November 23, 2020
How Your Car Title Can Help Keep You in Your Home
Car Title Loans in Kansas City Give You Extra Cash to Make Mortgage Payments
We all understand the severe economic damage caused by the COVID-19 pandemic. Many people are facing the threat of losing their homes and live month-to-month in a state of fear and anxiety. Now more than ever, people are in desperate need of some additional cash flow. While a second stimulus package is looming on the horizon, and the eviction moratorium put in place earlier in 2020 is set to be extended, many still find themselves facing critical financial hardships and feel that they have no options left.
What is a Title Loan?
One way to get extra cash quickly is through a car title loan. Although these loans sometimes get a bad rap, many people are unaware of what a title loan actually is and how it can help them when times are tough. These convenient loans can help you when they are short on cash for anything, including student loan paybacks, emergency household repairs, unexpected medical bills, and – you guessed it – mortgage payments.
When it comes to low credit lending, many loans require a borrower to have something that the lender can use as collateral until the loan is repaid. In the case of a title loan, that collateral is your vehicle. The amount of cash you can receive depends on the value of your vehicle.
Particularly for those who are credit challenged or who have fallen on hard times in the past, this type of loan can have many attractive features. For starters, it’s easier to get approval for a title loan, regardless of your credit history. Plus, these loans can be approved very quickly, so you get the cash you need faster. Instead of going through complex procedures and filling out piles of paperwork to receive a traditional loan, you only need your car title and a valid photo ID to be approved for a title loan.
At Midwest Title Loans in Kansas City, we’re trying to throw a lifeline to people who are currently struggling to make their mortgage or rent payments. We know your past doesn’t always dictate your present and future, so we trust our borrowers to pay back their loan regardless of their credit history.
Additional Benefits of Title Loans in Kansas City
Title loans offer many features that make them stand out from traditional lending options. For example, you can get a title loan much more easily than you can get a loan from a traditional bank or lending service. While other lenders require a credit score check, perform background checks, and ask you for seemingly endless documents, a title loan simply requires you to have a valid car title and photo ID. If you can prove that you own the vehicle, you can receive a loan based on the value of your vehicle. This takes away the anxiety and fear that many people experience when a lender runs a credit check or asks for other proof of payment history.
Another benefit is the speed at which title loans can be acquired. At Midwest Title Loans, we have systems in place that help you get the cash you need fast – usually within the same day! You can get the money you need to pay for expenses, such as your monthly mortgage loan payments, in as little as 20 or 30 minutes. This is especially useful for people experiencing a short-term emergency, like being evicted from their apartment or becoming subject to mortgage debt recovery from a bank.
In the same way that title loans are quick to apply for, they’re also quick and easy to pay off when you get back on your feet. The duration of these loans is typically only for 15 to 30 days. This means you won’t have to worry about even more debt accumulating long-term. Instead, a Kansas title loan allows you to repay the loan as soon as you receive your next paycheck. This level of flexibility is especially important in the uncertain times we currently find ourselves in. A title loan could mean the difference between a family living on the streets or keeping their home.
Lastly, the fact that less paperwork is required to receive a title loan makes the entire lending process quick and painless. Traditional banks and other lenders usually require extensive paperwork and information for someone to qualify for a loan, but title loans don’t require near the amount of paperwork. If you own a vehicle, have the title to that vehicle, and can provide a valid photo ID, this is almost always enough for you to receive the loan you need quickly.
Easing Financial Hardships With Midwest Title Loans
We don’t want short-term setbacks to impact your long-term wellbeing. Title loans are a great way to get the money you need quickly. Instead of waiting anxiously to see what additional relief measures may or may not come, a title loan can serve as a lifeline to protect you until you receive the funds you need to make payments on important things like their rent or mortgage. Visit Midwest Title Loans in Kansas and Missori – we have four convenient locations across the KC metro, and our teams of loan experts are ready to help you.