January 14, 2019
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.