financial emergency without savings

No Savings? Get a Title Loan

In today’s barren financial landscape having savings is more a luxury than a probability. Studies show that most Americans have only around $400 in savings and that any emergency above that will require them to go into debt or travel to title loan places.

And it’s understandable why. Wages have been in steady decline for close to twenty years at this point, while on the other hand cost of living and healthcare costs have been rising in what’s generally referred to as the middle class squeeze. This squeeze leaves little opportunity to generate any kind of long term savings.

Luckily for all of us, title loans are a type of fast, short term loan that’s designed to help when savings aren’t an option. They’re designed to help give your financial life a boost when you’re hit by an emergency like job loss or an emergency room visit.

What is a Title Loan?

If you’re not familiar with them, a title loan is a type of loan that leverages the value of your car to secure the amount of your loan (don’t worry, during this period you get to keep driving your car). Because of this they’re accepting of all types of credit, and available to people who might otherwise be cut off from more traditional types of lending.

The biggest advantage of title loan places is their speed. The process can be started online, the required items are simple and few, and often the process can be completed from start to finish in just a half hour.

What Can They Be Used On?

One of the key strength of title loans is their versatility. Unlike other types of loans that might require you to state beforehand what you’re going to use them for, once you’ve been approved and your cash is in hand you’re free to allocate it as you see fit. Some of their most common uses are:

  • Healthcare. Studies show that healthcare related expenses are the single largest leading reason for bankruptcy in America today. There’s a variety of reasons for this including rising healthcare rate and lack of access to adequate insurance, but it all adds up to the same reality that if you’re hit by an emergency room visit or major condition a title loan may be your only real option for coping.
  • Car Accident. How do you take out a title loan if your car has been in an accident? The answer is you don’t, but most households generally own two cars, and the undamaged car can be used for the title loan so you have the money to fix the first. An out of commission car can cascade into all kinds of financial headache: once you lose your mode of transport keeping up a job can be difficult, and if you lose your job you may never be able to save the money to get it fixed.
  • Job Loss. Being laid off or fired is an incredibly hard financial hit to recover from, as it literally undercuts your income and means that whatever you have in savings is all you’ll be living on. And if you don’t have any savings… well, let’s just say it’s good that title loan places are out there to be a financial safety net you can depend on.


title loan in Illinois


How Do I Get A Title Loan?

If after reading the above you’ve been convinced to take out a title loan yourself, then luckily for you the process can be started immediately by filling out the online request form at the top of the page. After submitting it one of our representatives will give you a quick call back to run through the details with you, and answer any questions you have about the title loan process.

After you’re clear on the process, you’ll need to gather the three required items you’ll need (a state issued I.D., the lien-free title to your car, and your car itself) and make the trip to one of our many title loan places.

When you arrive one of our associates will give your car a quick inspection to see how much cash you qualify for (up to $4,000 depending on the make, model, and condition of your vehicle). After that it’s just a few minutes of paperwork and a chat with one of our friendly associates you can leave with the cash you need.

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

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.