How Title Loans Can Help With Your Cash Shortages
Title loans are a helpful way to access emergency funds with help from Delaware Title Loans, Inc. The money you get through one of these loans could help you overcome a cash shortage to pay bills and resolve any other financial challenge.
Reading this quick article, you can learn everything you need to know about these loans and how they can help. Here, you’ll dive deeper into how these loans work, how long it takes to get one, and what you can use it for.
Be sure to read until the end!
How Can A Title Loan Help With Your Cash Shortage?
To put it in the simplest terms, a title loan can help you with your cash shortage by unlocking the value of your car and providing you with emergency funds.
First, you must provide a lien-free car title as collateral to secure the loan. Then, a quick inspection of that vehicle will tell you how much it’s worth and, by extension, how much you qualify to borrow against it.
Best of all, the application process to get those funds takes very little time and only requires a few items to complete. Aside from the title and your car for inspection, the only other thing you have to provide is your driver’s license or another state-issued ID.
Once your application is finalized, you can keep your car even if approved. So, not only can you get a cash boost to resolve your shortage, but you’ll also get to keep using your car daily to drive to work or do whatever else you need to do.
How Long Does It Take To Get Approved For A Title Loan?
The in-person part of the loan process can take as little as 30 minutes to complete, after which you’ll find out whether or not you’re approved. That’s the part of the approval process where a representative will verify your documents and inspect your car.
After approval, the money could be yours as early as the same day or by the next business day.
Of course, the above can only happen once you take the first step and kick-start the process. In other words, the sooner you start, the quicker you’ll bring yourself toward getting approval!
Can You Get A Lot Of Money With A Title Loan?
You can qualify to borrow anywhere from as little as $300 to as much as $15,000 through a title loan. Those amounts should be enough to resolve your cash shortage or at least improve your situation significantly.
The exact amount of money you can get to help with your cash shortage will depend largely on your car’s value. That’s why the physical inspection of your vehicle is a crucial part of the application process.
Simply put, the more your car is worth based on its physical condition, make, model, and year, the more you could qualify to borrow.
What Can You Use A Title Loan For?
Title loans are quite flexible regarding the things you can use them for. While you can use them for pretty much any urgent expenses you have, some of the most common reasons borrowers apply for them include:
- Medical: People fall sick or suffer injuries all the time, which will involve a hefty medical bill. The money you get from a title loan could help pay those bills quickly to avoid any fees or penalties.
- Repairs: Whether your car needs a new transmission or your home has a hole in the roof, these are the kinds of repairs that cannot be delayed. The quick and easy nature of a title loan could be helpful for this type of need.
- Travel: Many people live far away from their family members but need to rush home during a crisis. Urgent travel can also be funded by one of these loans.
- Utilities: Utility bills are another kind of expense that can grow more expensive if you pay them late. Not only can you suffer from late fees and penalties, but you’ll likely experience service disruptions too, if you don’t pay on time.
- Rent: Lastly, many borrowers also get current on their rent using one of these loans.
Needless to say, title loans are helpful for various uses. No matter what yours might be, it’s an excellent idea to consider this type of loan in your time of need.
Take The First Step Now!
Now that you know how title loans can give you access to emergency funds, you only need to take the first step. Reach out to Delaware Title Loans, Inc. by submitting the online form, and a representative will contact you soon after.
They’ll walk you through the entire loan request process to get the funds you need to pay bills or resolve any other financial hurdle you have.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.