March 22, 2019
Use a Title Loan to Help with House Repairs this Spring
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.Read more
March 15, 2019
Can a Title Loan Increase Your Credit Score?
If you feel like your credit score is a bit on the low side, you’re not alone.
While the number of people with super prime credit scores (the highest of all) is at an all-time high, that doesn’t show anything about credit score averages. According to Experian, the average American credit score is currently a 675 - the highest since 2012. 675 is on the lower end of good when it comes to credit score ratings, and even that cannot be enough to obtain funding in some instances.
Next comes the question of how to increase your credit score. Just waiting it out until it repairs itself isn’t always enough, as having a good credit score is how most secure housing, additional funding, and reasonable insurance rates. And while making on-time payments to existing credit accounts does eventually help out your credit rating, it does not do it immediately. Unfortunately for borrowers, credit agencies, financial institutions, and banks are not so quick to help out those with poor credit. It is challenging to open up a new account with a company that requires your credit information when you have a low score, which can make repairing credit a long and arduous process. So, how do people increase their credit scores in a short period of time? The answer often comes in the form of a title loan.
Much to many people’s surprise, title loans are a great way to increase your credit score. While they don’t require your credit information, title loan companies do report your payments to credit bureaus. More substantial payments over a shorter period of time show credit unions that you are serious about payments and can handle new financial obligations. Finally, title loans allow you to take out a loan to pay for things you might need to pay for without falling behind on payments. Opening up a new account, such as a title loan account with Midwest Title Loans in Kansas and Missouri, is one such way that you can increase your credit score relatively quickly as well as reaping the benefits.
What Does a Credit Score Do?
Anyone with a credit history has a vague idea of how credit works, but few think about what it really does. Before large banking made its mark on the United States economy, local banks lent based on a person’s assets and merit. Having physical assets made it easier to determine just how wealthy a person was and also lessened the financial blow if that person could, for some reason, no longer to afford to pay a loan back against it. Today, large banks just do not have the time or storage space for everyone’s physical assets, which is why the credit rating system was developed.
Credit scores originated in the 1950s when equality issues in the United States were making waves. Before this, lending was done by individual bankers, which left room for obvious bias. So, credit unions were formed to provide fairer lending grounds for everyone. Today, however, flaws in the credit scoring system are apparent. They show a score based on standardized components, like on-time payments and amount of credit accounts open. What they fail to take into account is individuality. Whereas one person with a good credit history might have one or two missed payments but a high score, someone else might have a lower rating because of high credit card balances but an otherwise flawless record.
It is easy to see how so many people get upset by credit union scores, which is why title loans are one great option to build up or rebuild your credit score.
Title Loan Basics
A title loan is a loan that a person gets based on the worth of their vehicle at the time of inspection. Those looking for a title loan bring their car into a title loan lender, and the lender will evaluate the vehicle before making an offer. Whereas banks, credit unions, and other financial institutions lend based on credit, title loan lenders lend based on the physical asset of a car’s title. They hold on to the title until you pay back the amount they lend you against your car.
A similar way to think about the title loan lending process would be to imagine you are remortgaging your house. While you still live in your home, your bank technically owns the house until you repay the mortgage. If you cannot pay your mortgage, the bank does take ownership of the house. However, with continued on-time payments the house eventually reverts to your ownership.
Each title loan establishment has its own rules about lending. Therefore, it is worth it to ask about the standards of lending prior to making any pre-loan commitments. In other words, don’t put the cart before the horse, especially when it comes to your financial well-being. To take out a title loan with Midwest title loans, the potential customer must meet the following standards.
- You must own the car outright. A car with a lien on the title means that someone else officially owns your car. While many title loan companies will lend with a lien on the title, we believe it is in the best interest for our customers to own their cars outright.
- You must be 18 or older.
- You must bring a valid driver’s license with you at the time of application in one of our branches.
- The car must be in working order.
Are you looking for an easy and effective way to rebuild your credit? Consider taking out a title loan and making short-term monthly payments to increase your credit score. Your credit score doesn’t matter - we’ll lend to you regardless of your credit history. Midwest Title Loans has branches in Kansas City, Gladstone, and St. Joseph, Missouri as well as Overland Park and Kansas City, Kansas. Applying and receiving a loan takes as little as twenty minutes, and you get to drive away with your car and the cash from the loan. Contact us for more information or to make an appointment to meet with one of our loan specialists today.Read more
March 5, 2019
What is a Title Loan and How Does it Work?
Chances are high that if you live anywhere in the southern United States, you’ve seen an advertisement for a title loan establishment. One leading title loan company alone runs more than 1,400 different stores in 18 different states, many of which are in southern and midwest states like Missouri and Kansas. And this is just one company - many other title loan companies exist on top of this. These types of lending companies are a popular option for those who might have had or still do have issues with their credit, yet they are continually maligned in popular opinion. However, for those who need access to alternative lending opportunities, title loans are one of the best tools available. Not only can they improve a credit score, but they also provide access to funding that would be otherwise inaccessible to a borrower.
