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What are Flex Loans and How Hard Are They To Get?

What are Flex Loans and How Hard Are They To Get?

Flex loans are one of the lesser used loan options in the United States, yet they have the potential to be one of the most effective lending options available to Americans. Lending is integral to the American Dream, allowing people to borrow money to get a home or undertake an educational goal. Recent lending statistics evidence the necessity of borrowing. Last year, nearly 35% of Americans took out a personal loan to get the money that they needed for things like a new car, debt consolidation, and school tuition. People between the ages of 40 and 54 were the biggest group to take out loans, followed closely by those between the ages of 55 and 75. As suggested by these age groups, it’s clear that younger folks taking out loans for school are not the average statistical lending group. So, why do we only see student loan advertisements and not advertisements for smaller loans like flex loans?

Part of the mystery behind flex loans is that they often are not advertised as well as traditional loan types. Banks and other credit agencies hold a monopoly on loan specialization and a majority of people in need of a loan flock to these businesses for loan help. Additionally, flex loans and lending options offered by title loan agencies are very frequently referred to as poor lending options. But a flex loan, or an open-ended credit line that is most often tied to your car’s title, is an excellent option for those who need quick cash and might not want to wait for a traditional loan.

Confused about what a flex loan is but you’re pretty sure you don’t want to get financial aid from the likes of a traditional loan? Read on to learn more about how flex loans might be able to help you.

What is a Flex Loan?

flex loan

At face value, flex loans operate a lot like a title loan. Customers go into an establishment that offers flex loans and fill out an application, or they fill out a form beforehand and submit it online. That application helps loan providers determine how much they can lend to you, and also helps them establish lending limits. You bring your car in to have it evaluated for how much you can borrow against its worth, and then you hand the title over to the lender. You get your title back when your title loan is paid off. When you pay off a title loan, that is the end of the loan’s period, and you must fill out another application if you seek to take out more money against your car.

Think of a flex loan like a credit card, as it is considered a line of credit. You go through the same application process as a title loan, but you aren’t handed a check for the worth of your car. Instead, you are offered an open line of credit which can be repaid or borrowed against as needed. That way, you don’t need to reapply every time you need the money, and you still get the financial help you need.

How Can a Flex Loan Help Me?

For those with past credit issues, getting a traditional loan can be excruciating. Often, it requires using time you don’t have to go into a banking branch and speak with a loan officer about your borrowing capabilities. Then, there’s no guarantee that you will get the amount you asked for or get a loan with a reasonable interest rate. Flex loans are perfect options for those with credit issues because they do not require a credit check - we merely determine the amount that we are willing to lend to you by how much your car is worth, which is your credit lending limit.

Interest rates are a huge issue for those who have credit issues, and exorbitant interest rates are commonplace for people with bad credit. With a flex loan with Midwest Title Loans, you are only charged daily interest for the amount you have taken out on a particular day. So, if you have a balance of $800 and pay off $200 one day, you will only be charged for the $600 you own.

Finally, it is easier for those with past credit issues to get a flex loan, and it allows you to improve your credit score while you pay off your balance. All on-time payments are reported to credit bureaus. So, as well as increasing the lending limit on your credit history, it also improves your number of on-time payments.

How Hard is it To Get a Flex Loan?

Getting a flex loan is a quick and easy process, taking as little as hours to get you the money that you need. Additionally, flex loans are available for all types of lenders, regardless of their credit history.

To get a flex loan, you need to be eighteen years of age, own a car with a lien-free title, have a job where you make a minimum of $1200 a month after taxes, and have verification of that income. If you meet these basic requirements, you’ll be able to take out as much as you need up to your credit limit whenever you need it. Unlike traditional loans, there’s no disbursement period or waiting period for you to be approved. Flex loans are streamlined and designed with the average working person in mind.

Midwest Title Loans has been in business since 1997 and has helped thousands of customers since then get the financial help that they need promptly. With a focus on customer satisfaction, we understand how to best serve our clients based on their lifestyle and monetary needs. With locations in Gladstone, St. Joseph, and Kansas City, Missouri as well as locations in Overland Park and Kansas City, Kansas, we’re committed to serving the midwest in a tangible and meaningful way. To get started with a flex loan through Midwest Title Loans, click here and fill out our easy-to-navigate loan application. After submitting your application, a loan specialist will contact you within 48 business hours to discuss our lending terms.

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Best Short-Term Loan Options in Kansas City

Best Short-Term Loan Options in Kansas City

Accidents happen. When they do, it’s easy to get discouraged and act like there’s no way to remedy them. But even for significant issues, like accidents that will take large payments to fix, there are fixes. Short-term loans are a way that you can make any accident that might arise in your life okay. Midwest Title Loans wants to help Kansas City residents understand the process behind applying for a short term loan, as well as clearing up any questions potential borrowers might have about the best short-term loan options.

