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The Big Question: Do Title Loans Affect Your Credit?

The Big Question: Do Title Loans Affect Your Credit?

What is a title loan? How do title loans in Kansas City work? When can I take out a car title loan? How does a title loan affect your credit? Title loans can be confusing, but once you learn how to get one and pay it back, they start to make more sense. Read on as Midwest Title Loans, the largest car title loan business in Kansas City, answers your questions and more.

Do Title Loans Affect Your Credit?

Car title loans or flex loans usually do not greatly affect your credit. But, as with so many things financial, the answers are not always written in black and white. They can affect your credit if you don’t pay them back, but lenders do not check your credit score before giving you a short-term loan.

There are a lot of things that you need to ask yourself before getting any kind of loan. But, as far as loans go, title loans are some of the simplest and fastest and usually don’t affect your credit score.

title loans

How Do Title Loans Work?

Essentially, the process is just as it sounds—you put your car’s title up as collateral and get a percentage of the assessed value of your vehicle as an immediate cash payout. If you default on the loan, however, you can expect consequences, which can include losing your car.

However, a title loan is worth it if you need cash in a hurry and have no other way to get it. A title loan will have minimal effect on your credit, and most title lenders don’t even check your credit score before approving you. Many title loan operators, including Midwest Title Loans, even allow you to drive off in your own vehicle with cash in hand in as little as 20 to 30 minutes.

Before getting any loan, it is essential to stop and evaluate your situation and know that you can pay the loan back before you take it out. Moreover, building credit is a long and challenging process, and repairing bad credit can have an effect on your finances for the rest of your life.

However, sometimes you truly do need money quickly. Title loans and flex loans are very helpful tools when you need to pay unexpected bills or make an important purchase you didn’t have the luxury of saving up for first. Things happen, and title loan companies can help you quickly get out of tight situations.

If you need money now, and know your monthly income will allow you to pay back a short-term car title loan, visit Midwest Title Loans to get started on fixing your current financial situation.

If I Default on the Loan, Will it Affect my Credit?

If you default on a flex loan with your car title as collateral, the title loan company will report your nonpayment to the credit bureaus and will begin the process of repossessing your car. However, a title loan company, like Midwest Title Loans, would much rather you pay your loan back on time than do all the work that repossession entails! Most title loan companies make it easy to pay back your loan and will work with you on a payment plan that will fit your needs.

To ensure you can make your title loan payment, choose a car title loan company in Kansas City that is upfront about all terms of the contract. It also is your responsibility to ensure you aren’t overstretching your budget when you decide to take out a car title loan. Look at your total take-home pay and subtract all your bills from it to find out how much money you’ll have left over to pay back your title loan.

In general, title loans won’t affect your credit rating, but if you choose not to pay them back, they can. Like so many things, you should do your research, read all contracts, and budget your income.

How Do Title Loans Work at Midwest Title Loans?

One of the reasons that many title loan lenders don’t need to check your credit is that they are already getting something solid in exchange for handing you cash—your signed car title. Car title loans are also referred to as secured loans, and your credit is only checked for an unsecured loan (where the lender gets nothing except interest in exchange for a money payout), like at a bank.

Title loan lenders also consider your monthly take-home pay when giving you a loan. Your loan amount is dependent on factors like the value of your car and how much money you earn, so title loan companies don’t need to check your credit score to be able to tell that you’re capable of paying back the money they lend you. Your credit history does not necessarily affect your ability to get money from Midwest Title Loans when you need it.

At Midwest Title Loans, getting a loan at one of our four convenient locations is as easy as one, two, three. One, just bring your car in, along with a clear title, and your photo ID. Two, we will assess your vehicle while info is filled out and exchanged. And, three, you get to drive off with your cash, your keys, and your car.

Midwest Title Loans is one of Kansas City’s largest and oldest title loan companies, having opened for business in 1997. We have helped thousands of customers and offer the most flexible and customer-friendly title loans in the greater Kansas City area, including Overland Park and Gladstone.

We will never subject you to detrimental credit checks or make you fill out complicated paperwork, and we are happy to work with customers with every type of credit. Plus, everything is kept entirely confidential, and all we require is to hold on to your vehicle’s title. Once you pay off your loan, you will promptly get your title back. At Midwest Title Loans, we love to help people get back on track and get the money they need money to get through a difficult time.

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Home Improvement Projects You Should Focus on This Summer

Home Improvement Projects You Should Focus on This Summer

A Car Title Loan Can Help You Complete Them

It’s almost summertime in Kansas City, a season when some people have extra time on their hands. The weather is warmer, so summer is an ideal time to take stock of the home improvements that need to be made before the harsh winds of winter set in again. But you might not have the funding for these projects. Luckily, Midwest Title Loans has both household project ideas and a way to pay for them.

