Title loans tend to have a bad rep, and that’s why many people avoid them. They see it as predatory lending and argue that you should only consider them in desperate situations. That’s why these people will undergo financial hardships and refuse to apply for these loans.
So, are title loans all bad?
Keep reading to learn the five amazing advantages of title loans.
- Access to Instant Cash
Maybe your kid has been admitted to a hospital, and you need cash fast. In this situation, you should choose to get a title loan. You’ll discover that most title loans lenders disburse cash fast.
So, you’ll get the money you need quickly to pay for your kid’s treatment and repay it later. So, utilize resources like georgiatitleloans.com to know more about what is a title loan and how it works. You want to know what you need when applying for these loans.
- Quick Approval
When applying for different loans, you need to find out more about the approval process. You’ll discover most title loan lenders completes the approval process fast (some even within 30 minutes). All you need is to provide the right car ownership paperwork.
So, find out more about the documents you must provide when applying for a title loan. The idea is to avoid making mistakes that prolong the title loan approval process.
- You Qualify Even With Bad Credit Score
When you have a bad credit score, you may assume that you don’t qualify for any loans. You assume that all lenders will check your credit ratings before they approve your loan application. However, understand that now there are many loans you can get with a bad credit score.
So, if you have a bad credit rating, you should consider applying for title loans. The reason is that you’re using your car as collateral for this loan.
- Friendly Repayment Plan
Before you apply for a title loan, you need to first find out about the repayment plan. You want to find out the loan’s repayment duration and interest. To ease things, look for a lender who allows you to repay the loan in multiple installments.
You want to avoid a situation where you spend all your monthly income on repaying a loan.
- You Keep Your Car
The assumption that you’ve to surrender your car as collateral is one of the things that gives title loans the bad rep. However, this is inaccurate as you get to keep your car even after receiving the loan money. The lender only wants you to surrender your car title when applying for a loan.
So, the lender will only seize your car if you fail to repay the loan within the agreed duration.
Get Cash Fast by Applying for Title Loans
Now you understand that the bad rep on title loans is greatly exaggerated as they offer many benefits. These loans help you to raise cash fast when facing an emergency. Besides, you’ll still be using your car as you repay the title loan.
For more practical automotive and finance tips, please see our other blogs.