The Coronavirus pandemic has caused companies to adapt to new processes and procedures throughout 2020, and into 2021. From social distancing to stay at home orders, many businesses are having to look for more accommodating ways to operate for their customers to stay afloat, like online financing.
Since the stay-at-home orders were issued, most Americans were forced to adapt to online-only shopping experiences, online video calls, and curbside services from various businesses. While this was a disruption to many people’s daily lives, many people have adjusted easily to this new change and actually prefer online-only choices.
This is a great glimpse of what the future could hold for businesses after the pandemic as well. While there will be an influx of people wanting to get out and visit local businesses and do business in person, many may still maintain an online-first shopping habit. Going forward, businesses must offer great in-person services coupled with a flawless online customer experience in order to keep both sets of customers happy. This can give businesses the best of both worlds and could even open up their customer base to a larger, more diverse audience.
In the car title loan business, brick-and-mortar has always been an option when getting a loan. Customers can easily walk in and talk to an expert about their loan needs and what they will be able to pay to negotiate a loan that works best for them. With online-only options being the only choice in many places, people looking for title loans may be wondering how they can negotiate and discuss unique circumstances in an online-only setting.
Max Cash® Title Loans, being the #1 Nationwide Title Loan Marketplace, is able to negotiate on your behalf with our extended network of accredited lenders to find you the best title loan deal.1 That means you don’t have to do the heavy lifting of researching lenders that are a good fit, or negotiating to get the best deal, because Max Cash Title Loans does all that work for you.2
Brick & Mortar Title Loan Companies
With brick-and-mortar car title loan companies being a common way people have gotten car title loans in the past, it is no surprise that this is a customer favorite. With a knowledgeable staff that can walk someone through the process of getting a car title loan, this is something people may have wanted to do in person.
A car title loan can be a little confusing, especially for those who have never taken a loan out. That is why the extra guidance may be needed when getting one setup. A team member can review the car and go over all the options to make sure the customer is getting set up with a loan and payment that they can afford to repay.
Not to mention, many people like the interaction of being able to get all the details and have all of their questions answered when visiting a brick-and-mortar store. However, there are downfalls to a brick-and-mortar store when comparing them to an online store.
First, you will have to visit them during their store hours which may not always line up with your personal schedule. This is a business, and most are going to operate during business hours, so if you have a busy schedule, this may not be the most convenient option for you.
Second, you may not have a car title loan company in your area. While these companies are pretty easy to find in most states, some rural cities may not have one. This means that if you are looking to visit one in person, you may have to travel to get to one.
Third, if you do not like having to wait in line or prefer not to talk to anyone in person, then visiting a brick-and-mortar store may not be the best option for you. As seen with the pandemic, when we are forced to practice social distancing, this can be a factor as well.
Pros
- Knowledgeable Staff
- Can Review All Options with someone
- Can Have Questions Answered About Your Loan in person
Cons
- Limited Hours
- Limited Locations
- Not Great for Those Prefer A Contactless Loan Process
Online Financing via Car Title Loan Companies
Going with an online car title loan company can provide many benefits that you just can’t get with a brick-and-mortar business. With an online company, you can submit your application for your loan directly online or even give the lender a call for instant approval in some cases. In most instances, you can have a decision quicker than you would driving to a brick-and-mortar store. Let’s look at a few of the reasons you could choose an online car title loan company over a brick-and-mortar.
First, you can submit loan applications 24/7 through their website. Some may offer instant approval; some may offer approval within a few hours. Most are going to allow you to get instant approval over the phone as well.
Second, you will have access to all the information you may need to know about their company on their website. This can range from loan details, reviews, and business information. This will be great for those who want to get to know the company a little more before diving into a loan with them.
Third, if the company has it setup, you may be able to access an online dashboard regarding your loan. This will most likely include an online payment portal, remaining balance information, and any other items related to your loan.
Pros
- Available 24/7 For Loan Applications
- Can Review Information About Company at Any Time
- Could Have Access to Online Dashboards/Payments
Cons
- Limited Hours for Online Support, sometimes
The right choice for you is going to depend solely on what you are wanting to get out of a car title loan company. With more and more people depending on online friendly companies, choosing an online car title loan company may be your best bet. Most even have locations in major cities that you can visit if you need to speak to someone in person, although you will have to travel to get there.
How Online Car Title Loans Work for Online Financing
To give you a better idea of what you can expect from an online car title loan company, we have put together this quick guide to walk you through the process.
Does Your State Qualify?