Do a Home Study

For you, the first step should be to walk through your house with a notepad. Take a careful look at all the elements of every room—the windows, the floors, the closet doors, the light fixtures, the fans, the furnishings, etc. Make note of anything that is sagging, broken, fogged, scratched, or burned out. Make note of any walls that need patching or painting.

car title loan

Decide which projects are the most important. For example, if the shower is leaking, creating a stain on the tile floor, that might be a higher priority than repainting the walls because the color isn’t satisfactory. If the oven no longer works, and getting take-out is a daily requirement, repairing the oven might be more important than buying new curtains to replace faded ones.

Once the interior project list is made, consider the exterior projects. The porch lights, fence, mailbox, garage door, other exterior doors, roof, flashing, soffit, fascia, and landscaping should be evaluated. Is the drainage adequate? Is there a pest problem? Does your home exterior need new paint to protect the wood siding?

Again, you should consider which projects are the most important. Poor drainage might result in damage to the home’s foundation, which would be more important than planting decorative shrubs. Missing shingles might lead to water damage to interior rooms, making them a priority over buying a more attractive mailbox.

Establish Priorities

You will likely end up with far more jobs than can be done in one summer. Sometimes, just listing all the jobs that need to be done is overwhelming, and Overland Park homeowners find themselves giving up and flopping down in front of the television. But simply picking the top three jobs that need to be done should be a manageable goal.

Establishing three top jobs will give you a mission. The most important job is to be listed on top so that it will be tackled first. Completing the first project will give you a sense of accomplishment. Perhaps you could plan a reward for completing the first job, making you more eager to get that job done.

Example of a Job List

If the jobs to be done are the following:

  • Replace missing shingles so that no water damage will enter the house
  • Fix or replace the oven to cut down on eating out
  • Correct a drainage problem so that water will not breach the foundation

Then the most important job is fixing the missing shingles. Water damage would create very costly repairs to ceilings, walls and possibly furnishings and carpeting in the house. If the roof is in good repair except for the missing shingles, it should be easy to go online, read about how to repair a few shingles, and replace them yourself.

How to Pay for Projects

Once you know which job has top priority, it is time for you to look at the budget. If no savings are available to pay for the job, a car title loan in Kansas City, Gladstone, or St. Joseph can be used to provide the necessary funds. It is a much better idea to take out a short-term loan than to allow water to ruin the ceiling, wall, and carpeting of a room in the house, which will be more expensive to repair later. Having missing shingles would also lower the value of the home. It’s important to maintain an investment as large as a home so that if you ever sell it, you’ll get top dollar.

Finishing the Job as Cheaply as Possible

It pays to do a careful study of how to do some projects yourself without having to hire an expert. Searching online enables a homeowner to check a variety of sites, watch videos, and ask questions. It might be possible to save a great deal of money by replacing a few shingles rather than call a roofer, who may try to suggest that a whole new roof was needed.

Moving on to the next job, it might be cheaper to call a technician to fix the stove than to buy a new stove. It pays to check with friends or family for names of reputable technicians. Checking online will uncover any negative ratings by people who have used those companies before. Requesting a guarantee on the work will ensure that if the work is not done correctly the first time, it will be fixed without further cost.

The third job could probably be done quite easily yourself. Using a shovel to dig a ditch that would divert water away from the home and then lining the ditch with a few bags of gravel, or simply extending your home’s downspouts away from the foundation, would be relatively inexpensive. And perhaps doing it yourself would enable you to add a little extra landscaping (another goal), so the drain system could become an attractive landscape feature. If the area tends to be marshy, a water garden could be incorporated. Or perhaps you want a small water feature that would add relaxing sounds to the back yard where you could meditate or relax with your family.

Adding up the Costs

The top three jobs would involve the spending of some money for supplies like shingles, gravel, and landscaping. It would also involve spending some money for services, like the oven repair. But when homeowners do some of the jobs themselves, that dramatically cuts down on the overall costs.

Therefore, the car title loan can be smaller and easier to pay back quickly. The house will be well maintained so that it will keep its value for resale. You will have a sense of accomplishment, knowing that you learned some new skills and saved some money. And, who knows, friends may hear about your new skills and may ask for help with their projects, which could lead to a little extra money for paying back that loan!

Where Can I Get a Car Title Loan Near Me?

Getting a short-term loan or flex loan for home repairs is as easy as 1-2-3 at Midwest Title Loans. First, bring your car in, along with a clear title and photo ID. We’ll take a look at all the information on your application, and give you a cash loan. You can even drive away with your car and your keys. Visit us at one of our four locations in Kansas City, KS; Kansas City, MO; Gladstone, MO; and Overland Park, KS.

