Reasons to Choose A Title Loan When You Need Cash

Title loans are a way that you can borrow money by using your vehicle as collateral. Most lenders accept cars, trucks and other types of vehicles like boats that have real value. These loans are very different from conventional long-term bank loans. There are a few reasons you should choose a title loan when you need cash.

Minimal Qualifications

Conventional bank loans normally have very strict eligibility requirements. These can include having a good credit history or having a certain amount of assets available. You have far fewer qualifications with title loans. Your credit history does not usually matter. You generally just need a vehicle, a stable income and a bank account. These minimal qualifications are because you are securing the loan with your car.

Fast Processing Time

Title loans can often be processed very quickly. Some lenders can have the money transferred to your bank account in as little as one to three days. Approval before that could be done in just a few hours to a day. Bank loans take much longer. The approval process with a bank could drag on for weeks. This makes title loans a good choice when you need cash right away for an emergency or a bill that is overdue.

Keep Your Car

The lender holds the title to your vehicle until the loan is fully repaid. Although they hold your title, they do not usually keep your car. You are free to drive your car normally while repaying the loan. You can continue going to work or school the whole time. This turns your vehicle into an asset when you need money.

Use the Money in Any Way You Want

The reality is that there are many types of loans available through banks or other institutions that are targeted at a specific cause. These loans must be used for what the lender wants. Some banks will even send money directly to a creditor or other business. Title loans allow you to use the money in any way you see fit. You could use the money for bills, car repairs or a down payment on a purchase.

Loan Terms Are Very Short

A final reason to consider title loans is that the terms are very short. Most title loans are repaid in 30 to 60 days. You do not have to deal with a loan that is spread across many years with accumulating interest and late fees. You can repay the debt fast so that your finances return to normal.

Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.

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APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.

Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.

Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals,may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.