How To Successfully Land Your First Emergency Secured Loan
Before you learn how to apply for emergency secured loans successfully, you need to understand the different types. There are countless options, so we'll show you the top three only.
Types Of Emergency Secured Loans
1. HELOC (Home Equity Line Of Credit)
A home equity line of credit, otherwise known as a HELOC, is the first on our list of emergency secured loans. It allows homeowners to borrow against the equity they have in their house. Lenders calculate the figure by appraising your home's value and subtracting the amount you still owe on your mortgage. Typically, it's ten years, with a repayment period of a maximum of 20 years after the draw time ends.
A similar type of loan, called a home equity loan, uses the same collateral but has different terms. Instead of a revolving credit structure, you receive a lump sum of cash at a fixed interest rate. You then have up to 30 years to repay it. These loans are made for homeowners looking to borrow a large sum of cash for necessary purchases.
2. Secured Personal Loans
Secured personal loans allow you to get a chunk of cash that you can use to purchase all sorts of things and fund all types of emergencies. It's a vast genre of emergency secured loans, but valuable nonetheless.
With the broad genre comes lots of choices. For example, you can get a secured personal loan with all types of collateral. But if you own a vehicle (van, truck, or car), we encourage you to check out the option below.
3. Title Loans
Title loans are secured by your vehicle. To qualify, you must have a lien-free title (i.e., your car, van, or truck cannot have any outstanding judgments or liens placed on it). They're super quick, making them a possible option for emergencies where you have almost no time at all to fund them.
How To Be Successful With Your First Ever Emergency Secured Loans
Since you're familiar with some types of emergency secured loans, it's time to get into the specifics of how you can ensure success when applying for your first one!
1. Look At Your Credit Score
Using a free online credit score checker, have a look at your rating before applying. It won't always be necessary to have a great score; some secured loans don't require a rating at all! But it can stand you in good stead by showing you your limits.
2. Evaluate Your Collateral's Potential
When you're ready to look around for the loan, you need to understand how much your collateral is worth. If you plan to get a title loan from us, it's worth knowing how we value your vehicle. We look at several factors, including:
- The age of your vehicle
- Your vehicle's mileage
- The condition of your car's mechanics and cosmetics
- The make and model of your vehicle
3. Consider Your Budget
It's essential to consider your budget before you apply for an emergency secured loan. Otherwise, you won't know what you can afford to repay each month, potentially resulting in a loan that's far too expensive for you.
4. Understand The Process
Finally, to be successful, you need to understand the process. Of course, the process changes by the type of emergency loan you're trying to get, as well as the lender. If you own a vehicle and need money ASAP, you're likely thinking about car title loans online. So, find our step-by-step process for that below.
Our Title Loan Process
- Start the title loan process by filling out our short online request form. It sends your information directly to your local Idaho Title Loans, Inc. storefront. Alternatively, you can get in touch with us by phone during standard business hours.
- If you decide to go with the form, one of our loan representatives calls you back within a few moments after submission. Their job at this stage is to discuss the requirements, confirm the information you provided on the form, tell you about the process, and answer your questions.
- Head to your nearest Idaho Title Loans, Inc. Make sure you bring your driver's license (or another kind of state-issued identification), vehicle, and your lien-free title to your car.
- Once you arrive, one of the store experts performs a quick five-minute inspection of your vehicle and documents to figure out whether you qualify. If you are eligible, they also determine how much cash you qualify for in particular.
- After that, the application moves along, requiring your signature at certain intervals.
- Finally, you receive the money you need from the title loan either on the same or next day!
Solve Your Urgent Issue with Emergency Secured Loans Today!
Emergency secured loans can be a real helping hand when you need a lump sum of cash to cover emergency expenses, like home repairs, medical bills, or urgent travels. One of the most popular types of emergency secured loans is a title loan that can provide you with up to $15,000 if you apply with Idaho Title Loans, Inc. Get yourself a title loan, and you can solve your emergency in less than half an hour. Fill out our online form to get the process started today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.