Astonishing Advantages of Title Loans

by James on July 28, 2017 · 0 comments

titleloanA title loan is a secured loan which allows car owners to use their vehicle title as collateral, involving the owner exchanging the hard copy of their vehicle title for a disclosed loan amount which is commensurate with the value of the car. The nature of the economic climate in the United States strikes one of uncertainty, creating an avenue for innovative lending solutions that appeal to the public.

Title loans are a new and highly discussed financial instrument, and though they have been the subject of mixed reviews, there is also countless anecdotal evidence to suggest that these loans have saved individuals from financial ruin. It is difficult to feed into the uncertainty and skepticism surrounding these loans, especially with online only title loans, which are easy to access and can be capitalized on for great benefit. To clear up some of the confusion regarding these instruments, this article will outline some of the leading advantages of title loans, which should help you make an informed decision on whether this is a financial measure which is suitable for you.

Easy to Qualify For
When taking out a title loan, there aren’t any credit checks conducted, making the application process incredibly easy and realistic for most people who require a loan. One of the leading requirements with title loans is to have a free and clear vehicle title, alongside a regular income and state ID.

Fast Approval

It is not beyond the realms of possibility to be approved for your title loan on the very same day you applied. This is an incredible benefit for those who aren’t in a position to wait, and is a huge motivation for most consumers.

Easy Application Process
You can apply for title loans online, where there are countless lenders available who provide convenience for consumers. This eliminates the need to travel to a physical location and deal with someone in person, creating a level of freedom and flexibility that is second to none, where consumers can glide through the process from the comfort of their own home.

No Borrowing Limit
One of the great luxuries with title loans is that you can borrow as little or as much as you need. The biggest determinant of your lending limit is the value of your car, the sole measuring stick since it is your car that is being put up as collateral. If your car is worth $10,000, you can borrow anything up to that amount providing it doesn’t exceed the value, meaning that car owners have an opportunity to lend considerable money if they have a valuable car.

Money Deposited DIrectly to Bank

With title loans, money is deposited directly into your bank account via direct debit, allowing lenders to meet their emergency financial needs effectively. 

I hope you have found this article informative, and be sure to research further information available online to help further your understanding of whether getting a title loan is advisable given your current needs.

Please comment below if you feel as if we have left anything out, or if you have any insight on title loans in general.

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