I’m sure you have encountered numerous articles enumerating several points to quash the idea that a car title loan is not a good way to extract additional funding to pay emergency cash situations and other unexpected expenses. But the real issue is finding out reasons why auto title loan Chicago and in other areas is one of the best means of generating instant money to solve unexpected financial problems or any other situation where money is too tight to mention. Just to give the right perspective on how good this method is, read on for more details below.
- You cannot get outright cash from banks and other financing firms. These institutions take pride in giving the best financial services for everyone. However, you have to go through a lot of procedures before you can get a hold of the desired amount to solve your money problems. And by the time you receive the much awaited cash, it is quite too late as the consequences of delayed payments has already impacted your personal or professional life.
- The speed of loan approval is really fast. In the traditional financial loan institutions, there are several credit check processes involved and interviews conducted to ensure that these lending firms are assured that repayment is at hand when the loan is due. With auto title lending companies, there are no lengthy interviews and no rigid credit checks; in fact even if you are already marked as a bad debtor, you can still avail of this type of loan.
- It is very easy to qualify for a loan. The normal requirements when you apply for car title loan are as follows: must be at least 18 years old, have a regular job with a steady income, and must own the car. With banks and other lending firms, there are other things that you need to submit; thus, one is discouraged to apply for loans. The only added requirement that you must comply with is to see to it that your car is functional and well maintained. The amount of loan granted is based on the condition of your vehicle.
- It has flexible payment options. Flexible interest and payment options are not limited to banks and other popular lending firms, so do auto title loan firms. For example, if you can afford to pay the loan in fifteen days, the lending firm will only charge you based on the number of days that you kept the loan and not on the actual loan term that you applied for.
- It is valid for any reasons. Whether you want it to pay for emergency financial cases or to buy additional inventories, your loan will be approved provided that you meet the requirements when you apply for one.