Car title loans are a short-term loan solution for people needing cash fast. These loans take the borrower's vehicle title as collateral on a relatively high interest loan. These are a good last resort decision for people who need cash very quickly and have a clean title to their vehicle. These loans usually use almost any vehicle for the collateral, including boats, motorcycles, and even personal watercraft. The lender evaluates the worth of the car, the ability of the borrower to pay, and other factors to decide if the loan amount need is viable.
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These are a few of the reasons why a person may take advantage of this type of loan:
Emergencies: Many times people who incur emergencies do not have the money at hand to be able to deal with the situation. These emergencies can include medical, home, legal, and other unforeseen issues that may arise in a person's life. The quick processing time is what leads people to these loans most times.
Quick Cash: The processing on these loans is usually less than a day and gives the ability to adapt quickly to a situation. The thing to borrower's should keep in mind is to pay attention the terms of the loan and not rush to make a deal based on the immediate need for cash. These loans are readily available and process so fast that it is easy for the borrower to assess whether or not they are making the right decision.
Distressed Economy: America suffered a recession officially from 2007-2010 with a peak national unemployment of 10% according Economagic, a company that tracks this data. Many people found the need to bridge gaps between jobs and stay solvent. This is the reason many people turned to the title loan industry to stay afloat when they found a new job. The point to keep in mind is that if you do not anticipate an increase in incoming cash, these loans may not be the best option.
No Credit Check: Most of the people who utilize a loan of this nature lack a sufficient credit score to borrow from a more traditional lender, such as a bank or credit union. By using a vehicle title as collateral, there is no need for an assessment of the credit score. The lender instead uses the equity of the vehicle to decide a proper amount to loan. With the ability to get the cash fast without a credit check, it is understandable why many people would seek this option.
Ease of the Process: Many companies offer title loans and most make this process quick and painless. The lack of hassle is another reason why many people turn to this sort of loan. When someone has been dealing with an emergency and do not have credit, there is not a lot more stress needed. As said before, most of title loan providers can have the loan processed within a couple hours.
For many people who have little to no credit, lending options can be very scarce. There is a definite risk that people should take into account when seeking a title loan. However, for a person who is trying to get back on their feet and can manage a short-term debt, these loans can be a very viable solution. Always make sure to research the lender and understand the terms of the loan before borrowing money in any respect.
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