What Are The Benefits Of A Title Loan?

Missouri Title Loans, Inc. offers title loans, a helpful way of borrowing money quickly using only your car title. This form of borrowing comes with plenty of benefits, making it an excellent option, especially when you need quick cash.

A title loan has minimal requirements, and you can apply for one regardless if your credit is good or bad. The application process won’t take long; if approved, you’ll get the money you need quickly. Best of all, you get to keep your car and continue using it while repaying the loan.

This quick guide dives deeper into the 5 benefits of a title loan. As you read to the end, you’ll understand why it’s an attractive option for those who require cash quickly, especially during emergencies.

5 Benefits Of A Title Loan

Title loans are a popular option for people wanting to borrow money. That’s because this way of borrowing money comes with plenty of excellent benefits, including the following:

1. Quick Disbursement

One of the biggest reasons behind the popularity of getting a title loan is the quick disbursement involved. The term ‘disbursement’ refers to how much time it takes after your application is approved until the cash is in your possession.

Remember that not all types of loans give you cash as quickly as title loans. While some loans take days or weeks to transfer the money to you, that’s not the case with a title loan. If approved, you can get the money as soon as the same day or the next business day.

That quick disbursement can be a lifesaver for many who urgently need that money to pay for emergencies.

2. Minimal Processing Time

Disbursement isn’t the only quick thing about getting a title loan. Besides that, the processing time throughout the application process is also pretty fast.

After you submit your details initially, a representative contacts you shortly after to walk you through the rest of the application process.

Assuming everything goes smoothly, that process can take as little as 30 minutes to complete. After that, it won’t take long for you to find out whether or not the application is approved.

3. Keep Your Car!

Remember: a title loan is a way to borrow money using your car title as collateral. But even if your application is approved, you still get to maintain possession of the vehicle!

Contrary to what some people might believe, no one takes the car away from you until you’ve repaid the loan.

Instead, an approved loan means you’ll get the cash you need quickly while still being able to use your car like you usually do. You can continue driving to work, sending your kids, and anything else you typically do with that car.

In other words, getting a title loan will not disrupt your daily schedule despite using your car title to secure the loan.

4. Any Credit Score Works

Credit scores are a crucial factor when borrowing money from any financial institution. Unfortunately for many people, having bad credit can lower their chances of getting other kinds of loans.

Worse yet, you’ll need a minimum credit score to apply for some of the many loans in the market. Without meeting that minimum requirement, your application won’t even get processed.

That’s not the case when applying for a title loan. Whether you have good or bad credit, you can still submit an application to get one of these loans. The application process and disbursement (if approved) will be the same regardless of your credit.

5. Minimal Requirements

Lastly, another reason why applying for a title loan is many people’s preferred option is that the requirements are minimal. Instead of submitting a mountain of paperwork, you only need a few things to complete your application.

Those things are:

• Identification: Firstly, you must have your identification or driver’s license to submit an application.
• Car Title: Given that you’re applying for a title loan, you must also have your car’s title with you. It must be in your name and lien-free to apply for the loan.
• The Car: Lastly, you’ll need to have the car in your possession. That’s because you must bring the vehicle in for an inspection to see how much you qualify to borrow.

Get A Title Loan Now!

As you can see, applying for a title loan from Missouri Title Loans, Inc. has plenty of significant benefits, especially when you need to borrow money quickly. The requirements are minimal, the application process is brief, and if approved, you’ll get your money quickly.

All you have to do is get started, and that will only take you a moment. First, fill out the online loan inquiry form with your basic details. Soon after submitting it, a representative will get in touch and walk you through the rest of the process. It’s that simple! 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.