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Short Term Loans vs. Traditional Loans

Short Term Loans vs. Traditional Loans

Almost all Americans interact daily with the credit system. Whether it was your first house, your first car, or possibly your first credit card or business loan, all of us have been a part of this system and continue to use it every day.

If you need a larger sum of money, depending on your needs, a short-term loan or a long-term loan may be preferable. Let’s examine the pros and cons of a traditional loan versus that of a short-term or payday loan.

Why Are Interest Rates Important?

In the finance world, if you’re a lender looking to make money from a loan, you usually want someone committed long term. The longer the term commitment, the more money is at stake.

short-term loan in Kansas City

The reason behind this is interest. Interest plays a huge factor in the terms of any loan. The higher the interest rate on any long-term loan, the more money you will pay back over the entire life of that loan.

Say you borrow $1,000 at an annual percentage rate (APR) of 25%. Over the course of a year, even with all payments made on time, you will have to pay back $1,250. This will compound over multiple years, so if you take out a long-term loan with a high-interest rate you could be paying back multiple times the original value of the loan.

If you are going to borrow long term, make sure the interest rate is very low. A reasonable interest rate depends on the ‘market’ rate, however, usually, rates are competitive, so if you’re in need of a long-term loan you really need to shop around for the best interest rate.

The interest rate you pay depends on how much you borrow, how long the loan is for, and your credit score.

Credit scores greatly impact how we borrow money. If you don’t have a great credit score, you may be left with a higher interest rate to pay, even for a long-term loan. Without a good interest rate on a long-term loan, you’ll pay a fortune.

One should not borrow, for instance, $5,000 over a 60 month period with a 25% APR. That would mean you would pay back your initial loan of $5,000 plus an additional $6,250 in interest alone.

More often than not, traditional lending companies will not offer a loan to someone with a poor credit rating. You will need to look for a short-term option or a type of loan that allows you to use your property as collateral.

Short Term & Payday Loans in Kansas City

So what are your other options if you aren’t buying a home, or a car, or doing a major upgrade to your house? You aren’t making a large purchase, but say, you need quick cash for a car repair you can’t afford or you have a family emergency expense. A payday loan or short-term loan is an option.

Usually, these loans have high-interest rates, but the point of them is to pay them off very quickly, thus, the loan earns very little interest. These loans usually get reported on your credit report, and they can increase your credit score if you make all your payments on time and pay the account off in good standing.

Say you have an unexpected car repair. A transmission repair, costing about $2,000. You don’t have any credit cards or any savings in your bank. What are your options? A short-term loan. Say you borrow only what you need - $2,000. The point of a short-term loan is to pay it off within a month or less. The amount of interest you pay will usually be less than if you’d taken out a long-term loan and had paid it back slowly. It can have a positive impact on your credit score and work out in your favor. Laws ensure that the interest rates on loans, even short-term loans, can’t be unreasonably high.

One issue with short-term loans, besides their interest rate, is the fact that many people do not pay them off within time. This can result in late fees that really increase the amount you pay.

Can I Use My Car as Collateral for a Loan?

If you own a vehicle outright, you have an excellent choice for a short-term loan in Kansas and Missouri – the car title loan. A car title loan uses your vehicle as collateral so there’s less risk for the lender. This results in a lower interest rate, and you’ll pay back less on your short-term loan.

With a car title loan in Kansas City, you’ll be able to borrow more than were you to take out a payday loan or unsecured short-term loan. You won’t be paying back a loan for years on end, so you won’t rack up a massive amount of interest. A car title loan is a good option for a short-term loan.

Car title loans have an additional benefit for cash-strapped individuals – many car title loan companies in Kansas City don’t require a good credit score. In fact, at the best car title loan providers in Kansas City, no credit check is performed at all, as your car is the collateral for the loan. These Kansas and Missouri car title loan providers know that your credit score isn’t a great indication of whether you’re able to repay a loan now, as a credit score is about your financial situation in the past.

If you are careful, shop around and carefully weigh your options, and pros and cons you can figure out if a traditional, longer-term loan is right for you, or a short, high-interest payday loan would fit. A car title loan is even better, as you’re using the collateral value of your vehicle to reduce the interest rate you pay.

Everyone has different needs financially, so consider all of your options before taking out a loan. For people who own their own car, a car title loan is often the best short-term option.

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Get a Head Start on Your Spring Home Projects with a Title Loan

Get a Head Start on Your Spring Home Projects with a Title Loan

Where Can I Get a Title Loan in Kansas City?

Do you live near Overland Park, Gladstone, or St. Joseph? Are you planning some spring home improvement projects but need to find a way to pay for them? There may be an easy solution to your money needs at Midwest Title Loans located in Kansas City.

