Emergency disaster loans, otherwise known as SBA disaster loans, are designed to help homeowners, renters, and businesses of affected states recover after a disaster. These loans, available through agencies like the SBA, often have lower interest rates and extended repayment terms. However, they typically require a detailed application process, financial documentation, and a waiting period before funds become available.
In comparison to other available options during an emergency, title loans and installment loans may be able to borrowers offer faster access to funds. With title loans, a resident of Florida or another eligible state can use their qualifying car title as collateral for emergency funding. In some cases, borrowers can access their funds in as little as one business day or on the same day they were approved.5
Installment loans, on the other hand, allow individuals to borrow a fixed sum and repay it in equal payments over a set period. With the threat of back-to-back hurricanes looming within the next few hours, there has been a surge of people scrambling to cover evacuation costs through emergency disaster loans. Both options can be a lifeline for Florida residents in the west-central coast of Florida who need to cover emergency expenses such as evacuation costs, temporary housing, or urgent repairs to their homes.
Max Cash has opened their call center 24/7 during the hurricane to ensure that our loan agents are standing by to take your call. Dial 833-207-9052 today to get in touch with us and explore your options during this disaster!5
Why Consider Title Loans or Installment Loans to Handle Evacuation Costs?
Every moment counts before the storm hits, title loans and installment loans may be able to offer several advantages over traditional disaster relief options:5
Quick Access to Cash
Unlike SBA loans, which may take weeks to process, title and installment loans are designed for speed and convenience when it matters most. Applicants can often complete the application process online or over the phone, receiving funds within as little as one business day in some cases.1 2 5 This quick turnaround time may be the difference between finding safe shelter before a hurricane or waiting for delayed relief.
During emergencies like Hurricane Milton, having immediate access to cash can help residents of Florida handle the cost of evacuation, purchase supplies like food or gas, or secure temporary housing at a hotel.5
Keep Your Vehicle for Evacuation
If you decide to pursue a title loan instead of an installment loan, you can borrow anywhere from 25%-50% of your car’s value and keep using your car during the repayment process. This means that if you are eligible for a title loan, you can access the financial help you need without losing your ability to evacuate or transport family members and other essential belongings. During a disaster, the ability to move quickly and safely is essential.1 5
Predictable Payments
Installment loans are repaid in equal installments over a set period of time. This predictability during the recovery period is invaluable, especially when expenses are high. Choosing an installment loan can make it easier to manage financial commitments during and after an emergency like Hurricane Milton.4
Bad Credit May Not Be an Issue
For those with past financial challenges, traditional disaster loans may be more difficult to secure due to credit requirements. Title loans are an alternative option to consider because the application process has less emphasis on credit scores, making them accessible to more residents of Florida and other eligible states who may not qualify for other types of loans.5
Title Loans and Installment Loans vs. Traditional Disaster Loans: What’s the Difference?
| Feature | Title Loans | Installment Loans | SBA Disaster Loans |
| Speed | Funds can be received as fast as the same day1 5 | Quick approval with fixed repayment terms4 5 | Often takes weeks for approval |
| Collateral | Vehicle title is used, but you keep the car while you pay off the loan | Amounts can range based on income and the individual’s home or business | May require other assets as collateral |
| Repayment Terms | Flexible and convenient loan terms4 | Fixed, equal payments over time4 | Fixed repayment schedule over longer terms |
| Purpose | Cover immediate needs like evacuation costs | Cover personal or emergency expenses | Long-term recovery, rebuilding homes, and businesses |
| Amount | 25%-50% of the qualifying car’s value, better for those who need a few thousand, not a few hundred dollars1 5 | Better for those who need a few hundred dollars1 5 | Amounts can range based on income and the individual’s home or business |
Title loans and installment loans provide fast access to cash for immediate financial needs, while SBA loans and FEMA assistance are more appropriate for the rebuilding and recovery process over time. Using both options together allows individuals and businesses to address urgent expenses while also supporting their long-term recovery goals.1 5
Real-Life Scenario: Using a Title Loan or an Installment Loan During Hurricane Milton
Picture a family in Florida preparing for Hurricane Milton to pass through.. They’ve been ordered to evacuate, but with limited savings and clogged roads, they urgently need cash for gas, lodging, and other essentials.
Hotels may be booked up, so they need extra funds for gas or jacked-up hotel prices in nearby states. Waiting for SBA loan approval isn’t feasible at this point, as the storm is expected to hit within hours. By opting for a title loan or installment loan, it’s possible to secure fast funding in as little as one business day.5
Once the hurricane passes, they can rely on longer-term relief options like FEMA and SBA to rebuild their home. The quick loan provided the immediate funds they needed, while federal assistance supported their extended recovery.
Important Considerations for Title Loans and Installment Loans During Emergencies
Both title loans and installment loans can be a lifeline during a natural disaster like Hurrican Milton, but it’s important to understand how these loans work and make the most informed decision possible:
- Understand the Interest Rate: Although title and installment loans can be a faster path to funding, they may come with higher interest rates than traditional loans.4 Be sure you understand the total cost of taking on a new debt obligation and ensure that a loan payment can fit into your financial plan before you sign on the dotted line.
- Evaluate Your Ability to Repay the Loan: Whether you want an installment loan or a title loan, consider your ability to repay the loan on time given your current budget and income. Some lenders offer flexible repayment options and loan modifications to help during uncertain times, but planning ahead can prevent future financial strain. Max Cash offers a convenient financial toolkit that includes a free budgeting sheet to start your own budget!4 5
- Work with a Reputable Lender: Choosing a lender that prioritizes transparency and fair practices is important, as your loan terms can be directly tied to your loan experience. Work with a lender that can offer emergency disaster loans and perks like no hidden fees, competitive interest rates, and convenient loan terms.3 4 5
How to Apply for Emergency Disaster Loans and Prepare for the Unexpected
Thousands of Americans were affected by Hurricane Helene and may not be out of the woods yet. Hurricane Milton is categorized as a life-threatening storm by the National Hurricane Center, and local officials are urging residents of the west-central coast of the Florida Peninsula to evacuate before Wednesday morning.
Disasters like Hurricane Milton remind us of the importance of being prepared, both physically and financially.
While federal programs like SBA loans and FEMA assistance provide long-term support, title loans, and installment loans can offer a quick and effective solution for those who need fast support without all of the red tape.1 5
By working with a reputable lender, you can access the funds you need to stay safe and recover from any emergency, whether it’s big or small. If you need emergency funding to navigate an emergency, consider exploring title loans or installment loans with the help of Max CashⓇ. With a quick inquiry process and a call center open 24/7 during the hurricane, you can find the support you need when it matters most. Call 833-207-9052 today to get in touch with us and learn more about emergency disaster loans!2 5 You can submit an online inquiry form for title loans or installment loans at ANY TIME OF THE DAY OR NIGHT! Don’t wait to find out if you qualify for emergency financial help.1 5
