Money is something that everybody needs, especially during emergencies. And emergencies are instances that you have no control over. Most of the time, emergencies always involve money. And if you’re looking for a fast and easy way to get money fast, you can try getting a title loan. Compared to traditional lending companies, the approval time is quick, with you getting the funds within 24 hours. With traditional lending companies, you need to wait typically seven days before they can approve your loan. Aside from that, they need to check if you have a good credit score.
If you have a poor credit score that’s not been fixed yet, you can take out a title loan. But you need to own a car and have a car title because it will be used as collateral. If you don’t pay your loan within the agreed-upon deadline, they may repossess your car, or they can roll over a new loan for you. One of those popular lending companies that take title loans is South East Title Loans, and they have fantastic offers too. So let’s find out why title loans are a good idea, especially for those who need cash immediately.
Good Idea for fast Funding
Title loans are generally a good idea for quick emergency cash, and you don’t need to wait for a week or more for approval. You only need to use your car’s title as collateral, submit it to the lending company, and you can immediately get the cash once you sign the contract. So it’s no surprise that millions of Americans are taking out title loans all the time while waiting for their pay day to arrive. As long as you pay for the full loan amount plus the interest on or before the 30-day repayment, you won’t lose your car.
There are Longer Repayment Terms
Even though title loans are considered short-term loans, you can still negotiate a more extended repayment for your loan. Most of the time, the loan duration is only 15 to 30 days, but it may be longer. Some even take a multi-year installment play, so they don’t need to pay for the total loan in one month. It’s an excellent way for people to slowly repay their borrowed money while having enough for themselves.
Get a Lower Monthly Payment
The monthly payment for title loans is low, and it won’t disrupt your everyday life. Title loans are a good idea if you want to pay for your loan every month in affordable payments that won’t stress you out each month. Aside from that, you should think about saving some of your money as an emergency fund, so you don’t need to take out a title loan in the future.
Tons of Competitive Rates
Since title loans are getting popular these days, lending companies are offering competitive rates. Based on up-to-date market analysis, you can ask for a better rate so you can get more value for your car at a lower interest.
Quick Funding for Your Personal Expenses Even with Bad Credit
If you’re looking for a good way to get money fast but don’t want to be declined due to your bad credit history, a title loan is the best course of action. You can get the funding instantly, plus you don’t have to worry about them checking your credit.