What Makes A Mississippi Title Loan Unique From Other Loans?

Those thinking about what types of loans are available for financing an emergency expense should add a Mississippi title loan to a list of options. These types of loans have some unique features that could prove helpful.

A Mississippi title loan isn't always familiar to many people, but it is a loan where you submit your vehicle title as collateral. That means you keep your car while you make repayments. The cash loan is using the equity in a vehicle that you own to pay for an immediate expense that is causing a tough financial burden. 

Beyond the basics, a Mississippi title loan has some unique features compared to other more traditional options like bank loans or even payday loans. Below are a few of the features.

Ways Mississippi Title Loans Are Unique

1. More Money Can Be Yours

Banks tend to offer less in a loan than what you might need because they have tight rules. Payday loans tend to be smaller loans because they are based on how much you earn per paycheck. 

However, the amount you can get on a Mississippi title loan relates to your vehicle's value and your ability to repay. Mississippi Title Loans, Inc. has a range of loans from $300 up to a maximum of $2,500. 

2. You Can Get A Title Loan With Bad Credit

Many loan companies depend on credit scores to determine whether a borrower can be approved. A Mississippi title loan puts more priority on the value of your car and your income rather than your past. Mississippi Title Loans Inc. takes applications from all types of borrowers including those with bad credit and no credit. 

Decisions regarding loans are made based on individual cases, not random credit scores. 

3. Getting A Title Loan Is Hassle Free

Applying for a Mississippi title loan is hassle-free because you only need three primary things to get started at this title loan company. You need a pictured ID issued by the government, your vehicle in your possession, and a vehicle title that is clear of any liens. 

A lien-free title means you own the car outright without anyone, like a mechanic, putting a lien on the vehicle for work done or owing payments to a bank.

4. It Doesn't Affect Your Credit Score

Loan representatives at Mississippi Title Loans, Inc. don't do a hard pull on your credit when you apply so you won't see a drop in how your credit is scored.

Also, title loans aren't reported to the three major credit bureaus so taking out a title loan won't affect your credit. That's another benefit to a title loan as alternative financing compared to those available at banks and other financial institutions.

5. A Mississippi Title Loan Is Fast

Once you meet with a loan representative from Mississippi Title Loans, Inc., the application and decision can be done in as little as 30 minutes. You can have access to cash quickly, as soon as the same day or at the latest the next business day, if approved.

That's much faster than what a bank or other financial institution can do. Some banks take up to two weeks to get a decision on even the smallest personal loan. 

6. Paperwork Is Set To A Minimum

One of the best and most unique features of a Mississippi title loan is the simplicity of the paperwork. 
Other types of loans have endless amounts of paperwork. They want bank statements, clarifications, and even tax forms. Mississippi Title Loans, Inc. has an easy-to-read application form that is simple to complete. 

Plus, it has friendly loan representatives on hand to answer your questions. It is a low-stress way to get the money you need for an unexpected expense like a home repair, medical bill, or paying for prescription drugs.

Applying For A Title Loan

The best way to find out if a Mississippi title loan is right for you is to submit an inquiry form online. It won't take long and just asks for basic information. A loan representative from Mississippi Title Loans, Inc. will call you soon to talk to you about your needs and your required documents. 

You can choose an appointment with a loan representative at a store near you or you can pick a location where you feel most comfortable. Once the loan representative validates your documents and does an inspection of the vehicle, they will help you finish the application and make a decision. The amount of money you qualify for depends on the vehicle's value. 

Fill Out The Online Form

Filling out the online inquiry form is the first step to finding out your options to pay for your emergency expense. A loan representative from Mississippi Title Loans, Inc. can answer all your questions, and filling out the form doesn't obligate you to take out a title loan. Fill out the form and see if a Mississippi title loan fits your needs!

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