If we take a look at the numerous loan options that are available for consumers, it becomes quite obvious that title loans are now more popular than ever. This is an option that was designed for those that need cash really fast and there is some sort of collateral that can be presented as a payment guarantee.
When you want to get a loan because of some unexpected financial trouble, your priority is to get cash as soon as possible. With title loans it is incredibly fast to get the money you need. All that is really necessary is a title, usually a car title. This is presented and the loan offer is presented. If you are of legal age and you have a stable income, normally coming from a salary, approval normally happens in under 24 hours.
Getting Money Fast
It is not just the approval that is really fast with the title loans. You also receive your cash in a very short time frame. After you are approved, money is delivered to a bank account you own in around one day. This means that in most situations you get money in under 48 hours from the moment when the procedure is started. Few loans are faster than this.
Available For Low Credit Score
Title loans can help you out a lot in the event that you have lower credit score. In fact, when you are labeled as a risky borrower, the situation can be pretty bad for you. Banks are not going to give you money as they think you are not going to repay. The title lenders do not care about your credit score as they use the title in order to be sure that you make the payment.
One thing that should be added is that the title loans you take out can help you to improve your credit score. This is because repaying loans with higher interest rates is a clear indication that you are in a better financial standing. Some financial advisors actually recommend you use bad credit loans or title loans in order to improve credit score. However, this should only be done in the event you are 100% confident that the loan will be repaid without problems or you can end up in a worse situation.
As you can see, title loans have some pretty clear advantages you do want to take into account when you need fast cash to deal with financial emergencies. Just be sure you only work with the legit lenders and that you carefully do the math in order to be sure no problems will happen.