Primary Reasons To Consider Taking Out A Car Title Loan For Fast Cash

Financial emergencies have an uncanny way of occurring when people are least monetarily secure. They can catch you off-guard and without money that you need to take care of them effectively. 

Instead of trying to borrow money from a friend or family member, you can raise the cash by using an asset as collateral. In these instances, it can benefit you to use a car title loan to raise emergency funds.

Bad Credit Approved

Getting an emergency loan can be especially difficult if you have bad credit. No bank or credit union will extend a loan to you. You may think that you have no way of getting money to pay off this unexpected expense.

However, when you apply for a car title loan, you may be approved despite your bad credit. Many of these lenders look less at what your credit score is and focus more on the value of your car. You can typically get approved even if you have filed for bankruptcy or having outstanding judgments and liens. 

The basis of your loan will reflect the value of the car that you use as collateral. The lender may give you more than half of what the car is worth for a loan.

Immediate Cash

You can also typically get a car title loan paid out the same day that you apply for it. You do not have to wait for a week or longer while the lender decides whether or not to approve you. You also do not have to wait for it to send the loan to your bank account via an electronic transfer or direct deposit. 

The lender will usually issue a check to you for the full amount of the loan. You can then take that check to the bank to deposit it. You can also take it to a check-cashing business to cash it immediately.

Finally, you can typically pay off a car title loan in increments rather than a lump sum payment. You may have the payments spread out over several months or years. If you do not pay it off, the car title loan business may seize your vehicle and sell it to recoup its losses.

A car title loan can provide you with emergency cash. You may get approved even if you do not have good credit. You likewise get upfront cash and flexible payment options.

For more information, contact a local car title loan service.