January 13, 2020
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.
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.Read more
January 6, 2020
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.
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.Read more
December 23, 2019
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.
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.Read more
December 16, 2019
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.
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.Read more
December 9, 2019
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.
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.Read more
November 18, 2019
Get Help Paying For Gifts With A Title Loan
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.
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.Read more
November 11, 2019
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?
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.Read more
November 4, 2019
5 Reasons to Get a Title Loan this Winter
Do You Need a Title Loan in Missouri or Kansas This Winter?
With the unpredictable economy casting a shadow over American families, it is always a good idea to have a backup plan when it comes to being able to make ends meet. In most people’s lives, a surprise financial emergency is constantly right around the corner and those bills never like to wait to be paid.
With those pesky money problems always looming, automobile owners can always rely on getting a car title loan to get cash in a hurry. This is an option that people have relied on for decades, making it an excellent choice for anyone who needs a little peace of mind when an unexpected occurrence pops up.
Reasons for Getting a Title Loan in Kansas or Missouri
Why should you get a title loan this winter? There is a wide variety of reasons that an individual may need to secure a title loan, and with the holidays right around the corner, those increase.
1 – Make it a Merry Christmas
Many parents around the country struggle to provide their children with the type of Christmas that they would want to in a perfect world, making the holidays extremely stressful. However, with the peace of mind in knowing that a title loan can provide cash in a hurry, mom and dad have a little extra help in buying that dollhouse or expensive Nerf set at a toy store in Gladstone or Overland Park.
2 – Getting a Title Loan is Quick and Easy
Is it hard to get a title loan? While being able to help deliver a nice Christmas to one’s family is one great reason to get a title loan, there are plenty of others. Perhaps the most attractive perk in getting this type of loan is the fact that they are very quick and easy to get, making it a seamless way to get cash. In a majority of instances, a borrower can agree to the loan arrangements with Midwest Title Loans and walk out of the office with the cash in their pocket instantly.
In contrast to most other types of financing, there is no lengthy and complicated approval process involved in order to secure a car title loan in Kansas. Getting one is usually a simple and painless process that is straight to the point and a very convenient way for many individuals to get dollar bills.
3 – No Credit Check!
Perhaps an even more alluring reason to seek a title loan in a time of need is that there are no credit checks! That’s right, a countless number of individuals who would normally not qualify for any other type of loan, are indeed welcome when providing collateral.
4 – You Keep your Vehicle
In addition, another great thing about getting cash for your car title is the fact that the vehicle gets to stay in your possession the entire time until the loan gets paid back. This makes life even more convenient for those who need to use their ride in order to gain some extra cash to help with whatever.
5 – Winter Expenses Can Creep Up on You
Furthermore, with winter coming on strong, extra money is always going to be a necessity, especially for families with small children. Those winter coats are expensive and so are the boots needed to walk on the snowy pavement, when the weather gets really nasty. It is during these times that many families start pinching pennies and begin seeking help with a variety of expenses that the budget just won’t allow for.
However, with the assurance that a quick and easy title loan can help alleviate a large majority of their issues, it is easy to see why so many choose to get quick cash by going this route. The cold winter months do not have to be so dark and dreary, and families nationwide are choosing to get fast title loans to make those cold winter nights a little warmer.
6 – Cover Those Higher Heating Bills
Another big reason that many people in places like St. Joseph and Kansas City may need to scrounge up cash in a heartbeat via a title loan, is to pay their always-increasing electric bill. With the aforementioned winter being in full force, that heat will be running like crazy in homes all over the country in order to keep the family warm and cozy. That means that the monthly bill will be even higher than normal, and it adds just another cost to an already long list of extra cash that will be required to make it through those icy cold months.
7 – Emergency Repairs!
Everyone can sympathize with the many homeowners around the nation who are in severe need of home repairs. In many instances, those repairs need to be addressed immediately in order for a person to remain in their residence and the only shelter that they know. This can be nothing short of an unnerving experience for anyone who has ever faced potentially having to leave his or her home.
Most people are aware of how crazy expensive any serious home repair can be, as it seems nothing of that sort comes cheap these days. With a title loan always on the table, individuals can rest assured that they will at least have some financial assistance to help with their problem within the home. Even if they are unable to get the full amount needed in order to completely resolve the issue, just getting that little bit in the wallet can offer up a substantial peace of mind to someone in need.
Where Can I Get a Title Loan Near Me?
No matter if it is for buying Christmas gifts, purchasing winter necessities, paying the bills, or numerous other expenses, getting a title loan at Midwest Title Loans is a solid option. Life can often be unpredictable, and having the assurance of cash on the spot is an option to good for many automobile owners to pass up when in financial restraints.
