Although not as popular or well used as the more traditional loaning systems (banks and credit card institutions), car title loans are rapidly becoming a well-patronized loaning system. Matter of fact, it is so well used that it has been recognized as the one part of the financial or economic system that will not fail you when all other facets of the money borrowing system have failed you. What exactly makes this system different?
Well, a car title loan is faster to process than actual bank loans. You could complete the whole process of a car title loan in less than a day. This could be attributed to the fact that collateral is collected and hence the need for serious paperwork (that is essential in banks and credit card institutions) is mitigated. Moreover, in a more conventional loan involving banks and credit card institutions, a key factor that distinguishes who to approve and who not to approve for a loan is past credit history. This together with other factors such as background and employment history would be looked into, making this process unnecessarily long and most likely unsuccessful (especially in current times with the worsening economic conditions). But the processing of a title loan does not require the implementation of all these unnecessary steps such as reviewing credit history and others. Instead, as long as the individual has a clear car title document with his or her name on it, a document proving your legal place of residence and a recognized and valid identification card. More often than not, a valid driver`s license is enough. With these in place, you can begin and conclude the whole transaction on the same day, specifically in a few hours.
This specific trait has made car title loans the go-to method in times of emergency when cash is urgently needed. This could include health-related emergencies or the urgent need to pay off a bill (mostly last minute). In such situations, we offer from $2,500 to as high as $50,000 on loans. But of course, there is a price to pay, after all, this is still business.
In most cases, after the vehicle title has been used as collateral, the persons involved just relax. They forget that the longer you delay, the more interest you would have to pay. So, it would be in the best interest of the borrowers to make the whole thing a short term affair. Pay off as soon as you can. One way you can achieve this is to make the necessary adjustments to your monthly budget so that a small portion would go to the company that loaned you the money. As difficult as this may be to achieve, in the long run, it would prove to be the most effective and wiser method.
But the best method so far, albeit also the most inconvenient method would be to get a different source of income. In most cases, this ends up being a part-time job. This way, you could quickly save up enough money to pay back your debts without touching a dime from your major source of income to pay off the debt. This method in a way is also the most convenient because you do not have to reduce spending on any other aspect of your life that is sponsored by your major income.
But another method would be to borrow the required sum from someone else to pay off your debts. The people borrowed from this time around would usually be friends, acquaintances or family members. Although this method might seem more convenient as it allows to live a somewhat more comfortable life than the first method, it also in a way closes off that “source of help”. Because you cannot keep meeting people around you and relying on favors to pay off your debts while accruing more debts elsewhere.
Unfortunately, life chooses an extremely inappropriate time to hit us with a problem that we just cannot turn a blind eye to. This way, we have absolutely no hand in deciding when would be “convenient” for us to face a challenge that could plunge us head-first into a financial crisis. Some could be fortunate enough to have reserve funds when disaster strikes and the disaster happens to be within the scope of what the reserve funds can handle. While some others who have reserve funds, would have their reserve thoroughly depleted and it would still not be enough to tackle the problem. In such emergency loans, specifically payday loans could just be the only visible way out of such situations.
Payday loans also referred to as a cash advance is an instant cash loan that is based upon the fact that you have evidence of an official “payday”. This sort of loan would usually require that you put down the details of your employer along with details of your weekly or monthly income in a signed declaration. Extra details involving a friend or some else who is acquainted with you and as much personal detail as is deemed necessary and safe.
This loaning system is also independent of your current credit rating or history as the lenders lack interest in your credit. The only drawback is that some lenders would rather deposit the money into your account which could then take an extended period to be cleared by the bank (maybe a day or three at most). This is majorly the situation with large amounts of money. But if you would like same-day transfer of loans into your account, it is possible with little or smaller amounts of money (from US$500 to about USD$1500).
This lower amount would end up taking back more interest form you in the way of monthly credit card charges, overdraft, or even rate offered by the pawnbroker. One might reason with the similarity between payday loans and bank credit services or overdraft facilities, why not just use the banks as you could get more sums of money from them anyway? In as much as they both analyze your ability to pay back your debts by going through your income history, they have minute differences.
