Between money that you have available in your savings account and your available credit on your credit cards, you may think that you should have access to enough money to get you through any unexpected and expensive situation. However, many people find themselves dealing with a stressful situation that requires them to access more money than they have. If you are currently in this type of situation, you understandably may be searching for any other financial solutions that may be available to you. One idea that you may have not yet considered is a title loan. With money from title loans in Union, you may be able to get back on track. Learning more about what to expect from a new title loan may help you to decide if this is a good way to resolve your current situation.
Car title loans in Missouri have been an option for local residents to use for many years. While some residents have taken advantage of them at various times in the past to get through challenging times, you may have not yet enjoyed the benefits of a car title loan. A title loan is a unique type of auto financing. It requires you to offer your existing car’s equity for the loan’s collateral. Be aware that this is a short-term financing option. Borrowers should be prepared to repay the outstanding balance in full within a few weeks.
Because an auto title loan uses your existing vehicle’s equity as collateral, you need to own a car currently that has enough equity in it to support the full loan amount that you are requesting. The car’s title should be in your name. You need to be 18 years old or older in order to legally qualify for a loan. In addition, you need to have the financial means to repay the loan, such as by proving that you are gainfully employed. Some potential applicants are concerned about their credit scores. Lenders commonly require approved applicants to have a minimum credit score, but we do not have this requirement. Regardless of your credit rating, you may qualify for a new title loan.
When you apply for a bank loan or another type of personal loan, the lender may require you to use the loan proceeds in a specific way. This type of requirement is not ideal for some title loan applicants. The good news is that we do not have this common requirement. A common use of funds from title loans in Union is paying off outstanding expenses that require an immediate payment. However, other people use them to make repairs to a home or a car. You could even use this money to take a trip, to update your wardrobe or to make other essential purchases.
Applying for title loans in Union for the first time can seem intimidating, but you will find that our process is straightforward and easy. The application is available on our website right now, and you are invited to complete and submit the application at any time that works well with your busy schedule. You can expect us to quickly review the application and to notify you about loan approval. Approved applicants may reasonably anticipate seeing a cash deposit from the loan proceeds in their bank account within a few short days. You may have an immediate need for cash, so there is no better time to apply for a title loan than right now.