What is a Short Term Loan?

short-term loan options

A short term loan is any loan whose lifespan is supposed to be less than one year. This might be something that you set up with your parents or best friend, or it could be something a little more official - like a borrower’s set up from a well-trusted agency. Either way, there are advantages to short-term loans that don’t exist from other investments. Such benefits include:

  • There is no long-term impact from interest. While you might feel as though you have your student loans under wrap, chances are they are taking advantage of you without you noticing it. Loans that have a 30-year repayment plan are designed to make the most money off of you as possible. So, without planning it, a loan that you initially took out in 2008 for $4,000 could add up to well over $6,000 by the time that you get your master’s degree - assuming you make no payments on it during that time. Although you will still have interest when you take out a short term loan, it will only gather during the period you pay it off, which is to say less than a year.
  • Short-term loans are not supposed to be taken out for too much money. Lenders will let you know how much you are allowed to borrow for your short term loan period, and most will not exceed $1,500 maximum. The reason is that they want to ensure that you will be able to pay back your loan comfortably. They will not lead you down a lending path that could lead you to further financial ruin. If choosing to borrow from someone who is not an authorized lender, be sure to take out only small loans from them.
  • The median cost for a short-term loan is $113. Whereas conventional loans can leave you out thousands of dollars in interest, most are barely out $100 including interest and fees.
  • Short-term loans are usually available regardless of your credit. Many struggle to take out conventional loans due to their credit and worry that they will also not be able to take out a short-term loan. Fortunately, most short-term loan providers use other factors to determine whether to approve you for a loan.
  • Short-term loan disbursement is quicker than your average loan disbursement. Even if your credit is okay, it can be a hassle waiting for conventional loans to disburse. If you need money fast, getting a short-term loan from a company like Midwest Title Loans is a great idea. Midwest Title Loans has a short application process which allows you to receive the funds for your loan the same day.

There are many different ways to get a short-term loan, and they don’t all involve working with a title loan company or payday loan company. However, because title loan companies are qualified at what they are doing, we highly recommend working with an authorized company like Midwest Title Loans.

Ask a Friend For a Temporary Loan

Missouri people are good, hardworking folks who like to lend a helping hand. Chances are you have a friend who is like this. Friends and family are fine to turn to for temporary loans if you need a small amount quickly. A good thing to do is to make sure that you have a contract set up between you and whomever you plan to take a loan out through. Even if you think you know them well, write down the terms of your borrowing. How much money is the person lending you? When do they expect to have it back by? Do they want it back in payments, or do they want it back in full? Recording these terms and having both parties sign off on them will save potential friendships down the line.

Take out a Line of Credit Through a Bank

Another option for Kansas City residents looking for a short-term loan is to seek a line of credit through a bank. Lines of credit are like credit cards in that they are meant to be a way to make small purchases using money that you don’t have but do intend to pay back. Many banks have lines of credit available to qualified customers that they are expected to pay back in a reasonable amount of time. However, this is not the best option for a short-term loan for all people. It requires a credit check, and anyone found with less than excellent credit may be either denied a line of credit or given a line of credit with a massive interest rate.

Get a Short-term Loan Through Midwest Title Loans

There’s no comparison to a short-term loan from Midwest Title Loans - this is without a doubt the best option for those looking for quick cash fast. A short-term loan will not leave you out as much money as a conventional loan, it won’t ask you to give away any sensitive information like what might be found in a credit check, and it only takes a little less than an hour to get set up with the cash you need.

To get set up with a short-term loan through Midwest Title Loans, contact us today. We only require that you bring in your license or another form of ID, a drivable vehicle, your vehicle’s lien, and any information you might need to verify your income. Once we have this information and have verified your age, we will discuss your borrowing terms and disburse funds once you’ve agreed to them.

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4 Reasons to Get a Car Title Loan This Summer

4 Reasons to Get a Car Title Loan This Summer

Summer is here, and for many of us, that means long vacations ahead and some relaxing days outside and in the sun. But for many of us, the potential for a great and relaxing summer is marred by financial issues and debts. It’s essential as we continue to try and pay off our debts that we remember to take time for ourselves. Statistics are clear about the impact of stress on the body. Money is the second leading cause of stress on people in the United States, and 77% of United States citizens experience regular physiological issues related to stress. Long-term stress causes medical problems, which leads to medical bills and other avoidable expenses.

Therefore, think of vacationing as needed maintenance for your body. Science will back you on it. Recent studies show that people who work 55 hours a week or more are much more likely to suffer a heart attack or stroke than those who work between 35-40 hours per week. In the long run, the medical bills that are the cause of such traumatic life events will end up costing you more than the meager amounts of time that you took off work.

But we get it; it’s never easy to let go of your workload. You’ve got bills to pay, some of them large, and you need money to pay them. If you feel like you need a break from stress, or you are stressed because of an upcoming big bill, consider taking out a loan with Midwest Title Loans. You’ve probably got more than four reasons for needing a loan, but here are four big ones that we can think of.

Make the Most of Your Summer Vacation

car title loans

Maybe you’re one of those people who has the time and the resources to take a break from your work week, you just don’t have enough money to do something genuinely relaxing. If you’re one of these types of people, a title loan from Midwest Title Loans could help you. The average vacation costs $1,145 per person in the United States. The number might shock you, as it comes as a shock to anyone who doesn’t budget.

This price includes food, lodging, entrance fees, travel fees, and other things that the average person doesn’t consider when dreaming about their next vacation. This might seem like a hefty sum to fork over when it comes to your weekly or bi-weekly paycheck, but it’s not so bad when you pay it in increments. If you’ve forgotten to tuck some away each paycheck to put toward your next vacation, then you should visit Midwest Title Loans. Your car could likely help you pay for your vacation, even though you don’t have enough saved up.

Make Big Life Changes Before The End of The Year

Sometimes, things happen that are out of your control. They’re not always bad - perhaps you’ve become pregnant, have gotten engaged, or even just got a new job that requires you to move. Sometimes, the best things come with significant stressors. If you don’t plan for these big events, it’s hard to imagine that you’ll be able to carry through with them. This goes double for those whose deadline is coming up. It’s easy to save for something far away on the horizon, but it’s not so easy to save for something that is coming up soon.

