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Oct 22

5 Benefits of Getting a Title Loan

Reading Time: 2 mins

As the COVID-19 pandemic drags on, more people are finding themselves in financial trouble. With unprecedented layoffs and long waits for unemployment benefits, you may be having difficulty paying your bills. Finding a part-time job isn’t as easy as it once may have been with the millions of business closures during the pandemic.

If you own a car, you may have a source of income sitting right in your driveway. Finding title loans online could be the answer to your financial problems. Without having to turn over your car, you can get money in your hand in just a few hours.

These kinds of secured loans are great for anyone that is looking for some fast cash. The application process is quick, easy, and you don’t have to worry about your credit rating. Let’s take a look at some of the benefits of getting a title loan to help you make ends meet.

 

Keep Your Car

Selling your car for cash isn’t always the best answer to your money problems. You may rely on your vehicle to get you to and from work, and selling it could cause you a great inconvenience. When you get a title loan, you can keep your car and borrow against its value. Your vehicle acts as the collateral for the loan without having to turn over your keys. Providing that you continue to make your loan payments, you will keep ownership of your vehicle.

 

Easy Application

When you apply for a traditional bank loan, you will have to fill out multiple pages of a complex application. You may also have to provide several forms before you can complete the process. When you apply for a title loan, the application process is quick and easy. You only need to provide a minimal amount of information, and you can have money in your pocket. As long as you provide a valid I.D. and a copy of your vehicle title, you are all set. There is no requirement to provide proof of employment, tax records or insurance information.

 

Flexible Terms

With a bank loan, once you sign the papers you are locked into a specific repayment schedule that often includes penalties for early payments. When you get a title loan, you can choose a variety of repayment schedules that work for you and can pay off your debt early if you want without penalty. You won’t be limited to monthly payments with a title loan, you can choose how often you want to schedule installments to work with your budget.

 

Discretion

Title loan lenders are committed to helping you through your financial challenges with courtesy and confidentiality. Your information will never be shared with anyone and your loan details will remain private.

The pandemic has created many challenges for millions of people around the world. If you are struggling to pay your bills and you own your own car, you may be able to benefit from a title loan. Talk to your local lender today about an appraisal on your vehicle and get the money that you need in a hurry.

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