Credible title loan providers are not out to take advantage of the borrower. The key to having a pleasant experience with a title loan company is understanding the mechanics behind a title loan and knowing your responsibility as a borrower.
What is a Title Loan?
A title loan is a loan that a borrower takes out against the value of their own car. Lending companies of any sort - from title loan lenders to national banks - need some type of collateral to lend against. With traditional lenders, this collateral most often takes on the form of the credit score. While your credit score is not physical collateral, it can be thought of as a type of theoretical collateral. Essentially, it tells banks and significant lending companies what your spending habits are like. A typical credit score factors in the number of loans you have taken out, your credit spending report, your percentage of on-time payments, and many other elements that are supposed to determine your financial health.
Most credit scores are judged using the FICO model, which gives your credit history a score of 850 to 300, with 850 being the highest and 300 being the lowest. The majority of the population rests at a score of 650 or below. This often puts them at a lending disadvantage, because despite the many factors that go into this score, it looks to lending companies like low trustworthiness. Additionally, even if they are offered a traditional loan with a score of 650 or below, they will most certainly have higher interest rates.
With title loans, rather than basing borrowing on a credit score, title loan lenders take on physical collateral in the form of car ownership. This allows those who have low credit scores, as such a large portion of the United States does, to borrow in times of need.
What is the Process Like?
The lending process with a title loan company is simple. First, the borrower comes into the location with their car, their car’s title, and some generic information. This information includes a few references (like you might include on a job application), monthly income information, necessary information about your car like the make and the model, among other information that is typical to applications. If you plan on applying for a title loan with Midwest Title Loans, you can access all the information you need here.
If your title loan company has an online form you can fill out beforehand, like the one above, filling that out will save you in-office time. Otherwise, most title loan applications do not take much time at all. You’ll come in, fill out any remaining paperwork, and the loan officer in charge of your application will evaluate the value of your car. From there, they will make you an offer for a loan based on the assessed value of your vehicle. If you agree to the amount of the loan offer, you simply finish your paperwork, hand over the title of the car, and walk out of the establishment with your vehicle and a loan for the amount that the car is worth.
What are the Restrictions for Borrowing?
The restrictions for borrowing are always different depending on the type of establishment that your title loan is taken out with. Therefore, you should still come to a lender with any questions you might have regarding the process. For Midwest Title Loans, borrowers must have a working car, the borrower must be 18 years or older, and the borrower must own the vehicle outright. The last one of these restrictions is one of the most variable limits that can be found between title loan lenders. Whereas some lenders do allow borrowers to take out a loan against a car with a lien, Midwest Title Loan does not. This is because we firmly believe in giving you the best value against your car’s worth, which you cannot get with a title loan with a lien on it.
Are there Any Other Lending Options Available with Midwest Title Loans?
Midwest Title Loans does offer flex loan options, which differ slightly from title loans. Whereas title loans are disbursed for the full value of the car you present us with, flex loans allow the borrower to take out as much or as little as they want against the value of their vehicle. While the same restrictions still apply for application, this loan option also allows you to keep your loan open after you pay back the amount you owe.
Midwest Title Loans is a leader in title loan lending in Kansas City, catering to Missouri and Kansas residents across the board. Our fast and friendly service gets you the money you need when you need it, especially if you have had issues with lending options elsewhere. Service takes as little as 20 minutes in some cases, and all personal information provided to Midwest Title Loans is kept safe and secure. For more information or to schedule an appointment, please visit us at one of our Kansas City, Gladstone, or St. Joseph locations in Missouri, or one of our Kansas locations in Overland Park or Kansas City. Alternately, contact us here.
We look forward to helping you meet your lending needs.Read more
February 21, 2019
Can You Get a Loan If You Have Bad Credit?
Getting a loan can be hard for people with good credit, but it is especially hard to apply for a loan when you know have a good chance of getting denied for that loan. Those with fair to poor credit face many more obstacles when it comes to applying, which is off-putting when the chances of being granted a loan with fair to low credit are so much less. 32% of those with less than excellent credit - meaning those with very good and good credit - were denied home mortgages in 2017. Additionally, those who are approved for loans or lines of credit often face higher interest rates than their fellow citizens.
Unfortunately, catastrophe and emergency cash flow issues are not just for those with good credit. When people with lower credit need monetary help, it can feel hopeless as they search for alternate funding sources. The good news is that for those with bad credit, there are options for getting loans. One of the easiest to obtain opportunities is the simple title loan.
What is a Title Loan?
Traditional lending requires a credit score because that is a corporate way of assessing your ability to pay back that loan. In theory, credit tells an institution that you make payments on time and are responsible with your money, but to those who are new at the credit game, understanding credit like this can be dangerous. You might make monthly payments consistently and on time, but if you are using more than 30% of your line of credit, or if you have out too many loans (a reality that almost all college-goers face), your creditworthiness might also be deemed low. In this way, the credit score is not always the best indicator as to whether someone is good with their finances. It does not take into account the rich array of circumstances regarding peoples’ credit choices.