Many people find that they need some additional cash to get through the week until their next paycheck or to pay for some needed repairs and improvements to their home. Whether you have an unexpected big expense like a home improvement project, the breakdown of a major home appliance, some unexpected medical or dental bills, or any other expense that sneaks up on you, finding that additional cash can be a big worry.

car title loan

Midwest Title Loans has the answer for you no matter what your credit situation may be. You can get the cash needed from a short-term car title loan with convenient loan terms that are renewable on a monthly basis, and you are free to use the cash from the loan as you choose. There are no restrictions or conditions on the use of the cash from the loan.

If you have bad credit or even no credit history, you may find that traditional lenders are not going to be available to you. A car title loan provided by Midwest Title Loans may be the answer you are looking for.

How Do I Get a Car Title Loan?

Getting a car title loan is a painless procedure. You simply drive your car to the car title company’s office. You might have the money that you need in as fast as 20 minutes. Midwest Title Loans makes the process easy by offering title loans on your vehicle in amounts ranging from $150 to $1,500 depending upon its appraised value and your ability to repay the loan as demonstrated by your verifiable income.

To start the process rolling all you do is drive your vehicle to the convenient Midwest Title Loans location, bring your title and photo identification with you, and fill out a simple uncomplicated loan application. If you choose to do so, you can take advantage of Midwest Title Loans’ website to complete your application ahead of time using the online application form.

Your title must be lien-free to qualify for a car title loan with any title loan lender. While you fill out the loan application, the title loan officer will perform an evaluation on your vehicle to determine the value of the vehicle that can be used as loan collateral.

There are no credit checks necessary as the value of your car provides the collateral to support the amount of the loan that can be made. It’s this simple and uncomplicated process that makes getting a title loan so fast and easy.

Midwest Title Loans will give a loan to you that is structured in renewable 30-day terms that will fit your income and budget. All you have left to do is sign the uncomplicated loan documents, get your cash, and drive off with your vehicle.

Midwest Title Loans will hold your vehicle's title until the loan has been fully repaid. During the term of the loan, you keep your vehicle and can use it as you normally do without restrictions. The lender does not want to disrupt normal life so that you can get to your job and earn your income so you can meet your loan payment terms. It is really that simple and painless to get the extra cash you need and once you have repaid your title loan you get your vehicle title back unencumbered by any liens.

Are Title Lenders Reliable?

As in any business, there are quality and honest companies. It pays to choose a lender that has been in business for decades and has excellent reviews.

Midwest Title Loans has served Kansas City since the nineties, making title loans available to people from Kansas and Missouri. It has earned an excellent reputation.

Midwest Title Loans makes the loan process fast and simple and wants to get you the cash you need quickly to get those spring home improvement projects completed.

The Flexible Emergency Fund

Are you looking for a way to cover emergency home projects when you need the cash? One that costs you nothing when you’re not using it? A flex loan from Midwest Title Loans is perfect for this requirement. You can choose your car title loan from Midwest Title Loans to be flexible, meaning that it’s immediately available for you to borrow from again in the future.

You can think of this as a credit line you can dip into whenever you need it. When you’re not using it, it costs you nothing at all.

As interest is calculated on a daily basis, if you borrow money for only a few days you’ll only pay interest for those days. If you need a longer time to repay, it’s up to you.

If your credit card borrowing limit is low, the flex loan can be a great choice as you’ll have a higher credit limit.

Short Term Loans for Spring Home Projects

If you’ve got time off that’s going to waste, a short-term loan can get you the cash you need for that all-important spring home project. You can pay off the loan when you’re back at work. A car title loan gets you a lower interest rate on average than a short-term personal loan, so consider it first if you own a vehicle without any liens on it. The process is fast, simple, and uncomplicated.

For all residents of Gladstone, Independence, Kansas City, and Missouri, we suggest you jumpstart your spring home projects with a car title loan from Midwest Title Loans.

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Title Loans Are a Good Option for Those with Poor Credit

Title Loans Are a Good Option for Those with Poor Credit

What Is a Title Loan?

A title loan uses the value of real property as collateral and doesn’t require a credit check. Real property that can be used for a title loan includes houses, commercial buildings, and vehicles. For those with poor credit, the most common type of title loan in Kansas City, Gladstone, and Overland Park is the car title loan or vehicle title loan.

If you own your car outright, you can use it as collateral for a title loan.

title loans in Kansas City

How Does a Title Loan Work?

When you get a car title loan in Gladstone, Kansas City, or Overland Park, you’ll typically drive your car to a trusted car title loan provider like Midwest Title Loans. Our process has been perfected over the hundreds and thousands of title loans we’ve provided to customers in Missouri and Kansas, making it one of the easiest and fastest ways to get a title loan in the country.

While we evaluate your vehicle, you’ll fill in a short form and provide your photo ID. On the approval of your loan, we’ll hold on to the title of your vehicle and hand you the cash. You’ll drive off in your car, cash in hand.

At the end of the loan term (typically 30 days), you’ll repay the loan and get your car title back.

Why are Title Loans One of the Best Poor Credit Loan Options in Kansas City?

