3 Signs You Should Apply for a Loan
Do you need to take out a loan? Consider a title loan! For many borrowers, title loans are a good option. Learn why you may want to apply for a title loan.
Title loans first became available in the early 1990s, and they have been popular ever since then. Even though you might be aware of these loans, you might not have ever actually applied for or received one. For many borrowers, though, title loans are a good option. These are a few signs that you may want to apply for a title loan.
1. You Need Money Fast
There are many reasons why you might need to take out a title loan. You could be behind on essential bills and facing something serious, such as a utility shut-off or an eviction. You might have household repairs that need to be made, or you might have a sick pet that you need to take to the vet.
In any of these situations, you might need to borrow money quickly. You may not have time to apply for multiple loans and wait for an approval. This means that you’ll want to choose a loan that has a fast application process.
One aspect that makes title loans ideal for many borrowers is the fact that the application and approval process is quick. If you fill out the application correctly, you can often get a same-day approval. If you need money fast, this type of loan might be your best option.
Another good thing about title loans is that you can usually use them on anything that you want. You’ll generally just be given cash, so you can decide what the money needs to be spent on. This loan is a better alternative to some other loans, which might require you to get approved for your planned use of the loan.
2. You Don’t Have Good Credit
Approximately 30 percent of Americans have either poor or bad credit. There are many others who don’t have credit at all. For these borrowers, getting approved for a loan is not easy.
Many banks have tight lending requirements. These restrictions make getting approved for many loans difficult if you have bad credit or no credit. Many title lenders do not check credit at all, so a title loan might be one of very few options for you if you haven’t yet established good credit.
3. You’re a Vehicle Owner
Of course, you have to be a vehicle owner if you want to take out a title loan. Many people who take out title loans use their cars, pickup trucks, or other personal vehicles as collateral. However, some title loan companies also accept titles for motor homes, motorcycles, all-terrain vehicles, boats, and more as collateral for the loans that they offer. It does not hurt to ask when applying.
Not only do you have to be a vehicle owner to take out a title loan, but you must also have a free and clear title for that vehicle. For example, car owners who are still making payments on their vehicles will not be able to take out a title loan.
Additionally, you must have the title for your car when applying. Then, the lender can verify that there are no liens against your title and that you are the owner of the vehicle. The lender will also need your title so that they can put a lien on it. This means that you cannot sell the car without repaying your loan first. Of course, the lien will be removed once you repay your loan.
Title loans are popular among buyers for a number of reasons. If any of these situations apply to you and you’re looking to borrow money, contact us at Tennessee Title Loan to learn more about our title loans.