July 25, 2019
The Five Best Short Term Loan Options in Kansas City
Short term loans are gaining popularity as the risks are exposed around long-term lending. People who have gone back to school in recent years might understand what we’re talking about. The average person who graduated in 2017 owes nearly $30,000 in student loans. While many who don’t understand these numbers try to write them off, what they don’t realize is that a big chunk of what is owed is not owed to the Federal Government, but rather to private lenders. Whereas government loans have caps on their interest rates, private loans do not. This can mean financial ruin for a young person who might not know much about interest rates. For those who might need a small loan for textbooks, insurance payments, or housing, a short-term loan could make the difference in freedom from debt down the line.
What is a short term loan you might ask? The name implies everything you might need to know. Unlike a long-term investment, like a loan you might take out for college or a mortgage for a house, a short-term loan is paid off in just a few months rather than a few years. A standard loan takes anywhere from ten to fifteen years (sometimes longer) to pay off. A short-term loan, on the other hand, might take anywhere from six months to five years. It is designed so that the person taking out the loan will not have to spend a ton of money on interest, nor their extra time trying to pay off a loan over an extended period. Additionally, short term loans often don’t have credit limits, which means it is much easier for those with credit issues or no credit to get them and pay for them.
So, you’re spending your summer in Kansas City and are trying to wrap your head around how you’re going to buy a new computer, fix up your car before you head back to school, or even just make small repairs around the house with credit issues, we’ve got your back over here at Midwest Title Loans. Here are the five best options for finding short term loans in Kansas City.
Check Websites For Pre Approvals On Loans
Contrary to popular belief, you don’t need to go through more than one credit check to get preapproved for a loan. All you have to do is know your credit score and do a little bit of research. In the fine print on most loan application terms and conditions found online, you’ll be able to see whether you will be approved for funding with your current credit score as well as what your interest rate might be. Check your bank, then check local businesses, and compare prices. Our non-invasive online application is perfect for those who don’t want to lose further points on their credit score to find out whether they are approved for funding. We simply require information about your car, leaving your credit score out of the picture.
Utilize Online Loan Finder Options
This will also require you to know your credit score, but this option allows you to see where you stand without having to search multiple websites. An online tool like Magnify Money by Lending Tree will help you find loans that you can apply for online based on your credit score. It lays out the broader terms of the investments and allows you to compare them to other loans. A word of caution when it comes to using online databases like these, however -- you can miss out on serious deals when you work online and don’t have a personal relationship with your lender. We recommend working with a lender like Midwest Title Loans that has a branch you can visit in-person. This will help you establish trust with your lender, and might even let you save money in the long-run.
Turn to Payday Loans
Payday loans are another option for a short-term loan in Kansas City. Payday loans work like this: The lender will write you a check for the amount you need your loan for. In turn, you will write a check for the full amount of the loan -- cashable on the day that you get paid. This allows you to get the money you need before your paycheck, while also setting up a failsafe system for the lender to get repaid. If you find you cannot pay back the full amount of the check by the time that you estimated, you may choose to extend the life of the loan. However, this can lead to trouble down the line, as extending the life of the loan means that you ultimately end up paying more in fees and interest. Be careful when considering this lending option.
Turn to Midwest Title Loans For Short-Term Loan Options
Midwest Title Loans is a lender that sets up loan amounts based on the worth of your car. To receive a loan, all you need is to meet certain age and licensure requirements and have a vehicle you own (with your name on the title) that is also driveable. Most title loan amounts go from anywhere between $500--$5000 and are designed so that the borrower makes easy payments over a shorter period. As a result, the borrower usually pays less over time than even traditional loans allow them, as well as not tying them down to any long-term payment requirements.
Consider a Line of Credit Instead of a Traditional Loan
Flex loans are a line of credit option available at Midwest Title Loans. You apply the same way you would apply for a title loan, however, instead of getting the full amount for the worth of your car, you get a line of credit equal to the value of your vehicle. This helps you save by only taking out the amount you need and working with a daily interest rate rather than an interest rate for the life of the loan. In turn, you only pay for interest during the time you took money out.
Midwest Title Loans is confident they can get you the amount you need for your next big purchase. Visit our website for more details, or come into one of our locations at St. Joseph, Kansas City, or Gladstone Missouri or Kansas City or Overland Park, Kansas.Read more
July 15, 2019
Considering a Car Title Loan? Here's our 3 Step Process
Car title loans are a versatile and readily available lending option regardless of your credit history. Borrowers who need quick cash are in luck with this lending option -- generally, those who apply for a title loan using a small company like Midwest Title Loans spend much less time on average than they would on a bank loan when it comes to receiving the funds for their loan. Despite this, very few people actually take title loan companies up on their offers of quick cash and hassle-free applications.
