If you're in a financial jam and you need to get money in your pocket right away, title loans St. Louis are a quick and convenient option. Whether it's past-due bills, a home appliance replacement, medical expenses or any other large expense, a title loan allows you to use the value of your car to get the cash you need, and you'll keep your car the whole time. At Mcdowell Financial, we've made the process of obtaining a title loan even easier with our online application for car title loans in St. Louis.
You can complete the online application in under 30 seconds, and it's available right here on our website. Just go over to the title loan application form and then fill in the following information regarding the vehicle that you intend to use as collateral on the loan:
That's all the information we need from you to preapprove you for your title loan and to come up with an estimate on how much we could lend you. We will need to check out your car in person to confirm that estimate amount.
As far as the documentation that you'll need to bring to obtain your title loan, you don't need to worry about bringing in any financial records like you would with a personal loan through a bank. All we need to see is your government-issued ID so we can make sure that you're at least 18 years of age, because that's the minimum age to apply for a title loan. You'll also need to provide us with your car title, which we'll hang on to during the term of the loan and then return to you when you've paid it off.
Missouri state law does require us to ask you about your income and verify that you'll be able to pay back your title loan. The easiest way for us to check your income is through a paystub or any other income verification document. If you don't have any documentation available, we can accept an estimate from you.
No one wants to get stuck driving an hour away when they're looking for title loans St. Louis, as it's a huge inconvenience and they'd need to make the same drive again to get their car title back later. That's not a problem with us, as we have a great location right here in St. Louis. You can reach us quickly whether you're taking surface streets or the freeway to get here, and you'll be able to spot us when you're close with our Mcdowell Financial sign. Don't worry about finding parking, either, as there is no shortage of convenient parking options near our office.
Once you come in, one of our helpful car title loan representatives can get you started on the necessary paperwork, which is fairly brief. Make sure to tell them if you've already gone online, filled out our application form and received a preapproval. The vehicle inspection itself doesn't take long, because we just need to make sure that there's nothing that could detract from your car's value. After the paperwork and the inspection are complete, we can issue your loan as soon as you give us your car title. When we're not too busy, the entire process typically takes well under an hour, and you'll be leaving with money in your pocket.
It's smart to know exactly how title loans St. Louis work before applying for them, which is why we've provided this detailed breakdown.
A title loan is a secured loan that you secure by putting your car up as collateral, which means that the value of your car determines how much you can borrow through a title loan. Title loans are an excellent option if you don't have the best credit score. While the federal government has a few laws in place regarding title loans, for the most part it lets each individual state come up with its own title loan regulations. That means that Missouri's laws cover car title loans in St. Louis.
One area where the state doesn't regulate anything is interest rates, as it allows lenders to set whatever interest rates they want. This isn't a big deal for borrowers, because when lenders are free to set their own rates, they must offer fair, competitive rates if they want to stay in business.
You set up the term of your title loan with your lender, and the standard term is 30 days. What if you find that you can't make your full payment? You can roll over the loan, which means that you pay your current interest charges and carry the loan principal over to a new repayment period. This does incur another interest charge, but it's a convenient way to extend your loan when needed. Missouri does have a regulation regarding title loan extensions. After you've rolled over a title loan twice, to do it again you must pay at least 10 percent of the loan principal each time.
If you default on your title loan by missing a payment, the lender must give you at least 10 days after the payment due date to notify you of the default. They then must give you 20 days to catch up by making a payment. If you don't, the lender can repossess your car. Before the lender sells your car, they must notify you of the sale, and you can attend it to buy your car back.
The reality is that repossessions are very rare, and lenders don't want to repossess your car, as it's a time-consuming process. That's why communication is key. Here at Mcdowell Financial, we strive to find payment solutions for all our customers. Call us if you're having trouble making your payment so we can figure it out with you.