Luckily, there are options. If you have a car with a lien-free title, an exciting new life event is the perfect time to consider taking out a title loan. You can get the cash you need fast to update the spare bedroom into a nursery, plan a surprise wedding, or move cross-country for that well-deserved raised. Payments are affordable and allow you to keep your car while you make them. The goal for those of us at Midwest Title Loans is to help people get back on their feet by making their loan payments as comfortable as possible.

Kickstart Your 401K or Other Savings Plan

Summer is a perfect time to start saving because if you’re not planning a big vacation or other events, you won’t have much to account for monetarily other than your regular bills. Many people forget this, but December is less than half a year away, and while some people can shop for holidays last-minute, it usually puts a financial strain on them.

You can kickstart your savings plan, from everything as big as a 401k to something as negligible as a Christmas present list, by spacing out your payments with a title loan. Sometimes, you need a gentle reminder to save up. Put the funds away in your savings account, don’t touch them until you need them, and make the small payments you should have been making toward your savings toward your title loan in its stead.

Keep Your Car Safe and Up to Date

Speaking of winter, it is (believe it or not) just around the corner. While you soak up the sun, don’t forget the harshness that winter played not only on your body and spirit but also on the tools you use to survive. Before the rush of winter comes, summer is the perfect time to get your car looked at. Inspections before winter will keep you updated on any significant repairs that you might need to keep your vehicle safe and will give you time to get them taken care of before roads become unsafe.

Unfortunately, not everyone can afford to make big fixes on their cars immediately, but did you know that you can use your car’s worth to keep you safe? Unlike personal loans from the bank, title loan agencies don’t ask you about what you intend to use those funds for. That way, if you take out a loan, fix what you need to fix on your car, and then have leftovers you can do whatever you want with those funds.

Whatever your reasons for needing a little extra cash this summer, Midwest Title Loans can help you. Start by filling out an online application today, and one of our representatives will be in touch with you to help you finish the process and get on with your perfect summer.

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The Best Short Term Loan Options in Kansas City

The Best Short Term Loan Options in Kansas City

Traditional loan borrowers get into their financial commitment with one idea in mind and are surprised to find that their borrowing experience is much different than they expected. A recent study put out by Citizen’s Financial Group showed that paying off the average loan, and especially the average student loan, takes a lot longer than many expect. Going into college, students take out an amount with the promise of paying it back in 10 years. The reality of this is, however, that most students take twenty-one years to pay off their student loans once they are done with college. This delays former students from making payments toward a retirement fund, significant investments like a house, and sometimes even essential things like health insurance and dental.

The weight is not just on students, though. Mortgages, bank loans, and other fixed-term loans usually take longer than expected to pay off, and ultimately are not the best lending options. For those who want a short-term loan in Kansas City, don’t look to banks or credit companies. Turn to your neighborhood title loan company -- Midwest Title Loans.

Why Borrow Through Midwest Title Loans?

title loan approved

There are many reasons to consider a title loan over a conventional loan, and even more if you are local to Missouri or Kansas. We get to know our customers and offer them options based on their situations. Our terms are simple to understand, and one of our biggest goals is to make our customers feel like they are in control of their financial situation.

Borrowing through Midwest Title Loan is the perfect option for those looking for cash to make a home repair, to fix their car, or even to go on vacation. Loans are relatively small, but not so little that you can’t do anything with the amount you are lent. Additionally, when you come to Midwest Title Loans and have your car assessed, you can walk out of our establishment in as little as twenty minutes with cash in hand. Traditional lending options take weeks to go through the lending process, which can result in delays in payments and even a last-minute denial. To get a title loan, all you need is to meet our requirements, and you’ll get the cash you need.

How Is the Repayment Term Shorter?

It’s often jarring to those borrowing through title loan companies to see that the repayment terms are shorter. There’s no need to be worried about this -- we offer you a loan at a rate you can afford, and we work with your financial obligations to ensure that you are never paying more than you can afford. You’ll notice that the repayment rates are a little higher than traditional lenders, but they will never be so high that you can’t pay them. Ultimately, this saves you money.

Have you ever wondered how banks and credit card companies make so much money on your loans? It is because of the length of the loan and the amount you pay on it each month. If you don’t pay attention to your monthly statement, take a peek at it next time. You’ll notice a section that tells you how much of your last payment went to interest and how much of your previous payment went to the initial amount you owed. In many cases, the amount you pay toward interest is much higher. This is banks and credit companies’ payoffs, and none of the interest you are paying toward ever contributed to what you initially took the loan out for. A shorter payment period with higher payment rates results in less money paid to us over time. We are looking out for your best interests at Midwest Title Loans, and we want your repayment schedule to be both comfortable and beneficial.

How Do I Know I Will Be Able to Pay Off The Loan?

Worried you won’t be able to pay off a loan with higher monthly premiums than a mainstream loan company? Don’t be. We work with you to figure out the best lending options for you, and our goals are both to help you get the money that you need and also make sure that you are making responsible borrowing decisions. We supervise the borrowing process and work with your income needs to make sure you are not taking out too much in comparison to your monthly net income.

What Are the Requirements?

There are not many requirements regarding lending through Midwest Title Loans. The most important one is that you have a lien-free car that we can offer you a loan amount against. This means a dealership or other party cannot own your vehicle -- it must be yours outright. You also must be 18 to get a title loan. In very few instances are people under the age of 18 allowed to own a car without a cosigner, and the vehicle needs to be in your name to take out a loan. Additionally, we do require proof of base income. You must make $1500 or more a month, which can be hard for those under 18.

