What Are Three Advantages Of Title Loans?

A Mississippi title loan can help pay for urgent expenses, whether it’s a sudden medical bill or a backlog in rent. When you need cash fast, title loans in Mississippi can help because you can get approved the same day you apply and receive your money in less than one business day.

In this guide from Mississippi Title Loans, Inc., we will explain some of the benefits of Mississippi title loans, including three specific advantages that can help you get approved fast. We will also go over the process and requirements to explain how you can get approved today.

What Are Mississippi Title Loans?

If you’re looking for fast cash loans in Mississippi, title loans could be your best option. 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.

A lien or legal claim is placed on the vehicle title during the loan. This is removed after you complete the payments.

What Are The Three Advantages Of A Title Loan?

Title loans are advantageous to those who need cash fast for a financial emergency because of the fast approval process and simple requirements. Unlike bank loans that take weeks to get approved for, we have a simple approval process that lets you get verified the day you apply. We also have less strict requirements, so you can get the cash you need without needing to collect tons of documents.

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

Below, we will go into detail about each of these title loan benefits.

1. 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 can take weeks and leave you in financial limbo. Fast cash loans in Mississippi, like title loans, can truncate this process and allow you to get approved in less than a day. You can apply online and get approved in person in less than 30 minutes.

The following is the approval process for Mississippi title loans:

• Submit your basic info online through our contact form
• Discuss title loan benefits and terms over the phone
• Gather your required items and head to the nearest Mississippi store location
• Give over your required items for verification
• Allow the loan representative to inspect your car for its value
• Sign documents to finalize the process
• Receive your fast cash the same day or the next business day

2. Bad Credit Is Welcome

One of the title loan benefits for bad credit borrowers is you do not need to prove your creditworthiness to get approved. Title loans are secured with collateral, so we do not require you to prove your creditworthiness.

Your credit score will not affect Lona's approval or the value of our title loan. You can get approved for bad credit title loans and even borrow money with no credit score. Borrowers can also rest easy knowing we do not report our Mississippi title loans to credit bureaus, so you won’t lower your credit score further by borrowing money from us.

3. 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 business 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.

What You Need To Apply For A Title Loan?

Are you ready to get fast cash loans in Mississippi? Thankfully, the requirements for MS title loans are simple. As long as you have fully paid off your car, you should have no problem finding the required items you need to get approved.

The following are the required items for Mississippi title loans:

• Your driver’s license or state-issued ID card
• A lien-free car title in your name
• Your vehicle for a quick inspection

How Title Loan Compare To Other Loans

While title loans are a great option for those who need cash fast, there are alternatives you can consider when facing a financial emergency. Other fast cash loans in Mississippi can help you if you have not fully paid off your car yet.

Learn more about title loan alternatives below:

• Traditional bank loans: These personal loans allow you to borrow potentially more money. However, as mentioned previously, the requirements are more strict than title loans; you will need to prove you have good credit, and the approval process can take days or weeks. Title loans are faster and easier to get approved for.
• Payday loans: These allow you to borrow up to $400 from a future paycheck. They are a great alternative if you have not fully paid off your car but can prove your income. You can borrow money and repay the loan with your next paycheck with payday loans.
• Installment loans: This is another emergency cash loan in Mississippi that does not require collateral. You can borrow up to $1,250 with installment loans and repay the loan amount in fixed installment payments over a couple of months.

Frequently Asked Questions About Title Loans

What financial emergencies can you pay for with title loans?

Title loans should only be used as a last resort when facing significant financial emergencies. These include medical bills, overdue rent, home or auto repairs, and unexpected travel costs.

Can you get multiple title loans at once?

The amount you qualify for with title loans may not be enough to afford your financial emergency. However, you cannot get approved for a second title loan to get the money you need. Mississippi law dictates you can only get one personal loan at a time, so you will need to repay the loan amount before borrowing another loan.

What are the fees attached to Mississippi title loans?

Borrowers will need to pay interest on title loans. Your repayment amount will increase by a percentage the longer it takes you to repay your loan. You will also need to pay late fees if you fail to make a payment.

Get Approved For Mississippi Title Loans – Borrow Up To $2,500 Today!

The advantages of title loans allow you to borrow money quickly without needing to meet strict requirements. You can get approved the same day you apply without needing to worry about proving you have good credit. You can apply in person, and our in-person process takes less than 30 minutes, allowing you to get quick approval for emergency cash.

Contact us today for assistance by submitting your information through our online contact form or calling us to discuss title loan details.

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