What is a Title Loan and How does it Help Those Who Badly Needed Cash?

There are definitely myriads of risks that come along with living a full life, and some of these concomitant risks are predictable, while others are not. Due to these accompanying risks involved in life, many of us save money so that we will have a safety net in instances of emergency. There are many reasons why people save, and one reason is that of the need for emergency cushion that would enable a person to go through emergency times without necessarily getting mired in debt. Another reason is that of retirement reason, wherein a person needs to have some savings so that by the time of retirement, a person will have enough to get by. Furthermore, the volatility of the social security can be a good reason behind why a person saves.

Savings are very important as safety nets against life’s crises and concomitant risks; however, there are times that savings would be exhausted because sometimes there are financial problems that come inadvertently like downpour of rain. In times like this, there is often a need for immediate cash or loan that could assuage the impact of crises. The sad thing however with life’s crises is that they leave us devoid of savings and sometimes in deep indebtedness. This deep indebtedness makes us lose our good credit standing, leaving us with a bad credit rating. In such a situation, we could only hope that there will be no longer be any problem that would come our way, for with a bad credit rating, we are left with no option if ever another problem comes our way.

In times wherein we can’t have a loan because of our bad credit rating, we can still avail of fast title loan if ever we badly need financial help. I, myself, for example, can borrow with my car as a collateral. Using your car as a collateral, you can borrow up to $30,000. The process is easy and there is no required credit or background check as long as there are no legal hindrance or encumbrance to your ownership of the car. The repayment likewise of this type of loan may stretch from one year to five years.

There are simple requirements however to this type of loan. First, you need to have a car that was released in the year 2008 and up. Second, your car should have been fully paid and there should be no legal encumbrances to your ownership of the car. Third, you should have been issued with a valid driver’s license. Fourth, you should be at least within the eighteen years of your life. Lastly, you should have a full coverage insurance policy for your car.

Many people have attested to the fact that the availability of car title loans really helped them in times of financial crisis. Moreover, car title loans, as attested by some people, have served as a saving grace to a lot of people. Savings may be a great way to come out unscathed from a life crisis, but without emergency savings, car title loans can be a great way to get by during times of financial crises.