For many of our customers, the most important reason that title loans are the best choice for them is that they’re unable to get financing through traditional means. Even one’s own bank can be pretty cagey about loaning money if one has an exemplary track record with credit. Without owning your own house or having an excellent credit rating built up over a number of years, you’re unlikely to get a loan from a bank.

Even if you are a good candidate for a loan from a bank, there are a lot more hoops to jump through when it comes to getting a loan from one compared to a title loan from a Kansas title loan company. The bank will require much more documentation, proof of income, and paperwork to be completed. Importantly, they will check your credit rating to see whether your past credit choices have been handled well. This can be a sticking point for many people with poor credit.

Is It Better to Get a Car Title Loan or a Personal Loan?

Personal loans are other short-term loan options available in Kansas. A variant is payday loans, where you hand the provider a future-dated check for an amount of money you borrow plus interest.

One reason to choose a car title loan over a personal loan or payday loan is the amount you’re able to borrow. Typically, you can borrow a lot more with a car title loan than with a payday loan.

Secondly, you’re usually offered a better interest rate when you choose a car title loan over a personal loan. As the loan is secured against your vehicle, there is less risk to the lender, so they are able to offer you a better interest rate. This is because they don’t have to pay so much for insurance and they don’t need to factor in so much money to cover the risk that you and others might not repay your loans.

Can You Get a Flexible Car Title Loan in Kansas?

Though loan companies have been providing car title loans for just about as long as cars have existed, a relatively recent development disrupting the industry is the flex title loan.

A flex title loan has a lot of the same features as a standard car title loan. Indeed, it’s virtually the same but the provider allows you to roll over some or all of the balance to the next month as long as you pay the minimum payment each month. This makes the title loan a lot more flexible and more akin to a longer-term loan.

Flexible title loans from Midwest Title Loans have additional benefits. Firstly, interest is calculated on a daily basis and only on your balance for that particular day. If you’ve only borrowed a small amount for a few days, the interest will be minimal and certainly much less than a standard title loan that charges a flat fee.

Secondly, if the balance on your loan is zero, you don’t pay anything at all. This makes a flex title loan much like a credit card with a sizable credit limit that you can dip into whenever you need it, paying nothing when you don’t. Borrow money for a few days, pay it back, and you’ll be charged a relatively small amount of interest.

Flex loans represent the evolution of cat title loans, offering the convenience of a high-limit credit line to everyone who owns a car and has the means to repay the loan.

A More Friendly Loan Service

So if you’re sick of being turned away by banks who only see you as a number, consider a title loan in Kansas City, Missouri, Our salespersons will do everything they can to get you the cash you need as quickly as possible. All you need is a car drivable to one of the four locations, the car title in your name, no liens on the title, and a photo ID. You must be over 18 years old to avail of a car title loan.

Even if your car is a wreck, your car tags are expired, or you don’t have car insurance, you can still get a vehicle title loan. If you have any other questions about the process, fees, timescales, or requirements, please don’t hesitate to get in touch with us today. We believe you’ll find the process of getting a car title loan at Midwest Title Loans easy, fast, and much better than any other loan options in Missouri for those with poor credit.

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How Much Can You Get With A Title Loan For Your Car?

How Much Can You Get With A Title Loan For Your Car?

If you live in or near Kansas City, MO and you’re strapped for cash, a popular choice is to get a car title loan. In fact, you may be searching for a ‘title loan near me’ from Overland Park, KS; Gladstone, MO; or St. Joseph, MO right now. Midwest Title Loans in Kansas City is a top choice for getting a loan against the collateral stored in your vehicle quickly and easily.

If you own your car outright, it’s a useful asset that you can use as collateral for a loan. This is also known as a secured loan. You may have noticed that the interest rates for secured loans are typically a lot lower than the interest rates offered for unsecured loans. For example, banks will offer a much lower rate of interest to homeowners who secure the loan against the value of their home. This is because the bank knows that if the lender was to default on their loan for whatever reason, the bank has a good chance of the loan being repaid from the value of the home.

title loan

This works the same way with car title loans in and around Kansas City. Any car title loan that you take out will be secured against the value of the car. If you were to default on the loan, the lender has a right to the car so that they can recover the value of the loan.

Are Car Title Loans Large or Small Loans?

In financial terms, we’d typically consider a car title loan a small loan taken out for a short period of time. A car title loan is usually taken out for 30 days. More flexible car title loan companies in Kansas City like Midwest Title Loans allow you to roll over the loan to further months as long as you repay the minimum amount. In fact, you can use your car title loan as a credit line, meaning you’ll never need to pay interest on the loan in the future when you’re not using it.

Do Car Title Loans Require a Credit Check?

Another big draw of car title loans is that they usually don’t require a credit check by the lender. This has a number of obvious advantages. If you’ve had credit problems in the past then they are of little concern if you’re taking out a car title loan. Taking out a car title loan will be a lot faster and simpler than going through the process of getting a loan at a bank, as there’s no lengthy credit check to be performed. Also, every time your credit check is run it drops your credit rating slightly, although temporarily. Running around and getting quotes from places that run your credit rating can put a dent on your credit score.

