Viable Alternatives To Cash Title Loans

in #car2 months ago

If you are scared of cash title loans, feel free to look elsewhere. But it would help if you understood that other avenues of obtaining a loan are not as easy as you think. Before you rush to a lender for a quick loan, this article suggests other alternatives you can try. We all know that title loans are expensive to fund, but you don't mind because you need them.

Consider these options before a title loan:

Credit card advances

This may not be the ideal loan option because interest rates are high here. However, they are relatively lower than title loans. If you have a credit card and are creditworthy, you are qualified for a loan at a cheaper interest rate. The disadvantage is that the interest rate goes up if you don't pay as and when due. Are you ready for this?

Bank loans

The banks have their arms open to welcome customers that need funds for their businesses or emergency. Before considering cash title loans, walk into the bank, and discuss with an agent. The most expensive bank loans are still cheaper than a title loan, so why not? The banks require you to have collateral to secure the loan. You can use your car or any asset that the bank recommends. The process of collecting a loan from the bank is strict. You could be rejected for a minute flop.

Help from friends and family

This about the easiest way to get a loan. You can approach a friend or family member and ask for an amount to be repaid later. If you are lucky, they would not ask for collateral or interest. If you're borrowing a considerable amount, they may require you to sign a written contract. Even if they require collateral, they are more lenient than the banks and other lenders out there.

Get an extra job

If you must be financially ready for an emergency, you need to have a dedicated fund set aside for it. Because no one knows when these emergencies would come up, it is best to have something put together for the rainy day. You can do a part-time job and save for the future. There are jobs you can undertake for four hours or more every day, and the pay can serve a purpose.

Charities

Non-governmental organizations and churches give out interest-free loans to their members occasionally. If you belong to any charity, you may want to approach them for assistance. If you qualify, you get a reasonable amount.

Cash title loans aren't bad because they come in handy when you need them the most. You may argue that it is expensive, but you are confident that it'll come timely. All you need to do is prepare your mind for the loan and make concerted efforts to keep up with the repayment plan.