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What is needed for a car title loan?
I’m currently furloughed from my job. At first, it was fine, but now I’m blowing through my savings. I need a quick loan to cover my medication until my unemployment comes through. I heard title loans are fast. What is needed for a car title loan?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m so sorry you’re currently having to deal with this. It’s been a difficult time for many. You are correct that title loans are a fast way to get extra cash. If you’re interested in a title loan, you’ll need:
- The title to your car (you must be the sole owner)
- A copy of your car keys
- Vehicle registration
- Identification
- Proof of residence
- Pay stubs
That said, title loans are considered predatory and are illegal in many states. They also use your car as collateral with high-interest rates and short-term lengths. It’s best to take out this type of loan only if as a last resort. If possible, try:
- A personal loan from a bank.
- Peer to peer loan
- PAL (Payday alternative loan), which is a safer payday loan offered by credit unions.
- Look into nonprofits and community resources. Some offer assistance with medical bills and medication.
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- Gregory R.
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