How Much Can You Borrow on a Title Loan?

As you might expect, the amount that you can borrow depends largely on the value of your vehicle. The Kansas car title loan provider will perform an appraisal on your vehicle and let you know its current market value.

From the value of the vehicle, you can borrow a percentage. You can usually borrow between 25-50% of the value of the vehicle in a single loan. Some providers allow you to borrow more, and each circumstance is different.

The average loan amounts are between $100 and $5,500. However, if you have a more expensive vehicle and the lender allows it, borrowing over $10,000 is a possibility.

Are Car Title Loans Flexible?

Most car title loan providers in Kansas City work on a purely term-based basis. This is analogous to a loan you’d get from the bank in that the loan must be repaid within a certain period of time and the terms of the loan are pretty much set in place.

A more modern alternative approach is available at some car title loan companies in Kansas City like Midwest Title Loans. Instead of simply offering a 30-day loan with a fee, you can instead get a flexible title loan that you can dip into whenever you need it.

A flexible car title loan begins in the same way as a traditional car title loan in that your vehicle is appraised and the amount you are able to borrow against the vehicle is calculated. But from there, your loan contract can run as long as you want, until you close it.

What’s even more enticing is that when your balance on your loan is at zero, you don’t pay any interest at all. If you just need a small amount to get you through the week, you can borrow just the small amount and repay it the following week. The interest on your loan is calculated daily, so the amount of interest you’d need to pay in this case would be much less than a traditional car title loan where you’ve taken out a large amount that you don’t necessarily need.

Many people use a flexible car title loan as their backup, their emergency fund. As we say, it’s there when you need it, and it doesn’t cost you a penny when you don’t use it.

Why Would I Take out a Car Title Loan?

We’ve discussed the what and the how of title loans, but for what reasons are car title loans taken out? Most of the time, car title loans are used for short-term expenses. For example, if you need to get new appliances at short notice, a car title loan can be ideal. Perhaps you have an upcoming student debt that needs to be repaid and you know you’ll be able to work it back over the holidays? Again, a car title loan can be the answer.

There are simply thousands of different ways a car title loan in Kansas City can be invaluable. If you own a car and it’s fully paid off, get in touch with Midwest Title Loans to discuss a Kansas Flex Loan or car title loan in Kansas.

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Are Car Title Loans A Good Short Term Loan Option?

Are Car Title Loans A Good Short Term Loan Option?

When you’re looking for a loan option, it can seem that there are hundreds of different products on offer. This is true – if your credit score is up to muster. The banks and building societies of Overland Park, Gladstone, St. Joseph, and Kansas City are open for business for people who already have a solid credit rating, a home of their own, and a high income. Most of us are not so lucky, but there are still a lot of short-term loan options in Kansas City and Gladstone such as car title loans, personal loans, payday loans, and short-term credit options.

How Do I Get Cash Quickly?

More often than not, when you have a dire need for cash it comes at an unexpected time and you need it quickly. For example, an unexpected medical bill can put fantastic strains on a family’s budget, especially considering the current nature of the medical and insurance industries.

short-term loan options

For this reason, many of the more traditional routes to loans are out. Banks take forever to loan money and they rarely offer loans to people with a poor credit rating at all. You may be able to get an increase on your overdraft rating if your account has been in good standing for a number of years.

If you have a credit card, it could be a reasonable option if you’re not going to go over the credit limit. A credit card can have quite a high-interest rate, but if you’re able to repay it very quickly then it can work. If you use a credit card and find yourself unable to repay the full amount quickly, you’ll find yourself in a spiral of debt that so many have found themselves in before. Unable to repay the required amount, the interest you pay rises and you’re slapped with hefty fines that make the hole even worse. Soon, your credit rating has been decimated and it takes years for it to recover.

A further option that some turn to is borrowing money from friends or family. This can be very awkward. A recent study showed that 19% of people had asked friends or family for a loan to get them through a tough situation. If it’s available, it may be worth considering.

Why Are Title Loans Better?

Car title loans are not the answer to every problem but they do offer a lot of advantages over other short-term loan options in Kansas. If you own your vehicle outright, it could pay to consider a car title loan if you need an injection of cash in the short term.

The most immediate advantage of car title loans as a short-term loan is how quickly they can be availed. Midwest Title Loans in Kansas City has made getting a car title loan blistering quick for those who need money as soon as possible. If required, you could apply for the loan and get the cash the same day if you need it.

Car title loan companies can give out loans so quickly as there are no other intermediaries to worry about. Go into a bank and the teller you speak to has to follow some strict rules on how to loan money and will perform a credit check through one or more of the major credit rating companies in America. This takes time, and usually you’ll be declined for a loan anyway!

