People choose title loans for a variety of reasons because the truth is that everybody needs extra cash occasionally. If you need extra clothes for the kids or your car just broke down, extra money can go a long way. If your paycheck isn’t enough to cover these emergencies, a good title loan might be the answer.
Below are a few reasons why choosing a title loan is such a good idea in these circumstances.
1. No Stress
Loan companies that provide you money based on your vehicle’s title operate quickly so you can get the money that you need right when you need it. There is no waiting around for weeks to get approval and not a lot of questions asked. You just provide a few pieces of documentation and get your money, eliminating your stress before you know it.
2. Cold, Hard Cash Is Provided
Companies offering title loans provide you with the cold, hard cash that you need so there is no need to wait around for a cheque to clear or money to show up on your bank statement. You get cash and you get it immediately, making your emergency go away quickly so that you can move on with your life.
3. There Are Very Few Requirements on Your Part
Unlike a bank loan that requires a lot of paperwork, title loans require very little from the customer. You must show identification and your auto title, of course, but other than that there are few, if any, demands on your time. There is no checking your credit score and no fumbling around for collateral because your vehicle is your collateral. It is a simple, straightforward process that takes very little paperwork on your part.
4. You Can Use the Cash for Any Purpose
A title loan can be used for nearly any purpose. In fact, the lender often will not even ask you what you’re planning to use the money for, meaning that you can use it for a variety of reasons. This includes both personal and business-related uses so whether you need cash for an emergency or to help start a business, this is a great way to get started.
5. You Can Apply for the Loan Online
This is perhaps one of the biggest advantages of a title loan because many borrowers want the transaction to be as anonymous as possible. Of course, this doesn’t mean that you won’t have to show them your auto title because this is what the loan is based on; however, you can get started online and therefore make the process even faster and simpler.
6. You Can Borrow Almost Any Amount of Money
Depending on what your vehicle is worth, title loans can result in a lot of cash coming your way. You can borrow as little or as much as you need, and you can even keep your vehicle while you are earning the money to pay back the loan company. Knowing that you can use your car title for cash can therefore provide you with extra security in uncertain times.