New Year Financial Emergency? Get An Idaho Title Loan Today
At Idaho Title Loans, Inc., we understand how difficult it is to not have cash on hand when there’s a financial emergency. It’s particularly hard to have a time-sensitive expense around the New Year when you’re just starting to recover from the costs of Christmas celebrations.
Some will be tempted to use their credit card, but others choose to take out a short-term loan to cover the emergency. Title loans are a popular option because the application and approval process is easy.
In this article, learn about how title loans work, what their advantages are, and how they can help ease money-related stress by providing funds to cover a financial emergency around the new year.
How Do Title Loans Work?
Title loans are short-term loans wherein borrowers use a car title as collateral to borrow some money. The amount will be based on the value of the vehicle. This type of loan typically has short repayment methods.
Those who are facing immediate financial needs benefit from title loans because they can get the cash right away once approved.
Here’s how title loans typically work:
- Application Process: The applicant reaches out to a loan lender and provides a car title, a valid ID, and proof of income. The lender will conduct an assessment of the borrower’s vehicle to determine the loan amount.
- Car Inspection: A representative of the lender will inspect the vehicle, looking at its condition, mileage, and value. The amount to be loaned to the borrower will be based on the findings of this inspection.
- Approval: When approved, the borrower will surrender the vehicle title to the lender and get the cash. The vehicle itself will stay with the borrower.
- Repayment Terms: Depending on the lender and their repayment options, both parties will agree on repayment terms which are usually short period of time.
- Loan Settlement: When the borrower completes the payment, the lender will give back the vehicle title to the borrower and release the lien on the vehicle.
What Are The Advantages Of Title Loans?
Title loans are especially useful for paying off unexpected expenses such as an urgent car repair or an unexpected hospital visit. Taking out a short-term loan helps you avoid raking up high-interest credit card rates and getting you into more debt.
The following are other advantages of title loans:
- Fastest Way to Get Cash: Unlike other types of loans, the title loan process is quick and easy as long as you have the complete requirements. You get your much-needed cash right away once approved.
- Open to All: Most title loan lenders do not rely on credit scores. As long as you’re of legal age and have a car to your name, you can take out a loan.
- Flexible Repayment Terms: Most lenders offer various repayment options that are convenient to borrowers to ensure that they make their payments on time.
- You Keep Your Car: Your car isn’t used as collateral, only the car’s title. This way, you won’t have disruptions with your daily routine going to school or work.
Inquire About A Title Loan Today!
At Idaho Title Loans, Inc., we offer two easy ways to begin a title loan process.
Classic Method: Drop By Our Store
When you’re ready to get started, just fill out our online request form. Once submitted, one of our loan agents will contact you to begin the process. The next step is to drop by our store. We have multiple locations scattered throughout the state - just head on over to our store location nearest you.
Bring the following requirements:
- Vehicle for inspection
- Driver’s license
- Lien-free vehicle title under your name
One of our representatives will appraise your vehicle and assist you with completing the process. Once approved, you will get the cash.
Online: No Store Visit Required
If you have a busy schedule, no worries - instead of coming to our store, one of our loan agents can meet you at a place of your choosing. You can begin by either filling out the online request form or by calling our hotline at 1-800-514-CASH (2274) to speak with one of our loan agents directly.
Our loan agent will meet you at your chosen location to verify the requirements, inspect the vehicle, and finish up the process. When approved, you will receive the money in your bank account the following bank business day.
Depending on the value of your vehicle, we loan amounts between $300 - $15,000 - an ideal solution to your urgent financial matters.
Conclusion
Having an emergency around the holidays is especially difficult because expenses quickly pile up during this time and finances haven’t recovered yet. So, if you need some quick cash to fund an immediate expense, opt for a title loan. You deserve to be stress-free as you welcome the new year!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.