That’s the second major advantage of car title loans – your prior financial status does not have a bearing on whether you can get a loan. The bottom line is you own a car, that car is worth money, and therefore you have the collateral required for a loan. The lender knows that if you default on the loan there’s value there that can be used to recover their losses so there’s much less risk than say, a personal loan. This means the lender can offer a loan to a much wider range of customers and can do it promptly.

Because there’s no credit check, your credit rating will not be affected. Did you know that most of the time when you get a quote for a loan from a bank that your credit rating goes down? This is because of the relatively basic system that the credit rating agencies employ. Someone applying for a loan is like a mini alarm bell stating that that person needs money and is looking to borrow more. Getting quotes from a lot of lenders in a short period of time says to the credit rating agencies that you’re more desperate for money or trying to take out multiple loans at the same time, which is a risk for them. Your credit rating drops. This doesn’t happen with car title loans, as the provider usually doesn’t run a credit check at all.

Because you own your vehicle and the loan is tied to the vehicle, there’s much less risk for the lender. This can translate to lower interest rates. Sometimes, the interest rates you’ll get on a title loan will be the best rate you’ll be offered, particularly if it’s a sizable amount you need in a short period of time.

Instead of pawning or selling an item, with a title loan you get to keep your vehicle at all times, as long as you make your repayments on time.

Flexible car title loans allow you to take out a loan indefinitely so you can use the value of your vehicle as a type of credit line. When you need money, you can dip into your Kansas title loan credit line and borrow just the amount of money that you need. Interest is computed daily and only on the amount that you borrow, so you will end up spending a lot less on interest than you would had you been forced to take out a larger loan and repay it back over a number of months or years.

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Best Short Term Loan Options in Kansas City

Best Short Term Loan Options in Kansas City

What are the Best Short Term Loan Options in Kansas City?

Even though people are getting better and better and managing their finances, there are situations, usually unforeseen, that take even the most careful individual by surprise. It’s not the most comfortable position for a person to find themselves in, but it’s nevertheless a position in which most people in St. Joseph, Gladstone, Overland Park and Kansas City find themselves at some point in their lives. An unexpected expense or an emergency appears out of nowhere and the need for some quick cash arises.

In most cases, it’s a matter of a short-term loan, just to get through the crisis and back on one’s feet. Some are able to turn to a family member or close friend in Kansas or Missouri for a helping hand in a situation like this, but some others are not so lucky. Fortunately, there are quite a few solutions for a short-term loan available today.

Short Term Loan Options

Let’s take for example the Kansas City area, where someone in need of a short-term loan has a myriad of options from which to choose. While this situation is quite advantageous for the loan applicant, it at the same time makes the process of choosing a particular loan a bit more difficult. Payday loans, online or installment loans, title loans — the list goes on. How is one to choose the best option available? Well, in this case, the choice is not as difficult as it may appear to be.

Are Title Loans the Best Short Term Loan Option in Kansas City?

One of the best options available, if not the best, providing the loan applicant has a car, is a title loan.

What is a title loan? Simply put, it’s a loan secured by the applicant using his or her vehicle as collateral.

One of the most important advantages, especially in situations when cash is needed quickly, is the sheer simplicity of the loan approval process and the little documentation needed. Most title loan operators only require the presence of the applicant and the vehicle, a form of photo ID, and the title of the vehicle.

Upon assessing the vehicle in order to determine its condition, the title loan operator is ready to offer the applicant a loan amount that is calculated based on the determined value of the vehicle. The whole process will usually be over in a couple of hours.

Another upside to title loans is the simple fact that the qualification criteria is extremely low. Almost anyone can qualify. The conditions that have to be met are beyond simple — the applicant has to be 18 or older and has a vehicle with a title free of any liens.

What Does Free of Liens Mean?

Free of liens means your car must not already have a loan taken out against it. It’s possible that you purchased your car through a car loan in Kansas or Missouri, and if you’ve not yet paid off that car loan you can’t borrow money against the car. You’ll need to pay back the original loan first.

Can I Keep My Car When I Take out a Title Loan?

That being said, one might think OK, going through a bit of a rough patch, I can secure this loan easily but I remain without transportation. Wrong! The beauty of this type of loan is that the car remains in the owner’s possession and he can use it whenever and wherever he wants to. As opposed to other solutions akin to pawn shops, only the title remains with the loan institution to act as collateral for the loan. As soon as the loan is repaid in full, the title is immediately returned.

How Do I Choose a Kansas City Short Term Loan Option?

Now that there is a general understanding of the advantages of the title loans, how does one choose the best title loan operator for the Kansas City area? Well, in this case, the answer is also quite simple. Choose a provider that has a long, strong track record.

Midwest Title Loans has been in the market for a long time and has served thousands of Missouri and Kansas consumers in their time of need. Offering four convenient locations, we are ready at any time to provide this valuable service to Kansas and Missouri people in need of some quick cash in the form of a short-term loan using their vehicle title as collateral.

As previously mentioned, the waiting time in situations when people need this kind of loans needs to be as short as possible, as usually, we are talking about time-critical situations, where someone needs cash TODAY, not tomorrow and not in a week.