Those interested in getting a loan through Midwest Title Loans who meet all those qualifications need only to bring their car, title, and license to one of our many locations. We’ll assess the worth of the vehicle and will let you know how much we will be able to offer you for it.

In need of a short-term loan for winter home repair? Or is your car in need of a big fix that you just don’t have the money for? Don’t lock yourself into a fixed-term loan from a conventional lending company that will leave you feeling stuck. Midwest Title Loans in Missouri and Kansas have the options you need to get a short term loan. Come into one of our Missouri locations in Kansas City, Gladstone, or Saint Joseph or one of our sites in Kansas at Overland Park or Kansas City. We’ll help you find the best short term loan option for your needs.

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Repair Winter House Damage with a Summer Title Loan

Repair Winter House Damage with a Summer Title Loan

Nothing beats the feeling of stepping out of your house the first time the sun is truly warm at the beginning of the year. Winter takes a toll on people’s sanity and their wallets, especially those who live in states like Kansas and Missouri who have some of the most variable climate zones in the Continental United States. Wayne L. Decker, one of the scientists at the Missouri Climate Center, has described Missouri’s climate as “marked by strong seasonality.” However, you don’t need to be a scientist to understand that Kansas and Missouri houses take a beating during the winter, and there isn’t much time to fix them up before the summer sun begins to beat down.

Need to make substantial repairs on your house before the weather gets too hot? Consider repairing your winter house damage with a title loan this summer.

Can I Use a Title Loan For Any Repair?

title loans for home repairs

Unlike many other types of loans, you do not need to provide lenders with an agenda, estimate, or reason for taking out this type of loan. When you apply for a traditional loan through a bank or other credit-associated company, you usually must provide information about the reason for the loan. Sometimes, a lack of a reason during the application process or too general a reason can leave potential borrowers stuck when it comes to getting the loan they need. Banks, credit unions, and other financial institutions are wary to lend when the reason for lending is unclear.

With a title loan, you can use the money you receive for anything you want. Typical title loan customers have used their loans for everything from funding a vacation to putting a down payment on a new-to-them car. As long as you are paying off the loan that you were given for the value of your vehicle, no questions asked!

For more substantial home repairs, like re-roofing your entire roof or building on a home addition, a title loan might not be enough. Some title loan borrowers have received loans for as much as $10,000 in the past (for newer cars), but the average loan is $1000. This makes it perfect for repairing a leaky sink, fixing the furnace, or putting a down payment on the backup freezer that broke over the winter.

How Do I Get Started?

The title loan lending process is quick and streamlined, which is perfect for those in need of an urgent home repair. Fill out an application online or bring in proof of ownership, a license, and information about your income to a branch location. The title loan company will provide you with someone to walk you through the application and will approve you based on your eligibility. Once approved, someone will determine the worth of your car. Finally, your loan funds will be disbursed based on the value of your vehicle. You will hand over your car title and will drive away with both your car and your loan!

What Restrictions Are There?

As said before, there are no restrictions on what you spend your money on. The cash disbursed after the evaluation is yours! However, there are limits on who title loan companies will lend to. For Midwest title loans, you must be 18 years of age, own the car outright (including not having a vehicle with liens), and have a source of income. That’s it.

What are the Advantages of Using a Title Loan for Home Repairs?

  • They are usually just the right size. Many larger banking or credit institutions offer few options for loan sizes. With a title loan, you generally get between $500-$5,000 for the worth of your car. The full value depends upon the condition of the vehicle, the make, model, and the year. However, most title loans will be enough to fund moderate to extensive repairs.
  • You can often get them the same day. Homeowners can’t wait to repair their house if it is a repair as big as replacing their central air unit or fixing windows broken by the last big storm of the year. Traditional loan disbursement is anywhere between a week to three weeks at most, whereas title loans are disbursed the same day, providing you have all the documentation required.
  • Payoff terms are much simpler and shorter. With traditional loans, borrowers are often paying off their loans over ten years or more. If the borrower has a high interest rate on their loan, this can mean spending quite a bit more over a more extended period. No one wants to pay off major home repairs for ten years. Title loans are usually paid off over months or a year, which means you pay less in interest and spend less time paying it off.
  • Much like a house remortgage, you still get to use your car. When you remortgage your house, a bank is essentially giving you a loan for the worth of your home. While they legally own the house, you still get to keep living in it. A title loan is very similar. A lender will evaluate the worth of your car and will lend based on the appraised value. Then, you drive away with your vehicle and a loan.
  • With certain credit lending options, you have the opportunity to keep your line of credit open with the title loan company. Lines of credit are available through many title loan lenders, allowing the borrower to pay off their original loan and decide if they want to take out a new loan. Usually, this comes just in time for repairs after the upcoming winter!

If your home is looking a little rough after one of our long and tiresome winters, come see us at Midwest Title Loan. We offer competitive pricing for the value of your car, and we work fast so you can get the money you need to make necessary home repairs. Visit us at one of our locations in Missouri -- in Gladstone, St. Joseph, or Kansas City, or stop into one of our Kansas locations in Kansas City or Overland Park. Just fill out one of our online applications or bring the necessary information for an application in when you come. We look forward to working with you!

