It is not always easy to plan ahead and ‘save for a rainy day‘. In spite of your best efforts, you might not have the resources to maintain a savings account.
Unexpected circumstances can come at you fast. Whether you experience a leaky roof or a failed transmission in your car, these expenses can put you in a bind.
Without the immediate cash to pay for your unexpected expenses, what can you do? How can you meet the demands of the expense and your current monthly bills?
There are plenty of emergency loan options that are available, but most of the options have serious drawbacks. You could get a payday loan, but the high interest rates can prevent you from ever repaying the loan.
Another possibility is for you to borrow money from your family members or friends. Unfortunately, loans from friends and family members usually destroy the relationship.
Table of Contents
Title Loans Can Help
Title loans are a hassle-free way to get cash to pay for unexpected circumstances. In fact, you can use your free and clear title to borrow up to the value of the vehicle.
Title loans can be secured for commercial vehicles, cars, motorcycles, recreational vehicles and vans. Your free and clear title could mean that you have access to cash to pay your emergency expenses within a few days.
Requirements for Emergency Loans
When you apply for personal loans from traditional institutions, the primary goal of the underwriters is to determine your creditworthiness. These institutions assess your credit history and FICO scores. The loan specialists make a final decision based on those factors.
A title loan does not require a background or credit history check. A title lender’s primary consideration is the value of your vehicle and whether the vehicle has current financing.
If you want to be considered for a title loan, there are additional requirements that must be met.
- At the time of your application, you must be at least 18 years old.
- You must have a consistent source of income including employment earnings, unemployment, Social Security, retirement and alimony.
- You must have a state-issued identification such as a driver’s license.
Applying for a Title Loan
Although you can apply for a loan in person, there is a convenient online option that requires less than 15 minutes of your time.
The application requires you to provide the title lender with the following information.
- Your Name
- Your Address
- Your Vehicle’s Make, Model, Year and Mileage
- Your Telephone Number
After the application has been submitted, you will receive a call from a title loan representative. Your loan application will be assessed for completeness and accuracy. Upon approval of your loan, your cash will be deposited into your account.
Making Sense of a Title Loan
Unexpected expenses can create confusion and chaos in your life. During this stressful time, it can be difficult to make solid financial decisions.
Getting a title loan with a reputable title loan company does not have to be a stressful situation. By adhering to the following guidelines, you can make the title loan process as simple as possible.
- Only borrow an amount of money that you can afford to repay.
- Read your contract and ask questions about terms that you do not understand.
- Pay your installments on time.
Applying for an emergency loan such as a title loan to pay for unexpected circumstances can make your life easier.