In these stressful and financially difficult times, we could all do with catching a break. Unfortunately, there aren’t many breaks to catch anymore. In fact, studies show that most Americans don’t have $400 in savings to deal with emergencies, and so when emergencies do hit it can seem like they don’t have anywhere to turn for the reservoir of cash they’ll need to pay emergency room bills or car repairs.

Luckily, there is still one place they can turn: to title loans. Title loans, for those who don’t know, are a fast, short term loan that leverages the value of your car to secure the total of your loan. During this period you drive your car as you would normally while paying off the loan, offering minimal disruption to your day-to-day lives. 

The concept is simple, but why exactly are title loans so vital? What makes them head-and-shoulders above other lending solutions? And, more importantly, how can you secure one yourself? 

They’re Fast

The key strength of title loans is both their speed and convenience. In an emergency situation the last thing you need to take up some of your cognitive load is concerns about how you’re going to pay for the emergency and what kind of hoops you’re going to have to jump through to afford it.

This is why title loans are so vital in emergencies. Compared to traditional loans, title loans near me are lightning fast, the period from initial interest to payout sometimes as little as a half-hour.

• The speed of this process is lubricated by a few factors: the few and simple required items, the straightforward nature of the transaction, and the numerous title store locations throughout the state that is only ever a few minutes from you. If you want to find your nearest store location, please visit our Location Page to find out more information. 
• Another factor that contributes to the speed and ease of use of title loans is that, while you can’t get one online, you can start the process there. In the case of our site, an aspiring title loan applicant just has to fill out the easy form at the top of the screen to get started. After hitting submit, one of our many friendly representatives will give them a call to make sure that they understand the process and what they can expect.
• One of the key aspects of title loans that make them perfect as a source of emergency cash is that they’re more accepting of all types of credit scores than more traditional loans. The reason for this is pretty simple: normal loans depend solely on your credit score to judge whether you’re a risky investment. But because a title loan depends on the value of your car, it can afford to be a little less picky.

They’re Versatile

Unlike traditional loans that come with a small mountain of paperwork to fill out and requires you to state your intention for how you’re going to spend the money, a fast title loan empowers you to use the cash of your loan however you sit fit to fill the holes in your financial life. Just a few of the things total lions can be used for are:

• Medical emergencies: Hospital emergency rooms are named that for a reason. Health scares can strike suddenly and without warning, and while many hospitals are willing to work with you on their bills (pro tip: always ask for an itemized list of costs, it’ll reduce your total bill virtually every time), you’ll still want to pay them off in a quick manner before the debt is sold to a third party debt collector who may have some truly obtrusive ways of extracting it from you.
• Car accidents: Ironically for an article talking about title loans, it’s worth pointing out that car accidents can be truly crippling. They can bring your life to both a literal and metaphorical screeching halt, and inflict long term financial wounds by destroying your ability for you to get to your work in a consistent fashion. While you can’t take out a title loan on a crashed car, it is possible to take one out on a second car to afford repairs on the first.
• Job loss: This is one of the most crippling unexpected emergencies that can hit you because it fundamentally means you won’t be bringing in any new money to your financial situation. While you’re unemployed you may find yourself unable to afford bills, medical costs, or even food. A title loan provides a way of bridging the gap until you can find a new form of income to sustain you and your household.

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