I run a title loan store in wood dale Illinois but we also serve title loans in chicago as well. I wanted to give my loyal readers some feedback of some problems people have with getting the title loan set up and how creative people have solved it.
Almost all the time we ask for people to send us BEFORE COMING IN their paperwork but most people have a hard time doing it. Seems like a hassle. Here are a few easy ways to do it.
HOW TO OVERCOME THE ISSUE OF SENDING IN DOCUMENTS: First, I always suggest to people to scan the title and send it, front and back, to us. This is a time saver! Easy way to do it? Go by your nearest Kinkos/FedEx and have them do it. If there is not one near, then take a picture of it with your cell phone (make sure it’s a good one) and send the picture in “original size”. If you don’t have a cell phone that will do it, someone you know does. Oh yah… some will let you just fax it in too. If you near wood dale and are getting a loan from 800LoanMart, we will gladly do this for you and send it to 800 LoanMart to your underwriter.
EIGHT REFERENCES? Sounds like a lot huh? Maybe you don’t have that many friends. Usually half is relatives and half is friends. The big thing to know here is that some companies require just three but the most we have seen is eight. We have never seen a loan turned down because of a few little references short. Also we have never seen a company call all the references prior to the loan. It’s usually only if you need to be contacted if you stop paying and are MIA. While we are the topic of references, you may get the following ready for each one: Name, relation, Address, City, State and Phone.
MISSING THE ACTUAL TITLE: Can’t find your title? Yep you will need one in hand but what to do when you do not have it and you need the loan today? The only way I have seen is to go to the DMV and walk right in and get a copy. If they won’t give you the actual title, and they say they need to mail it then you CAN get a printout from them and use that to start the process. Some title loan lenders will allow that with a power of attorney to add them as a lien holder.
INSURANCE ISSUES: So you don’t have insurance? I suggest you use the bigger title loan companies. The smaller ones usually are not set up to handle something like this. The larger ones have a connection to an insurance company and those companies will arrange to have the insurance as part of the loan. How cool is that? You typically need a 500 deductible but it has to be on full coverage.
PROOF OF RESIDENCE: The easy way to do this is to get three pieces of junk mail… but don’t open the letters or they won’t count. If your name is on the outside then its a good chance you live on the inside.
PHONE BILL: A cell phone will work but you will need the entire bill… not just the part where you pay. Documents can be forged and this will prove it’s real.
EXTRA KEY: Yah some ask for this but again, I rarely see how that will hold up a loan.
Hope this helps someone get to the point where they get a title loan because NOTHING is worth losing sleep over when you have a solution right in front of you.