Posted on: 2 October 2019
Cash is king when it comes to dealing with an emergency. Unfortunately, there may be times where you find yourself lacking the cash that you need to cover some of your living expenses. When you need cash quickly, a car title loan could provide you with the funds you need to avoid late fees.
The responsible use of car title loans in emergency situations can be a valuable component in your efforts to maintain financial stability.
1. No Credit Check
Poor credit can present a serious challenge when you need to access extra cash in a hurry. Traditional lending institutions typically run a credit check and use your credit score to determine if they are willing to lend you the funds you need. If you don't meet strict credit requirements, your application will be denied.
A car title loan doesn't rely on your credit score. Instead, the lender will use your vehicle as collateral to secure the loan. You will be eligible to apply for a certain percentage of your vehicle's value without undergoing a credit check, which can be a lifesaver for those with less-than-perfect credit who need quick cash.
2. An Affordable Interest Rate
Car title loans have gotten a bad rap for having high interest rates. While the quoted interest rate you will agree to in your contract is much higher with a car title loan than with a traditional personal loan, you have the option of repaying the title loan within a matter of weeks.
Reducing the repayment period will significantly reduce the amount of money that you end up paying in interest over the life of the loan. If you use a title loan responsibly and only borrow what you need to meet your immediate financial needs, you can enjoy an affordable interest rate when using a car title loan for fast money.
3. A Fast Payout
There is no need to worry about a lengthy review period prior to discovering if you have been approved for a car title loan. All you need is proof of your income and documentation showing that your vehicle is paid in full, and you can get your cash within a matter of minutes.
If you have an immediate need to purchase a plane ticket home, cover unexpected medical costs, or replenish your bank account before incurring an overdraft fee, consider a car title loan for near-instant access to extra cash to help meet your needs. To learn more, reach out to a company like American Cash Advance and Title Loan.Share