Title Loans in Jefferson City, MO
For some people who suddenly find themselves out of work, it can seem like the end of the world and they may wonder what they're going to do when the next cycle of bills come through. Usually they will be told that unless they have a completely ongoing stream of income, they will not be able to use a loan to help their situation out. In many cases, this is true because lenders like banks and investment firms don't want to lose their assets by lending to someone who can't repay the loan, but there are actually some options for financial aid for unemployed adults in Missouri. Those who own vehicles can usually use car title loans in Jefferson City, MO.
How Car Title Loans In Jefferson City, MO Are More Accessible For The Unemployed
One reason that most traditional loans and even some small dollar payday loans have strict employment or income requirements is because many of them are unsecured loans, which are loans that are made without borrowers needing collateral to guarantee repayment. It's understandable that they want to loan to borrowers with good credit who are fully employed because there's less risk that they will default on a loan. But title loans are secured loans that are taken against your car, truck, RV or motorcycle, and as such you are offering a guaranty to the lender which minimizes their risk of losing the funds. To be eligible for vehicle title loans in Jefferson City, MO, you just need to prove you own your vehicle completely and prove you're able to repay them.
Proving You Own Your Vehicle For Car Title Loans In Jefferson City, MO
Title loans are also referred to as title pawns because you need a specific document to turn over to the lender, your vehicle's title. This title confirms that the vehicle you're taking a loan out against is in fact yours and not a stolen one. But the lender also holds it while you are using the loan so that you can keep the vehicle at your own home and continue driving it. In order for the lender to hold your title, it cannot have any other liens on it. That usually means you have to have paid off the dealer or the bank that financed your your vehicle purchase completely to be approved for car title loans in Jefferson City, MO. You may need to pay a lien removal fee to the DMV as well to get a new copy of your clear title.
Other Facts To Know About Car Title Loans And State Laws
All car title loans are regulated by state governments with few interventions from the federal government, but there are a few things to know about car title loans that are generally the same in Missouri as they are elsewhere. You need to prove the following before you can take out a title loan:
- You must be at least 18 or older and verify it with a government photo ID
- Your vehicle needs to have a high enough resale value to be able to borrow the amount you wish
- You must be a Missouri resident and list the physical address your vehicle is kept at
You can usually borrow about 25 percent of what your vehicle is worth though it may be as much as 50 percent. The maximum amount you can borrow with Missouri title loans is $5,000. The lender usually will inspect your vehicle before they issue a title loan, and you can fill in our application here to get a quote for your title loan amount and arrange a visit to a title loan lender near you.