Rather than examining and scoring your financial history, a title loan uses physical collateral in the form of car ownership. A title loan assesses the worth of a car that the borrower owns outright and offers them a fixed loan for the value of the vehicle. When a borrower takes out a title loan successfully, the title loan company holds on to the title until the loan is paid back, in which case the ownership of the car (and the title) are given back to the borrower.
What is a Flex Loan?
For those with bad credit, a flex loan is also an option. Like a title loan, a flex loan uses a car title and worth to offer a line of credit to a borrower. Borrowers go into a flex loan establishment with their title in hand, and the lender provides them with a line of credit. Unlike a title loan, a flex loan allows the borrower to take out different amounts against the loan, up to the full worth of the car. That way, if a borrower wants to take out only a few hundred dollars rather than many thousands of dollars, they have that option. Ultimately, this allows them to pay less interest. Additionally, when the loan is paid back, the borrower has the option of keeping the line of credit open or receiving their title back.
Obtaining a Flex Loan or a Title Loan
Getting a bad credit title loan is easy, but sometimes application terms do vary. Some lenders do allow applications with a lien on the title. Lenders that do this will buy off the car from the lien-holder, and the title loan borrower will then be responsible for repaying the full loan amount and the amount that was owed to the lienholder. Midwest Title Loans does not allow this - to get a title loan with our establishment, you must own your car outright. We believe this ultimately saves the borrower money and time and promotes a good relationship between lender and borrower.
At Midwest Title Loans, borrowers need only to be eighteen years of age, have a running car that they own outright, and fill out one of our online applications before coming in (if you don’t have access to a computer or the internet, you can also fill out one at one of our locations). Once you are approved, we let you know how much we can offer you against your car’s worth and we pay out your loan.
What are the Benefits of Title Loans and Flex Loans?
There are many misconceptions revolving around title loans and flex loans. From people arguing that their interest rates are too high to the people who think title lenders are just out to get people’s cars, many don’t realize that there are substantial benefits of getting a title loan. Here are some of the more common reasons why people get these loans and why they are beneficial overall.
- You can get a title loan in a pinch. There are some instances, like emergency vet bills, car repairs, and house emergencies which cannot wait for the weeks-long traditional loan application process. With a flex loan, lenders come in, are approved, and are awarded their loan in cash all in the same day.
- Title loans take less time to pay off. What critics of the sometimes-high title loan interest rate forget is that title loan applicants are not paying their loans off as long as the traditional loan holder. This ultimately means paying less in interest over the life of the loan.
- Title loans help rebuild credit. It seems almost unfair that the credit industry works in a way that makes it so hard for those with poor credit to restore it. Getting a title loan, making consistent payments toward it, and paying it off on time helps borrowers rebuild their credit and might open up the door for future lending opportunities.
Midwest Title Loans has lending opportunities available to Kansas and Missouri residents with bad credit. With locations in Kansas City, Gladstone, and St. Joseph, Missouri and Overland Park and Kansas City, Kansas, we are committed to getting you the financial help you need. For more information about our locations, or to get started with an online application, contact us for more details.Read more
February 13, 2019
Understanding Flex Loans in 2019
Flex loans and title loans are often lumped into the same category. The reasons for this vary, but generally, this is because flex loans can be obtained in the same places that title loans can, and the process of getting a flex loan is similar to the process of obtaining a title loan. One of the worst things about flex loans being lumped in with title loans is that they have the same general reputation as title loans do: maligned as another opportunity for someone to take advantage of those with poor credit, these lending avenues are often avoided. The truth about title loans and flex loans is this - they offer a quick and easy application process, a quick payment period, and the ability for those with poor credits to rebuild their credit.
However, there are critical differences between the two types of loans, and it is worth the time and effort to understand which kind of loan is right for you.
The Differences Between a Title Loan and a Flex Loan
A title loan is almost exactly what its name implies. A potential borrower goes into a lending establishment with their car’s title in hand, and the lender offers the customer a loan on the estimated value of their vehicle. Before this is done, however, the lender checks the potential customer’s title to make sure it has no liens on it, assesses the car itself, and offers a monthly payment amount before disbursing funds. Mainly, they purchase the vehicle from you, and you pay them back to receive the title back. Often, lenders will also check that you have a job and references to assure that you can pay back the amount you say you can pay.
With a flex loan, most lenders also borrow against the title of the car. However, getting a flex loan allows the borrower to take out as much or as little as they want. Whereas title loans require you to take out the full worth of the car, flex loans allow you to borrow an amount that works for your needs and your budget. For instance, if you need $200 for a down payment on a new refrigerator, have a car worth $1,500, but only want to take out the $200 you need for that down payment you can do so.
What is the Flex Loan Process Like?
