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Sometimes you are in need of money fast and you’re not sure where to turn. Sometimes you have exhausted your options such as asking family, or borrowing from friends. It can also be tough borrowing from traditional banks. Maybe this is because of your credit, or maybe your debt to income ratio isn’t what you’d like it to be. Whatever the case is, there is a loan that is worth doing if you need cash fast. Title loans are a fantastic way to get the money you need in a fast and reliable way. Often times there are many misconceptions about title loans, however, they aren’t what you think. There are often some questions about title loans. Here are some answers:
You are typically able to borrow up to 85% of the equity you have in the car. The great thing about this is that there is a credit check, however bad credit isn’t something to worry about. Even with bad credit, you can still get up to 85% of the cars worth to the title loan lender. The reason why this typically works out is because the lender can use the money they get from selling the car if payments aren’t made on the loan taken out by the borrower.
Yes! This is probably one of the best reasons a title loan is a great way to get the money you need. Even though you are using your title as collateral in order to receive the loan amount, you still take your car and drive off, making it easier to get to where you need to be. There really aren’t any speedbumps or road blocks when it comes to a title loan, because of the availability to use the car you have the title for.
It really is. All you have to do is bring in a government issued ID, the title, your car, and fill out the application to start. In no time you’ll be driving away in your car with the money you came to get. Most traditional banks can take hours or even days to fund your loan, this can leave you missing out on bills that you could have already paid with a title loan.
Loans can be confusing, especially if the basics are unknown. Title loans make it easier to borrow the money you need and all that is required is the title itself, an application, and your government issued ID. Hopefully now, when considering a loan, you are able to see that title loans may work best for you as they are the quickest and easiest way to get the money you need. There are always a lot of questions with any loan. With title loans, you can see that it really is the best option because you can still use your car, and you get up to 85% of equity in the car. It sounds like a no-brainer to me!