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4 Benefits of Midwest Title Loans Flex Loans

4 Benefits of Midwest Title Loans Flex Loans

You’ve probably heard of a title loan - a loan that you can take out against the worth of your car’s title. But if you haven’t heard of a flex loan, it’s time you took advantage of their ability to help you out of a tight financial spot. A flex loan, available at Midwest Title Loans, is a flexible line of credit you are able to take out against the worth of your car. Essentially, you are offered the loan and should you choose to take it you pay it back like you would any other title loan. However, unlike a traditional title loan, when you are finished with a flex loan you have the option to keep this line of credit open.

If you’re new to the world of flex loans, you might be thinking, “what are the advantages of taking out a flex loan over a regular title loan?” Stick around to read more about why a flex loan might be right for you.

You Can Use Your Title as a Form of Collateral

car title loan application

Not all flex loan companies do this, but Midwest Title Loans uses customer car titles as a form of collateral over our customer’s credit limit. This is unique to many flex loan companies - some require potential borrowers to run a credit check. For many who seek out flex loans, this can automatically be a turnoff. Not everyone has a perfect credit score, and those who don’t often feel stuck by the credit check system.

Midwest title loans work by using your title as a form of collateral. After all, the credit score system was originally designed as a way to standardize collateral to help big banks and lenders. Where it went wrong is that the credit score is not always the big picture - sometimes credit scores are lower because of a missed payment or two, but sometimes they are lower because of high credit card balances or too many loans. With physical collateral, in the form of a title, you are assuring us your terms of repayment with your title, which actually helps people lower their scores over time.

Flex Loan Lenders Will Often Work With You to Align Your Payment Schedule With Your Paydays

One of the hardest things for people paying off loans is getting those loan payments to align with paydays. It sometimes feels as though you are stretched thin for money between payments, which can make consistent payments hard. Flex loan lenders, like Midwest Title Loans, will often work with your monthly or bi-monthly payment schedule from your job to create options that benefit their company as well as you. Never feel like you are hurting for money again!

Lines of Credit are Renewable, Like a Credit Card

Credit cards are often a first choice among borrowers because of their ability to be repaid and then used again as needed. Loans are not like that - once they are repaid, borrowers have to go through the application process again. It’s a tiring, cyclical process that discourages people from reapplying for a loan. Flex loans through Midwest Title Loans can be thought of as a line of credit - the company holds onto your collateral (in this case, your title) until you pay off the remainder of your loan. Have other things you want to pay for but don’t have the money to immediately pay for? You have the option to keep your line of credit open. The company just holds onto your title loan until you pay it off again! It’s that simple.

Midwest Title Loans Offers a Daily Interest Rate

Why pay for something that you’re not using? This is a question asked by many borrowers, yet many lenders ask borrowers to pay for something they are not using. This happens in the form of tacking on interest for days when lines of credit are not used. Unique to Midwest Title Loans, our flex loans offer interest rates that are specific to the day, meaning that our borrowers do not pay a penny more in interest than they expect. Need your loan only for a few weeks? You only pay interest on the few weeks that you keep your loan open. Once you are done using that money, you are completely done. Still confused about this? Set up a meeting with one of our loan officers who will walk you through the process today!

What Do I Need to Get Started?

To get started with Midwest Title Loans, you only need to meet the requirements and bring the signed documents into Midwest Title Loans. The requirements that we have are:

  • You must be 18 years of age or older to take out a loan, even if you have a car in your own name.
  • Your car’s title must not have a lien. This means that you must own it outright - it can’t be in repayment mode from a bank or a dealership.
  • Your car must be driveable. This will help us evaluate its worth and get you the most for your money.
  • You must have verification of income. This is as much a benefit for Midwest Title Loans as it is for the person taking out a loan - we want to make sure that you never get stuck between a rock and a hard place!
  • You must bring in your photo ID, preferably a driver’s license, in order to verify you are who you say you are.

Midwest Title Loans is one of the most trusted lending authorities in Kansas City. Apply for a flex loan today by visiting one of our offices in Missouri or Kansas. We’re located in Kansas City, Gladstone, and St. Joseph, Missouri as well as in Overland Park and Kansas City, Kansas. Save time by going to our website and filling out an application beforehand - once you’re approved, all you’ll need to do is bring your vehicle, lien, and license and we’ll get you a quote for the amount of your flex loan.

Don’t get stuck in traditional lending terms. Experience the flexibility and ease of a title loan and see how much a flex loan can help you today.

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Is it Easy to get a Title Loan in Kansas City?

Is it Easy to get a Title Loan in Kansas City?

filling out loan application

In Kansas City alone there are over 120 banks and bank branches. With so many banks and financial institutions, it should seem out of the ordinary that so few people can get a small loan for simple things like a car. But the reality is that for many in the Kansas City area, obtaining a loan is not easy. Having bad credit can impact a person’s ability to obtain and apply for loans, and the reality is that more people have past credit issues than those who have optimal credit. It would seem in this case that appealing to a more substantial portion of the population (in this case, those with credit history issues) by offering them lending options would be a benefit to banks and financial institutions.

Despite having such a large customer base that have credit history issues, it is extremely rare that those with subprime credit have an easy time obtaining a loan. Even if they have good enough credit to get a loan, unless they have a very high credit score they often won’t avoid having to jump through hoops to get that loan, and usually end up with much higher than average interest rates on their credit cards and otherwise. It is incredibly discouraging to go through the standard credit application process if you have poor credit. But title loans are a perfect and easy option for Kansas City residents with less than prime credit history.

What is a Title Loan?