Considering this, Midwest Title Loans makes sure that loans are approved extremely quickly, often in as little as 20 minutes. Furthermore, applicants looking to expedite the process can use our online application form that saves time in the dealership.

Reputation is a key factor in choosing a loan title operator. Nobody wants to deal with the headaches that shady loan operators can bring and for this reason alone a well-known company like Midwest Title Loans is by far the best option for short-term loans in the Kansas City area.

What if I Have a Poor Credit History?

At Midwest Title Loans, credit history is not taken into consideration when evaluating an application, thus loans are available for any type of individual that owns a car and is in need of some quick cash. In this day and age when privacy has become an acute issue the company takes pride in the way customers’ data is handled. All customer data is strictly confidential and the company does not sell or give away personal information in any way, shape, or form.

Considering the above, the choice for short-term loans in Kansas City has just become that much simpler! Get in touch with Midwest Title Loans and we’ll see you have cash in hand in a matter of minutes.

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5 Ways Title Loans Can Help in an Emergency

5 Ways Title Loans Can Help in an Emergency

Can a Title Loan be used for Emergency Expenses?

What are title loans? To put it simply, a title loan is a type of short-term loan that uses the applicant’s vehicle title as collateral to secure the required amount of money.

Title loans are the go-to solution for individuals in Kansas and Missouri with a car who are faced with an urgent need for cash for a short amount of time.

While in some cases family or friends might be around to help, in other cases car title loans are the only alternative available. Needless to say that, like with any other loan, the person applying needs to treat the whole process seriously, carefully evaluating whether or not he or she can afford the payments agreed with the loan provider.

Title Loans

However, when one has deliberated and made sure that payments are affordable, the cash is quickly available. Furthermore, the loan comes with the added benefit that the applicant can continue using his vehicle like before, as the loan is using just the title, not the physical vehicle, as collateral.

One very important factor to consider when applying for a title loan is to take care in choosing the correct loan provider. While the market was plenty of options available, only trustworthy and reputable title loan providers like Midwest Title Loans in the Kansas City area should be considered.

Now, that being said, what are some examples of emergencies in which you might need to secure a car title loan?

1 — Medical Emergencies

When you are faced with a serious medical emergency, affecting yourself or a loved one, time is of the essence. And when that emergency comes at a moment when you’re short on cash, the go-to solution is taking out a loan against your car title.

In a situation like this, nobody has the time to go through a lengthy bank loan approval process, as the money is needed now, this day, this minute.

Fortunately, car title loan approvals are extremely fast and only needs a minimum amount of documentation. This makes them an ideal choice for situations like this.

2 — Relocation for a New Job

Imagine someone from St. Joseph, MO who has been struggling with bills, food, gas, and rent on a low paying job finally gets the break he deserves. He gets a job that he has been dreaming of but there’s a catch — the job is far away and starts next week.

The whole relocation process is costly and is not covered in the package offered by the new employer. How does he handle this particular situation when cash is clearly not available and there is no time to secure a traditional loan from a bank, as he has to start at the new job next week and no bank will approve him in time?

This is an example of a situation where title loans can easily help, providing the quick cash needed for the relocation, and basically being the key to unlocking a new, bright episode in a person’s life.

3 — The Deal of a Lifetime

In today’s economy, there are quite a lot of people that even though they make ends meet every month without issues are not able to also put some money aside. Imagine a situation where such an Overland Park citizen comes face to face with a deal of a lifetime for an item they always wanted or needed. Turning to his savings account is impossible, as that account doesn’t cover the cost of the item. How does one go about not missing a deal that will certainly not be available next week? Simple — secure a title loan, one of the fastest approved loans out there.

This may seem like a more frivolous use of a loan, but it makes sense in many cases as you’re able to repay the title loan quickly and without incurring much interest.

4 — Housing Emergency

Imagine someone who’s been renting the same place in Gladstone, MO for years, paying rent on time every month, but doesn’t have any particular renter protection. The property owner suddenly decides it’s time to sell everything and retire to a tropical paradise for the rest of his days.

At this point, the good faith renter is faced with the prospect of finding a new place to rent, as well as all of the costly expenses associated with it. This is for sure an unexpected turn of events for which the renter had not budgeted for.

Car title loans in Gladstone, MO are in this case a viable option for successfully getting through this potentially nerve-wracking situation.

5 — Unexpected House Damage

For our final example, someone in Kansas City has been meaning to fix the roof of their house for a few years now, but due to financial constraints, they have never gotten around to it. Unfortunately, now the roof is in urgent need of repair as its state has deteriorated further and the cold season is rapidly approaching. However, money is short and the cash needed for the repair is not yet available. Is there a way out of this situation?

Sure, there is and it’s a simple one — a car title loan, which can be secured from a reputable operator in Kansas City in as little as 20 minutes, is available to help even in this type of situation.

