Are Title Loans Popular? Here’s What the Statistics Say

August 24, 2020 | Emma Frost

Everyone experiences emergencies from time to time and, when they occur, many people can find financial reprieve for their situation thanks to title loans. While there are many different options available to you when you’re trying to find access to fast cash, title loans can offer you relief quickly, without the hassle and headache of traditional bank loans. You’ve probably heard of them if you’ve been researching the different ways you can get fast cash and even if you haven't, I'll share everything you need to know about them, including how and why they're so popular.

Before we jump into the specifics of what makes title loans so popular, let’s take a look at what exactly a title loan is. This will make your search for title loans near me easier.

What is a Title Loan?

A title loan is a short-term loan option type that uses the title to a vehicle you own to secure money. Because approval is based on your title, all credit scores are welcome when applying. And applying for a title loan is easy, thanks to our online application form which can be started from the comfort of your own home. The deliberation process is even faster, too, with our representatives working quickly to analyze your situation. We understand that emergency bills rarely come with enough time for you to handle them in a way that is best for you and your budget, with many bills featuring late fees that raise the initial amount you'll have to pay. This is why we work quickly to make sure you’re taken care of.

When already tight budgets won’t allow for such expenses, title loans are an option that will allow you to handle these situations and more.

What Makes Title Loans Popular

They’re fast!

We don’t beat around the bush here at Illinois Title Loans, Inc. We understand that when you need money, you need money quickly which is why we’ve streamlined the process to make sure you’re receiving money as soon as possible. You can receive money in as little as 30 minutes, thanks to our fast application and deliberation process.

They’re versatile!

Title loans can be used for a variety of different emergencies such as repairs, sudden bills, or any large purchase you and your budget are facing. With the average cost of a medical bill, for example, ranging anywhere from $1,300-$1,400 and the average cost of home repairs ranging anywhere from $300 to $3,500, on average, there are plenty of surprise costs that can become more manageable with the help of title loans.

Are you facing a dangerous storm or find yourself in need of a quick plane ticket to travel home? Has your water heater broken? Car in need of a new set of tires? Title loans can help you with all of these situations and more

Many people use them!

The numbers don’t lie. On average, 2 million people per year in the United States alone used their vehicle titles to obtain emergency cash. They’re one of the few loan options that won’t take your credit score into consideration when considering your approval. Because of this, they’re an option for you when other options, such as personal loans and credit cards, which can deny you if your credit score isn't high enough, fail.

How to Get a Title Loan Near You

You can apply for your title loan easily by completing an easy online application, after which a store representative will contact you to set up a face-to-face meeting. To qualify for a loan, you’ll first have to own the title to a vehicle. Then you’ll have to provide the following information during your meeting:

  • Your driver’s license or state-issued I.D.
  • Lien-free title to your vehicle
  • Proof of income in the form of your most recent paystub
  • Your vehicle for an inspection

The amount that you can receive varies depending on the condition of your car, but you can receive a maximum of $4,000 on the same day that you submit your application on. Don’t spend another second searching for title loans near me. Start your application today and take control of your financials.

 

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