Title loans are considered short-term loans. This means two things: borrowers have a short amount of time to repay the loan, and they may receive a few thousand dollars in funding.
At Max Cash®, we wish to talk about funds because it is important for borrowers to know what they may use their title loan funds for. Keep reading to learn what kinds of emergencies are covered by title loans and how to start the process.
Understanding What a Title Loan Is
A title loan is a loan that requires an asset, in this case, a car title. The car title is used as collateral to obtain a loan. Though your car will be used as collateral, the good news is that you can still drive your car while paying back the loan.
Title loans are considered short-term loans because they typically need to be repaid in a short amount of time—within a month or so. The funds acquired through a title loan are equivalent to the value of the car, so this can mean a few thousand dollars.
Title loans include the following benefits:
- No hard credit checks
- Fast cash
- Emergency money for the unexpected
Inquirers do not typically undergo a hard credit check when applying for a title loan. This is because credit scores are not the most important qualifying factor for a title loan. The most important factors include your car details and current condition. These factors will determine the value of your car and how much money you can receive from the loan.
What You Should Spend Your Title Loan Money On
Title loan funds can be used to financially support you when you feel overwhelmed by bills or unexpected expenses.
The following is a list of situations other borrowers have used their funds to remedy:
- Home Emergencies: The thing about owning a home is that you never know when an unexpected expense will pop up. Perhaps an appliance needs to be replaced or a water pipe bursts. Chances are, that home repair will be expensive, so acquiring fast cash with a title loan can be a great option.
- Medical Emergencies: You can never know when you, or someone you love, will require medical attention. Hospital bills and medication is expensive. Obtaining a title loan to cover medical emergencies is not a bad solution.
- Mechanical Repairs: Even if your car needs repair, you can still get a title loan. And with those funds, you could schedule those necessary vehicle repairs.
Max Cash takes pride in helping clients get the assistance they need. Whether it’s finding them the right lender, helping them through the title loan process, or just answering questions, Max Cash is here to help.5
If you have found this article to be helpful, then please check out our blog. We post informational content on a wide variety of loan-related topics.
Max Cash Advantage
Max Cash is not a direct lending company, but we are so much more. We are a financial referral company that connects qualified individuals with reputable lenders so they may acquire the funds they need. It is worth mentioning that while we have the means to find you a title loan lender, we cannot guarantee that a loan offer will be made.5
If you are trying to obtain certain financing services, then pick up the phone and call Max Cash at 833-207-9052 or send an email to info@maxcash.com.
