What the Typical Uses of a Title Loan Are

September 14, 2020 | Emma Frost

 

 

When it comes to figuring out your financial situation and your budget, many people struggle to find extra cash hiding between the payment schedules for miscellaneous or surprise costs. This struggle is, unfortunately, commonplace, especially in the past few months which has seen an influx of normally stable positions becoming destabilized. Not only can this compromise your ability to pay for your monthly expenses, but it can ruin any financial plans and goals you might’ve had for yourself. The same can be said for any surprise expenses.

Thankfully, title loans are an option that can help you handle whatever struggle you’re facing with grace and ease. Here’s how they work.

What Are Title Loans?

Title loans are a short-term loan option type that allows you to use the title to your vehicle in exchange for up to $4,000 in the state of Illinois. Because the loan is based upon the title to your vehicle, your credit score won’t be checked for approval. Not only does this mean you can be approved for one with an average, bad, or even nonexistent score, but we won’t even run a credit check, to begin with. We focus on what matters in a title loan – the title.

We also understand the importance of receiving financial relief quickly, which is why we’ve streamlined the process to make it as quick as possible. Whereas applying for traditional loans or credit cards comes with a lengthy application and deliberation, we can get you money in as little as 30 minutes, if everything goes well and you’re able to schedule your face-to-face meeting quickly. I’ll tell you all about the ins and outs of applying for a title loan later, but let’s look at some of the common uses for a title loan so you can better decide if this is the right option for you.

Common Uses

One of the best things about title loans is that they’re versatile. An extra $4,000 in your bank account can go a long way to helping you fix whatever hardship you're facing. There are some loan options out there that require a letter or a statement of intent for what you plan to spend your loan money on, but we don't require one. Once the money is yours, it’s yours. Period. Here are some popular reasons why people get these loans:

Consolidating Debt

It’s common for many to have a collection of credit cards ranging from the standard card that can be used anywhere to the store-specific ones. While convenient, this can lead to many different repayment schedules and different interest rates, which can be a pain to juggle. A title loan can allow you to consolidate these bills.

Handling Asset Repairs

Assets, such as our house and our vehicles, are some of the largest purchases we’ll make in our lives and when damage occurs, the resulting repairs can quickly add up between the average cost of repairs and the labor involved. Title loans can be a great way of handling these costs, especially if they’re pressing because we can get your loan deposited into your bank account on the same day that you apply.

Medical Bills

It’s no secret that the cost of healthcare in this country is absurdly high, even with the help of insurance. When accidents happen and you find yourself hospitalized or in need of a medical procedure, title loans can help you manage these exorbitant bills.

Making a Large Purchase

If you have a large purchase looming on your horizon, such as purchasing an engagement ring or upgrading to the next computer model to help you with work, and you’re unsure of how you can afford it, title loans can help you manage them.

Moving Expenses

Let’s face it. Moving is hard. Even the task of moving from one apartment to another can be difficult, especially with many complexes requiring a security deposit on top of the first (and sometimes last) month’s rent upon move-in. Title loans can make this expense approachable for you.

Appliance Replacement

When an appliance, such as your refrigerator, your dishwasher, your washer or dryer, break down, the cost of either replacing or fixing them can hit an already tight budget hard. Whether a small part needs to be replaced or the entire unit needs to be thrown out, title loans can help you.

Unemployment or Furlough

If you’re one of the few who have experienced a period of furlough or a job loss in the past year, you know how stressful it can be to have your ability to provide for yourself compromised. Because title loans are dependent upon your title, you can apply for and be approved without income.

Sudden Travel

Have you ever been faced with a sudden, often emergency trip that requires you to, not only take time off from work but to purchase plane tickets and lodging? If yes, you know firsthand how stressful this can be, but if you’re new to this, title loans can help to minimize the damage sudden travel can have on your budget.

If you're still wondering if a title loan is an option for you, check out this blog, When Does a Title Loan Become a Valid Option?, which breaks down other loan options for you. Now that you know why people obtain title loans, I’ll show you how easy and fast it is to apply for one.

 

 

How to Find a Title Loan Near You

Serving several locations throughout the state, we make sure you’re never far from fast financial relief. You can start your application today by visiting our website and filling out a quick online form that will match you to your nearest store location. Once you hit submit, you’ll receive a call from one of our loan representatives who will schedule an appointment for you and tell you what to bring for your meeting. These items include:

  • The lien-free title to your vehicle
  • Your driver’s license or valid I.D.
  • A blank check to your bank account
  • The vehicle for inspection

The amount that you receive on your loan is dependent upon the condition, model, and make of your car. Once completed, the representative will give you all the time you need to ask any questions or voice any concerns you might have. If you have ‘em, ask ‘em!

If you’re looking for title loans with instant approval, look no further. We make finding a loan near me easy. So? What are you waiting for? Get your financial relief today.

 

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