Sometimes, an unexpected expense comes up and there isn't as much room in the budget as one had planned. There is no shame in this; everyone has had a situation where there were more expenses than cash to cover them. Thankfully, it is becoming easier to handle these unexpected emergencies and unbudgeted expenses. There are many lending products available for those who need a little extra cash to get from one payday to the next. A title loan provides several advantages over other types of lending products.
While a title loan does require a credit check, a title loan can be easier to get than other types of loans. A signature loan relies on your credit score, and many lenders can be hesitant to offer a loan with no collateral and just a signature to secure the loan. With a title loan, you use your vehicle as collateral. Since you have collateral to offer to secure the loan, lenders are more willing to work with you.
Other types of loans may take longer to obtain than a title loan. You have to jump through many hoops; you have to provide proof of income, references, credit checks and other information to obtain these loans. Title loans can generally be obtained the same day you apply. Again, the collateral you are offering to secure the loan helps greatly when obtaining a title loan.
It can take months to obtain a mortgage; this loan is secured by a home or other piece of real property. Other types of loans can take days or weeks to close the loan, because of the type of collateral used. A title loan utilizes your vehicle (the vehicle must have a clear title and no existing liens) to secure the loan. This collateral is easily accessible, so the loan is more easily accessible than other types of lending products.
A title loan is a great option for those people who need a little extra cash to cover an emergency expense or take care of a financial obligation that was outside the normal budget. Title loans are easy to get, can be obtained quickly and don't come with the same types of hassles that other lending products do. If you are in need of cash in a hurry, consider a title loan from a company like Flexible Finance to help you stretch your budget and take care of unexpected expenses.