December 9, 2019
Where Can I Get a Title Loan near Me?
Most people living in the areas of Kansas City, Overland Park, and Gladstone find themselves at some point in the unenviable position of needing some quick cash, whether it for an emergency or for an unforeseen expense. While some may be able to turn to a friend or family member, many people will need to turn to an institution to secure a loan.
But, in the case of traditional financial institutions, quick is usually not in their vocabulary. Traditional loan approval can take a while and there are lots of situations where that wait is simply not acceptable.
What can be done in this case? Fortunately, in Kansas City, St. Joseph, and other local spots, there is also the option of a title loan, a smart option for individuals needing some quick cash.
What Are Title Loans?
Title loans are small loans, usually ranging from $100 to $10,000, that are secured by using one’s vehicle title as collateral.
How Can I Get a Title Loan?
It’s quite simple, actually. The customer goes to the lender with his car and the title for it. Once the vehicle is checked over in order to assess its condition, a loan can be provided by the lender based on a percentage of the car’s determined value. The loan is backed by the lender holding on to the vehicle’s title until the repayment of the loan.
Why are Title Loans a Smart Option?
1 — No Credit Check or Cosigner Required
People who need a title loan can also be in the situation of having credit issues or having difficulties in finding someone who can cosign their loan application. Fortunately, for most title loans in Kansas City, no credit checks are performed and there is no need to bring someone along to cosign. This makes the whole process simple and easily approachable for the people that need it the most.
2 — Transportation Availability
The car stays with the person taking the loan, as the loan is backed by the car’s title. At a time of need, the last thing someone should worry about is transportation, and this type of loan makes sure that transportation continues to be available by only holding on to the title, not the car itself. A person securing a title loan can use their car as they need, while only having to make sure they stick to their agreed payment schedule.
3 — Simple Documentation and Hassle-Free Process
In situations when time is of the essence and the loan applicant needs cash fast, a loan needing vast amounts of documentation prior to approval and a process that takes virtually forever are not exactly desirable features.
Fortunately, in the case of most title loans, the documentation is simple and limited to just the loan applicant’s photo ID, the vehicle’s title (without any liens against it), and proof of income.
If you already have a loan taken out against your vehicle or you’ve not yet paid it off, then you won’t be able to get a title loan as there are still liens against it. If the amount still to be paid on the loan is small, you could choose to pay that back first before taking out a new title loan on the vehicle. This would allow you to borrow more against the value of the vehicle than the amount you need to repay to remove the lien.
4 — Fast Approval
While traditional loans come with rather long approval processes, a good title loan provider can get you through the whole approval process in less than an hour, considering here the entire process — vehicle assessment, forms, payment schedule, etc.
Time is one of the most limited resources we have and in situations where we need fast cash, people tend to get even more familiar with this concept. This is why having access to a loan format that can get the cash to the customer in such a short amount of time can be a life-saving solution.
5 — Flexibility
Each situation is different and each loan application is different. While some might just need a quick, short-term loan until their next paycheck, others may be in a situation where a large loan is needed that can only be repaid over a period of a few months or even years. This is the reason why the flexibility offered in terms of loan size and payment schedule is an important reason why title loans are a smart option to consider, particularly if you choose a title loan provider in Kansas City that is flexible on the term length.
In the case of most title loan operators, each customer’s specific circumstances are considered in order to find the best loan and payment setup for his or her needs. Title loan operators are not in the business of buying cars below retail and nobody wants to end up in a situation where the car needs to be taken away from a customer that finds himself unable to make the necessary payments.
Title Loans in Kansas City
Companies offering title loans are in the business of offering just that, loans, and they have to be flexible enough to consider the whole picture of the client’s situation in a manner that ensures a payment plan appropriate for the customer is set up from the get-go.
With reputable title loans companies available in the Kansas City area, the above are just five of the many reasons why considering this type of loan when in need of some quick cash is a smart idea. However, customers need to understand that this is just like any other loan and, irrespective of the ease of the whole approval process and the flexibility of the lending institutions, the loan needs to be treated with the respect it deserves. Everyone needs to make their payments, respect the payment schedule, and repay the loan in full to get their title back.