There are several loan critics out there who are always ready to announce that you should never consider taking a loan, let alone title loan. Question is: what do you do when you need money for an emergency situation, but you don’t have the money? Do you fold your arms, sit around lazy while the urgency is not attended to? That will be a bad approach to, the urgent situation; there are many lenders who are willing to help out in situations like yours. That’s why we are going to highlight five perks of applying for a title loan.
You Don’t Need Good Credit
When seeking for a title loan, a don’t worry your head about your credit score, don’t doubt whether you will qualify for a loan or not because you do. In as much as you are at least 18 years old and you own a vehicle, you can get a title loan.
Title Loan is Instantaneous
As already mentioned, you can walk out with cash right away, there are no tedious procedures to follow, you don’t have to fill in several documents. You can be worried about your emergency need 15 minutes ago and within 15 minutes of applying for a title loan, you are handed your loan.
You Can Borrow A Lot of Money
You can walk into a title loan firm worried about your emergency need and walk out with enough cash to resolve the situation. You can lend up to $20,000, the loan is calculated based on the equity of your vehicle. Therefore, you will determine how much you can borrow.
The Collateral Remains With You
Title loan uses the borrower’s vehicle as collateral. However, it doesn’t restrain the borrower in any way. Your car, motorcycle, or any other automobile will remain in your care, and you can use it as you will when you get a title loan.
No Early Payoff Fees
Most traditional loans require early payment fees, but that is not the case with a title loan. If you can pay early then, by all means, do so, you will also reduce your already slated total payment.