There are times when Nebraskans might need a quick infusion of cash. Whether it’s to repair a major appliance, help pay for a wedding, or something else, you need money, and a bank loan is out of the question. Perhaps you’ve heard of online vehicle title loans, which allow you to borrow money on your car’s value. Here’s what you need to know about online title loans in Nebraska.
What is a Title Loan?
This a short-term loan that’s usually due in 30 days or less. It’s secured by your vehicle’s title, which must be lien free. Because the loan is secured, you stand a good chance of getting one. However, you must be certain you can repay it, or risk vehicle seizure.
A major feature of these loans is the ability to keep and continue using your vehicle as you would normally while you’re making payments. The lending company retains your title until the loan is paid off.
How Much Can I Get?
Title loans typically range from between $100 to $10,000 and sometimes even more. How much you’re offered will largely depend on your vehicle and your income. The lender will consider your vehicle’s make, model, mileage reading, and overall condition. It will also factor in any vehicle modifications as well as the ride’s style.
Some title companies provide a calculator tool so that you can get an idea before you apply of how much you might be offered. Note that “vehicle” usually can mean car, truck, RV, or motorcycle. To find out for certain, check with the lender in which you’re interested.
Your income is the other key part here. The lender wants to see that you’re able to pay the loan back, and in general, the more you earn and the more the vehicle is worth, the more you’re likely to get. You’ll need to provide pay stubs or bank statements to prove income. If you do not have a job, income from Social Security, a settlement, alimony, child support, or self-employment is also acceptable.
What Else Do I Need to Get a Loan?
Rather than take your vehicle in for an appraisal, with a title loan, all you must do is submit recent, qualified photos of the vehicle from all angles, including a clear shot of the odometer and vehicle identification number.
In Nebraska, you need to be at least 18, have a driver’s license or other government-issued ID, and be able to provide proof of state residence (lease agreement, utility bill, etc.). Some lenders will also require you to have vehicle insurance coverage and professional or personal references.
Do I Need Good Credit?
You do not need good credit, which is another industry hallmark. Some title loan lenders will not even check your credit. Those who do look at a potential borrower’s credit history will not focus on it. In fact, many people who take out a title loan would not be eligible for traditional loans on the basis of their credit histories.
How Fast is the Process?
Very. For one thing, you can apply for a loan completely online. That expedites the process from the start. Once you complete the application and submit the required materials, you can be approved the same day, sometimes within minutes.
Funds are usually available by the next day via direct deposit in a bank account or on a debit card, or by ACH transfer. Some lenders will allow you to retrieve funds from a brick-and-mortar location.
Title loan offerings are available throughout Nebraska. As long as you’re able to pay the loan back, you should be good to go. Title loans can get you out of a stressful situation.
