father and daughter with santa hats

Managing Your Bills And Extra Expenses For The Holidays

Managing bills and unexpected expenses during the holidays can prove to be tricky at times. You may find you need a little financial help. And that's ok. 

Mississippi Title Loans, Inc. has options to help you stay on track with your finances during the holiday season. We provide short-term loans with a simple loan process. You can apply for a title loan, payday loan, or installment loan to get extra cash fast. In this post, we will look at the details of each of these loans so you can see which will work best for your needs.

Benefits Of Short-Term Loans

Let's start with a brief discussion about the benefits of short-term loans. One of the biggest is you can get the funds you need fast. There's no lengthy application process or long waiting periods for approvals. These loans are designed for situations where you need a little extra money fast. 

Generally, short-term loans don't cost as much as more traditional loans. While they do all have some fees and interest that must be paid back with the loan, these costs are low relative to other types of loans.

Title loans and payday loans are not dependent on your credit history. You can get approved for these two loan types with bad or no credit. Installment loans do require a look at your credit however, your credit score is not the only factor used to make a decision for approval.

None of these loan types require a lot of work on your part to apply for. You won't need to provide much documentation during the loan process. We only ask for a few items to apply for any of these loan options.

Short-term loans with Mississippi Title Loans, Inc. are good options for anyone looking to stay on top of all their finances during the holidays when you're spending more money on extra expenses and still trying to cover your bills.

managing your bills and extra expenses for the holidays

Options For Managing Your Finances For The Holidays

There are a few fundamental differences between the three options we mentioned in the introduction of this article. Title loans are collateral-style loans that require you to own your vehicle outright and possess the clear title to that vehicle in your name.

They require special circumstances of vehicle ownership. You can borrow up to $2,500 against your vehicle title and must present the vehicle for a quick inspection.

Payday loans do not require any type of collateral to borrow against, however, you must have a steady income you can show in the form of your most recent paycheck. These loans work like a cash advance on your next paycheck. They are the shortest in duration of our short-term loans and the maximum amount you can borrow is up to $400.

Installment loans require you to show proof of income and an open checking account in your name. You can borrow up to $1,250. These are similar to payday loans but you have more time to pay them back. Now let's look a little closer at the requirements for each of our loan types.

Title Loans

You will need to show your state-issued photo ID or driver's license as proof of your identity and age to apply for a title loan. You can start your inquiry online right here on our website. You can choose to complete the process online or in-store.

Should you want to finish your process at home, then a loan specialist will come to your location to complete the vehicle inspection and the remainder of the loan process. You'll also need to provide your vehicle title in your name and allow the loan agent to inspect your vehicle to determine its value.

The loan decision is made based on your vehicle type and its condition. With this type of loan, the money you borrow is secured with your vehicle title, so after the quick inspection, you can expect to keep your vehicle to continue your use as usual.

Payday Loans

These loans can also be completed in-store or online. Again, the loan specialist will need to meet with you to review your documents. You'll need to present your ID, your most recent paystub, and a blank check from your open checking account with your name on it. This type of loan is typically repaid with your next paycheck, so be sure to discuss the details with your loan representative should you decide on this loan option.

Signature Installment Loans

These require your ID, as well as your most recent paystub, and your last bank statement showing a checking account in your name. With this type of loan, your credit is not the only factor in approval but it will be considered along with a few other factors, like the ability to make repayment.

woman doing her bills on her phone

Let Us Help You Manage Your Money For The Holidays

The holiday season is joyous but can be a little expensive especially if an unexpected event pops up. You don't have to fall off track with your finances, though. At Mississippi Title Loans, Inc. we can help you with one of our short-term loan options.

Send us a request online. All you need to do is fill in the inquiry form and we will reach out to you shortly after it is received by one of our friendly representatives. You could get the extra emergency cash you need for the holiday season before the day is over.

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

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.