Those who are unemployed and need to get emergency funding do not need to worry about a thing because they can always turn to car title loans to cover unexpected expenditures. The said loans can be quite handy because they are specifically designed to help consumers who are having a hard time with conventional loans due to their negative credit history.
The Application Process
Car title loans can be easily obtained without the hassle of responding to embarrassing and awkward questions. When it comes to the said loans, borrowers have a high chance of getting approved, given that they are willing to use their car as collateral. The best part is they can obtain cash within 24 to 48 hours.
Simply put, getting approved for car title loans is easy and hassle-free. Borrowers (including unemployed individuals) simply need to provide lenders with government issued documents such as proof of car ownership, proof of residency, proof of insurance, and bank account information. There are no troublesome paperwork and embarrassing credit checks involved.
The Inspection Stage
In the process, the vehicle that will be utilized as collateral will be carefully inspected and analysed to determine its market value. If it passes the said procedures, lenders like Quick Cash Funding LLC (Quickcashfundingllc.com) will release about 30 to 50 per cent of the car’s market value. Upon signing the loan contract, borrowers need to submit a copy of the vehicle title as well as a duplicate of the car key.
The Repayment Terms
The timetable of most car title loans out on the market is 30 days. After this, they should be fully repaid (including interest rates and other fees). If borrowers are not able to send the payments on time, lenders allow them to roll over their loan. This means that they need to pay additional interest rates.
Borrowers should make sure that they can repay their loans in the soonest possible time because rolling over loans for several times may increase the chances of repossession.
In addition to the convenience of car title loans, another added benefit is borrowers can still use their vehicle even if they have not yet fully paid their loan. There is no repossession involved as long as payments are sent on a regular basis.
Contrary to many beliefs, car title loans are as scary as advertised and can be quite handy for unemployed individuals. However, they should do their part and take out the said loans only from reputable companies.