Advantages Of A Title Loan In Laurel, Mississippi
Do you need to get an emergency loan to cover medical bills, house repairs, or other urgent and unexpected expenses? Are you anxious that your credit score or income level won’t meet the bank’s requirements? Do you need the money right now, and can’t afford to sit through red tape and delays?
When you’re short on money and time, you need a loan that has simple requirements and a fast payout. Here are the three advantages of a title loan in Laurel, MS—and why it suits your needs.
Advantages Of A Title Loan In Laurel, MS
Before we dive into the advantages of a title loan in Laurel, MS, it’s important to know what title loans are and how they are different from other personal loans.
What Is A Title Loan?
A title loan is a short-term loan where you use your vehicle title as collateral. You can borrow from $300 to $2,500 depending on your vehicle model, age, mileage, age, and overall condition. That amount is determined during the vehicle inspection.
The phrase “short-term” refers to the duration that you pay off the loan. Usually, title loans are paid off in one or two months, as opposed to long-term loans like student loans or mortgages that are paid over several years.
Title loans are also called “secured loans” because you offer security or collateral for the loan. This is usually done to compare it to unsecured loans, which rely entirely on your credit history for approval. Secured loans are easier to apply for than unsecured loans since you don’t need a high credit score.
Mississippi Title Loans, Inc. Top 3 Title Loan Advantages
1. You Can Keep Using Your Car During The Loan
Using your car title as collateral does not mean that you have to surrender your car. You are simply using it as a pledge or guarantee for the loan. The lender then places a legal claim (also known as a “lien”) on the title, which is removed as soon as you complete your loan payments.
In the meantime, you can continue to use your car just like you always have. So, vehicle title loans won’t interrupt your regular routine or interfere with your work. You get to keep your car and claim your emergency cash!
2. You Don’t Have To Meet Strict Requirements
As mentioned earlier, unsecured loans that are based on credit history can be quite troublesome. You have to prove that you are not a credit risk, so banks will do a credit check to see if you have missed payments or a high amount of outstanding debt. Other factors, like having a short credit history or a poor credit mix, can also pull down your credit score.
Banks will also check your employment and source of income, and they have very rigid requirements for what is considered a “stable job.” Even if you earn quite a bit of money and can afford to take out a loan, if you’re a freelancer or contractual worker, or if you have only been at your job for a few months, they will still question your capacity to pay off the loan.
One of the three advantages of a title loan in Laurel, MS is that your credit score and source of income are not relevant to approval.
The only requirement is that you are the registered owner of the vehicle, as proven by your name on the vehicle title. The vehicle must also be fully owned and lien-free, which means that there are no other legal claims or outstanding judgments against it.
If you pass that requirement, you can get a title loan—even if you have bad credit, are unemployed, or have a non-traditional source of income.
3. You Can Get Emergency Money Right Away
Banks can take more than a week to review your loan application and release the money. If you have bad credit and need to present additional documents or get someone to co-sign the loan, this process can take up to a month.
However, most financial emergencies require you to raise money as quickly as possible. Maybe you need to seek immediate medical treatment or repair your car so you can use it for work. Maybe your plumbing or heating broke down, or you have to pay off a backlog in rent or utilities. In these situations, even a few days’ delay can cause a lot of problems.
That’s why Mississippi Title Loans, Inc. expedites the vehicle title loan process so you can get same-day approval and payout. Just fill out the online form, and you’ll be connected to a loan representative who can walk you through the requirements and process.
Then either go to the branch or arrange to meet with your loan representative at your desired location. The representative will review your vehicle title and your ID, and then inspect the vehicle to determine the loan amount you qualify for. The in-person process can take as little as 30 minutes—and if you’re approved, you get the money the same day or the next business day.
Fill Out Our Online Form Today!
Need emergency cash? Help is just a click away. There are several advantages of getting a title loan in Laurel, MS, and we have gone through three of them here. If you are ready to obtain your emergency cash fill out the form, and we’ll be happy to answer any of your questions and walk you through how you can qualify for vehicle title loans.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.