While it’s impossible to deny the beauty, culture, food, and music of Louisiana – not just a beautiful place to visit, but a great place to raise a family, too – the reality of the economic situation in Louisiana isn’t quite as rosy.
According to the Pelican Institute, Louisiana’s economy is ranked among the worst in the nation. And while things were starting to trend upwards in the early part of 2020, the global pandemic is going to all but guarantee that 2020 is a little rough economically, too.
The people of Louisiana, however, are strong and resilient. They continue to push forward with new ways to grow their own economy, to prosper, and to enjoy the kind of financial freedom, decreasing unemployment rates, and growth in emerging markets (particularly in the science and technology world) that all Americans deserve.
In the meantime, though, Louisianians need a bit of help to get through sticky financial situations. Traditional lenders may not be all that excited about forking over cash and capital with things so bleak right now – but nontraditional lenders, especially those offering car title loans – are filling the vacuum those lenders have left behind.
If you’ve been thinking about applying for a car title loan but aren’t quite sure that it’s the right fit for your needs, you’ll want to check out all the inside information we share below.
By the time you’re done with the details in this guide you’ll know exactly whether or not a title loan is right for you, how to best move forward, and how to make the most of all that title loan offers to bring to the table.
In a Tight Spot Financially But Still Need a Loan?
There’s nothing worse than losing your job, especially when you already have to deal with the economic downturn that the coronavirus COVID 19 has caused. Things only get worse when people are counting on you to provide for them, too. Combine that with the stress of not being able to afford basic necessities and it’s a nightmare situation for a lot of people in Louisiana.
Although unemployment has been helping some families get by, it is not a long-term solution. In fact, when the major “bump” to unemployment ran out earlier this summer, folks started to find themselves back in the same situation, not only in Louisiana but around the country.
Car title loans, however, can help float you through these financial emergencies without you having to jeopardize your long-term financial future along the way. The great thing about these loans is that they are specifically designed as short-term solutions, getting you quick cash and capital when you need it most without having to worry about extra-long repayment terms or mounds of interest accumulating.
Obviously, you’ll still want to make sure that you’re doing all the due diligence necessary to find the right lender for your situation. But as long as you commit to reading every line of your agreement before you sign on the dotted line, and only choose to take advantage of enough financing to meet your needs (not necessarily all the money they want to offer you) you shouldn’t have much to worry about.
The Advantages of Title Loans in Louisiana
There are a couple of major advantages of Louisiana title loans. Mainly, it’s the ability to secure these loans with just collateral, the fast application process, and even faster funding times.
Collateral Secures Your Loan for You
Right out of the gate, you won’t have to worry about getting turned down for a car title loan just because your credit history or your credit score isn’t where you like it to be.
Unlike traditional lenders that really zero-in on your credit profile, it’s not a major factor for title loan lenders. Your car’s title alone secures the financing for you, acting as collateral, making your credit profile almost a moot point.
Lightning Fast Application Process
Secondly, the application process can take just ten minutes to complete. Without the need to do an extensive background check and risk analysis, all the extra data points and the processing time are eliminated which, consequently, increases the speed in which a borrower can get qualified.
Some lenders in Louisiana, like ThriftyLoans, go to the extent of just adding a simple one-page form on their websites to accept applications. Other title loan lenders, like Titlelo Title Loans, structure their entire business around improving the speed and simplicity of the application process.
Almost Instant Access to Cash You Need
Another reason that a lot of people choose car title loans over other financing options is that you can get the cash and capital you need in record time.
Most lenders in Louisiana are going to get you the money you need as quickly as 24 hours after you have applied, and usually no longer than 48 hours after your application has been approved.
Some of these lenders may be able to move even faster than that, with a couple of businesses able to get cash in your hands (or deposited in your bank account) that same day – sometimes in just a matter of hours.
There aren’t a lot of traditional lenders out there that can offer you that kind of speed or that kind of service.
You Get to Keep Your Car
Finally, you don’t have to worry about giving up your car when you use it as collateral. You’ll still be able to drive your vehicle anyway and anywhere you want to, using it as much or as little as you like, just as though you hadn’t used your title as collateral in the first place. As long as you make your payments and pay off your loan as agreed you’ll get your title back relatively quickly, too – and then can take advantage of these financing options again later down the line if necessary.
Important Things to Look for in a Lender
Before you move forward with any lender, though, there are a couple of things you have to double verify. This is especially important if you aren’t working and are really under the gun to get cash in a hurry.
Before major legislation changed the rules and regulations nationwide for how these kinds of loans could be handled, there were a lot of predatory businesses in the industry. It’s important that you confirm that you’re working with legitimate operators that have your best interests at heart, businesses that understand the situation you are in, and don’t want to take advantage of you.
Secondly, the application process and access to funding should be as quick and as easy to navigate as possible.
Online applications should only take about 15 or 20 minutes from start to finish and ideally, you’ll be able to get your cash inside of about 24 hours after your approval (if not even faster).
Finally, you’ll want to verify all of the repayment terms that you are agreeing to before you sign on the dotted line.
You want to know how much you are borrowing, how much interest you’ll be paying, how long your loan is for, and how much you’ll end up spending on this loan over its lifetime. Read the fine print, confirm that everything you been promised is included in writing, and then move forward.
If you do not have a job in Louisiana right now and still want to take advantage of these loans, just make sure that you fit all of these key criteria:
- Must be at least 18 years old or older
- Must have a valid government-issued ID (driver’s license, for example)
- Can’t have any liens on your vehicle
- Need to own your vehicle outright
- Must be able to provide the original title of the vehicle
As long as all of that is squared away you shouldn’t have anything to worry about moving forward!