A title loan is a loan taken out against the worth of your car. A title loan company pays you for the value of your car and then takes ownership of your car’s title. While you pay off the loan that was taken out against your car’s title, you will make payments on the loan, and the title loan company will essentially own your vehicle. What is perfect about this is that you still get to drive and use your car, the title loan company just holds on to the title while you pay off the loan. It is similar to what you do when you finance your car through a dealership - they technically own the car until you pay it off in full, but you enjoy the benefits of using it.

Title loans are a perfect option for those with credit issues because they do not require the lender to have excellent credit. Instead, they use the physical car itself as collateral. In a way, it is like pawning a piece of jewelry or a bicycle. However, instead of having to pay off the item’s worth all at once in full to get it back, you make payments on it to retain ownership. This is a lot more attainable than payment in full all at once, and it even gives the person who took out a title loan the opportunity to rebuild their credit by making continued on-time payments.

How Does a Title Loan At Midwest Title Loans Work?

Obtaining a title loan at Midwest Title Loans is a streamlined process that is simple for all. You don’t need to have poor credit to get a title loan. One of the many benefits of taking out a title loan is that you almost always walk out of a title loan establishment with your full loan. Unlike traditional lending options, there is no wait on the application process and no wait on the disbursement of funds. If you apply online, you can even shave down your visit to twenty minutes or less.

To apply for a loan, either visit our location or apply online. From there, you will bring your car into one of our sites to be inspected. The inspection process will look at the appearance and overall functionality of the vehicle and will determine its worth based on those things. Once we decide how much we believe your car is worth, we will make you an offer on your vehicle. If you accept the offer, you then turn over the title of your vehicle as an assurance that you will make payments and you walk away with both your car and the full cash value for your car.

Are There Any Restrictions on Lending With Midwest Title Loans?

As with anything financial, there are always restrictions. Luckily, we have very few restrictions. Your car doesn’t even have to be in working order - in fact, many people who take out title loans use the funds they get from their title loans to fix up their car. This, in turn, increases the value of the car overall!

At Midwest Title Loans, the following lending restrictions apply:

  • You must be 18 years of age or older.
  • You must have a job and must be able to provide proof of that job. This proof can be paycheck stubs, invoices (if you are self-employed), or your most recent tax return.
  • Your title must be free of liens. What this means is that you must own your car outright and no one else’s name can be on the title. The most common scenario in which liens are found on a title is when a car was purchased and is being financed through a dealership. Technically they own the car until you have paid them in full for the original contracted price of the loan.
  • The car must be in your name. Even if your spouse owns a car outright, your spouse must be the one to take out the title loan, not you.
  • You must bring your ID. Your ID is how we know that you own the car and are who you say you are. If you don’t have an ID, we cannot offer you a title loan.

Midwest Title Loans serves customers in Missouri and Kansas. We have locations in Kansas City, Gladstone, and St. Joseph, Missouri, and Locations in Kansas City and Overland Park, Kansas. If you’ve had issues getting traditional loans and financing options in the past or need quick cash, contact us today! We are open Monday through Saturday in all locations.

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How Do Car Title Loans Work?

How Do Car Title Loans Work?

approved car title loan

Getting a car is one of the greatest feelings in the world. It means freedom from relying on others for transportation or the instability of not knowing whether or not you will be able to get to work on time. Owning a car is one of many financial obligations that adults have, and all these financial obligations can often add up. If you’ve found yourself in a financial situation where you don’t know how you’ll pay for all the financial bills in your life, your ownership of a vehicle might come in handy. Taking out a title loan against the worth of your car is one of the most convenient and easy ways that you can take control of an uneasy financial situation.

What is a Car Title Loan?

A car title loan is a loan that you take out against the total value of your car. Most states have car title loan providers. However, each provider has its own rules and regulations regarding title lending. Title loans are calculated looking at several factors - from the age of the vehicle to the state that the car is in. Based on these factors, they determine an overall worth of the vehicle. You pay the loan back as you would any other investment, and once the loan is repaid in full, you retain complete ownership of the car.

How Does the Process Work?

First, car owners must fill out an application to determine their eligibility. Many title loan organizations haveonline title loan application options that loan applicants can do from the comfort of their own homes. Applications will ask for things like your driver's license number, reference phone numbers, and information about the make, model, and the title of your car. If you fill this out online, typically what you will do from then is work with the title loan company to schedule a time to meet.

At this meeting, you will need to bring your car and the title to your vehicle, as well as identification. If you filled out the application to your title loan application before this date, the loan officer will meet with you to discuss your eligibility. From here, experts will examine your car, determining the mechanical and physical shape of your car before giving you an estimate on how much the car will cost. After this, the company will make an offer on your car based on the perceived value. Should you accept the offer, you will then turn over the title of the car to the loan agent and will receive a loan for the amount you discussed. Many title loan companies, including Midwest Title Loans, will allow you to drive away with your car after the process.