The above are but a few of the emergencies in which a title loan in Kansas City, Overland Park, St. Joseph, or Gladstone can provide much-needed help for people in need of some quick cash. At Midwest Title Loans, we take pride in helping everyone get through those little or big emergencies that befall us all. Give us a call or come in to one of our locations and we’ll quickly get you the emergency money you need backed by the value of your vehicle. Your vehicle will always remain yours and you’ll only pay a small amount of interest.

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5 Reasons Why Title Loans In Kansas City Are a Smart Option for Quick Cash

5 Reasons Why Title Loans In Kansas City Are a Smart Option for Quick Cash

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.

Title Loans In Kansas City

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.

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Get Help Paying For Gifts With A Title Loan

Get Help Paying For Gifts With A Title Loan

Introduction

The Christmas season is quickly approaching, and many people in Kansas, Gladstone, and St. Joseph are wondering how they will pay for gifts. We all want to give our friends and family great presents, but many people are also wondering how they will pay for it. It can be frustrating to see the perfect gifts for your loved ones, and not have enough money to buy them in time for December 25.

That is where car title loans can be a lifesaver. Car title loans are poor credit loan options that can help you buy the gifts that you want to buy for your loved ones this Christmas season.

Title Loan in Kansas City

Car title loans are easy to acquire, and in many cases you just require some mandatory paperwork before you get the funds that they need. Car title loans can be a quick, easy, and painless way to fund the Christmas you want to have.

Is Getting a Title Loan Easy?

Getting a car title loan at Midwest Title Loans in Kansas City near Gladstone and St. Joseph is easy because the requirements to receive one usually only involve showing ownership of a car and some documentation that you should already have readily available.

The first qualification is that you need to own your car outright. Anyone who wants a car title loan will also need to prove their identity, so you will need a photo ID, your car title, proof that you currently have the vehicle in your possession, pay stubs from work that confirm if the loan can be repaid, name and address information, and in some cases a copy of the vehicle’s keys. Sometimes you must physically bring your vehicle so that the condition of the vehicle can be confirmed. These requirements are necessary in order to avoid fraud and abuse.

Although the name of the loan is a car title loan, you do not have to have a car in a literal sense. Some lenders will accept other vehicles such as trucks and motorcycles as well.

If you have a vehicle and standard documentation, receiving a car title loan at Midwest Title Loans near Overland Park, KS is an easy process.

How Quickly Can I Get Money Through a Title Loan?

Many people need to access the money as soon as possible, and the speed of access to capital via car title loans is an attractive feature. With the holiday season rapidly approaching, many people do not have the time to wait weeks in order to be approved for a loan, which makes a car title loan a very good option.

Midwest Title Loans offer approval for a car title loan in thirty minutes or less, and at the most it usually only takes twenty-four hours to receive approval for a car title loan.

Traditional loans, on the other hand, usually require background checks, and credit scores are often highly scrutinized, but with a car title loan an individual can speed up the process because excellent credit is not a requirement.

If you see a gift that you want the week before Christmas you can get approved for a car title loan right away in many cases, compared to waiting weeks or months to get a loan at a traditional bank.

Another thing that makes the process quick is that a lender usually has to look at your vehicle to estimate the value of it, but with modern tools such as Kelley Blue Book, it is extremely easy to find out what the estimated value of your vehicle truly is.

A car title loan will usually be up to 25-50% the value of the vehicle, so there is an opportunity to gain access to an attractive amount of capital within an extremely fast timespan if you need to find that perfect Christmas gift now.

It is easy to see that if you need a loan quickly this Christmas season, a car title loan has many features that make the process faster and simpler.

Short-Term and Flexible Loans

People may want to get their loved ones the perfect gifts, but they don’t want debt hanging over their heads for weeks, months, and years. This is another area in which a car title loan comes in handy.

Car title loans are usually extremely short-term, so people don’t have to worry about Christmas season debt looming over their heads for years on end. Most car title loans are set to terms ranging from fifteen days to thirty days. This means that if you want to buy the perfect television, laptop, or gaming system for your loved ones, you won’t be saddled with debt for a long period.

Repayment options can also be extremely flexible. Many lenders that offer car title loans allow you to pay in person, online, or through the mail. This means that if you get a car title loan online and cannot drive to Gladstone, Overland Park, or Kansas City, you still have a way to make your payments on time in order to avoid penalties. Instead of worrying about which method people will use to repay, you have the flexibility to pay in a way that suits you best.

Another flexible feature of a car title loan is the potential for rollover agreements. Some lenders allow you to roll over your payment into the next month if you do not have enough money to pay the loan back at the end of a fifteen to thirty-day period. This means that if you must get the gift now but may not be able to repay it in a thirty-day period, you have the flexibility to take another loan to pay off the total amount due within a sixty-day period.

It is clear that car title loans allow consumers to have the flexibility to pay off their debt how they want to, and when they are able to. Contact Midwest Title Loans in Kansas City and Missouri for more information.