Loans taken out by our customers have been used for a variety of purposes. Many have used the sum of their loans to fix up parts of their home that needed it, for making last-minute college purchases for themselves or their family members, and even to make fixes on the car that they took the loan out against in the first place. Title loans are a versatile way for car owners to use their vehicles to their advantage -- and luckily, it doesn’t take much to apply for one.
Here’s Midwest Title Loans’ three-step process for applying for a car title loan.
First Step: Apply For Financing
If you’ve been a loan customer before, chances are you’re reading this step and groaning. Applying for financing for a regular loan is a time-consuming and obnoxious process, asking multiple steps from them before they even know whether or not they will be approved for funding. Each loan application from a bank, credit union, or mainstream lending agency takes a toll on your credit score, and if you are not approved for lending through a mainstream lender, then that toll on your score was in vain. Each time your credit score lowers because of a loan application, it gets harder and harder to obtain a loan in the future.
Luckily, the application process at Midwest Title Loans is simple and straightforward. You apply for financing online, making sure that you meet the following qualifications: you must be 18 years of age, you must own the car outright, and the title must be in your name, you must have a valid driver’s license, and that’s it! The application will ask you information about your income and might require you to provide proof of income or references. Once you are done filling out the form, which can be done at home or anywhere with WIFI, you wait to hear back from a representative at Midwest Title Loans.
Second Step: Get Your Car Evaluated
Once you hear back from a Midwest Title Loans representative, you’ll head into the store with your car and your car title to meet with a representative. While you speak with someone about your title, application, and requested loan amount, knowledgeable mechanics will evaluate your car’s roadworthiness, exterior, interior, and driveability. All this will be compared to the market value of your vehicle and will be reported to the lending representative you are working with. Once this report is made, the loan representative will go over the estimated value of your car with you.
During this time, you will be presented with different title loan options. Traditional title loans work like this: You are given credit for the full value of your car, and you pay that back in increments set up by your lender. These increments are usually designed so that you end up paying back the loan in comfortably high amounts so that you aren’t spreading out the terms of repayments over years. That way, you don’t end up paying a ton in interest over a 15-year period. Another option that you have at title loan companies like Midwest Title Loans is a flex loan. Flex loans work in much the same way that title loans do, however, instead of being required to take out the full amount for which your car is worth, you have an open line of credit worth the total value of the vehicle. This means you can take out as much or as little as you want and repay it, with the option to keep the line of credit open once the full balance is paid off.
Third Step: Sign and Drive
Make sure to read through the terms of your loan and ask your lender any questions you have about the loan before you sign anything. Once you feel comfortable with the terms of lending and are ready to receive your loan funds, sign the papers. From there, you will sign over ownership of your car’s title to us, but you will still get to keep your vehicle. One of the biggest common misconceptions about title loan companies is that you will not have access to your car until you pay it off. Don’t worry about taking your CD collection or bobblehead hula girl out of your vehicle when you come in. In the paperwork, we’ll own the car. But in all other respects, the car is still yours. When your loan is paid off, you simply come back into one of our locations in Missouri (Gladstone, St. Joseph, or Kansas City) or one of our sites in Kansas (Overland Park or Kansas City) and we’ll sign your title back over to you.
Car title loans are one of the best ways to get the cash you need from a loan in much less time than you would need to wait for loan disbursement from a major lender. You only need a driveable car and to fill out one of our applications, and you’ll be rewarded with real cash from the worth of your car.
Midwest Title Loans has five different locations throughout Kansas and Missouri and has striven to provide the best title loan options for our customers since our opening in 1997. With over twenty years of quality service, you can trust Midwest Title Loans to provide you the service you need and the lending terms you can trust. For more information, visit our website or fill out our easy online application today. We’ll get back to you as soon as possible, and look forward to your business.Read more
July 5, 2019
Are Flex Loans in Kansas City a Safe Lending Option?
The loan shark is a popular bad guy we’ve seen portrayed time and time again in movies. While some loan shark characters are nastier than others, all loan sharks in films and television shows eventually end up leading the highly-likable main characters into financial ruin. Unfortunately for small-time lenders like Midwest Title Loans, we will sometimes get lumped in with the likes of the bad guys on television. Written off as predatory, money-grubbing, and other unpopular terms and phrases, payday loan and title loan companies are often only turned to as last-case options because of these portrayals.
