Apply for Title Loans in Rhode Island

Title Loans Rhode Island

Over 1 million people call the state of Rhode Island their home. If you are a resident of the New England area and facing financial hardship, you may not know what your options are. The most typical financing options available to residents of Rhode Island are:

  1. Personal Loans
  2. Payday Loans
  3. Or Title Loans

How can you know which choice is right with so many financing options? There are many aspects of a loan to consider. Interest rates, loan length, and loan terms are all things that affect your loan experience. Some elements of a loan control will be how much you will repay and your repayment experience. All of these factors will make a huge difference and are important to consider before you sign a loan agreement.

Take a closer look at what is available and make an informed decision today! Call 855-422-7412 to learn more about the convenience of title loans serviced by LoanMart in Rhode Island.

Types of Financing Options Available in Rhode Island

If your financial situation has changed, you may not have an emergency fund or savings account to back you up. In fact, more than 25% of American households live paycheck to paycheck. Residents of Rhode Island are not immune to this statistic, and if you need quick funds to get back on your feet, you may not know where to turn. Some of the most common financing options available are:

Personal Loans:

If your credit history is stellar, this type of funding option could be the most advantageous to you. Personal loans are often unsecured, meaning no collateral is used during the inquiry process. Approval for most personal loans largely depends on your credit history and income. Therefore, it can be difficult to obtain approval if your credit score is not up to par. Banks and credit unions often issue personal loans, but they can also be found through online lenders.

Payday Loans:

As the name suggests, these loans were created to help applicants between paydays. Typically, the average payday loan is around $500, although it can be more or less, depending on your state and income. While payday loans can be a fast way to access cash, they may not always be an ideal option in the long run. Initially, they can give you an influx of money, often the same day you apply. However, in most states, payday loans have high-interest rates and fees, and both factors make repayment difficult for some applicants, if not almost impossible. Before considering a payday loan, consider other options!

Title Loans:

A car title loan, otherwise known as an auto title loan or auto equity loan, is a unique type of secured loan. Car title loans are secured through a form of collateral, which is the title to your vehicle. Many different types of cars can qualify for a title loan, so you don’t need one specific type of vehicle to apply. Since car title loans are secured through a form of collateral, your credit history does not have to be perfect.1 The approval process for a title loan serviced by LoanMart in Rhode Island can be flexible for borrowers from different financial backgrounds!1 With a title loan serviced by LoanMart, qualified borrowers can access competitive interest rates, quality customer service, and a streamlined online inquiry process for their convenience.1 3

What are the Requirements for a Title Loan in Rhode Island?

Before you can access funding from a title loan serviced by LoanMart in Rhode Island, you must be able to qualify for one initially and receive loan approval. The initial requirements can be simple to understand. As a resident of Rhode Island looking to apply for title loan funding, these are the following initial requirements you must meet:

  1. Have a Qualifying Vehicle with Enough Equity to Borrow From
  2. Earn a Steady Income and Can Provide Proof of Ability to Repay the Title Loan
  3. Be the Legal Age to Apply for a Title Loan in Rhode Island

Questions about these initial requirements? Don’t sweat it! A title loan agent with LoanMart is happy to answer any questions you may have about the inquiry process. Agents are available six days a week for extended hours to take your call. Use your smartphone to dial 855-422-7412 today to learn more!

What Documents Do I Need to Qualify for a Car Title Loan in Rhode Island?

Once the initial requirements are met, you can start your title loan inquiry! This can conveniently be done online or over the phone with a title loan agent with LoanMart. But, what’s the next step in the approval process?

Once your preapproval form has been submitted, a title loan agent will then prompt you to send in a few documents. These documents can help speed the inquiry process along and help to verify your vehicle ownership and information! While the exact documents can often vary from state to state, you can expect to need:

  1. A Few Photos of Your Vehicle: A car inspection is required to apply for a title loan. While most title loan options opt for this inspection to be completed in person, with a title loan serviced by LoanMart, it is a different story. You can just submit a few photos of your vehicle to opt for an online inspection instead! Just send in a few pictures of the vehicle’s back, front, and sides. Additionally, you will need to send in photos of the odometer and VIN (Vehicle Identification Number). The odometer can be found on the dashboard, and the VIN is usually located on the driver’s side door or windshield.
  2. The Title to the Car: You can still apply for a car title loan if you are financing your vehicle, but additional paperwork is involved. However, if you are not, the vehicle title must be in your name at the time of the inquiry. If it is not, a title loan agent may be able to assist you! They can help direct you to the title transfer process at your local Department of Motor Vehicles in Rhode Island. You can also request a duplicate there if you’ve lost your car’s title. Remember that you will need to pay a small fee for this.
  3. A Government-Issued Photo Identification Card: You will need a form of government-issued photo identification during the inquiry process to prove your identity and age. Most applicants will use either their driver’s license, passport, or military ID card.
  4. Proof of Residence: While title loans can be a fantastic financial resource to consider, they are not available in every state. To prove your residency in Rhode Island, you will need to provide a few potential documents, like: recent utility bills, bank statements, credit card statements, or even a mortgage/lease agreement.
  5. Proof of Income: Your loan amount and title loan eligibility are partially based on your income. Besides your car title, these documents are the most important part of the inquiry process. To show that you can afford a monthly loan payment, you will need to send in some documents showing your income. However, you do not need to work a traditional 9-5 job to get approved for a title loan.1 There are many different ways to earn a living! Submit documents like pay stubs, bank statements, proof of worker’s compensation, retirement income, etc.

