June 16, 2021
One of the Best Options for a Short-Term Loan in Kansas City
Title loans are one of the simplest, fastest, and most economical ways of getting cash fast, but not everyone knows exactly how they work and why they’re an excellent short-term loan option. If you’re looking for a title loan in Kansas City by searching for ‘title loans near me’, Midwest Title Loans should be your preferred option, as we’ve perfected title loans over the decades. In this article, we’ll discuss what title loans are and what to expect from the lender.
Car title loans in summary
Title loans are a type of loan where the money given is secured against something of value – in this instance, your vehicle. The lender knows you have real value in your car, so you can borrow against that value. There’s less risk to the lender, so interest rates can be lower.
To get a title loan, you need to own something of significant value. For many people, that’s their car. If you’ve paid off your car in full, it’s an expensive asset sitting in your garage doing little but depreciating. Car title loans allow you to borrow against the value of your car so you can get cash today.
Credit checks not necessary
When you go for almost any other type of loan, the lender will run credit checks that give them an understanding of how much money you have and how you’ve handled credit in the past. Unfortunately, if you’ve not needed to use credit much in the past you’ll have a low credit rating, so your loan application will likely be denied.
The credit rating system is imperfect and means many people can’t get loans despite having a dependable source of income. Thankfully, with a car title loan, there’s no need for the lender to check your credit as they can see you have a car that’s worth something.
Title loan application process
But any loan process is complicated, right? No! One of the reasons car title loans are so popular is how simple they are to get. Because you’ve stripped away the credit rating system from the equation, it’s all just between the lender and you. The lender has much more freedom to choose who to lend to, and expert Kansas City car title loan providers like Midwest Title Loans have perfected this into an art.
You can apply online by filling out a short form. Then drive your car to one of the four locations in Kansas City, Gladstone, and Overland Park. Hand over your car title, and get your cash within minutes. You get to keep your car always, and when you’ve repaid the loan, pop in to get your car title back. It’s that simple!
Are there any other requirements?
Not really. You need a photo ID and you must be over 18 years old. Of course, the vehicle needs to be in your name and be paid off in full. In other words, there shouldn’t be any other lien on the car.
Even if your car is registered in another state, we can help you. We’ve even helped people who have wrecked cars, or have no car insurance, or have poor credit. Get in touch with us today if you have any queries, as we love to help anyone who is looking for alternatives to the modern credit system.
What if I can’t repay the loan in full?
At Midwest Title Loans you get a generous 60 days to repay the loan. If, for any reason, you can’t repay the loan in full, you can repay just the interest and get another 60-day contract. If you like, you can repay more than the interest, and anything extra you pay will be directly applied to the principal loan amount, meaning you’ll have less interest to pay the next time.
Car title loans in Kansas City
If you find yourself in need of fast cash and you don’t want to deal with a traditional lending process, look no further than Midwest Title Loans in Kansas City. We have three convenient locations in the KC area to best serve you. Contact us today or stop by and see us to get started.