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A loan is generally applied to arrange money either because the borrower doesn’t have enough money to accomplish what he wishes like buying a house, car etc. or arranging money for cash emergency situation like paying medical bills, credit card bills, premiums, education fee, rentals and many more to mention here. Loans are a great way to arrange extra money to do various tasks and in return paying premiums for a fixed duration to pay back the loan. But not many people know that instead of opting for traditional loans from banks or reputed private lenders there are unconventional mediums that are legitimate and transparent and comes with many benefits.
Today we will be talking about one such finance medium that not only help you arrange quick money but provides plethora of perks which a borrower doesn’t get from banks and private lenders. Car title loan not only gives freedom to a loan applicant to receive significant amount of money as loan but also let him repay the loan in numerous modes. So let’s evaluate car title loans California and find out why it has become so popular among people, what benefit they get and why people are tired of banks and their lengthy loan process:
Minimum Paperwork: Unlike traditional bank loan process where the application for loan goes through so many department that the borrower has to wait weeks if not months to hear back from the bank executive regarding his loan application. But this is not the case with car title loans as when a loan applicant applies for a loan he gets the benefit in form of minimum paperwork. Because the paperwork is very less the borrower has to present few documents in order to qualify for the loan. Documents like car title, insurance, address, name, make and model of the vehicle, government issued identities and some minor details are required.
Quick Loan Approval Process: Because the paperwork is minimum the loan process is also very quick. Once the documents are verified and the vehicle has been inspected the loan applicant is conveyed about the loan amount within a few hours. So the benefit a borrower gets is that he need not to wait for weeks in hope of getting his loan application approved like what happens in banks. If the borrower meets all terms and conditions of the car title loan the loan amount is sanctioned within hours and not even days.
Flexible Repayment Options: Every day is not the same hence keeping in mind the unavoidable circumstances one can encounter at any time, it is always handy if the loan repayment options are flexible so to ease off the pressure on the borrower. In car title loans the borrower can customize his loan repayment options by discussing with the lender. Beside this there is no pre-payment penalty a borrower has to pay in case he wants to pay the full loan amount at once.
Easy Refinancing Packages: If you are already repaying an existing loan but want to switch to another lender because of high interest rate, false promises, bad customer service etc. the car title loan provider can provide you tons of different refinancing options to choose from. The lender will pay off your previous loan and all that you have to pay is the current car title loan with low interest rate as per your convenience.