FAQs

  • Do I need to own the car outright to be considered for a title loan? The answer to this question varies between all title loan providers. At Midwest Title Loans, we require those seeking a title loan to own their car outright. Not only does this ensure that everyone involved is on board with the title loan process, but it also ensures that you don’t end up paying more than you expected. Title loan companies that lend with a lien on the title buy the title from the lienholder, which means you can only get a loan for the difference of the worth of the car and the amount the title loan agency paid to get the lien. We strive for clarity in all aspects of our title lending, so we believe it is vital only to lend our customers the amount that their car is worth.
  • Do I need to be a certain age to take out a title loan? At most title loan agencies, lenders will ask that car owners be at least 18 years of age. Minors usually are not the outright owners of the cars they drive, and we only lease to those who own the car outright. Additionally, we believe that it is essential to involve parents in large financial decisions being made by a minor.
  • Will my credit score impact my ability to get a title loan? One of the best things about title loans is that they are not dependent on credit history. We use the worth of your loan as a legal assurance that you will pay the loan back. Financial institutions have too many customers to work with physical collateral, which is why they use the credit scores to assess the ability for a customer to make payments on time and in a manner that works for their institution. The problem with this is that it does not take into account the very complex backgrounds and situations that loan customers have, which often leaves very valuable customers without lending options.
  • Can paying off my title loan help my credit score? Yes! The fact that we do not use credit scores to determine the worthiness of a person’s financial history does not mean that we don’t understand the importance of a credit score. When you make payments, we report these payments to credit score agencies. Ergo, if you pay off your loan within the set limits and make on-time payments, this will ultimately help your credit score.
  • How long does the process of getting a title loan take? Title loans are great options for people who need a lot of cash quickly because most people walk away with a loan on the same day. If you apply online before visiting a title loan location, you often can cut your in-office time down to as few as twenty minutes.

Midwest Title Loans is one of the top title loan organizations in Missouri and Kansas. We are dedicated to creating financial solutions for a range of customers, whether you’ve had issues getting a traditional loan in the past or you need money quickly. In Missouri, we have locations in Kansas City, Gladstone, and St. Joseph. In Kansas, we have locations in Overland Park and Kansas City. The application process is simple and often only takes twenty minutes. For more information, or to schedule an appointment, contact us.

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Can You Get A Title Loan On An Old Car?

Can You Get A Title Loan On An Old Car?

older car

Every dog has its day. But for cars, that day usually comes earlier in its life than later in its life. The sad fact is, it is hard to sell your old car on your own if it has already had a long and fruitful life. Potential car buyers want to know that the car they are putting their money into will work for them for a long time, and it is hard to do that if they don’t know a lot about a car. And if your vehicle is in the market for some repairs or you’re in the market for a new car, it can make a world of difference to sell off your old car. But for old car enthusiasts, an old car usually doesn’t indicate a lousy car - and this is something title loan companies can also often see. But this doesn’t stop people with older cars from avoiding title loan companies for fear of being turned away.

Unfortunately for many owners of older cars, avoiding title loan companies for fear of getting ridiculed over your car being too old or for fear of not getting enough money is something that happens daily. Title loan companies still want to help you get the money that you need, and they will almost always be able to make you an offer on your old car. If you live in Missouri or Kansas and have an old car, bring it into Midwest title loans and see how much you can get for it. You’d be surprised.

Why We Still See Worth in Your Old Car

An old car is still a driveable car, which means that if push came to shove it is something that you could sell independently - even if just for parts. Midwest title loans are comprised not only of loan experts but also of car experts. These experts see the potential value in each vehicle that is brought in to them, and they make offers accordingly. While pricing on older cars will absolutely vary depending on the make, model, and year of a car, it is still worth it to get it checked out. Regardless of their condition and driveability, a vehicle will always carry worth.

Old Cars Are Sometimes Classics

People also forget that the age of a car sometimes increases the car’s value. If you have a car that is well-maintained and over forty years old, this can often bring you in more money than a new car. For instance, a well-maintained 1970’s era Cadillac Coupe de Ville can average between $12,000-$20,000. A classic Ford Thunderbird from the 1960s will bring you in about the same range to a little more. Pricing and value on loans taken out on your car will always depend upon the shape it is in, the number of modifications that have been made to it, and the type of modifications that have been made to it.

However, classic cars are a perfect example of a golden egg that car owners have been sitting on. If you have a daily driver that needs repairs, but you also have a classic car that you maintain and take care of, consider bringing in the classic car to be evaluated for a title loan. You’ll be able to still drive and keep it, but you’ll also be able to take out potentially a more substantial loan against its title. You can choose to use the remainder of the loan to pay back the loan amount more quickly, or you could use the loan to make further repairs to both vehicles. Your options are unlimited.

Are There Any Restrictions on Title Loans?

There are always restrictions when it comes to taking out any loan, title loans included. However, old car owners will be happy to know that rarely extends to the age of their car. Restrictions at Midwest title loan revolve around age, ownership of the vehicle, and proof of income. To take out a title loan, you must be at least 18 years of age. You must own the car outright, as well. If there is a lien on the title, or if the title has someone else’s name on it, we cannot offer a loan on the title.

Making sure that the title is under your name ensures two things. First of all, it makes sure that you don’t end up paying more and getting less than you bargained for. What we mean by this is that sometimes title loan companies will offer loans to people who have leans on their titles. However, this means that the title loan company essentially buys off the car from the first lienholder and gives you the difference in the loan. In this scenario, the loan requestor ends up paying off not only the amount that they get in their loan but also the amount that the title loan agency paid off on the lien. We don’t think this is a good financial strategy, so this is not a service that we offer.

Additionally, you cannot get a loan on your old car if it is not under your name. This is to discourage spouses, children, and thieves from getting cash from something that is not actually theirs, among other things.

Finally, you must have an ID and proof of income to take out a loan. Income ensures us (and you) that you will be able to pay back the loan and in turn receive your title back.

