Considering a title loan from Title Loan Fast? Not sure if an installment title loan is right for you? In this article, we’ll break down some of the pros and cons of getting title loans. Let’s get started now.
The Pros of Getting a Title Loan – Understanding the Benefits
In some cases, getting an installment title loan is a good option to get emergency cash. Let’s take a look at a few of the benefits of auto title loans from Title Loan Fast now.
- Get cash fast – You can get your cash in as little as one business day after submitting your application, ensuring you get the emergency funds you need for any situation.
- No traditional credit checks – Your credit doesn’t matter. As long as you have a free & clear vehicle title and can prove that you’re employed and earning income, we can approve you for a car title loan even if you have bad credit or no credit.
- Simple online application process – Applying online takes only a few minutes, and our loan application is easy to understand.
The Cons of Getting a Title Loan – Understanding the Drawbacks
Getting a car title loan may have some great benefits, but it does have some drawbacks, too.
- Interest rates – A car title loan is relatively risky for lenders, so the APR (interest rate) is correspondingly higher compared to a bank loan or personal loan. That means your loan will be more expensive.
- Your car is at risk – If you don’t pay your loan, you run the risk of having your car repossessed, since you’re putting it up as collateral. For this reason, you should always ensure you have a plan to repay your loan before you take it out.
- Short loan terms – Most title loans are only for 30 days, though some can be taken out for a longer period of time. This means they’re not a great choice if you need a long-term loan.
Know If a Title Loan Is Right for You!
Just like everything in life, title loans have both benefits and drawbacks – and they’re not always the right choice for every situation. So think about what you’ve learned, and if you think installment title loans may be the right option for you, you can get started at Title Loan Fast now, and get the cash you need in just one business day.