What Are Three Advantages Of Title Loans?
A personal loan can help pay for urgent expenses, whether it’s a sudden medical bill or a backlog in rent. However, a bank loan has too many requirements and will take a long time to process.
If you need to raise cash right away, getting a title loan may be a quick and easy option. Find out more about how it works and the three advantages of a title loan.
What Is A Title Loan?
A title loan is a personal loan where you use your vehicle title as collateral or security. You can borrow from $300 to $2,500, depending on what kind of car or truck you have, its age and mileage, and its overall condition.
Title loans are secured loans, which means that you provide security or collateral to back the loan. You don’t have to give up the property right away—in the case of a title loan, you can continue using your car just like you always have. It simply serves as a pledge to pay off the loan on time.
During the loan, a lien or a legal claim is placed on the vehicle title. This is removed after you complete the payments.
What Are The Three Advantages Of A Title Loan?
The three advantages of a title loan can be summarized in the acronym ABC.
- Application is easy
- Bad credit is welcome
- Cash is given quickly
Let’s go through the advantages one by one.
Application Is Easy
Banks go through a very rigid application process to determine if a borrower is a credit risk. They will get a copy of your credit report and ask for income statements and a history of employment. If they see any “red flags”—like a low credit score, recent unemployment, or a non-regular income—they will either deny your application or ask for additional documents.
This means that banks can take days or even weeks before they tell you if your application is approved. In the meantime, you’re in financial limbo: you’re not sure if you’ll get the loan or when you’ll get the money.
One of the three advantages of a title loan is that application is easy and convenient. In fact, all you need to do to apply for our MS title loans is:
- Fill out the online inquiry form. Your information is immediately sent to the nearest Mississippi Title Loans, Inc. branch, so a loan representative can personally assist you through the application process.
- Talk to the loan representative. During this short call, you will find out more about how a title loan works, the three advantages of a title loan, and how to apply. You can ask questions anytime!
- Get verified. Go to the nearest branch or arrange for a loan representative to meet you at your preferred place and time. Be sure to bring your lien-free vehicle title, a valid government-issued ID with a photo like a driver’s license or passport, and the vehicle for inspection. The loan representative will verify the documents and calculate the loan amount that you qualify for.
- Get your cash. Once the loan is approved, your emergency money is given to you the same day or the next business day.
Filling in the form and talking to the loan representative will only take a few minutes. The face-to-face verification process can take as little as 30 minutes. You don’t have to wait in line or gather a lot of documents, and you know right away whether you qualify or not.
Isn’t that so much easier than getting a bank loan? Just waiting in line and filling out forms can already take an hour—and you’re not even sure that you’ll get the money! But through a title loan, you can get same-day approval and payout. It’s clearly one of the three advantages of a title loan.
Bad Credit Is Welcome
Banks usually require a credit score from 610 to 640 in order to qualify for a loan. However, surveys show that more than 70% of Americans have a score below 600.
Fortunately, one of the three advantages of a title loan is that it can be approved even if you have bad credit or even no credit history. The only requirement is that you’re the registered owner of a vehicle with a lien-free title. If you’ve got the car, you can get emergency cash!
Cash Is Given Quickly
Many financial emergencies require you to raise the money in just one or two days. Any delays could cause a lot of stress and possibly worsen the problem.
This is where finding a reliable provider of MS title loans is very important. Mississippi Title Loans, Inc. releases the money the same day or the next day after a loan is approved. We’re faster than banks and other lenders—because we want you to have your cash as quickly as possible.
Fill Out Our Online Form Now!
There are several advantages that title loans have over bank loans. We have outlined the ABCs of them – Application is easy, Bad credit is welcome, and Cash is given quickly. Keep these in mind when an urgent situation comes up and you need money fast. Do the three advantages of title loans suit your needs? Then apply for one now! Fill out our online inquiry form, and we’ll help you through the rest of the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.