verifies the financial background of the borrower. An individual is also required to possess a good credit score in order to qualify for the loan process. The credit score defines the creditworthiness or the repayment ability of the borrower and therefore is considered as the major requirement to qualify for the traditional loan process. Moreover, there is no surety about the loan approval and one doesn’t get instant access to the cash.
The traditional loan process is not the best solution to be considered especially when an individual is in urgent need of cash. In such a situation, one can apply with the car title loan process. The title loan is a secured loan process which uses the vehicle title of the borrower in exchange of the fund. An individual only requires to own the car outright and should have a clear and lien free vehicle title in order to qualify for the car title loan process. The title loan lenders, unlike other loan process, don’t require the borrower to have a sound financial condition or good credit score to qualify for the loan process. Moreover, there is no requirement of hefty paperwork; the title loan lender only requires the borrower to provide with the car title, car insurance paper, photo identity proof and a proof of regular income to get through the loan process.
Since the title loan is a quick cash loan process one cannot get a huge amount but can get a maximum of $50,000 depending on the significance of the vehicle. The amount of the title loan is determined according to the value of the vehicle and since the loan process is secured the interest rate also differs from situation to situation. The title loan lender thoroughly inspects the repayment ability of the borrower before designing the repayment structure. It is considered that title loan lender provides the borrower with the most affordable and flexible repayment structure in comparison to other quick loan process.
The traditional loan process is well known for its authenticity while the title loan is popular among the borrower because of its non-demanding nature and simple loan structure. Look for the car title loan Hayward to smoothly overcome the financial issues hassle free.
