Are you looking for a way to get cash fast? Maybe you’re facing an emergency medical bill or just need to catch up on some monthly payments – whatever the issue an auto title loan may be able to help! If you have a steady income and own your vehicle outright then you may be eligible for a title loan today! Here are a few of the most beneficial things about title loans:
1. Provides cash fast
From start to finish the entire title loan process can take anywhere from 24 hours to 1 week. The variation will depend on how long it takes you to fill out the application, sign the necessary loan paperwork, and meet with a representative who will take photos of your vehicle and ultimately collect the title from you.
2. Doesn’t require a credit check
That’s right, unlike other loans an auto title loan does not require the lender to check your credit. In fact, the two main items that concern your eligibility the most are 1) that you some sort of income with which to pay the loan back, and 2) that you own your vehicle. If you
3. Allows you to still use your vehicle
Although you must turn over your title in order to receive a title loan it does not mean that you have to physically give up your vehicle. The lender merely holds the title as collateral while you have the loan and will return it to you upon the completion of your repayment.
4. Lower interest rates than cash advances
The process of applying for and receiving a title loan may sound a lot like getting a cash advance or payday loan, but title loans are actually a bit better for your pocketbook.
Because a title loan is secured to your vehicle then the lender does not need to hike up the interest rates like they typically would on a cash advance or payday loan.
5. Involves a quick repayment schedule
One of the best things about taking out a title loan is knowing exactly when it will be due. Unlike bills that just show up in your mailbox with various due dates you will know exactly how much will be due on exactly which day. It is typical for title loans to be due on or around your next payday, but if you receive a particularly large title loan then the repayment may be spread among several paydays.
Title loans can be given in any amount. The amount you are eligible for will be solely based on the value of your vehicle. These five benefits of title loans are just the tip of the iceberg – you may have a totally different list of benefits for your specific situation. If one or more of these benefits resounds with your situation, don’t hesitate to fill out our online application or call our toll free number for more information today.