We blame this lousy reputation on the lack of knowledge the general public has about title loans and flex loans, and we want to dispel any fears our potential customers might have about the lending process. Flex Loans in Kansas City are a legitimate and safe lending option.
Where You’ve Got Us Wrong
Let’s take a look at the many reasons why people think that title loan lenders are bad. First and foremost, many people believe that title loan and flex loan lenders are looking to take money and cars away from hardworking people. This is a common misconception based on the way that mainstream lending works and the lack of understanding around title loans. Here are some of the common myths about title loan lenders debunked.
- “Flex loans and title loans have higher than normal interest rates.” Like all other loans, Midwest Title Loans do have interest rates. While people like to get on our case about our establishments having high-interest rates, our interest rates are no higher than any other lender. It’s common knowledge that if you have credit issues, your interest rates will be higher, and those with poor interest rates can face rates up to 30% even from major lenders like Chase and Discover. Because people with credit issues often seek help from flex loan providers because we don’t care about credit history, the high rates associated with low credit scores come with the territory. Anyone can get a flex loan regardless of their credit history, and our credit rates are just as competitive.
- “Flex loans and title loans are set up so that the majority of lenders will not be able to pay their loans back.” This is just hearsay in its finest. It’s much less profitable for title loan and flex loan companies to take on a customer who cannot pay their loan back. Not only does it mean we have one less future customer, but it also means we lose money as we wait for defaulters to pay back their loans. We prefer that our customers pay us back, and we provide them with all the tools necessary to do so.
- “If you prepay or pay too much on your loan, you will incur penalties.” Lending means taking a risk, so we actually love when our customers pay us back before their due dates! It means that we can pay our employees on-time and it allows us to lend to more people who might need money.
- “You won’t have access to your car until you pay your loan back.” At Midwest Title Loans, we believe that having a roadworthy car is one of the easiest and best options for being financially successful. It means you have job opportunities and better financial prospects. We want our customers to be financially successful, so our customers always drive away with their cars. We hold onto the title of the vehicle, and you get that back when your loan is paid off.
- “Flex loan and title loan companies try and lend to people they think will default.” Possibly one of the most pervasive and harmful myths about title loan companies, we certainly do not give to people we believe will default. Defaulting customers means money lost on our end. While we do eventually keep the customer’s car if they do not pay their loan back, selling it is a financial gamble. There’s no saying that we will be able to sell the vehicle. We’d ultimately rather have our customers keeping their car and paying us back.
How Title Loans Work
When you sign up for a title loan, you first fill out an application for approval for a title loan. While most title loan and flex loan companies have their own stipulations for lending, they usually revolve around your age and the ownership of your car. At Midwest Title Loans, you must be 18 years of age (as well as having proof of your age in the form of a valid photo ID), must have proof of income, must have a lien-free car title, and must have a drivable vehicle. Once you fill out an application and have been approved, you will meet with someone at the title loan agency to discuss the terms of your loan and have your vehicle evaluated. From there, your vehicle’s worth will be assessed, and you will be offered a loan amount based on the amount your car is worth. If you approve of the loan amount, then you sign the paperwork, hand us over the title of your vehicle, and drive away in your car with the amount of your loan.
How Flex Loans Work and How They Are Different From Title Loans
To get a Kansas City flex loan through Midwest Title Loans, you go through the same application process you would for a title loan. However, instead of getting a check written to you for the full amount your car is worth, you receive a flexible spending limit based on that worth with a daily interest. Therefore, if you only need to borrow $400 against the value of your $5,000 vehicle, you can do that and pay it back the next time you get paid, saving you interest cost and giving you the option to keep that line of credit open.
Why We’re Different
Midwest Title Loans promises all our customers that their experience will be fully-catered to ensure that they can pay back their loan based on the information they give us. We are committed to starting long-term relationships with our customers and treat all of them like family and friends. To find out more about how we’re different, stop by one of our Missouri locations in St. Joseph, Kansas City, or Gladstone or one of our Kansas locations at Overland Park or Kansas City. Feel free to browse our website for further information.Read more
June 17, 2019
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?
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.Read more
June 10, 2019
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?
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.Read more
June 3, 2019
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
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.Read more
May 30, 2019
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?
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.Read more
May 15, 2019
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?
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!Read more
May 6, 2019
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
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.Read more
April 30, 2019
Is it Easy to get a Title Loan in Kansas City?
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.Read more