There are a variety of methods of acquiring quick cash in emergency or unplanned situations. Even if we are careful in organizing and planning our finances it is not excluded that once in a while we will be exposed to circumstances that require a quick reaction.
In such cases, we can apply for a wide range of loan types. One of the quick ways to receive immediate cash is through auto title loans. To obtain the sum you need there is a procedure of providing your lender with information on the title of your vehicle and pay a fee for the service of borrowing cash.
Here are a few of the numerous benefits of auto title loans that we’d like to share with you.
- A quick solution
Often applying for a loan can be a burdensome and lengthy procedure of discussions with different employees, filling out a large number of application forms and documents, credit checks and others. It is likely that if you are in desperate need of cash it would not be of great convenience to wait for the lengthy process to be finalized in order for you to receive the borrowed money. With auto title loans the process is shortened and all you need to do is submit a form and receive approval. On some occasions you can receive the cash in as little as ten minutes. Surely, the required sum will be with you on the same day.
- Almost everyone qualifies
As long as you possess a vehicle you can apply for an auto title loan even if your credit has not been the best the bankers have ever seen. It is common that the lenders will authorize for the loan people whose vehicles are priced at a larger sum than the one to be borrowed. In addition, it is always a plus to have a regular source of income. As long as these criteria are covered the lenders may not require additional information on your credit history.
- No credit checks
Your credit history is among the first things to be considered when applying for most types of loans. However, with the auto title loan your credit may not even be looked at. The only item that is being used as guarantee that you will repay your loan is your vehicle. For people who have had a difficult or challenging experience with previous credit or those that have zero credit history but are in need of a loan, this is the perfect way to ensure you receive the money that you need.
- Suitable repayment schedules
The amount loaned under the auto title loan is typically smaller. Because of this, it is extremely convenient to make a repayment schedule and abide by it. In most cases, the loan is repaid when the borrower receives his next monthly wage. Even if this is not the case, an easy schedule will be provided for you to know exactly when you need to make a payment along with the required sum.
- The cheaper option
Other ways of securing quick money when you need it is the cash advance. However, this method may turn out to be more expensive because of the set interest rate. With auto title loans the interest rate set is reduced to minimum because of the guarantee lenders have in the eyes of your vehicle.
- Your vehicle will still be in use
Even when your car, motorbike or RV serves as a security for your loan, your right to use your vehicle is not taken away from you. You can freely drive your car or other vehicle once the loan is repaid. The possession of the vehicle remains with you at all times but it will be used as guarantee that you will not run away without repaying your debt.
- Leaving stressful situations with minimum stress
A cash insufficiency could happen to anyone at any point. We live in a material world where unexpected financial demands could arise by the minute. The auto title loan is created to suit almost anyone who is in need of quick money to borrow. You simply need to select the right auto title loan company for you and give the title of your vehicle.
This type of loan is amongst the easiest to receive authorization for and the quickest to provide you with the amount you are in need of. If you are stuck in a financial headache and don’t see an exit door anywhere around then it might be helpful to consider using an auto title loan as your next option.
