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TITLE LOANS with a RED Check Mark

Unique Benefits Of Title Loans That You Should Know

TITLE LOANS with a RED Check Mark

People who are trying to find ways to get some extra cash quickly have most likely considered availing of a payday loan. However, if you have a clear title to your car, there is another way to get the cash you need, probably in a faster and cheaper way than a payday loan.

If you own a car outright, and you have a steady source of income, you can avail of a title loan in Provo from institutions such as Utah Money Center. Here are some benefits that you can expect to enjoy.

Access to Quick Cash

You can get the proceeds of your loan in as fast as 24 hours. To qualify, you only need to show proof of steady income and a clear title to your vehicle. If you meet all the requirements, a representative of the lender will then arrange to have a photo of your car taken, and receive the title.

No Credit Check Necessary

Because a title loan is secured by collateral, it does not need thorough checking of your credit. This is good news if you have a poor credit rating. Having a steady income source provides lenders with the assurance that you can repay the loan. It also helps that the lender has your car title as collateral.

Continue Driving Your Vehicle

You only surrender the title to your car, and not the right to use it while the loan is still unpaid. They will return your title to you once you have completed the required payments. Simply put, your mobility will suffer from a car title loan.

More Affordable than a Payday Loan

Interest rates on a title loan are typically lower than those of payday loans and cash advances. This is because the title to your car serves as collateral, and it provides the lender with a certain degree of security.

When availing of a title loan, make sure that you can afford the repayment terms. Otherwise, you can lose your car to the lender.

Title Loans: 3 Incredible Incentives Lenders Provide That Are Less Talked About

Title Loan in UtahTitle loans are some of the most misunderstood financial products in Utah. No thanks to pro-consumer groups, only the risks of auto title loans are highlighted and tend to dominate the consciousness of many. As if other types of financing has no inherent dangers, right?

Any way you look at it, it’s downright unfair. Not to title loans providers, but to the aspiring borrowers who are in dire need of information. After all, no one wants to jump into something without weighing the pros and cons first.

If all you know about car title loans in Kearns, Taylorsville, or Spanish Fork are their potentially high interest, utahmoneycenter.com and other lending companies say that it’s time to do yourself a favor and peak at the other side of the deal.

Decreasing Rates

Due to the competition in the lending sector, lenders pressure each other to offer lower interest rates. From a business standpoint, it may seem a bad idea to decrease your potential income, but most lenders realize that this practice is healthy for the industry and beneficial for the borrowers. In fact, many lenders would not only match a competitor’s rate, but even beat it to win your business.

Increasing Line of Credit

Similar to traditional loans, the amount you borrow depends on your credentials. In most cases, your credit is bad that’s why you pursue this type of financing. Your not-so-good borrowing capacity wouldn’t haunt you forever, though. If you could improve your payment history and get a raise in salary, many lenders are more than willing to increase your credit line. This means you may be eligible to borrow a higher amount next time.

Vanishing Interest

Some lenders are more generous than others. If you shop around long enough, you may find title loan providers that wouldn’t hesitate to drop your interest on every on-time payment. Sometimes, there isn’t any limit; your interest could continue decrease until all that’s left is your principal.

Title loan may be the riskiest form of financing, but lenders operating in this environment take the highest amount of risk too. Despite everything, many auto loan providers find a way to reward responsible borrowers whenever possible.