Many people often take out loans when they are stuck in an emergency and need an urgent injection of cash. However, if you run a search online, you will realize that there are hundreds of different options available to you. Banks and credit lenders have usually tailored their loans to meet the needs of different clients, so you might end up getting confused. One of the options that you will come across is a title loan. Title loan funding has become an incredibly popular choice for people who need emergency cash quickly. Here are five major benefits that you get for applying for a title loan.
1. Quick and Easy Processing
Arguably the biggest benefit that you get for applying for a title loan is that they are very quick and easy to process. You don’t need to wait for days on end before the title loan is approved or rejected. When you send in an application to a licensed credit lender, they are probably going to give you an answer by the end of the day, and once your application is approved, the money will be transferred to your bank account on the same day, or the very next.
2. Your Credit Doesn’t Matter
Title loans may not require a credit check. The title loan funding amount is based off the collateral that you are putting up (which is the title of your vehicle), so you don’t need to worry about not getting the loan if your credit is bad. If you have a reliable source of income, most lenders will also be willing to give you a loan that is equivalent to the value of the vehicle that you are putting up.
3. You Just Need a Vehicle to Qualify
It doesn’t matter if you own a top of the line vehicle or an old beater; you just need a vehicle to qualify for the loan. You can have an RV, a sedan, an SUV, or a truck, and they are all eligible for applying for the loan. You just need to take the papers for the vehicle to a local title loan provider and they will tell you the maximum loan amount that you are eligible for.
4. You Get to Use Your Car Anyway
Many people are confused about whether they will be able to use their car when they put up the title as collateral. Thankfully, this isn’t a problem, you can use your car anyway without having to worry about anything at all. It’s a fantastic option for people who also get the loan and still get to use their car.
5. It’s Less Expensive Than a Cash Advance
Because there’s collateral involved, the title loan is less expensive than a cash advance. It’s a great idea for people who want to save money and need to get a loan without having to pay an excessive surcharge. These are just some of the major advantages that you get for applying for a title loan.