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Car Title Loans Direct – Loan Providers vs Banks

There are many different loan providers in the market today. There was a time when if you needed a loan, regardless of the type of loan, you went to a bank. A bank was considered the only reliable source of loans and if you were not eligible for a loan with the bank, then you would not be able to get a loan. However, times have changed and with it, so has the loan market.

There are now many loan providers available and these are suitable for people with a range of different financial situations and backgrounds. We will focus here on car title loans direct and how they differ from bank loans.

Who Can Apply For a Car Title Loan?

One of the major differences between car title loans direct and bank loans lies in who can apply. Banks require many background checks including credit checks and employment checks before they will approve a loan application. On the other hand, car title loans require having a fully paid for car and accept income from any source. This means that people with bad credit or no credit score or people who are unemployed may be eligible for a car title loan, but not for a bank loan. Car title lenders are usually much more flexible loan providers than banks.

The Application Process

The application process for car title loans direct is simpler and more flexible than the application process for bank loans. For car title loans direct there is an online or telephonic application process that can provide pre-approval in minutes. You need to provide just some basic personal details and car details when you apply for a car title loan and based on this information you can get pre-approved. There is little paperwork required. When applying for a bank loan, you will need to apply in person and they require large amounts of paperwork and background checks, including credit checks, before they will approve a loan. The bank loan application process can take weeks, while a car title loan makes it possible for you to get the cash in your hands in as little as an hour or two. If you need cash in an emergency or you have a poor credit rating or are unemployed or you are just looking for a simple application process, you might like to consider one of the alternative loan providers such as car title loans direct, over a bank loan.