Expensive emergencies are never fun, but for most people, they are simply a part of life. They can be as unexpected as anything else in life and can become a huge cause of stress and anxiety when you simply do not have the cash to pay for them.
If you are like many Americans, you may consider taking out a personal loan to cover the expenses that come with unexpected emergencies.
If you have a great credit score and credit history, you will be able to qualify for a number of traditional loans. If you do not have great credit, or simply lack the credit history to prove that you are a responsible borrower, however, you could find yourself struggling to qualify for many different types of loans.
Luckily, there is one type of loan that is accessible to you no matter what your credit score or history is like, and that type of loan is a car title loan.
A car title loan is a short-term loan based on the value of your vehicle. One of the reasons why they can come in handy for so many people is because they can get you the cash you need within 24 hours. The application process is easy, and there is no credit score check required.
There are plenty of options available for car title programs and personal loans in the market offered by various title loan companies. It is important to weigh your options and make an informed decision prior to choosing the loan lending companies. United Finance, TMX Finance, and TFC Title Loans are well-known companies for their flexibility of policies, rates, and reviews.
So, what are the common emergency needs that lead to people taking out a car title loan? Here are some of the most common ones.
Medical Bills or Medical Emergency
This is one of the most common, and also one of the most unpredictable emergency expenses that you can make. If you or a loved one is in an accident, suffers an unforeseen injury, or is otherwise at risk, time is always something of great importance.
Even if you have health insurance, medical emergencies can cost thousands of dollars and can be incredibly difficult to pay for if you do not have a large savings account, a lot of available credit, or some other way to pay off the bills.
If you are looking for a way to pay for medical help, or a way to pay off medical bills, a car title loan can be a great asset to you.
Not only can you take out a car title loan if you do not have good credit or good credit history, but you can also receive your loan in as little as 30 minutes. That means that you can apply for your loan and get your cash in hand within an hour!
When you or someone you love needs medical help, trying to find a way to come up with the money necessary to get them the help they need should be your least concern.
Emergency Rent Money
If you are behind on rent and are struggling to make ends meet, it can be hard to know where to turn. Rent across the country is rising, and salaries are not rising at the same rate. It can be incredibly hard to keep up and incredibly hard to get into a financial hole.
If you are just a single day behind on your rent, it can be a huge problem depending on your renting history and the relationship you have with your landlord.
If you have just a few days to get enough money together to make rent, you simply do not have time to waste on applying for complicated loans that can take days or weeks to get to you.
As it has been mentioned time and time again, car title loans are one of the most straight forward types of same-day loans on the market.
While title loans can come with high-interest rates (the average interest rate is approximately 25 percent), they are much, much lower than the average interest rate of similarly structured loans such as payday loans.
By opting to take out a car title loan, you will save yourself time when you would otherwise be stressing over how you are going to pay for rent and money in terms of which same-day loan you opt to go with.
Vehicle and Home Repairs
If your home or vehicle has undergone some unforeseen damage, either because of an accident, a fire, a ruthless storm, flooding, or more, a car title loan can be a great way to get the cash needed to make the repairs you need fast.
The great thing about getting a car title loan to pay for your vehicle’s damage is that, depending on the extent of the damage, you could feasibly take out a car title loan on the car you need to repair to pay for the repairs you need to make!
When people who borrow car title loans do so responsibly, it can sometimes feel like you are being paid to drive your car! When you are needed to repair your car, it can feel like you are getting paid to make the fixes!
Another unexpected expense that you may have to cover at some point in time is emergency travel. Flights can range in price from several hundred dollars to several thousand, and if you need to make a flight fast to help a family member or friend, take care of a business-related trip, or anything in between, you do not want to have to wait days or even weeks to gain approval for a personal loan.
For that reason, car title loans can be a great help when you need to take part in some emergency travel.
Traditional bank loans can take days or even weeks to get back to you about whether or not you have been approved. Even worse, if your credit score does not meet their requirements, you could wait all that time just to find out that you have been rejected for a loan.
Instead of filling out pages of paperwork just to get rejected for a bank loan, spend a few minutes providing the necessary documents for a car title loan and book your emergency flight today.
Student loans are an unfortunate part of life for many Americans today. 70 percent of college students graduate with a significant amount of student loan debt and over 44 million Americans currently carry more than $1.5 trillion in cumulative student loan debt.
Student loan debt can be incredibly hard to pay off, and if you are on the verge of missing a payment you can risk accruing even more interest fees and added fees on your student loan. If you are looking for a quick and easy way to make one or more payments on your student loan, a car title loan can be a good way to go.
Car title loans are also great for those struggling with student loan debt because car title loans will not be impacted by the effects your student loan debt has had on your credit score.
A lot of young Americans enter adulthood with poor credit because of student loan debt. It is not ideal, but it is true.
No matter what your credit score is when you are just coming out of college and entering the workplace, you can rest assured that if you have a car, you can use it to secure a car title loan.
These are just some of the most popular expenses that people who decide to take out car title loans use them for.
The truth is, however, that car title loans can be used for basically any purchase you want. Unlike some types of loans, such as business loans or car loans, car title loans are incredibly flexible.
Once the money is in your hand, it is yours to use. Just make sure you know the terms that come along with your loan. It is important to be responsible and make your loan work for you!