Getting a flex loan in Kansas City through Midwest Title Loans is a quick and easy process. Those interested in receiving a loan bring in:
- A lien-free title to a working car. Cars must be drivable and in good condition, and the title must belong to you.
- Photo identification. This allows our loan experts to identify that the car belongs to you, that you are older than the age of 18, and that you are who you say you are on your application.
- References. Be sure that you have a few references written down in case we need to verify any income information. This is especially true of contractors, who do not have the benefit of having references built into their job position.
- A pre-filled info sheet. You can fill this out online before you come into one of our offices and submit it digitally, print it out and bring it in, or you may choose to fill one out in our office. If you fill this out online before coming in, you will not need to bring in any contact information for references, as this is a section on the form.
After the loan officer assesses that all the information provided by you is correct and per our standards, we evaluate the value of your car and give you an estimate of how much we would be willing to provide you with against its worth. From there, you decide upon the amount you would like to borrow against. Then, you walk out of one of our offices with the amount you decide upon. Repayment terms usually last only a few months (and almost always last less than two years), and once you pay the full amount of the loan back, you have the option to either keep the line of credit open or close it out and receive your title back.
The Benefits of Flex Loans
While harmful myths about flex loans can be found everywhere, we believe that there are many advantages to taking out a flex loan over a traditional loan. For instance:
Flex loans are available to people regardless of their credit. Conventional loans, given through banks, are often unobtainable to those with poor credit because banks judge lending terms on credit scores. Even those with good or fair credit scores might have issues obtaining a loan, as national banks are hesitant to lend to anyone with a credit score below 620. Flex loans, as an alternative, require significant collateral (like a title) to determine how much they lend to their customer. An added benefit to taking out a flex loan is that it offers the opportunity to improve their credit, as payment history is reported to credit bureaus.
Flex applications take much less time than a traditional loan application. Many traditional lending opportunities take weeks for disbursement, and loans are usually procured around time-sensitive issues. Emergency medical bills, last-minute student loan applications, and car deals don’t always have two weeks worth of waiting in them.
Flex loans let you choose the amount you want to take out. Unlike traditional lending and title loans, the borrower is allowed to take out as much or as little against the collateral as they like. While many might argue that a traditional loan gives you more money, taking out only as much as you need allows you the opportunity to pay the loan off more quickly and to pay less in interest.
Why Should I Consider a Flex Loan with Midwest Title Loans?
If you are looking to obtain a flex loan in Kansas City, Midwest Title Loans has got you covered. Our experienced loan servicing staff is available at multiple locations in Kansas and Missouri. In Kansas, we have one location in Overland Park, and one location in Kansas City. In Missouri, we have one location in Gladstone, one in St. Joseph, and one in Kansas City. We believe in making loan applications as simple as possible, so for quicker and more personalized service at one of our locations, fill out one of our pre-screening info sheets. For more information on locations, contact numbers, and hours, visit our website.Read more
February 5, 2019
Ways to Use a Title Loan to Get Your House Ready for Spring
Spring officially starts on Wednesday, March 20th of this year. For many midwest states, spring can seem to start even sooner. Warm weather is a time to start on house projects, but when warm weather comes too soon, it can mean that you are not prepared for significant repairs. Spring is when roofers start sending out their estimates after a hard winter of snow damage, when basement issues come to a head after the ground begins to soften from the warmth, and when plumbing disintegrates because of the change in humidity. When a household is not prepared for these issues, it can be daunting to try and find the money to make quick, substantial repairs.
Luckily, title loans are one of the best ways that people can take care of expected or unexpected repairs that come to their attention during spring. Unlike traditional lending options, title loans are available to anyone regardless of their credit history, which makes them a viable option for those who have been able to obtain loans in the past due to a less than satisfactory credit score. Most loans are paid off in a manner of months, which makes it easier to save up for next year’s repairs. Finally, title loans are available within the same day of application, which makes them a preferred choice for those who have emergency repairs or issues.
Here are some of the best ways you can use a title loan to get your house ready for spring.
Use for Emergency Repairs
Because of the rapid (and sometimes dramatic) change from winter to spring, some repairs come on quickly. Issues that might have been hidden because of frozen ground, like septic issues, rear their ugly heads as the ground thaws. In many cases, these repairs don’t have the time it takes to wait for approval on a traditional loan. Bank loans and lines of credit can take as much as two weeks to get money to you, and things like leaking septic tanks and flooding basements can’t wait that long. Title loan disbursement is same-day, which allows you to take care of emergency repairs quickly - saving you time, money, and a headache.
Toward Re-Roofing Costs
Most people start their re-roofing projects in the early spring as the snow melts, and the damage to roofs is revealed. Roofing costs on average between $5,000-$10,000 nationally, which even the best savers sometimes have issues with saving up toward. A title loan can supplement healthy savings, helping ease the burden of payment toward a new roof.
