Title Loans Orem, UT

Anyone can face a financial emergency, whether it’s unexpected car repairs to get to work, education expenses to stay in school, or an illness that causes you to miss work and lose income.

Title loans in Orem, UT offer a way out of an emergency with a short-term loan. A title loan is a short-term, secured loan that offers Utah consumers a fast and easy way to handle temporary emergencies.

This type of loan is secured, which means your car title will be used as collateral. This allows nearly anyone who owns a vehicle to qualify for a title loan, even if traditional lenders will not approve them due to credit or income issues.

image of pumpkins in Wilkerson Farm in Orem, Utah

While these are cash loans on car titles, your vehicle is not held while you pay back the loan. Instead, you continue driving your vehicle while making payments.

Velocity Cash is a trusted provider of Orem car title loans. We do not restrict how you use your loan proceeds, whether you want to catch up on bills and avoid late fees and damage to your credit, buy groceries, pay for home repairs, or anything else.

Unsure if a title loan is right for you? Here’s how the lending process works and how you can benefit from a short-term loan.

How to Apply for Title Loans Orem, UT

At Velocity Cash, we strive to make the application process as stress-free and easy as possible.

You can begin the process by completing our five-minute online application, which requires only basic contact information and information about your vehicle, including the year, make, model, and mileage.

Your vehicle information will be used to determine your car’s fair market value and the maximum you can borrow. Your ability to repay is also taken into consideration to determine your maximum loan amount.

We want to give you a short-term solution to improve your situation, not make matters worse, so we will strive to make your payment affordable. You can use a car title loan calculator if you wish to help determine an affordable loan amount to request.

After submitting your application, you will receive a loan estimate with your repayment terms, interest, and total loan amount.

A loan representative from Velocity Cash will contact you shortly to finalize the loan and give you the funds. This typically takes 1-2 business days from start to end.

Not sure if you qualify for a title loan? You will need:

  • Government- or state-issued ID to verify you are at least 18
  • Clear title. You must have clear title for your vehicle without outstanding liens or loans.
  • Ability to repay. Your ability to repay determines how much you can borrow. We will not make a loan that exceeds your ability to repay.

As long as you have some source of income and want to borrow less than your vehicle is worth, you will most likely be approved for a car title loan with funding in just 1-2 days.

Regulations for Title Loans in Orem, UT

Like most states, Utah has regulations in place to protect title loan lenders and borrowers alike. Unlike most states, however, Utah does not place a dollar limit on title loans consumers can receive nor on the interest rate lenders can charge.

This does work to increase competition among lenders to offer the best rates. While there is no limit on how much you can borrow according to state law, you will generally be limited to borrowing up to the market value of your vehicle.

This is done to protect the lender from lending more than the value of the collateral, but it also protects borrowers by limiting the payment amount and reducing risk.

Utah law allows for unlimited renewals, which means your title loan can be rolled over into a new loan as many times as you want.

While this can help you pay off the debt, it’s also important to remember this comes with additional interest charges and your goal should be paying off the title loan as soon as you can.

Borrowers who default on title loans in Orem are subject to repossession. Lenders do not want to repossess vehicles, as this is expensive and rarely results in recovering the full loan amount.

Title loan providers are generally willing to work with you to avoid default and repossession by setting up a repayment plan.

If your vehicle is repossession, Utah law requires that you be provided with written notice of the intended sale of the vehicle, including the time and place, and a notice of your right to redeem your vehicle by paying off the loan.

Benefits of Orem, UT Car Title Loans

Car title loans in Utah offers many benefits if you are facing an emergency and cannot qualify for a bank loan, or you simply can’t wait weeks for a traditional loan to fund. Orem residents have many reasons for turning to car title loans:

  • Fast funding. Title loans in Orem can be funded in just 1-2 business days whereas traditional bank loans may take weeks or months for the underwriting, approval, and funding process — if you qualify. When you apply for a car title loan, you can have the money you need in hand in days to save you if you are facing disconnected utilities or necessary car repairs to get to work.
  • Easy qualifications. Title loans do not require a credit check or other qualifications that banks require of lenders. As long as you own your vehicle and have a steady source of income — even if it is self-employment, retirement, or Social Security — you can qualify for a car title loan because your car’s title is the collateral.
  • Keep driving your car. Pawn loans also offer fast, easy access to cash, but they require surrendering your property as collateral. With a title loan, you keep driving the car while the lender holds the title. The title is returned when you pay off the balance.
  • Save money and your credit. Title loans in Orem, UT do have a cost, but it can be an affordable and easy way to save money and even protect your credit score in some cases. If you are facing utility disconnection, for example, you face not only late fees but disconnection and re-connection fees that can add $70 or more to your bill. If you have fallen behind on bills, a title loan can also help you avoid late payments reporting to your credit report.
  • Any source of income qualifies. Traditional lenders are very strict in the types of income they allow, which means self-employed and retired people often have trouble qualifying for a loan. As long as you have sufficient income of any type, you can qualify for a title loan.
  • Repayment options. Car title loan providers offer customized repayment plans that fit your financial situation. Your loan can be paid back early without prepayment penalties, or you can roll it over into a new loan if you need longer to pay back the balance.

Are you struggling with a difficult financial situation with seemingly no way out? A title loan offers fast access to the money you need to rescue you from an emergency.

At Velocity Cash, we take pride in offering affordable short-term loans online to help consumers through difficult situations.

Get started today with our easy five-minute application process to get funding in only 1-2 days.

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