What To Know About Hyperlend Title Loans In Michigan
Anyone who owns a vehicle can borrow cash from a car title loan lender in Michigan, and the odds are that you will probably get funded quickly for a loan amount of at least $1,000. Compare this to someone looking for an unsecured loan or cash advance. Unlike secured loans, personal loan lenders' credit requirements are stringent, and you may face days or weeks of underwriting. There's less paperwork and requirements from Michigan title loan companies, and that's because you're putting up a vehicle as security for the funded loan amount. Your lender knows they have that collateral to fall back on if there's an issue with missed payments or if you default.
The loan amount you're eligible to borrow will depend on the value of your vehicle. Most Michigan title loan companies will lend you up to 55% of the wholesale value, but some may extend that up to 70%. If you have a paid off car, SUV, or truck with a clean title in hand, you should qualify without any issues. The same can be expected if you want cash for your motorcycle or boat equity. As long as there's enough collateral to back up the loan amount, it would be best if you had little trouble getting an instant approval title loan.
One thing is for sure with a title loan: you'll be able to borrow more money than with other short term lenders like cash advance stores or unsecured personal loan companies.