To Prepare for Tornado Season (or to Take Care of Leftover Damage)
Missouri and Kansas are in the tornado belt, and March is the beginning of when residents in the tornado belt need to be on their toes when it comes to preparing for a tornado. The first and most important part of preparing for tornado season is making sure that your family has a tornado preparedness plan. If your house has an unfinished basement, a title loan might be a smart way to transform the basement into a safe and sound environment in the event of a tornado emergency. Additionally, using a title loan to stock a place like a basement or a storm cellar with things like canned food and water, emergency blankets, flashlights, and other storm preparedness items is one way to prepare for a potentially rough spring.
Additionally, if your home was damaged in a tornado previously, spring is a great time to do any catching up on repairs from the previous storm season. Replace broken windows, faulty doors, and demolished garages with the help of a flex loan. You can’t help tornado damage, but you can prepare and respond to it well.
To Replace Windows that Were Inefficient Over the Winter
Usually in January, when it is starting to get very cold, people start to notice the inefficiency of their windows. Perhaps a few of them have cracks you didn’t know about, maybe some are warped and therefore letting the cold air in, or maybe you live in an old house with old windows. Regardless of the reason, after winter has brought to your attention the inefficiency of your windows, it is time to do something about it. Paying for plastic to weatherproof windows gets costly, so it is best to upgrade windows to the newest and most energy efficient ones you can as soon as you can. Getting new windows installed in the spring when it is warm enough to deal with is smart. And even though a title loan does mean monthly payments, you’ll probably notice the benefits of replacement come next winter when your heating bill is that much lower.
Re-Paint the House
A freshly-painted house is a perfect way to brighten up your life after a long, cold, gray winter. Exterior painting jobs are best done in the spring when the weather is temperate, and the sun is out. Additionally, interior jobs are a great way to brighten up your home after a harsh winter and just in time for spring cleaning.
Hire a Deep Cleaner
There’s a reason people participate in spring cleaning - after a long winter of having the windows closed, without access to fresh air for months, a house can get a certain funk to it. Spring cleaning is a great way to maintain the life of your woodwork, cabinets, carpets, appliances, and floors. But, if we’re going to be honest, not everyone has the time for it. Hiring someone to do your spring cleaning for you might seem like a cop-out, but in reality, it helps maintain the life of your assets, which ultimately saves you money. Plus, professional cleaners know to clean the stuff that most of us miss - things like fan blades, stove hood filters, and walls.
If you have a spring to-do list that is a mile long and are wondering how you are going to pay for it, consider a no credit title loan from Midwest Title Loans. Our specialists in Missouri (at St. Joseph, Gladstone, and Kansas City) and Kansas (at Overland Park and Kansas City) are ready to help you get ready for 2019 by preparing your house for spring. Visit our website to get started on your title loan application today.Read more
January 28, 2019
Searching for a Title Loan Near You? Midwest Title Loans Has You Covered
In 2017, nearly 8.7 Americans took out a personal loan. In this report, the needs for these loans were listed as being almost as diverse as the population of this country. Millennial-aged people, baby boomers, and everyone in-between took out loans for emergencies, bills, tuition, debt consolidation, and more. But the biggest reason listed for personal loans being taken out? Car purchases.
The State of Credit in America
Unless you live in a city with reliable public transportation, it is nearly impossible to live without a car. Cars are required to get to and from health appointments, to visit family all over the country, to get food and to get to work. There’s no getting around the fact that transportation is necessary. However, transportation is also expensive. The average United States citizen pays a little over $8,000 toward car ownership each year - which goes toward maintenance, gas, and other car-related expenses. And while this number is mostly manageable over a spread out period, if you asked someone if they had $8,000 savings in case they needed to get a new car, the answer would most likely be no.
This is concerning, as most think that credit would be the best option if they needed this amount of money quickly. Unfortunately, unless your credit is excellent (which, statistically, is only 60% of the population), you’ll find yourself stuck without a way to make significant car repairs or get a new car if something goes wrong with yours. Since most car insurances don’t cover the cost of basic maintenance and car replacements in the event of an accident are hopeful at best, it is always best to have a backup plan.
Do I Really Need a Title Loan?
Title loan customers are as diverse in backgrounds as they are in needs, and chances are if you are asking yourself this question, you probably need a title loan.
Title loans have a reputation of being for a particular set of people - usually those with bad credit. The reason that title loans are portrayed as being only for people with bad credit is that they are an excellent option for those who have poor or no credit. Title loans do not require credit scores because they use physical collateral rather than your credit score as verification that you will pay your loan back. For those who need a loan but cannot get it because of their credit score, this offers them the perfect lending option. Not only does it help them build their credit score back up, but it also allows them to pay back a loan in a much quicker time than they would a traditional loan. Therefore, if they intend to take out a title loan to raise their credit score, they can do so in a relatively low amount of time provided they make all their payments on time and per the terms of the agreement.
