There are many benefits to obtaining a car title loan, especially if you have bad or zero credit, or if you need cash fast. But what else makes car title loans a wise choice for those short on cash, and why do they rein supreme over payday loans and other loans from the bank?
1) Regulation – Unlike payday loans, which typically have two weeks to pay back, title loans have at least a 30 day repayment requirement. The laws vary depending on the state the loan is obtained in, so it’s important to ask questions when speaking with a loan officer.
2) No credit check – If you have bad credit or don’t have credit at all, you can forget about even setting foot in the bank. With car title loans, however, your credit history isn’t even taken into consideration. Instead, you must provide proof of residency, employment, and car ownership.
3) You get to keep your car – This sure beats going to the pawn shop and giving up your source of transportation. This way you can keep your vehicle and drive to work each day.
4) Timeliness – Fill out an online title loan application and you can get approved almost instantly. Try to get a loan with the bank, and even with decent credit, you’re going to have to wait. If you have a sick relative or pet, and don’t have insurance, you can’t afford to wait. Title loans require minimal processing time. You can even walk into a title loan office and be in and out within 30 minutes.
5) Safety net – In the event that you are unable to make the full payment, title loans typically allow for rollovers, which act as a safety net. If you can’t pay the loan off in full this month, pay just the interest due and you will be “rolled over” to next month. Even if you can’t pay the loan off in full, pay before your due date and pay more than the minimum amount. This will reduce the amount of interest or fees which will be due in the next time period.
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