Family financial management, mortgage and payday loan or cash advance concept : Loan bags, family in a house on balance scale, depicts short term borrowing, high interest rate based on credit profile
We all fall on hard times. Life is full of unexpected twists and turns that often land us in a financial pickle.
It could be unexpected vet bills or car trouble. Or maybe you need to pay for home repairs?
Regardless of what financial emergency springs up, you might not be able to pay for it. Roughly 61% of Americans live paycheck to paycheck. If you fall into this category, you don’t have money on-hand to handle these types of situations.
But don’t worry, you can choose title loan companies to help you out. Even if you have bad credit, you’ll be able to borrow money and get back on your feet.
We’re here to teach you everything you need to know to pick between your options for loan providers.
Ask About Their Loan Terms and Interest Rates
Before you choose title loan companies, find out more about their loan terms and conditions. For example, after taking out the loan you need, how long do you have to pay it back? Most title loans are only 15 to 30 days.
Additionally, find out about the interest rate attached to the loan, as well as any additional fees. One of the most important mistakes to avoid when taking out a title loan is being ignorant of the terms and conditions.
Find Out What Types of Collateral They Accept
Car title loan companies are not your only options for loan providers. If your car doesn’t have enough equity or fails to meet title loan standards, there are other forms of collateral you can use.
If you have other valuable assets, choose title loan companies that accept those forms of collateral. This includes RVs, motorcycles, boats, and other recreational vehicles.
Learn About the Fees and Penalties Associated With Late or Missed Payments
Generally speaking, you should never take out a loan if you’re not sure you can make the payments on time. This will add further complications to your life and can result in expensive late fees.
However, it’s important to understand the title loan company’s stance on these issues before signing any contracts. Will they attempt to repossess your car? Will you be held liable for excessive fees and penalties?
Read Online Customer Reviews
Finally, aside from comparing loan costs and reviewing loan terms and conditions, you need to verify the credibility of the company. Find out what other consumers have to say about the loan provider. Read online testimonials and reviews to learn more about how the company treats their customers and the types of loans they provide.
If you see reviews complaining about exorbitant costs or hidden fees, turn the other way. Choose title loan companies that have a long list of positive reviews left by the people they’ve helped in the past.
Do You Have the Information You Need to Choose Title Loan Companies?
Falling into financial trouble is never enjoyable. It’s stressful, frustrating, and emotionally exhausting.
Choose title loan companies that have your best interests at heart. They can help you gain a financial foothold to get back on your feet.
And if you’re looking for more budgeting tips or consumer insight, we have more to offer. Stick around and read through some of our other articles to find more information on how to improve your life.