The first thing you will want to do when applying for a car title loan online is to check to see if the state you live in allows for car title loans. This can easily be done by using Max Cash’s state checker tool. Once you have identified that your state allows for title loans, you can proceed to applying for a car title loan.
Apply
The next step in getting a car title loan is to inquire. This is where the online side of things really comes into play as you can do this from your computer or smartphone with ease. Simply add in all the needed information and click submit, it’s that easy.
Get Approved
After applying, you may get an instant approval, or you may have to wait for a few hours to days to hear back about approval. This can vary from company to company, but most are going to have your approval done in a few hours. A follow up call may be required, and your loan company will relay this information to you when applying.
Get Your Cash
Once approved, you will get a confirmation that your loan has been approved and your money will be deposited into your account. You may also pickup your money in person at any MoneyGram, or choose to have your money delivered via check in the mail. Your payments will most likely start on your next pay day or the date that you have agreed upon for your loan conditions.
Reasons You May Consider A Cash Title Loan for Online Financing
There are many reasons to choose an online cash title loan. Let’s take a look at some of the most popular reasons and how an online company can benefit you.
You Could Get Your Money Quicker
With people becoming busier each day, your schedule may not allow you enough time to visit a brick-and-mortar location. Not only that, but you may also need money quicker than you could get by visiting in store. An online cash title loan could get money in your account quicker so you can focus on your immediate financial needs.
With a brick-and-mortar store, you will have to first find a location, drive to that location, possibly wait in line, talk with a team member, and then apply for your loan. This could take 15 minutes, or it could take 2 hours depending on where you live and how busy your particular store is. With an online loan application, you can have approval instantly, getting money transferred into your account much quicker.
You Can Not Find A Brick & Mortar Loan Store Near You
Brick-and-mortar car title loan companies can be found in just about any city in the United States. In most cities, you will find many different locations as this is an exceedingly popular business to be in. However, in some areas, there may be no nearby convenient brick-and-mortar locations that you can visit. This leaves your only options to traveling outside of your city to locate one or choosing a more convenient online car title loan company.
If you are having to travel outside of your city just to get a car loan approval, chances are you could save time and money by simply going online to complete an application. In the time that it takes to get to a location outside of your city, you could have already applied and been approved online for a car title loan. With many companies, you can get instant approval with one simple phone call.
You Are Having A Hard Time Qualifying for Traditional Loans Due to Credit
When applying for traditional loans, you are going to need somewhat good credit to get approved and get a good interest rate. A lower credit score is going to raise your interest rates and bad credit can mean that you do not qualify for a traditional loan at all. Here at Max Cash Title Loans, we do not believe that a bad credit score should hold you back from getting the money that you need. We do not mind your past, only about your future. That’s why we work our best each and every day to connect people to the best car title loan deals.
An online car title loan is going to be an easier loan to get than a traditional loan since you are putting your vehicle up for collateral. This gives the loan company something to fall back on if you were to default on your payment. This also gives those with bad credit a way to take out a loan without having to get denied repeatedly by different loan companies.
You Want to Track Your Loan Information Online
There are many benefits of going digital with your car title loan. With most companies, you will have access to a dashboard that shows you exactly what you owe, lets you manage payments, and view your loan documentations at the push of a button. This can greatly help with managing your loan as you will have an all-in-one look at what you owe on your loan.
Convenience is key when it comes to car title loans and having a place where you can see all of the information about your loan can be priceless. Being able to pay your loan online will allow you to pay from virtually anywhere you have internet access so that you do not have to physically visit a brick-and-mortar location to drop off a payment. Having your remaining balance on hand will allow you to adequately budget your finances to make sure your payments are made on time and your loan is paid off.
You Are Unable to Visit A Local Brick & Mortar Location
With COVID-19 putting a damper on what businesses you can visit during the pandemic; the convenience of an online title loan company is at an all-time high. With businesses only allowing a certain amount of people in at one time, you could be waiting in line to make a simple payment on your loan and even longer to apply for a loan.
While COVID is an anomaly and things will eventually return to normal, those who are unable to leave their home or have a hard time getting to and from public places can benefit greatly from an online experience. Those without transportation or who require assistance with transportation will find it much more convenient to simply apply for a loan or make the payments online.
How Max Cash Title Loans Wants to Help You with Online Financing
When looking for the best deal on online Title Loans, the best place to start is with Max Cash Title Loans. Proud to be the #1 Nationwide Title Loans Marketplace, Max Cash Title Loans works seven days a week to connect people to the very best deals on car title loans.
To get started on your online Title Loan journey today, give Max Cash Title Loans a call at 855-561-5626, or visit us online and inquire instantly!