If you own a vehicle, you could get a loan worth thousands of dollars in just a few minutes. All you have to do is use the vehicle's title as collateral to obtain enough money to pay down credit card debt or start a business. Let's look closer at what a title loan is and how you can use it to create financial flexibility.
A title loan is a type of secured short-term loan that is generally repaid in about 30 days after you receive the money. The amount of the loan is based on the market value of the car. For instance, if your truck is worth $10,000, you can borrow up to $10,000. As a general rule, a lender will provide up to 80 percent of a vehicle's value in a single loan.
To apply for Kansas City title loans, you can go online and fill out a quick application. The application will ask some basic questions about yourself and your vehicle. You may be asked to submit pictures of the vehicle that will be reviewed to determine its condition. In some cases, you will need to have the car or truck physically inspected to determine how much it is worth.
Title loans in Gladstone come with a variety of benefits. First, a loan decision can be made in a matter of minutes or hours. If you apply for a loan with a bank, it could take days or weeks to determine if your application has been approved. Furthermore, you don't need to undergo a credit check as part of the loan decision process as it is secured by the vehicle.
Generally speaking, title loans in Gladstone come with lower interest rates than other short-term cash advance products. This is because payday and other cash advance loans are not secured by anything other than a borrower's promise to repay the money. Therefore, a vehicle title loan can be the better solution when it comes to meeting your financial needs.
It is important that you borrow money responsibly regardless of where you get it from. If you fail to repay the title loan on time, it is possible that the collateral will be repossessed by the lender. The good news is that a customer service representative will be able to work with you to decrease the odds that this happens.
For instance, it may be possible to roll your current loan into a new one when the current one comes due. A lender may also have the option to reduce the loan's principal balance or suspend interest payments until you are better able to meet your payment obligations. Alternatively, a lender may agree to only collect interest payments while suspending collection of the principal balance.
If you need to get cash today, applying for a title loan could help you accomplish that goal. Applications can be submitted from any device that has an internet connection and at any time of the day. Customer service representatives are standing by to answer any questions that you may have.