If you live in the Phoenix area and are finding yourself short on cash this week while having something come up requiring that you pay it before your next paycheck, what do you do? You can search for a Phoenix title loan lender who will loan you money for a short period of time and in exchange, they will hold the title to your car for security and they will charge enough interest that will pay them for their efforts. How do you find the right title loan lender? You will need to decide which one is right for you based on the following questions:

Can I pay off my Phoenix title loan once I receive my tax return check? You can pay off your loan once you receive your taxes as long as your taxes come in within a month or less. If you can’t get your tax return back within that time, you may need to think about another means of paying off your loan. You will need to pay the interest that is used up per day. You won’t be penalized for paying your loan off early.

If I have an older model car, can I still borrow money against its title? When you have an older car, the lending company can still loan you money on it however they take a percentage off of the fair trade in appraisal value of the car so they can secure their investment.

Do you need a banking account to get a loan? Yes you will need to have a banking account in order to obtain a car title loan. Why? Because most car title loan lenders will send an automatic check to be deposited into your account the same day you come in and apply for a loan. Then when it is time to pay back the loan, they can simply debit the payment out of your checking account. This saves you time and ensures that the lender will probably get his or her money back.

How long will it take to process your loan application? When you come into the office you can expect the process to take about forty-five minutes to one hour to complete. If you call or fill out the paperwork online, you will still need to come by the office to sign papers and that can delay the process even longer. You can however, go ahead and fill out the paperwork and fax over the application before you arrive so the loan office can view it before you get there. You can also make an appointment ahead of time so you won’t have to sit and wait a while before being seen. You should probably count on the full hour to completely go through this process.