How Are People Using Title Loans During COVID-19
If you have been paying attention the past few weeks, then you may have noticed a small problem called COVID-19 affecting businesses and individuals alike. If you are like most Mississippi residents then you probably have to deal with numerous changes in your everyday life and financial situation. For example, if you work in the restaurant industry then you are may have hours cut or be out of a job altogether. While you may not be laid off, the business may decide to shutter up and be unable to pay employees during this time. While things like the government stimulus package can help reduce the financial stress that you may be experiencing, it is not a complete solution. However, title loans in Mississippi can help you get the emergency funds you need quickly. Here are some challenges you may be facing that can be helped by getting a competitive title loan in Mississippi:
- Medical bills/medication costs
- Home and car repairs
- Rent payments
- Pay off debts
Medical Bills and Medication
Medical bills and purchasing medication, even with insurance, can be expensive and leave you in debt. Rather than not buying the medication you need or seeking treatment, you can get a title loan to help you cover the costs.
Home and Car Repairs
Your car could be essential for your job and damages to your home can grow worst and become more costly to repair over time. An MS title loan can allow you to pay for repairs as soon as possible and get your car or home repairs in order.
Sometimes due to financial emergencies, paying rent on time can become impossible alone. Getting a vehicle title loan can give you the funds you need quick to pay off rent on time and avoid late fees.
You can use your title loan to take care of small debts and payments instead of slowly paying them off every month. Getting rid of old debts can improve your credit score while also lowering the burden of those financial obligations. With less to pay each month, you can begin saving sooner.
How Title Loans Help You
Title loans in Mississippi can help you deal with unforeseen circumstances that require quick funds without the hassle of other loans. While you may be stuck waiting for approval only to get an email or letter a week later denying your loan, you won’t ever experience that with a title loan. A significant advantage is how fast and easy it is to apply and get approval for a title loan today. Rather than waiting for a credit check to pass, you instead know how much you will receive and can get your funds the same day! Wow, that’s quite a big difference compared to waiting 5 business days for a response for other types of loans like one from your bank or a credit card.
Does Not Affect Your Credit Score
A huge benefit of relying on a title loan instead of something like applying for a new credit card is that it does not affect your credit score. Title loan companies do not even report defunct loans as the collateral is the vehicle itself and the business can recoup its losses through reposition. For even trying to get approval for a credit card, your credit score will be hit with an over year-long hold and lose a couple of points. Rather than damaging your credit score only to not get approval, you can get approval for a title loan instead. If you are hesitant about getting a title loan, don’t worry. You can visit your nearest title loan location in Mississippi by visiting the locations page. Not only that, but you can start your title loan process online and get some answers to your question using online chat services today.
Get a Mississippi Title Loan Today!
If you are looking to get your funds without feeling like you are getting a whole background check, then a title loan is perfect for you. The process is so quick that many can be in and out with their cash in as little as an hour. First, you will need to ensure that you completely own your vehicle. That means not having liens on the title. After finding your nearest store or going online to begin your application, you should then gather the necessary documents like a valid ID and the title. After bringing your car in for inspection, you can get an offer depending on the market price of your vehicle and its condition. After signing and agreeing to the terms of your loan, you can be on your way out with up to $2,500 the same-day!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.