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Secured Title Loans

What are Secured Title Loans?

Secured Title Loans are loans that are considered as one the cheapest loan that you can get. This loan is available in all states of the United States. Amounts vary and can reach up to $50,000 for 30 or 60 months, depending on your personal needs. You can qualify if you are a permanent resident of the USA, have your vehicle’s title, and over 20 years old.

To qualify, you need to have a good to fair credit rating, receive a salary of at least $1000 per month, and you must be employed for at least 90 days. The amount that you can borrow varies depending on your income and ability to make the monthly payments on time. You must be the applicant who owns the vehicle’s title or has pending delivery of the title to you. Your vehicle must be under 10 years old.

You should not have any previous payday loan history. The lender will look at your credit report before they approve you for a Secured Title Loan. You must be at least 52 days old, and the most recent activity on it must be on your current employer’s report. The lender will use this information to determine how much money they are willing to lend you for your car.

Advantages of Secured Title Loans

One of the most noticeable benefits is the meager interest rates that these loans come with. Interest rates can be as low as 6%, which is a relief compared to other loan types. Most companies have a much lower rate than the house’s interest rate of 4% for their corresponding vehicles. Perhaps the most apparent benefit that Secured Title Loans has over all other types of loans is that you can have money, complete with interest below 10% – 12% in just a few minutes.

It is important to note that you borrow money from a secured loan versus a payday loan or installment loan, which means that your interest rate will be much lower, and you only have to pay it back if you can. However, if you don’t repay the loan, the lender will take possession of your vehicle. You may want to consider this.

How Secured Title Loans works?

Secured Title Loans are loans that are considered as one of the cheapest loans that you can get. This loan is available in all states of the United States. Amounts vary and can reach up to $20,000 for 12 months, depending on your personal needs. You can qualify if you are a permanent resident of the USA, have your vehicle’s title, and over 20 years old. You should not have any previous payday loan history. The lender will look at your credit report before they approve you for a Secured Title Loan. You must be at least 8 days old, and the most recent activity on it must be on your current employer’s report. The lender will use this information to determine how much money they are willing to lend you for your car.

What credit score is needed for a secured loan?

As the national average is around 690 to get qualified, there’s no reason to get a secured loan with less than 760, except if you’re buying industrial property. With a secured loan of $30,000 – $50,000, the average underwriter will usually require you to have ten times that amount available in liquid savings for each mortgage. This means if the asking price is $300,000, then the home appraises for $300,000, a $300,000 mortgage would be expected to pay you something like $3 million in liquid assets.

How to apply for a Secured Title Loan?

You can often submit applications online, but it’s best to go into the office. You want to bring:

  • a recent bank statement,
  • pay stub,
  • photo ID.