When the borrower understands how and when to use a title loan, it can be a significant benefit in certain situations. In a previous blog post, we discussed 5 Reasons to Get a Title Loan. Today, we provide further details on whether or not title loans are a good idea for your situation. Read on to learn all the details.
Installment Title Loans: The Gains
First, it’s really easy to apply for a title loan. You can complete your application online or in-person, and we can usually get you approved in 30 minutes or less! Also, if you’re worried about a title loan affecting your credit score, don’t be concerned. When you apply for a title loan, you get a secured loan where you put your car up as collateral. There is no need to check your credit, so anyone with a car can get a loan regardless of their credit.
Installment Title Loans: The Risks
Some title loans can be a disadvantage because borrowers face high-interest rates and the threat of repossession. However, while title loans can be risky, Quick Loans attempts to minimize the risks by structuring an affordable payment plan. You can pay your loan monthly or bi-weekly to complement your cash flow and budget. We’ll do our best to help you by offering competitive rates with a hassle-free process.
So, Are Installment Title Loans a Good Idea?
Sometimes unexpected expenses occur. If you’re in financial distress and you don’t have the cash on hand, an auto title loan enables you to get the money you need quickly. Ultimately, it’s up to you to weigh the pros and cons and decide if a title loan is best for your situation. If you’re still uncertain, ask yourself these questions:
- How long do you plan to keep the title loan? Is it less than two months?
- How much of your monthly income are you borrowing? Is it less than half?