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Title Loans In Genesee, ID
You may think it's the wrong way to manage money, but did you know there are many people who store their money with no bank account? One reason is because many people hate the sales tactics that bank administrators use when opening accounts for them, and then hate the fees they get charged with when they don't maintain a high enough balance. And sometimes when they need a loan, banks offer them loans that don't match their needs and can end up being costly in the long run. Many people use prepaid or even non-fee debit cards to have paychecks deposited in, or in some cases they use check cashing services to take home paychecks. The bottom line is they want to be in control of their money and not allow the banks to be. But if you have no bank account and want to borrow money, is this possible? It actually is if you use an alternative loan such as auto title loans in Genesee, ID.
Ways To Receive Funds In Auto Title Loans In Genesee, ID
If you ever applied for a payday loan, you probably noticed that you had to have a checking account in order to be accepted for it, and that's because payday loans work a certain way that requires this. Auto title loans in Genesee, ID are a little different because they aren't directly tied to your paycheck, but instead are loans taken out against a vehicle you own. Most title loans have a variety of ways to issue you your funds including completely in cash in some cases, or they might be made out in paper check form, deposited into a prepaid debit account or issued as a money order even. It will usually depend on the lender's policy and how much you're borrowing that determine how you can receive your funds.
How Loan Approval Works With Auto Title Loans In Genesee, ID
Lenders look at the current value of vehicles with auto title loans in Genesee, ID because a the amount you can borrow is the equity of the vehicle. This is a calculation of the loan-to-value ratio that first takes into account what your vehicle could currently sell for, and then what you can borrow will usually be about 25 percent of that amount. It may be as high as 50 percent, but you would usually need to meet at least two conditions:
- Vehicle must be very new with not much mileage and little wear and tear
- You must completely own the vehicle
- You must show you can repay the amount you want to borrow through income statements and records
The most important thing the lender will need to have is your title to prove you own the vehicle, and they will only hold that document so you can still possess the vehicle. The title must also show no lien on it.
Other Important Things To Know Before Applying
One of the greatest benefits to Genessee and Lewiston title loans is how quick it is to apply for them and receive your funds, even without a bank account. There aren't a lot of documents needed, but usually lenders will still want to see the following in addition to your title to confirm your identity and follow applicable laws:
- Your driver's license or another valid government photo ID (no social security cards or birth certificates)
- A pay stub or other formal income or bank statements
- Proof of insurance
- Possibly proof of registration and other physical address confirmation
Familiarizing yourself with Idaho title loan laws is by far the best way to make sure you have the necessary documents in place for title loan acceptance. If you don't qualify for an Idaho title loan, you may be able to still qualify for similar but slightly different vehicle registration loans with no bank account.