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What Is The Process To Get A Car Title Loan?

What Is The Process To Get A Car Title Loan?

How Do I Get a Title Loan Near Me?

Many people in Kansas, Gladstone, and Overland Park sometimes find that they need some additional cash to get through the week until their next paycheck. Whether it is because of an unexpected big expense like a breakdown of a major home appliance, some unexpected medical bills, or any other expense that sneaks up on you, finding that additional cash can be a big worry.

You can find the cash from a short-term car title loan in Kansas City convenient and you are free to use the cash from the loan as you choose. There are no restrictions or conditions on the usage of the cash from the loan.

car title loans

If you have less than stellar credit you may find that traditional lenders are not going to be an option for you, and other sources available to you may not be fast enough.

If you are in this position, a car title loan like those provided by Midwest Title Loans may be the answer you are looking for.

How Do Car Title Loans Work?

A car title loan is just what you might expect from its name — a loan against the title of your car. You simply drive your car to the car title company’s office, have the vehicle valued there, and sign a loan document. Your title must be lien-free to qualify for a car title loan with any title loan lender.

Most of the loan application process can be performed online at the Midwest Title Loans website. You can fill in all of your pertinent details and get an idea of how much you’ll be able to borrow. This makes the process even faster if you’d like to get your loan as quickly as possible.

Midwest Title Loans makes the process easy by offering multiple locations in the Kansas City area, so there is sure to be one located conveniently for you.

All you do is drive your vehicle to one of Midwest Title Loans locations, bring your title and photo identification with you, and fill out a simple uncomplicated loan application.

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.

Getting approval for a loan at a car title loan provider is a lot easier than getting a loan through other means if you’ve had credit problems in the past. No credit check is performed, and the amount you’ll be lent is dependent on the value of your vehicle.

Your credit rating won’t be negatively affected by this loan because the lender doesn’t perform a credit check.

Midwest Title Loans will work with you to determine the loan terms and repayment plan 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.

While your loan is active, Midwest Title Loans will hold on to your car title. You can use your vehicle in the meantime and no one will know that you have a title loan taken out on your car. When your loan is repaid, you get your car title back.

Another added convenience is that by being an established customer of Midwest Title Loans that has already repaid a loan you are able to come back and get a new loan easily should you again find yourself in the position of needing a short-term infusion of cash.

How Do I Choose a Car Title Loan Provider?

As in any business field, there are quality and honest companies - and some companies that are not so scrupulous.

Midwest Title Loans is one the oldest and most respected of all title lenders in the Kansas City area. Midwest Title Loans has gained its reputation by providing excellent customer service for more than 23 years in the greater Kansas City area. The Better Business Bureau has never had a recorded complaint against the company, which should give you another measure of comfort.

The title loan process is a fast and simple process to quickly get the cash you need to get by those short-term cash crunches that most people face from time to time.

What Is a Flexible Title Loan?

Midwest Title Loans offers an additional product - the Flex Loan. A flexible title loan is a more advanced version of the standard title loan. A title loan in Kansas usually lasts for 30 days. Some people prefer this shorter loan term period as it means they’ll repay the loan quickly and move on.

A flexible title loan essentially allows you to extend the period of your loan over a longer time as long as you repay the minimum repayment each month.

Sound familiar? A flexible title loan acts somewhat like a credit card, but the amount you can borrow will be a lot more than with a credit card if you’ve got poor credit and a good car. The flexible nature of the loan means people often use a flexible car title loan for potential emergencies.

Why would you use a flex title loan as an emergency fund? There are multiple reasons.

  • You don’t pay any fees or interest at all when you’re not using the car title loan.
  • Your line of credit remains open for as long as you want; you can dip into it as needed.
  • Interest is calculated daily (instead of monthly that other options might charge), so if you borrow money for just a few days you’ll only pay a tiny amount of interest.
  • Your credit line will be bigger than other credit lines as your car is used as collateral.

For more information on title loans and flex loans in Kansas City, get in touch with Midwest Title Loans today.

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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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330 W. 85th Street
Kansas City, MO 64114
Phone: (816) 363-8600
M-F: 10:00am – 6:00pm
Sa: 8:00am – 1:00pm

6420 North Oak Trfwy
Gladstone, MO 64118
Phone: (816) 436-7711
M-F: 10:00am – 6:00pm
Sa: 9:00am – 2:00pm

8212 Metcalf Ave.
Overland Park, KS 66204
Phone: (913) 381-2222
M-F: 10:00am – 6:00pm
Sa: 9:00am – 2:00pm

2500 State Ave.
Kansas City, KS 66102
Phone: (913) 281-9997
M-F: 10:00am – 6:00pm
Sa: 9:00am – 2:00pm