Sometimes life creates situations that cannot be helped, and leave a person in need of cash fast. Arizona title loans can be an instant fix that can save the day. A title loan is a loan against a vehicle that is owned in full and used as collateral. Loan amounts can run from $100 to $50,000 in some situations, as long as the borrower owns the car.

For someone strapped for cash, a title loan is one of the fastest and most convenient ways to get a loan. Most companies allow any type of vehicle – cars, trucks, SUV’s, motorcycles, boats and RV’s. Larger equipment and semis are also eligible. The loan is often qualified for within an hour, making it a very speedy process. Applications are available from lenders online or in person.

Arizona title loans carry an additional benefit in that they are regulated by the Arizona Department of Financial Institutions. What this means for the borrower is that they do not charge exorbitant amounts of interest for most rates range from 10-17%. In some cases the interest may have to be paid up front, but that will vary from vendor to vendor.

When applying for a title loan, the lending institution typically requires the following items:
• Valid driver’s license
• Clear car title
• Proof of income
• Vehicle for Inspection

An application for a title loan is not long, and will ask for information such as social security numbers, vehicle information, addresses, and will require references. The process is meant to be simple and convenient for those in need.

With title loans in Arizona, background and credit checks are not necessary because the loan amounts are lower and the process is quick. The amount of the loan is based upon the wholesale value of the car (should it have to be repossessed), as well as the borrower’s ability to repay the loan. Most title loans require that they are repaid within a month, though longer terms can apply depending on the lender.

A title loan can be used for any type of situation, as the lender does not typically ask what it is for. Medical bills, debt repayment, rent, or any emergency situation can benefit from this quick loan. The lack of a credit check makes this loan available to anyone, as long as they own the vehicle. Because of their low amount, title loans are intended to be easy to pay back, making them a great solution to a small but needy financial problem.