Is a Title Loan Right For Me?
Three Things to Think About Before Getting a Title Loan
When life hits you with a string of rainy days, the financial burden can feel unbearable. Sometimes it feels like there aren’t any umbrellas big enough to keep you safe as the storm rages all around you. If you’re searching for information about a Title Loan, chances are you’ve hit a rough patch. A complete tidal wave, maybe. We’re here for you, and we’ve been lending a helping hand to countless customers since 1997.
We’re going to be honest and tell you what you may have been reading elsewhere: title loans are not for everyone because they are a type of credit that includes fees and interest that may be considerably more expensive than other loan options. But if you need access to cash quickly- and if you’ve looked into other options as advised1 by most lending experts- a Title Loan from Speedy Cash may be the answer you’ve been asking the universe to send your way. Speedy Cash offers exceptional service and strives to provide options for lending to every person who walks through our doors or seeks our assistance online. Review a few of our FAQs about Title Loans before making a final decision, and if a Title Loan seems like the right fit, you can begin your application with a team member in a store near you when you’re ready. Before you make your final decision, you might have a few questions about what a title loan is, how title loans work, and you might wonder whether or not title loans can affect your credit score.
What is a title loan?
A title loan requires collateral. What is collateral? In the case of a title loan, collateral used is the clear title to your car or other approved vehicle listed in our Title Loan Help Center. You may ask, “ok, so it’s the title to my vehicle but how does collateral work?” To put it simply, if you’re not able to pay your loan off on time, your vehicle is the lender’s security, and they could possibly repossess your vehicle. This is why it is important to understand what a title loan is2 and have a plan in place for repayment before applying. Rates and fees vary by state, so make sure to check with Speedy Cash to find out the terms that apply to your loan.
How does a Speedy Cash title loan work?
When you need cash fast, you need options and approval quickly. We know that sometimes the clock is ticking, and funds need to be in your hand as soon as possible. After doing your research3, considering all options, and deciding that a title loan is right for your situation you’ll need to visit a store near you to complete the loan process. It is a good idea to contact the store prior to heading over so they are expecting you and can tell you what you need to bring to apply. You’ll want to make sure you have all of the necessary documents in order to make the process as quick as you undoubtedly need it to be. Once you arrive, a team member will assist you with completing all necessary applications and documents, they will collect information from you, and they will inspect your vehicle. You must bring the vehicle you plan to use as collateral plus the clear title to the vehicle. Once you’re approved (our process can take as little as 30 minutes) you’ll receive the funds and will be on your way.
Does a title loan affect your credit?
Having bad credit can put a serious wrench in your plans and can limit your ability to get the credit you need when you need it. When a financial hurdle blocks your path and you have less than perfect credit, it can feel like there are very few options. As mentioned, title loans are an expensive form of credit, and you should do your research before choosing a title loan. Once you know that a title loan is right for you, the final question you may have before going forward might concern your credit. Speedy Cash has been dedicated to serving our customers, even our customers who don’t have the best credit, since 1997. If you have less than stellar credit, we may still be able to help depending on the value of your vehicle, your income, and our underwriting requirements. Our goal is to ensure a great customer experience and to provide you with the cash you need when you need it regardless of your credit situation. In most cases, we’re able to provide a title loan as long as you have a clear title in hand. Title Loans typically do not impact credit as most are secured without a credit check, but you’ll need to connect with one of our team members in store or via phone to learn the terms, conditions, and processes that are tailored to your state.
Is a Title Loan Right for Me?
When considering a loan to help you out of a tough financial spot, Speedy Cash offers multiple lending options. It is our goal to help as many people as possible. No matter your situation, chances are there is a loan available for you through Speedy Cash that will offer the funding you need, when you need it. However, is a Title Loan the right option for your situation? Possibly, yes. You’ll just want to do your research. We’ve discussed that a few times because it’s very important and here’s the super simple reason why: we want you to succeed. Our reputation has been built upon a firm foundation of customer service. We want our customers to receive the money they need, when they need it. When our customers have a good experience, they will be inclined to turn to us each time help is needed and even refer their friends and family. That’s why we’re rooting for you. No matter which loan product you choose, our goal is to provide you with the help you need and for the process to be an exceptional experience.
3Retrieved from: https://consumer.gov/credit-loans-debt/car-title-loans#what-to-do