In a world where income levels are shrinking and money is in short supply and emergencies lay you low, perhaps any source that promises instant cash seems irresistible. Therein lies the whole problem, people are lured by sheer desperation into the arms of nefarious payday lenders that extract huge interest rates from the weaker sections of society, thereby pushing them further into chronic debt.
Fortunately, there are title loans, particularly title loans designed by the best companies that rule the market, which have a lot to say in their favor:
- Speed: When a cash emergency breaks out the situation demands an instant response, and if money is not in your hands within hours the situation could go out of control, ruining your day. The cash loan for title delivers the loan within fifteen minutes and this is not fantasy. The system works smoothly like a Mercedes engine because the formalities and procedures are extensively simplified.
- Safety: You don’t have to approach a store to get a loan for vehicle title. The loan can be applied through a secure and safe web portal that provides you an instant loan quote if you feed bare personal details and vehicle information. Taking the car to a store will get you a fast on the spot assessment of the vehicle’s value. The people who attend to you talk less and deliver fast. These are people you can trust.
- Convenience: The auto collateral loan spares you the drudgery of submitting mountains of paper, you don’t need to run from pillar to post seeking NOCs and referrals, you will not need to bring in cosigners; the formalities are so simple that the loan appraisal will be over in seconds and the cash will be in your pocket within minutes. The online application protocol has simplified the process even more.
- Loans that can tackle any emergency: The auto equity loan can and normally does approve loans aggregating to 60% of your car resale value, and this gives the client substantial financial muscle to tackle any type of emergency, striking at any time day or night, and what you secure in return is only the collateral of your car title papers. The car remains in your custody and you can use it for any purpose whatsoever.
- Interest rates that are competitive and repayments that are flexible: The car equity loan interest rate will not exceed 25% APR which is hugely competitive and unbeaten in the short term lending market. Payday loans and pawn loans continue to charge much higher rates for doling out amounts lower than title loans. The pink slip loan repayments can be modified to match a client’s income, reducing the strain of debt servicing.
The fact is that title loans are designed to bring the benefit of short term financing to clients that really need money but don’t know whom to turn to or trust. In fact this sector is getting a lot of return business as satisfied customers keep coming back for more loans. The average time span of client initiated loan closure is less than eight months. Perhaps one big advantage is that the loan amount is much bigger than competing products.
Another advantage, a major plus point is the delinking of title loans from the banker’s credit rating, credit scoring model. This is a huge help to clients that are burdened by a poor credit record that can apply title loans more easily. Car equity loans make a difference by focusing purely on the client’s repaying capacity, and not the size of his income or creditworthiness. A steady and regular income is the essential prerequisite for any title loan.
Security is another issue that favors title loan holders. The pawn car title loan will not take anything other than the collateral of the car title. The normal economic routine of the client remains undisturbed by the loan as the car remains in his sole custody. Unlike auto loans the title lender is not interested in your duplicate key!