May 18, 2020
How Do Title Loan Companies in Missouri Determine How Much They’ll Lend?
Multiple Factors Play a Role in Flex Loans in Kansas, Too
Everything happens at once: your laptop died, your work boots fell apart, you needed an x-ray, and the electric bill skyrocketed last month. When you’re on a tight budget as it is, there’s no room for hundreds of dollars of additional charges. If your paycheck just won’t cover the money you suddenly owe, a car title loan can help bridge the gap.
Car title loans allow you to get cash using your car title as collateral, but you get to keep driving your vehicle. You then make manageable payments on the loan balance. When you pay back your loan, you’ll receive your title.
Considerations for Title Loan Amounts
At Midwest Title Loans in Kansas and Missouri, our loan amounts usually range from $150 to $5,000. The loan amount is based on a few factors, including your vehicle’s value, how much money you need, and your budget.
Your vehicle’s value plays a big role in determining how much money you can get with a car title loan. We take into consideration everything about your vehicle when making a determination for your loan amount, including age and condition. It sounds obvious, of course, but a car with a low value will mean your loan probably won’t be close to our maximum payout. Similarly, a valuable car that you’ve fully paid off could get you a larger loan. Even if your car is wrecked, if you can drive it to our offices in Gladstone, Overland Park, or Kansas City for an evaluation, chances are you can get a title loan.
We consider how much money you need before giving you a loan. We wouldn’t want you to borrow more money than is necessary, or give you less than you need and have you come up short for whatever bill you need to pay or item you need to purchase. We’ll ask you questions about the amount of financing you’re seeking so we can ensure your loan is as close to the amount you need.
Your monthly budget is one of the most important factors when determining how much to loan you, using your car title as collateral. Your budget tells us how much you can afford to pay back on your loan each time you receive a paycheck. We don’t want to set you up for failure and lend you more money than you can afford to pay back, shoving you into a vicious cycle of debt. Our goal is to help you with your current financial situation, not make it worse. When you meet with us about getting a title loan, you should know the dollar amount of all your monthly financial obligations and your total income. This information will help us calculate your car title loan.
What We Consider Before Issuing a Flex Loan
A flex loan is different from a car title loan because it is essentially a line of credit we extend to you. When you take out a line of credit, you only accrue interest on the money you actually use and for the length of time you use it.
Flex loans are repaid with daily interest. With this type of short-term loan you can borrow up to that pre-set credit limit, but you can re-borrow any time you need money again. You don’t need to reapply for the loan, making flex loans in Kansas one of our most convenient options.
Your credit limit is based on two factors: the value of your car, and your ability to repay the loan. Just like with a car title loan, we must examine your vehicle and determine its value. Your ability to repay the loan means we just take a look at your monthly budget to be certain you will be comfortable making payments on a flex loan.
Factors We Don’t Consider for Title Loans or Kansas Flex Loans
Although there is a lot we consider when determining how much money to lend you, one that we never consider is your credit score. We believe that despite checkered credit histories, our customers are trustworthy and want to pay back the money they borrow from us. We see our role as the catalyst for helping you improve your financial situation.
We also never report your loans from us to any credit bureaus – those folks who calculate your credit score. That’s because we don’t base how we issue loans on their guidelines or rules.
Many of our customers come back again and again when they need money because they know we can help them. We never consider how often you need a loan when determining whether we’ll lend to you. A traditional lender will look at how many active loans you have and how many loans you’ve taken out in the past because they check your credit. As long as your bills fit within your monthly budget, we will approve you!
Choose Midwest Title Loans in Missouri and Kansas
Midwest Title Loans is in business today, as we’ve been for the last nearly 25 years, because we saw people in Kansas City, MO and Kansas City, KS are struggling to find financing. Traditional lenders turned them down over and over again. We vowed to help people get the money they need, when they need it.
Today, we offer several loan types with the best customer service in the area. After helping thousands of people each year get the money they deserve to be lent, we’re ready to help you, too.
To learn more about our short-term loan options, contact us today, or visit one of our locations in Kansas City, MO on W. 85th Street at Wornall Road; Gladstone, MO on North Oak Trafficway at NE 64th Street; Overland Park, KS on Metcalf Avenue at W. 82nd Street; and Kansas City, KS on State Avenue at N. Washington Boulevard.