what to do with title loan

What You Can Do With Your Title Loan

Title loans are one of the most powerful financial tools available to all Americans. For those not in the know, they’re a type of fast cash, short term loan that uses your car (which you get to keep driving) as collateral for a loan. Because of their value as a financial tool, ‘where are title loans near me?’ is one of the most searched terms in the country.

Part of a title loan’s value as a financial tool is its versatility. Because it’s simply a cash transfer, without a traditional loan’s need for stacks of paperwork, a title loan can be spent on whatever you want, whether that be investment or emergency or other.

Today we’re going to look at just a few of the uses people are finding to use title loans to kick their life into high gear.

Handling Emergencies

There’s nothing worse in life than being blindsided by a financial catastrophe: they can take a lot of shapes (car accident, losing a job, an emergency room visit), but fundamentally they all take money to fix. Cars have to be replaced, rent doesn’t stop, and hospital bills are notoriously high.

A title loan gives you the money to bounce back from an emergency quickly and efficiently and staunch the financial bleeding before it worsens. And worsen it will: getting a cheap car means it’ll just break down sooner, not having a job means going deeper and deeper into debt, and hospital bills get sent to debt collectors who can be less than scrupulous in getting their money.

Investing in Opportunities

Another vital use for title loans is in investing in opportunities that can pay off in the future. Just as with emergencies, these can take a lot of shapes: education, stocks, and business opportunities for example. Unlike emergencies though, investing requires a little more forethought. There’s no point in taking out a loan if the interest will be higher than what you’ll gain in investing.

Retirement, for example, is rarely a good investment to pull out a title loan for: the miniscule percentage gain each year will be rapidly outpaced by the interest on a loan. Education though, for a different example, is a much better investment for a title loan because in the long term gain to just a little education, whether it be college classes or some kind of certificate in your field, can be worth a little interest.

Handling Your Health

There’s nothing more important than your health, the saying goes, but too often Americans try to power through health problems as though by ignoring them they’ll go away. And with the rising and punishing cost of healthcare, it makes sense that people are leery or simply unable to go to the doctor’s when they need to. This is unfortunate because often just a touch of prevention can save you thousands of dollars in the long term.

With title loans you can make that paradigm work for you though: title loans give you the option of going to the doctor before your medical concerns become full blown problems. This can save you thousands, if not hundreds of thousands, of dollars down the road. It might even save your life.

Repairing Your Home

Some home repairs just can’t wait: air conditioning, roofs, and leaks are all examples of home repairs that will not only inevitably worsen over time, but also ones that are hard to live with and will genuinely negatively impact your and your family’s quality of life.

Title loans can give you the influx of cash you need to fix the problems with your home. They’re invaluable in gathering the money to make sure your home is safe and sound and a pleasant place to inhabit. There’s no place like home, the saying goes.


Illinois title loan


Title Loans Near Me

If your imagination has been fired up by all the uses out there for a title loan, then you’re probably left with a simple question: where are title loans near me? And the answer to that is simple. Our location page provides a comprehensive guide to our many convenient locations throughout the state. If you’re looking for a title loan, then we’ve got a location for you.

The process once you get to the location is simple. You’ll need to bring a few simple required items with you: the car you’re going to balance the title loan against, a driver’s license or state issued I.D., and the lien-free title to your vehicle. Lien-free basically means that you own the car outright without anyone having a prior claim to it.

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.