How Fast Can I Get My Title Loan Funds in Rhode Island?

Are you a Rhode Island resident facing a challenging financial emergency? If that is the case, you may not have time to waste. Bills can pop up unexpectedly, and if they are not paid off on time, there are often heavy consequences. Maybe you need the cash for a car repair to get to work. Or, you might need to pay off a debt. If time is of the essence, don’t stress. With a title loan serviced by LoanMart, qualified borrowers can access their funds in as little as 24 hours.3 In some cases, you may be approved for a title loan the same day you apply.1 3

So, if you can access your funds that fast, why wait to see if you are qualified for a car title loan? Apply online through the website, or call a title loan agent at 855-422-7412 today.

What Type of Car Can I Use to Apply for an Auto Title Loan in the State of Rhode Island?

While hybrid cars are somewhat popular in Rhode Island, many different vehicles are used to apply for title loans. While you may think you need a specific type of car to qualify for an auto title loan in your state, that is simply not the case! In fact, many different types of makes and models consistently qualify for a car title loan online.

To qualify for a car title loan, applicants must have a qualifying car title in their name (or the vehicle must be close to being paid off). But what is a qualifying vehicle? It is simply one that has enough positive equity to borrow from!1 Many different types of cars can fit this criterion. In fact, different types of vehicles can be used to apply for a title loan, such as:

  1. Motorcycles
  2. RVs
  3. And Even Trucks!

Not sure if your car will qualify for a car title loan? That’s where LoanMart can step in and do the hard work for you. An online calculator tool is available for car title loan borrowers to quickly find an equity estimate with a quote, free of obligation!1

What is the Inquiry Process Like for a Car Title Loan in Rhode Island?

Now that you’re aware of the initial requirements and the timeframe that can be expected for a title loan, the last thing on your mind might be how to apply for the funds you need. With a car title loan serviced by LoanMart, the inquiry process can be simple and straightforward! In fact, it has been streamlined to be as convenient as possible for borrowers experiencing a financial emergency.3

Take a look at what you can expect from the three-step process:

  1. Call or Click: To get started, simply fill out the preapproval form online. You can do this from your smartphone or computer as long as you have internet access. Or, give a title loan agent a call at 855-422-7412 today.
  2. Submit the Required Documents: If you pass the initial part of the approval process, you will be required to submit a few documents, and they can speed the process along.
  3. Find Out Your Approval Status: Once your documents have been reviewed, the last step is to receive an approval status from your title loan agent. If you have been approved for a loan, the final step is to choose how to collect your funds!

How Can I Get My Cash if I Am Approved for a Car Title Loan?

If you receive approval for a car title loan, that is the last step in the inquiry process! Naturally, the next step is to find out how you can obtain your cash. Fortunately, with a title loan serviced by LoanMart, you have a few methods to choose from! Consider:

  • Picking Up Your Funds in Person at a Participating Money Transfer Location in Rhode Island
  • Receiving a Check in the Mail
  • Getting a Direct Deposit to Your Bank Account
  • Receiving the Cash Directly onto Your Debit Card

Don’t Wait to Find Out If You Can Qualify for a Title Loan Serviced by LoanMart in Rhode Island

If you are facing some challenging financial issues, don’t hesitate to see if your income and vehicle can qualify for the help you need! To get started, simply head on over to the LoanMart website and click the preapproval form. Or, give a title loan agent a call at 855-422-7412. They are available six days a week for extended hours to take your call!

Where Can I Repay My Title Loan Funds in the State of Rhode Island?

With a title loan serviced by LoanMart, you can expect convenience during your loan experience. This convenience can affect how you apply and where you can repay your title loan funds! Once you have picked up your funds, you can quickly repay them at any participating MoneyGram location in Rhode Island! MoneyGram is located all around the state, so chances are there will be a location nearby for you to access.

Not sure where the closest MoneyGram location is to you? Check out the map below, which features a drop-down list of a few MoneyGram locations throughout the state of Rhode Island:

What Places in Rhode Island Can I Get a Title Loan Serviced By LoanMart?