Yes, it is possible to have two registration loans. In fact, one person can have up to six registration loans in their name at the same time. While having two registration loans or more could provide much funding for yourself, there are some major downfalls that come with registration loans. Having one could be extremely risky, let alone having multiple!
Let’s break it down: say you had the maximum of six registration loans each funded for just $300. This would make your initial loan amount around $1,800, which seems like a convenient amount of funding. But, this kind of financial assistance can end up costing you big time in the end.
Registration loans (whether two registration loans or six) usually come with very high interest rates and short payback terms. Furthermore, there are typically no caps on how high the interest rates on a registration loan can be this means that the interest rate on just one registration loan can reach up to 300%! If that wasn’t bad enough, the payback terms on a registration loan are generally very short, usually around 30 days.
So, if you had six registration loans funded for $300 each with a 300% interest rate, that would make your total balance of your loans about $7,200! Because of the major down sides to registration loans, your $1,800 of loan funding can turn into a $7,200 bill you are expected to pay off in a month. No thank you!
You should consider a car title loan instead of two registration loans or even six. At Max Cash®, you can get connected with an auto title loan lender that doesn’t have to have all the hassles of traditional lenders and registration loans!
How You Can Get an Auto Title Loan Referral with Max Cash
Max Cash can connect you with a lender that is proud to offer convenient terms, competitive rates, and the best customer service we can provide. There are experienced and qualified Max Cash auto title loan representatives on staff seven days a week with extended hours just for your convenience.
Getting an auto title loan referral from Max Cash is fast and simple, and you can even get your money in as little as 24 hours5! Here’s how the process works:
- Send in your information
Start the process by going online to our homepage and filling out a quick information request. The form should only take about 5 minutes to complete, and we can tell you if you are approved right away!
- Gather your documents
After you have received approval, you should be expecting to be contacted by your auto title loan agent to discuss your free quote, along with some details of your title loan contract. Before we can write up your loan contract, we will need a few documents from you. Your auto title loan agent will ask for some documents such as:
- Government issued form of photo ID
- Proof of residence
- Proof of income
- Vehicle title
- Photos of your car
- Get your money
The last step of the process is to sign your auto title loan contract! At this time, your lender will also sign onto your vehicle title as a lienholder, but this is only for the duration of your loan. From there, you can choose to receive your money through the following ways:
- Electronic deposit
- Check in the mail
- Money gram at Walmart cash centers
- Stop by a licensed location and get your money in person
Finally! Nothing is stopping you from taking back control of your finances! Get started on your auto title loan from Max Cash today!