When an urgent need for cash arises, say to repair a car that has broken down or to foot a medical expense or any other, you have to source for the money from a source that will avail it fast. You may not have had a good credit history, but you could repay a loan, so you need a lender who will accommodate you.
Here are some of the reasons you should consider car title loans to bail you out of cash crisis:
Fast Cash Processing
While the conventional loans are lengthy processes that involve tons of paperwork, submission of documents, verification of information, and so much back and forth, car title loans are pretty quick and convenient. You can apply most of these loans online, and on submitting the form, you could have the cash in your account within 24 hours.
You Still Keep Your Car
A significant advantage of this kind of loan is that you still have the right to have your car and use it. You only utilize your car’s title as collateral for the loan. And once you clear the loan, you get your car title back. As such, your mobility is not hampered by having to hand over your car when you take a car title loan.
Better Than Cash Advances
While car title loans use car ownership as the security, cash advances have no collateral. Thus, the former have a layer of protection and do not have higher interest rates like cash advances. Therefore, you can rely on this loan when in a cash crisis and not pay so much for it if you have a clear vehicle title.
Easy Eligibility Criteria
Do you have a poor credit history, but you need some cash? You do not have to worry because you can rely on your clean car title and ability to repay to qualify for a car title loan. If you own a car, an SUV, a truck, or any other automobile, you can easily be eligible for this type of loan. The critical thing to note is that this loan does not depend on your credit history but on your vehicle’s value and ability to repay. So, with an automobile and a consistent income, you can quickly get this loan.
Let’s face it; life can get hard and stressful at times. But you can avoid going through a severe cash crunch if you have a car. You can take a loan against its title to help you return to your feet.
