Why Your Title Loan Might Be Rejected

For those looking to get some assistance from a non-traditional lender, car title loans are often a great outlet. These basic loan options, which allow you to get a bit of quick cash based on using your vehicle as collateral, help people get out of a little financial bind in many situations. For those who are able to quickly recoup this money and pay the sums back in relatively short order, car title loans are some of the best short-term financial assists out there.

At Utah Money Center, we have a variety of car title loans and signature loans to help you out. We don’t mind if you have bad credit, and our loans are flexible and transparent. Now, this doesn’t mean we simply say yes to everyone – there are a few rare situations where you might not be able to get a title loan, or might have to work out a separate detail first. Let’s look at these situations.

Not Enough Car Value

To serve as proper collateral for the money we’re lending you, your vehicle needs to have enough value to match this number. If you want to take out a loan for more than the actual value of your car, you could find that you can’t get approved in these cases. In these situations, we can work with you to provide you with a smaller sum based on the value of your car.

Car Title Status

While it’s okay if you have a lost title at Utah Money Center, you might run into issues if your car title has a lien on it. In some other cases, you may not qualify if you have no equity. If you have only a few payments left, though, we can usually help you out. This kind of flexibility is what separates us from other similar lenders.

Inability to Repay

Finally, even if your car does have value and a proper title, you need to have enough reasonable income to be able to repay the loan. Being unemployed or self-employed does not necessarily disqualify you here, but you do need to be able to make us confident in your ability to make your monthly payments by showing gross monthly income.

For more on why a title loan might get rejected, or to learn about any of our title or signature loans, speak to the pros at Utah Money Center today.