What are Title Loans and Where to Find Fast Cash?


So, you’re a resident of Old Dominion, and you have a problem. A situation has arisen for which you need urgent cash. You’ve heard about title loans but are unsure of what they are and how they work.

Well, keep reading for where to find fast cash.

What are Title Loans?

These are secured short-term loans that use your vehicle as collateral. Most loans are for 30 days or less, although some title companies permit monthly installment payments of a year or so.

Because the loan is secured by your vehicle, you must be certain you can consistently make payments or risk losing your asset to seizure. A key loan feature is that you can continue to use your vehicle as normal during the life of the loan.

The lender will merely keep your title until the loan is paid.

What is Required for a Loan?

The main things you’ll need are a vehicle in your name, a lien-free title, and the income for loan repayment.

For the latter, proof could be in the form of bank stubs, bank statements, or a letter of employment from your employer. If you aren’t employed, lenders in Virginia will also consider retirement, pension, and settlement income, as well as annuity payments and Worker’s Compensation.

You’ll also need to supply a government-issued photo ID and proof of a Virginia address. In addition, borrowers must be at least 18. Further, you must submit recent, quality photos of the vehicle’s front, back, and sides, as well as of the odometer and vehicle identification number.


Title loans in Virginia: The best financial decision for you

How Much Can You Borrow?

While title loans may require a credit run, lenders won’t focus on credit histories.

In fact, whether you have bad credit, no credit, or a past bankruptcy, you can still qualify. Why? Because the lender’s decision is primarily based on the equity in your vehicle and your income.

For an estimate of the amount you can borrow, some lenders offer an online calculator onto which you can enter your vehicle’s odometer reading, any alterations or modifications, its age, and any notable damage to the interior or exterior.

You can also input the vehicle’s make, model, and style (hatchback, sport, etc.). Generally, though, if approved, you can expect to get between 25% and 50% of the equity in your vehicle. This usually comes out to between $100 and $10,000 or more.

How Long Does the Process Take?

This is another key feature of title loans. Once you apply – you can do this online from the comfort of your home or office – you’ll likely get an answer the same day, sometimes within minutes. After you’re approved, you can have funds in hand within 24 hours.

Many title companies offer direct deposit. So, if you’d like your cash disbursed this way, be certain your bank account permits ACH transfers.

What About Repayment?

Note that some title lenders will reward you for making timely payments by decreasing your interest rate. In fact, by the time your loan is cleared, your rate could lower by half. When you’re shopping for lenders, choose one that offers this.

Generally, though, many lenders will offer multiple ways to repay your loan: by phone, using a credit or debit card; via an online customer portal; or in person at a local MoneyGram.

Finding fast cash in Virginia will require you to shop around a bit for the loan offer and terms that suit your situation best. In particular, find one that will reward your payments with a better rate.