If you need some emergency cash, but you can’t wait until your next payday and there’s nobody that you can turn to to borrow the money that you need, you may want to look at various alternative Money Lenders in order for you to get the cash you require. Whether you need to pay a medical bill or you need money to repair your vehicle or to visit a sick relative, there are various ways to get money in short order. You can choose a payday loan lender, but if you own a vehicle and that vehicle is paid for, you can opt for a title loan as well.
A title loan uses your vehicle as collateral and it also uses the value of the vehicle to determine how much money you can borrow. Unlike traditional loans, these loans won’t require a stellar credit score. In fact, most title lenders don’t even run your credit. All you’ll need to do is have a bank account, be at least 18 years of age and be able to document through a vehicle title that you own your vehicle outright.
If you meet these requirements, you’ll typically qualify for a title loan. However, it’s important to remember that most title lenders, such as Xpress Title Loans, will only lend you 20% of the value of the vehicle. In addition, these loans typically come due in 30 days.
You’ll need to be very careful not to borrow more than you can afford to repay. The reason for this is that if you default on the loan and you’ve not made prior arrangements with the lender, the lender has every right to take possession of your vehicle and sell the vehicle in order to repay the loan. While this is the worst-case scenario, it’s one of the main reasons why you should exercise caution in terms of how much you borrow when you’re using the title to your vehicle as collateral for a loan.
If your credit is damaged to the point where a conventional loan would be impossible to get and you need money in short order, title loans are an excellent option. You won’t have to meet stringent requirements and thanks to electronic transfers, if your loan is approved, you can have the money transferred to your bank account in a matter of a few hours.