Title Loans for Everyone
For those with low credit scores who need a loan option quickly, you almost assuredly need a title loan. However, you might be reading this and thinking that since you have a good credit score, a title loan might not be the best option for you. In any situation, if you need money quickly, a title loan is a viable option that takes significantly less time than traditional lending methods. Here are some of the reasons why those with good credit scores might choose to take out a title loan:
In the event of an emergency, there is not always time to wait for a traditional credit-based loan. In most cases, title loans are available to those who need them the same day, which provides monetary relief quickly and when required. Privacy is of utmost importance to most people in this digital age, as so many incidents of identity theft happen each year. With a title loan, lenders do not need to run your credit history, which means there is no paper trail leading to your social security number.
How a Title Loan Works
Unlike traditional lending, taking out a title loan is relatively easy. First, a customer brings their car title in and we evaluate both whether or not they actually own the car and how much the car is worth. Once we are sure of those two things, we offer a loan for the worth of the vehicle. Should you accept, you get to keep your car, but we technically own the title until you pay us back the loan in its entirety. It’s as simple as that.
Some Things to Keep in Mind About Title Loans
The process itself is simple, but that doesn’t mean that the lender should come into Midwest Title Loans without knowing a few things. Here are a few things all those interested in title loans should consider:
- Be sure to discuss the terms of your title loan with your lender. Much of the bad reputation surrounding title loans comes from a misunderstanding of the lending terms. Reputable title lenders, like Midwest Title Loans, will make sure their customers understand the terms of the loan before allowing their customers to sign off on anything.
- Repayment periods will take less time than traditional loans. This is normal. While this means you might pay more month-to-month than a conventional lender, you ultimately will pay less.
- The title you bring in for collateral must belong to you for you to receive the full worth of the car. Otherwise, we reserve the right to deny you a loan, or we can offer you a loan for the value of the vehicle minus the amount that we paid to get the title from a dealership.
The benefits of a title loan are many. Luckily for Kansas and Missouri residents, Midwest Title Loans has made a reputation out of providing caring, quick, and comprehensive title loan services. For more information, contact us. We look forward to hearing from you.Read more
January 14, 2019
Kansas City Title Loans Can Help if You've Fallen on Hard Times
Who among the people you know haven’t fallen on hard times at least once? Between fluctuations in the economy, emergencies, and everyday life it is a lot more likely that a person will experience a financial hardship than someone who won’t. In Missouri and Kansas, however, misfortune can take on new meaning. In Missouri, the state poverty rate is 15.1%, and Kansas City has an even higher poverty rate, making up 17.5% of the population of the city.
For these populations, hard times don’t just mean having to scrape by once or twice. Hard times for those who live in sustained poverty often last for years - having to scrape by from paycheck to paycheck and sometimes having to sacrifice between food and bills. For those who live in sustained poverty, a savings account is not a reality. Without savings, however, emergencies become disastrous, seemingly hopeless events. Even those with good credit have issues getting funding when emergencies come around that require quick payment.
If you’re in financial trouble - perhaps from an emergency health event or the breakdown of your only reliable vehicle - a title loan from Midwest Title Loans can help. With compassionate and helpful staff, understandable terms, and quick cash, we aim to get all our customers the money they need when they need it.
Title loans work by offering monetary reimbursement for substantial physical collateral - namely cars, trucks, or other vehicles. There is no associated credit report filed during the application for a title loan. You simply bring the title to your car into Midwest Title Loans, and we determine the car’s overall value. While newer cars often bring in the highest loans, loans of up to $10,000, we are not discriminatory when it comes to the vehicles offered as collateral for a title loan. Sometimes, even a small loan from an older car can make a difference in a person’s financial security.
Once we determine the aftermarket value of the car, we make you an offer on it. When you accept the offer, the title of your vehicle transfers to us. You still get to keep your car, which makes it a perfect option for those whose cars are in good working order but might need money for a non-car emergency. The only thing that changes during this process is the legal ownership of the car, which belongs to us once the paperwork is signed. After the loan is paid in full (usually over a period of 12-24 months), full ownership of the car reverts to you, and you are back where you started!
People who have low or no credit often opt for this lending option because the loan is not predicated on their creditworthiness. If you have a car, you’ll get a loan usually during the same visit.
What to Bring When You Come into Midwest Title Loans
To save time, it is always best to have all the documents you need to apply for a loan. At Midwest Title Loans, these documents include:
- Information about your birth, gender, and other identifying information. Be prepared to back this information up, so also be sure to bring in proof of residency and photo identification.
- Residence information, including proof you live where you say you live.
- Information about the car, including the VIN, make, model, and any other information you have about the vehicle that might be necessary. A Carfax report will be run on the car to help determine its value.
- Employment information (if applicable). Although it is not necessary for you to have a job to take out a title loan, it does help us make a better estimate about how large of a loan you can take on. Many people take out title loans in the event of redundancy. However, we might be able to offer you more if we know you have a steady job that will let you pay it back.
- Three personal references we can contact, so be sure to have their contact information.
Alternately, you can save the time that you spend in one of our office locations by filling out one of these handy online forms. No need to put your social security number anywhere on the form, however, we might ask you for it during the in-person process, so it is best to know it or bring it in when you visit.
