Get money sent directly to your bank account, or pick up your money at a participating location.
When in need of financial support, there are a lot of options to consider. However, they may not all be a good fit for you.
Payday loans are meant to be a short term loan for those that only need a few hundred dollars until payday. If you need more money, or don’t think you can repay the loan within two weeks, a payday loan may not be a good idea for you. While payday loans may rollover, you could end up with costly interest fees that make repayment harder than it needs to be.
Many bank loans are unsecured, meaning that an asset is not required for approval. However, the approval process can be tedious and the eligibility requirements may be strict. If you don’t have an existing bank account or good credit, most bank loans may not be a good idea.
Family or Friends
If you have the ability, asking a family member or a friend for emergency cash could be ideal. By borrowing money from people you know, you could save on excess interest charges and receive flexible repayment terms. However, involving finances can be risky to any relationship.
If you have a car in your name, you could opt for title loans. This type of secure loan uses the car title as collateral for funding. The loan amount you could receive is based on a percentage of your car’s current equity. The qualification requirements are typically flexible, so approval rates may be higher compared to other loan options.
Why Title Loans Are a Good Idea for Funding
Title loans are a good idea for funding if you need quick emergency cash without the hassle of a long approval process. By using your car’s title as collateral, you may be able to receive unmatched benefits that make borrowing funds a lot less stressful. 1
- Longer Repayment Terms 1 : If you want more time to repay your loan, a title loan is a good idea. Though considered a short term loan, you may be able to receive more time to pay back the funds than you would with other similar loan options. 1
- Low Monthly Payments: You monthly loan payments should not disrupt your life. Title loans are a good option because you could get affordable payments that don’t stress you out each month. In addition, with low monthly payments you could save enough to start an emergency savings fund.
- Competitive Rates: Rates can reach excessive amounts, which is why title loans may be a good idea. You could receive competitive rates based on up to date market analysis.
- Quick Emergency Cash: If you have upcoming due dates, you may need financial support as quickly as possible. Title loans are a good idea because you may be able to get the money you need just 24 hours after approval! 1, 3
Are Title Loans a Good Idea if I Have Bad Credit?
If you have bad credit, you may be concerned about your eligibility status for loans. With title loans, you may still qualify despite having bad credit if same day payday loans Hamilton your car has sufficient equity. And if you don’t have an established credit history, it’s possible you could also still be deemed eligible.
Why are qualification requirements so flexible? During the title loan approval process, a lien is placed on the car title. This secures the loan and gives the loan company temporary ownership of the car until repayment has been complete. The lien lowers the lending risk, allowing more people in need of emergency funding to potentially qualify.
Title loans may be a good idea if you have less than stellar credit and you need some financial stability. 1
How to Inquire for Title Loans Online?
Online title loans offer the benefits of traditional title loans with a hassle-free process that can be completed almost entirely online! There’s no need to schedule an appointment or speak to a loan agent in person when you could easily start an inquiry online or over the phone.
The title loan approval process usually requires no more than a few simple steps, and once approved, you could look forward to receiving your title loan money in as little as one business day. 3