It's quite common for situations to arise in life where you find that you need some extra money. It could be because an unexpected bill came in or you need funds to take care of household repairs. If this happens during a time when your budget is already stretched to the limit, you may think there's not much you can do. However, if you have a paid off car or motorcycle, you have the answer right at your fingertips: Getting a title loan. Find out why a title loan is the answer when you need money right away.
Your Credit Isn't A Factor
So many personal loans are issued based on a person's credit status. A low credit score usually means that you won't be able to get a loan because the lender considers you to be a negative risk.
Title loans typically bypass this requirement and issue the funds on the basis of your vehicle or motorcycle. As long as you own the vehicle and don't have a lien on it, you are able to use your title as collateral. As long as you pay the loan back in the agreed upon length of time, you won't have to worry about having your property confiscated by the lending agency. You also won't be forced to surrender the vehicle or bike while you're in the repayment phase. This allows you to continue to use your property to on a regular basis.
Title Loans Skip The Red Tape
Unless you're looking to wait for days or even weeks to receive a personal loan, a title loan is the best way to go. Personal loan lenders often require extensive proof of your income and may even ask to see tax returns for previous years. You are then left in limbo while you wait for the bank to make a decision. In the meantime, your financial woes are likely only getting worse.
Title loans are issued very quickly, so the question of timing won't be a factor. You can expect to receive the money much faster than you would have if you went the traditional route.
If you get a title loan be sure to repay the loan by the stated deadline. If things happen and you find that you need just a bit more time, be sure to reach out to the lender so they can be aware of what is going on and possibly work with you. Contact a company like Tennessee Title Loan for more information and assistance.