Is a title loan the same as a pawn loan?

Is a title loan the same as a pawn loan?

Are you thinking about applying for a title loan? Wondering whether it’s the right move for you? Have you been googling ‘fast cash title loan’, ‘title after paying off car loan’, or ‘loan on my car title’? A title loan is basically just a secured loan that uses your car title as the security. A title loan with Nifty could be an effective way of getting the cash you need when you need it.

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Wondering what the benefits of a title loan actually are? Using your car title as collateral could mean you will be eligible for a larger loan because the lender has your car as security. Ultimately, the amount you will be eligible to apply for is determined by the value of your vehicle and your ability to repay the loan. As a result, an applicant’s ability to repay a loan is determined by a number of different factors. Some of these could include employment status, current financial circumstances, and credit rating. The good news is, at Nifty, we are realistic about finance so we don’t base our entire assessment off your credit score. Our team will do their best to get an idea of the bigger picture and match you with a loan product that could fit those circumstances.

Just to make things a little clearer, a title loan is not the same as a pawn loan. A pawn loan is not regulated in the same way as a title loan. The law surrounding what pawnbrokers can and can not do is somewhat of a grey area. At Nifty, when you apply for a loan with title as collateral you know you are trusting a responsible lender with your vehicle title. Our team prides itself on professionalism and fair practice. Contrary to what some believe, Nifty will not take your car as the first point of call if the loan defaults. We are committed to doing everything within our power to find alternative solutions. The Nifty team is here to make the process easier. So, if you’ve got any questions at all, don’t hesitate to get in touch.

Centrelink And Title Loans

Curious as to whether you could be eligible for a loan with title as collateral if you’re receiving Centrelink benefits? Unfortunately, this is a hard question to answer because every applicant’s financial situation is different. Sometimes, Centrelink can be seen as a form of income, however, in other cases, it cannot be. If you are receiving the benefits of NewStart, Youth Allowance or Austudy as your only form of income, it is unlikely that we would be able to help. Otherwise, the best thing to do is to go ahead and apply. Since the application is completely free, we won’t charge you anything and if you apply during standard AEST business hours you could have an outcome within 60 minutes.

Eligibility for Title Loans

Ready to apply and wondering if you’ll be eligible? Above all, we like to keep things as simple as possible. We don’t over complicate things. So, if you can say ‘yes’ to the following you could scroll up and apply right now:

  • All applicants must be over the age of 18;
  • You must have received some type of regular income for the last 90-days into a bank account that is your own;
  • All applicants must have an active mobile phone number and email address;
  • You must have internet banking set up and ready to be used.

We want to make things nice and easy for our applicants. So, if you’ve got a burning question, just go ahead and get in touch!

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