What Should I Expect From a Title Loan?
A title loan is only for the amount your car is worth, which means if you have a junker only worth $800 but need $2,000, you might need to seek alternative funds elsewhere. However, once you get the loan, the process looks a lot like typical lending processes. You have a repayment period, during which we make periodic reports to credit bureaus about your repayment history. This is great if you are taking a title loan out in part to rebuild your history, as repeated on-time payments will help you boost your credit score. Work with your lender to see whether a weekly or a monthly payment works better for you. We hold on to your title while your car is in repayment, but as soon as our loan is repaid in full, you get your title back.
How Long Will it Take Me to Pay Back my Loan?
In general, most repayment terms are for a few months to no more than two years. Although this seems like a short period, there is a silver lining to this. A shorter repayment period ultimately means less money paid back. Over the period of a traditional loan, borrowers often end up paying thousands of dollars of money that they never intended to pay. Although title loans have interest rates, the short nature of the loan drastically reduces the amount you spend in interest over time.
If you live in Kansas City, St. Joseph, or Gladstone, Missouri or Overland Park, or Kansas City, Kansas, don’t let hard times get you down. Come over to one of our multiple locations and let us see what we can offer you for the worth of your car so you can get over this slump and back on financial track.Read more
January 7, 2019
How To Know if a Flex Loan is Right For You
We’ve established many times before that the traditional lending process is not always the best choice for people. It requires people to have good credit, and even when they do have good credit they often must wait weeks for the loan. However, sometimes taking out a title loan against the full value of your car is also not the best option. When you need a little flexibility with your lending options but are unable to take out a new credit card, a great alternative is a flex loan. Luckily for Kansas and Missouri residents, Midwest Title Loans has this lending option available, and it is just as easy to apply for as a title loan.
What is a Flex Loan?
A flex loan is a line of credit that is offered to you by evaluating the worth of your car and allowing you to borrow money against that worth. In many ways, it is like a credit card, but you get real money rather than a card to use. Unlike a loan, you only pay back the amount and interest that you borrow against rather than paying back the entire value of the car.
How do Flex Loans Differ From Title Loans?
The application for a flex loan and a title loan are quite similar. It is merely the outcome of each that differs. With a title loan, the borrower is given the full amount for the aftermarket value of the car and is expected to pay back that total value to legally own their vehicle again. With a flex loan, your car is evaluated in the same way, but you get to choose how much money you want to borrow against it. For instance, if you need to go to the doctor but don’t get paid for two weeks, you might take out a flex loan and pay back the amount you owe once you get paid. In this way, you are not taking out a full loan for your car, and you build credit in the same way you would a credit card.
How a Flex Loan With Midwest Title Loans Works
Flex loans are only available to adults age 18 and older. If you are younger than this, you will need to speak with your parent to see about their taking out a flex loan for you. Under no circumstances are we able to lend to someone younger than 18. If you are 18 and plan on taking out a flex loan with Midwest Title Loans, You will need to bring in:
- Income verification: this will help us determine how much we can lend to you.
- Photo identification: preferably a driver’s license, as you need a driver’s license to operate the car.
- A title without a lien on it: although some flex loan providers will allow car titles with liens, we do not accept car titles that are not outrightly owned by you.
- Your vehicle: even if you bring your title in, you must also bring your vehicle in for evaluation. Information about the car will only tell us the Kelly Blue Book value of the car. The interior and exterior conditions will also tell us more about how much your car is worth.
Other than needing these items, you should have no issue taking out a flex loan through our establishment.
Once we evaluate your vehicle and verify you are who you say you are, we take ownership of your lien, and you walk out of Midwest Title Loans with a flex loan for the amount that you requested. Just repay the loan per the terms, and once we receive payment in full, you receive your title back. There are no workarounds or hidden conditions.
What Are Some of the Benefits of a Flex Loan?
Flex loans and title loans look similar, but as you have seen, they have their differences. For those with poor credit, a flex loan might be more appealing than a traditional title loan. Here are only some of the many benefits of a flex loan:
- A flex loan is a line of credit. This differs from a traditional loan because it allows you to borrow as much or as little as you need when you need it, rather than having to borrow the whole amount and pay for that entire amount for years.
- Interest rates are based on the days you need them. Traditional lines of credit have interest rates that stay effective the entire time their line of credit is open. Flex loan interest rates only apply to the days that flex loans are taken out. For instance, if you take a flex loan out for a day to make a payment the few days before your paycheck, you only have to pay interest on the days you have your money. So, if you take out a flex loan a few days before your paycheck and pay back the loan in its entirety when you get paid, you only have to pay back interest for those few days you had the money.
- Flex loans can be closed out or kept open. With traditional loans, you pay back the loan, and that is effectively the end of that borrowing event. With a flex loan, when you pay off the original loan, you can choose to keep that loan open and take more out.