Do you need quick cash and don’t have the time to research how much your old car is worth, market it, and wait for someone to bite? Or, do you need a loan but don’t want to sell your vehicle outright? Come to Midwest Title Loans and get your car evaluated. We’ll make you an offer based on the car’s value, disburse the funds to you, and you’ll even get to hold on to your old car as you pay back the loan. We have locations in Gladstone, Kansas City, and St. Joseph, Missouri as well as Overland Park and Kansas City, Kansas. Contact us or stop by one of our locations today to see how much your old car is worth.

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Use a Title Loan to Help with House Repairs this Spring

Use a Title Loan to Help with House Repairs this Spring

increase credit score with title loans

The warmth of spring is often a relief to those who hate the winter. But for homeowners, spring can also play host to an array of issues that arise from melting snow, ground thaw, and the throes of winter storms. The average homeowner spends over $400 a month in repairs, but that cost can be even higher after the harshest season of them all. For some homeowners, significant repairs can come as a shock and leave them feeling optionless as they scramble to find the funding to make those repairs. For those homeowners who have immediate maintenance, or for those who might not have good enough credit to take out a loan from a bank or other financial institution, a title loan might help.

A title loan is a small loan lent to auto owners that is worth the determined value of their car. To receive the money for their vehicle, the owner brings in their vehicle, fills out a few forms to determine their eligibility, and then leaves with a loan for the value of their vehicle. The best part about title loans is that most people can receive them within the same day and they can receive them even if their credit is poor.

This spring, if you’re in a pinch, consider a title loan to make those needed house repairs. Not sure how you might use your title loan? Here are some common ways in which Midwest Title Loans customers use their title loans for home repairs.

Check Out Some Great Repairs Title Loans Can Help With

Replace (or Fix) Your Broken Fence

Depending on the type of material and the way it is maintained, a fence should last anywhere from 25-50 years. The cost to initially install a fence around the average American home can be in the thousands. This cost grows exponentially for farm or ranch owners who must cover multiple acres. While the best time to install a fence is usually the summer, maintenance can and should be done after long winters. This will ensure that the investment made to your property lasts for years to come.

Repair Broken Windows

Windows are often a normal fix after winter snow plows come through and kick up rocks into windows or inclement weather sends a branch or other heavy object through the panes. But even if no dramatic damage happens to windows, winter is usually the time that people notice their windows need replacing because of drafts. Spring is a great time to replace windows because drafts still exist but are countered by days of warmth. Pick a warm day to replace your drafty or broken windows, and you’ll notice the difference as the cold lingers for the next few weeks. A title loan can help spread out window replacement payments, so they aren’t making a massive dent in your wallet all up front.

Clean Out Your Gutters

There are many different reasons why gutters need to be cleaned out yearly. The spring is a great time to do this, as many leaves from the fall stick around until the first big winter storm and get caught in the gutters. Additionally, all the ice and snow that was once on your roof will begin to melt. Without proper drainage, it’s possible to cause severe water damage to your home. Additionally, moisture in and around your house combined with yard debris can be a breeding ground for mold, mites, and other unsavory critters that could cause an even bigger maintenance headache. Gutter cleanings can cost a few hundred dollars to do professionally, and while the average person might not have that saved for a rainy day, it is something a title loan can handle.

Conquer Pests Inside and Outside Your Home

With warmer weather also comes one unwelcome return - the return of pests. While there is only so much you can do to prevent outdoor pests from wreaking havoc on your garden and your skin, there’s a lot you can do to prevent the indoors from becoming hospitable to unwanted critters like roaches, ants, and termites. Hiring an exterminator or house treatment is one way to protect your house as spring rolls around. Additionally, utilizing a landscaper to treat your lawn and pick up any lingering debris that could be harboring pests is a great way to keep pests at bay additionally. They love to pop up in the spring when it is moist and warm, so it is best to deal with them before they become an issue.

Repair Your Roof

Your roof is essentially what holds your whole house together, and therefore it is best to keep it at its best. However, reshingling alone can cost thousands of dollars, and when that is paired with any other repairs that must happen to the actual roof structure, many families face a financial shortfall when it comes time to repair or replace a roof. Having the additional padding available from a title loan is a great way to keep your family safe, secure, and under one roof.

Fix Your Car or Get it Summer Ready

Winter also takes a toll on cars, so often when spring comes around, so do car troubles. This comes from the damage that salting icy roads takes on cars, the change in humidity, and rust that begins to show up as the air becomes more humid. Although few people think about this, title loans may also be used to fix issues with cars. In the spring, when minor problems start to pop up, it is worth every car owner’s while to get on the more significant issues while they are young.

Clean Out Your Central Air

You’re probably not thinking about your air conditioner right now, but we assure you that you will be within the near future. Those with central air units should consider cleaning their units out when they don’t need to run them consistently. Central air units should be cleaned at least twice a year, and it’s best to do it in fall and spring when you don’t need to rely on central heating or air for keeping your living space tolerable.

If you’re thinking about taking out a title loan for a home repair this spring, visit one of our locations in Overland Park or Kansas City, Kansas or St. Joseph, Gladstone, or Kansas City Missouri. One of our knowledgeable loan agents will help you get the financial assistance you need. Fill out our online info sheet for a quicker in-store experience.

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OUR LOCATIONS

330 W. 85th Street
Kansas City, MO 64114
Phone: (816) 363-8600

6420 North Oak Trfwy
Gladstone, MO 64118
Phone: (816) 436-7711

603 S. Belt Hwy
St. Joseph, MO 64507
Phone: (816) 232-9100

8212 Metcalf Ave.
Overland Park, KS 66204
Phone: (913) 381-2222

2500 State Ave.
Kansas City, KS 66102
Phone: (913) 281-9997