If you’re a small business owner, you already understand the independence and satisfaction that comes with owning your own business and being your own boss. You probably also know all the expenses and responsibilities that come along with it, including the surprisingly high tax rate for the self-employed, dealing with emergency repairs, or needing to buy supplies and equipment for your business.
After all, it takes money to make money, so where can you turn for the funding you need to make your small business really grow? If the lengthy process of obtaining a traditional loan is keeping you from the fast cash you need to help your business reach its full potential, a title loan could be just the thing you need to cover important purchases or other expenses. Here are 3 ways title loans could help you as a small business owner.
The first way they can help is simply by being so fast and easy to get. Taking advantage of title loan offers from lenders near you can help you keep business afloat and help you regain your momentum when you hit a financial roadblock. People all over the U.S. unlock the hidden value of their vehicles to get them through a financial hardship, so why shouldn’t you be able to do the same to fund your small business through a snag along the way? This process is so quick and easy, people from all sorts of different industries and backgrounds are turning to title loans for the boost they need. But what exactly is a title loan, and how can you get one to put your money worries behind you?
The second way a title loan could benefit your business is the convenient, no-hassle approval process. A title loan is a quick way of obtaining the money you need without the fuss of going to the bank for a business loan. You can simply use the title of a vehicle you own to secure the funding you need and the peace of mind that comes with it. The process is incredibly simple; all you need to do is complete a quick online form and answer the phone when a representative calls you back to confirm your request. They can explain how everything works, answer your questions and go over the simple required items. After this brief call, you are free to head to their location at your convenience to complete the approval process and get the cash you need. In many cases, this can be accomplished in as little as 30 minutes.
The third way a title loan could help is by allowing you to cash in on the value of your vehicle without selling it. With this type of secured loan, the vehicle title is the collateral, meaning you keep and use your car, truck or van while repaying the loan. While this is important for most people, if you are using a work vehicle for the loan, it makes it possible to still use it to generate income. Small business loans can take months to be approved for, and if you have slow or bad credit, you can pretty much forget it. With a title loan, your credit score is not taken into consideration for approval, meaning if you have the simple required items, you could have the cash you need by the end of the day.
If you can provide proof of income and you own your car outright, you can access the equity of your vehicle in as little as 30 minutes at a location near you. Far too many small business owners make the mistake of not asking for help when they need it. Small problems then begin to snowball into larger problems, and before they know it, they are in over their heads and in risk of losing everything they worked so hard for. If you are facing a financial obstacle on the road to success, don’t be afraid to use every tool at your disposal, including Illinois title loans.