The bank even with its lower interest rate and higher request on the amount would be strict in its requirements. For instance, a poor credit rating would disqualify you, the inability of your bank statements to show regular income would disqualify you and the amount of time they would take processing everything (after which they might deny your request) is simply too much for you to sit around doing nothing. This makes the existence of cash lenders and the option of getting an advance from them more suited to emergencies.
To improve the likelihood of successfully acquiring a payday loan instantly, a few arrangements would have to be in order after careful consideration from the prospective lender. Fill as much information as is necessary on the online form that could convince the lenders that you are worth the risk they are about to take (but always remember to prioritize your safety).
This way, should any problems arise in the future concerning your identity or other areas, the additional information you provided would be an enormous help in polishing out grey or unclear areas. If you would be personally proposing, then be careful with your overall presentation, this care should even extend to your handwriting as well as your appearance. Moneylenders prefer doing business with someone who looks responsible and with whom they can communicate freely, but not persons with a foul and unpleasant attitude.
So all in all, a “same day” payday loan is a quick and straightforward way of getting cash loans during emergencies. This method will not require that you have good credit. The only requirement is that you provide abundant and acceptable proof that you have a job and that within the stipulated time you would be able to return the borrowed amount with the agreed interest. Although they attach high-interest rates, they are both the most accessible and fastest way for people to receive loans during times of emergency. Unless you would like to drop off collateral with a pawnbroker.
This is another straightforward method of getting very fast loans assuming you have all the required items and all criteria are met. To make use of title loans, some basic steps are involved.
First and foremost (also the most obvious step), you need to get an application. Then you need to have or own a car with a very clear title. Then using the title, a borrower can provide a vehicle as collateral to receive a certain amount of money from the loaning service. The received sum is determined after estimating the wholesale value of the vehicle.
Similar to instant payday loans, title loans are also completed inside of a few hours or in some cases, one or two days. They are reasonably faster than any other means of loaning money from a company or institute. The entire process will take at most 48 hours to complete the transaction. In emergencies, time is of the essence. Besides, since collateral is involved the process is pretty much one way and easy to conclude. Unlike several unsecured loaning systems.
Another advantage of title loan services (such as services offered by Car Title Loans California) is that the credit history of the borrower is not a concern. Some other financial institutions would use the poor credit history of a person to delay or deny the person’s loan request but such situations will not occur during title loan transactions.
The most appreciated feature of this service is that those involved get to hold on to their vehicles, the only thing required by the loaning service is the title for the vehicle and a set of keys. This is why car title loan services are popular among car owners that need quick cash for emergencies.
The answer simply is, very fast. At least faster than any other loaning system you can think of. These services are open to you every hour of every day and every day of every week. So you can request loans at just about any time. If you are organized enough, some companies can provide you with the needed loan in a few hours (such as Car Title Loans California) and at most two days. The major parts that consume time would be your arrangement of the requested documents and scheduling of time to meet with the lender to discuss options and arrive at a decision convenient (to some extent) to both parties.
Even if you are currently without a job and severely lack credit, there are options available to you. You just have to find a suitable lending service. But do not be surprised when you receive high-profit rates. This is as a result of the fact that the lower your chances of getting credit, the higher your interest rates will be. So to make the very best of your situation, gather all the documents you have to prove that you will be able to repay in due time.
Yes. Definitely yes. In the current economy, there are not enough jobs to go round and any side jobs you might have will not necessarily be able to care for your individual needs not to mention your family. As long as you have a vehicle and a clear title plate, you can apply for a loan using your car as collateral. But some interest rates will be better than others (check Car Title Loans California), so do not be in a hurry to hand over your title without first researching all options available to you. This way you can choose an option that allows you to slowly pay back so that you do not unnecessarily run the risk of losing your car.
At Car Title Loans California, we are open to negotiations and have the most favorable interest rates for you. So just make the necessary preparations and we will be able to begin the procedure for your title loan and hopefully successfully finalize it in time for you to meet lunch at home while still in possession of your car. But this time you have some more money to take back home.