When Should You Use A Title Loan?
Title loans are short-term loans that are secured by the title on your vehicle. Your car acts as collateral (even though you get to keep driving it during the loan period), so you don’t have to worry about credit checks or long applications and interview processes. They are typically loans that people get when they are in sticky situations that need to be resolved right away. Here are a few key situations in which you might use a title loan to your advantage.
1-You Need Cash Right Away
There are a number of things that can come up over the years that might cause you to need more cash than you have on hand at the moment. Perhaps a medical bill from a broken bone comes due or you have to pay a high deductible on your house to fix the roof after a hail storm. Whatever your circumstances, if you need cash fast and you can’t wait around on banks to put through loans with their slow processes, title loans might be just the answer you need. You can process the loan the very same day you apply and have the cash in your hand when you walk out the door, ready for your use in whatever way you need it.
2-You Have Moderate To Poor Credit
No one tries to earn bad credit, but it happens to many unsuspecting people. If you know your credit score, and it’s not complimentary to you, then a car title loan may be one of your few options when you need extra cash. With a title loan, you don’t have to go through a credit check at all. It doesn’t matter if your score is high, moderate, or low. Your vehicle acts as collateral on the loan and that’s all you need. You can get a loan based on the worth of your vehicle and no one will ever ask about your credit. If you need cash, either right away or down the road, you don’t have to worry about your credit stopping you from getting a title loan.
3-To Pay Off Other Debts
If you have credit cards that are maxed out and the interest rates are about to take all of your income and then some, getting a title loan to pay off those smaller loans just makes sense. You know you can easily pay back the title loan in the allotted time and you don’t have to deal with creditors constantly calling and harassing you. It’s a much easier, more laid-back way to be in debt and it’s simple to take care of just one payment.
Looking Further Into Title Loans
When you need cash and you don’t want a credit check, title loans just make sense. You can look into the details with financial professionals at Champion Financial Services who are here to talk you through the specifics of your situation. Once you apply, you can get the money you need the very same day.