Why A Title Loan Can Be The Best Financial Option For You

A title loan from Mississippi Title Loans, Inc. is a financial option that you might want to consider if you need to get access to extra cash fast. But what requirements would you have to meet to take out a loan? How long will the process take and why using your vehicle’s title as collateral can, in some cases, be better than selling it? Let’s find out!

When To Go For A Title Loan?

Those people who own their car outright and who need to get their hands on a relatively large sum of cash can most definitely benefit from such a lending option as a title loan.

With an unsecured loan, you would typically be able to qualify for a few hundred dollars. But if you opt for a title loan, you might get up to as much as $15,000 in the shortest timeframe.

Is It Better To Sell Your Car Or Use Its Title As Collateral?

With a title loan, you would typically receive up to 50% of the car’s value. Of course, if you decide to sell your vehicle, you will get more money, but there are a few reasons why a lot of individuals prefer to use their four-wheeled friend's title as collateral instead.

• If you take out a title loan, you’ll get to keep driving your car while repaying. But if you sell the vehicle, you will be left without a mode of transportation.
• On average, it takes more than 2 months to sell a car. If you’re looking for fast cash, you simply might not be able to wait that long. With a title loan, you will receive your money as soon as the next bank day (or even on the same day).
• Last, but not least, you can only sell a car once. When it comes to taking out a title loan, you can do that as many times as you want as long as you manage to pay the loan off according to the schedule.

Who Should Not Take Out A Title Loan?

If you’re under 18 years old, you won’t be able to take out a title loan. Likewise those who are still making payments on their vehicle would get declined as well since you must have a lien-free title to qualify. This means your title is free of any outstanding liens. If there are liens, you must get them removed before you can get this loan.

And if you don’t have your name mentioned on the title, you would have to get it transferred before you start the title loan process. Finally, in case your vehicle is severely damaged, you might get declined or offered an amount that is way too small to help you cover your emergency expenses

What Should A Title Loan Be Used For?

Title loans are worth considering in emergencies, such as a sudden medical bill, vet fee, urgent home repairs, unexpected travel expenses, and so on. In all these cases, the loan amount might help you avoid late fees and additional psychological stress associated with being unable to cover an important expense. Do bear in mind that it is not recommended to use a title loan to fund a business or shop for trivial purchases.

A Step-By-Step Guide To Taking Out A Title Loan

With Mississippi Title Loans, Inc., you wouldn’t have to spend days gathering the required documents and waiting for the loan decision. We have made sure that the whole process is as hassle-free as it can be so that you can take out a title loan and get back to your normal routine in no time. All you would have to do to receive the money that you need is:

1. Fill out our short online form.
2. Receive a phone call from one of our representatives who will verify your information and talk you through the rest of the steps. At this point, you can tell the representative whether you’d want the verification agent to come to a location of your choice or you’d prefer to arrive at one of our stores yourself.
3. In any case, don’t forget to bring your ID, lien-free title, and the actual vehicle to the in-person meeting. The agent will inspect your car, verify your documents, and determine if you qualify for approval and if yes, for how much. This whole process might only take 30 minutes.
4. If you get approved, you will be asked to sign the final paperwork. You will also find out how you can get your cash the same or the following bank day.

Submit An Inquiry Right Now!

A title loan can become a quick and convenient financial option for you if you own your car outright and you need to get more than a few hundred bucks. With us at Mississippi Title Loans, Inc., you don’t need to have perfect credit to get approved for a loan.

Furthermore, you might be able to find out how much you qualify for in just half an hour. Ready to take the first step? Fill out the convenient online inquiry form or call us at 800-514-2274, and you might get the urgent cash you need today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.