- As you successfully pay off your loan amounts, your line of credit increases. Much in the same way that successful credit card payments often increase your credit amount, so too do flex loan payments. Upon successful and on-time payments, your line of credit often increases.
I’ve Considered These Questions, But I Still Have More. What Should I Do Now?
So, perhaps you’ve read through these and have a pretty good understanding of what a flex loan is and might be considering taking one it. If you still have more questions that is normal. Flex loans are not talked about as much as conventional loans or lines of credit, and therefore they might not seem as easily accessible to you. Rest assured that the experts at Midwest Title Loans will be able to explain your flex loan and line of credit options better. Stop by one of our locations in Kansas City, St. Joseph, or Gladstone, Missouri or Overland Park, or Kansas City, Kansas. Or, to set up a meeting, contact us for more information.Read more
December 28, 2018
What is a Title Loan with Liens and How It Can Help You?
In the United States, there are hundreds of title loan companies-- which makes title loans (which are also known as payday loans) one of the most profitable business types in America. In the South, title loan companies are fairly prevalent, which means that those who live in the south have most likely seen a title loan company before. Therefore, they might be familiar with how the lending process works. However, there are different lending protocols for title loan companies, and obtaining a title loan with a lien is a different beast entirely Although it sounds like an extra step in an already complicated process, customers hoping to take out a title loan should consider taking out a title loan if they need it, even if their car does have a lien. It’s a great option for those who need cash quickly and might have issues getting it elsewhere.
What is a Title Loan With a Lien?
Applying for a title loan usually starts with a little paperwork and collateral in the form of your car’s title. Whereas traditional lending almost always requires you to run a credit check, obtaining a title loan usually just involves investigation into whether you are the rightful owner of your car. Because this process takes only an hour or two in most cases, people often obtain a title loan when they need cash the same or next day. Verifying that you own the car is usually enough proof that you can pay back the loan, and handing over the title to a car is the physical collateral that takes the place of credit history.
A lien is an indication that the car does not fully belong to you. Basically, it says that you are making payments toward full ownership of the car, but legally the car’s title still belongs to someone else. Most often this happens when a person purchases a new or used car from a dealership. Your name is still listed on the title, but the dealership or sales entity has property rights over it until the full amount is paid. Once the full amount is paid, the lien is released, and the car then belongs to you.
While many companies shy away from lending for a liened car, Midwest Title Loans believes that with the right understanding of how obtaining a title loan with a lien works, providing a loan for a car with a lien on it can be extremely beneficial.
The way lending with a lien works is this: You bring your car in to have it evaluated. Whether it is a new or old car, there is an overall value placed on your vehicle. If you owned the vehicle outright and were to apply for a title loan, you would receive a loan equivalent to the full value of the vehicle. Title loan companies like Midwest Title Loan who lend to car owners with liens on their cars still lend for the full amount but instead divide the full value of the car. Using part of the value to pay off the remainder of the debt and giving the rest to the customer, the lien is then transferred to the title loan provider, and you continue to make payments on the loan as you would have made on your car.
How Can a Title Loan With a Lien Help You?
If you’re wary, you’re not alone. It is a huge step to consolidate debt from one lender to another, and it can feel strange at first. But there are many reasons why you might want to take out a title loan even if you have a lien on your car. Here are some of the most common reasons we see from our satisfied customers.
It saves you from identity theft. Although you can apply online, most customers visit one of our locations to apply for a loan. Online credit card and loan applications require your social security number, making your identity an easy target for attack. While many criticize the interest rates of title loan providers, very few things are quite as harmful as identity theft caused by stolen social security numbers. Midwest Title Loan will never require your social security number for loan applications. Merely bring your title, and we’ll work with you to fill out the rest of your application.
It allows you to make last-minute purchases when you have few other financial options. With poor credit, it can be hard to find the last-minute financial help that you need to make big purchases or deal with unexpected bills. Title loan companies do not need access to your credit history because the collateral that they use is your car rather than your constructed credit history.
You can beat out the rates of your original loan. Let’s face it -- most people with borrowed credit or loans have had a moment in their lives where they’ve regretted taking out a loan with that company. The biggest stressor? The interest rates. Title loan companies can take heat for their interest rates, but often their interest rates rival and even beat the original car lender. Sometimes, those who come to Midwest Title Loan find better repayment rates for their car, which means they not only get a temporary loan for the remainder of the car’s worth, but they also can make continued payments at a lower price.
It can help you get closer to full car ownership. When we purchase your title, we help you get one step closer to owning your car. Pay more than the expected amount or the total that we require -- plans are relatively flexible in that manner. Either way, the shortened repayment period means you spend less time with a car that doesn’t actually belong to you.
Midwest Title Loans is your trusted stop for title loans with liens in Kansas and Missouri. Stop into one of our locations in Kansas City, Gladstone, or St. Joseph, Missouri or one of our Kansas locations in Overland Park or Kansas City. Or, visit our website for more information. One of our title loan specialists will be available to help you get the money you need regardless of your title or credit history.Read more