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Benefits of Taking out A Flex Loan This Holiday Season

Benefits of Taking out A Flex Loan This Holiday Season

The holiday season is almost upon us! It’s a time of fun and merriment, but it’s also the time of year that Kansas and Missouri residents find their purse strings stretched to the breaking point. What should you do when you think your money won’t last through the holiday season? Get a flex loan from Midwest Title Loans!

What Is the Difference between a Car Title Loan and a Flex Loan?

Flex Loan in Kansas City

Midwest Title Loans has long been a provider of car title loans to the people of Missouri and Kansas. Car title loans are loans where you borrow money against the value of your vehicle. As your vehicle is collateral that can be used to back up your loan, you’re considered a safe bet by us, and we’ll almost certainly be able to offer you a loan if you’ve already fully repaid your vehicle.

Where we go even further than any other car title loan companies in Missouri and Kansas is by offering flexible terms for our car title loans. A flex loan is like a credit line that you can continue to dip into and repay on an ongoing basis. You pay no interest or charges if you’re not using the flex loan.

A flex loan is, therefore, a bit like a credit card, only open to more people with different credit histories and backgrounds.

Kansas City Flex Loans Put You in Control of Your Loan Repayments

You may be asking why you should choose a flexible loan over a standard term loan in Kansas City? A flexible loan in Kansas City and Overland Park puts you in control over how quickly you repay the loan.

Many people in places like Gladstone and St. Joseph take out a car title loan to cover a relatively short-term expense. They’re not looking for a long-term loan that they pay back over a number of years – they’re looking for a short, small loan in Kansas to see them through a difficult time or get something they need before the next paycheck.

So, what are the benefits of a small flex loan in Kansas City over a term loan? Remember, interest is calculated daily. When you have the money to repay the loan, you can do so immediately. Instead of paying interest for a whole month (or longer) on a loan you no longer need, you can repay it early.

A flex loan can, therefore, be cheaper than other short-term loans.

With a Flex Loan as your Emergency Fund, You Might Never Need to Pay Interest

Why should you consider a flex loan over a standard car title loan this holiday season if you live in St. Joseph, Overland Park, or other local areas? Because many of our Kansas and Missouri customers only use their flex loan if they need to, they find that they often don’t may any interest at all.

Consider this upcoming festive season. You’ve got a car title loan from Midwest Title Loans, and you’ve kept it open after repaying the first month’s amount. You’ll be paying zero interest to keep it open but you’ll always have the flex loan available to dip into if you need it in an emergency.

Christmas rolls around, and you find you’ve overspent a little and there are a few more things you need to buy. You can use your flex loan for a few days until your next pay packet comes through and you’ll only pay interest for those days. This makes for significant savings over taking out a larger loan and repaying the interest over the course of months or years.

Flex Loans Have All of the Benefits of Car Title Loans

Since the housing market crash of 2008, it’s become really hard to get a loan from a bank. Regulations have been much stricter to avoid another potential crash, so the bar for getting a loan from a bank has risen and risen. The last few years have seen some of the strictest lending environments come into play, so people who need to take out a loan have turned to alternative options.

You need a fantastic credit rating to get a loan from a bank. But most of us are not so lucky! The lower and middle classes have seen housing prices and rents increase very quickly while there’s only been a small increase in income. If you can’t borrow money, your credit rating isn’t going to improve, so we’re stuck in a rut.

For those who don’t own their home but own a vehicle, a title loan on their car is a great alternative now that banks are unwilling to lend. Flex loan companies in Kansas like Midwest Title Loans don’t care about your credit rating – a credit check is never performed at all! You’ll almost certainly be able to get a loan from us if you own your car outright and you’re over 18.

A Flex Loan Offers Better Peace of Mind

Why does a flex loan offer better peace of mind over a standard car title loan? The flexibility is the key – you’re able to pay back your loan faster if you wish or roll over most of the loan to the next month if you need more time. This means there’s less chance of an emergency occurring that means you’ll be unable to repay the loan on time.

A car title loan company in Missouri or Kansas that doesn’t offer you that flexibility means you’ll typically need to make full repayment on your loan within 30 days or risk losing your vehicle. This can be stressful. We prefer to make things a lot more flexible with our flex loans.

A Credit Line That’s There When You Need It

How would you like a credit line that’s there when you need it, costs you nothing when you don’t use it, calculates interest daily, and requires no credit check to get? Those are the main benefits of a flex loan this holiday season.

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OUR LOCATIONS

330 W. 85th Street
Kansas City, MO 64114
Phone: (816) 363-8600

6420 North Oak Trfwy
Gladstone, MO 64118
Phone: (816) 436-7711

8212 Metcalf Ave.
Overland Park, KS 66204
Phone: (913) 381-2222

2500 State Ave.
Kansas City, KS 66102
Phone: (913) 281-9997

COVID-19 Update

Due to the crisis of Covid-19, we will be temporarily closing our offices on Saturdays to allow our staff to be with their families. We will be back to normal hours as soon as we can. Stay safe and healthy during these trying times.