Having the ability to come up with convenient and hassle-free cash is a rare occurrence in today’s world, and a good percentage of individuals are deciding to agree to a title loan in order to get those two things.Read more
September 23, 2019
Understanding Short-Term Loans like Car Title Loans
The loan industry has opened up over the past decade, with prominent, recognized, trustworthy lenders offering new ways to get financing for small purchases. Whether you’re looking to install a new kitchen, get a set of new clothes, or purchase a new computer, there is a wealth of ways you can go about borrowing money that didn’t exist 10 years ago.
Short-term loans are typically the easiest type of loan to get; particularly if you have a less-than-stellar credit rating that means going to a bank is not an option. The Great Recession shook most middle-income families in Kansas and Missouri, and most people are still trying to recover their credit rating to pre-recession days. Instead of offering easier access to short-term loans to people who need it, Midwest banks were more likely to close their doors and only offer loans to the elite.
Thankfully, new businesses stepped in to offer lending solutions to the people who direly needed it. Short-term personal loans and car title loans are now hugely popular as a means to loan a relatively small amount of cash and repay it quickly.
Why Do Banks Not Offer Short Term Loans?
Few banks offer short-term loans. Instead, they specifically require you to take out a minimum sum and repay the loan over a long period of time, typically 3-10 years.
There are a few reasons for this. For one, they use an antiquated system of credit checks and credit ratings to work out whether a person is a risk to loan to. This takes time and money and involves third-party companies who take a cut. It’s easier for the bank if they just loan larger amounts to low-risk individuals so that they can keep operating costs down.
Banks prefer to only deal with larger loans instead of going through all of the hassles of loaning a small sum for a small amount of profit. Only offering loans over a longer period of time means the interest rate can remain low, which looks good on paper. But, over the course of a longer loan, the customer ends up paying more interest, as interest in cumulative.
Finally, short-term loans are often considered a bigger risk for lenders. These types of loans are not normally used for purchases like cars or homes (where the lender could feasibly repossess the item if the customer defaulted on the loan). Customers seeking a short-term loan may be struggling to raise funds from other means, which represents a bigger risk for the lender.
Getting the Best Interest Rates
On the face of it, a personal loan available from financial institutions in cities like Kansas City, MO, Overland Park, KS, and Gladstone, MO is similar to a title loan, but as we shall see, car title loans have some additional benefits.
You get cash to be used for any purpose with the promise that you’ll repay the loan over a set number of months. The lender will gain a percentage on top of the repaid amount, known as the interest.
The longer the repayment period and the bigger the loan, the more interest will accumulate. Therefore, it’s best to find a loan with a low interest rate and pay it back as quickly as possible. For some small purchases, a single-installment 30-day loan is the simplest answer.
Lenders will offer better interest rates for larger loans and where there is less risk that the loan agreement will go sour and they’ll lose the money they’ve lent. One way for the bank to reduce risk is only to lend to people that they perceive to be low risk, such as people with a good credit score and high income.
Another way to more easily secure a loan and lower interest rates is to choose a type of loan that has collateral. This is also known as a secured loan (as opposed to an unsecured loan).
For example, a mortgage on a house in St. Joseph, MO or Kansas City, KS will usually have a lower interest rate than an unsecured personal loan offered to someone in these cities. This is because the loan is secured on the property; if the customer fails to make payments then the lender can repossess the house and sell it, recouping most of their losses.
A personal loan is usually unsecured, meaning that if the customer fails to make repayments on the loan then the lender has fewer ways to reclaim their money. Yes, they can sue the loan customer to get the money they are owed, but it’s a laborious process that costs time and money.
This is the main reason that personal loans without collateral have higher interest rates. The lender is adding on a percentage that’s designed to cover the costs of chasing down the small number of people who ultimately fail to repay their loan.
Personal Loans vs. Car Title Loans
It’s here where we can see why car title loans usually beat short-term loans. Car title loans use your car as collateral, making them a secured loan. The lender can be much more confident about lending you money because the loan is secured on the car. In the unlikely event that you’re unable to repay the loan, the lender can reclaim the car so they don’t lose out on the money they lent you. At the same time, you’re free to keep and use your car as usual.
A car title loan is therefore much easier to get than a short-term personal loan. You should be able to loan a larger sum (up to $4,000 in some cases) and at a lower interest rate than with a personal loan.
As your car is used as collateral, your financial past is much less likely to be a roadblock to getting a car title loan. You can apply for a car title loan online, or come to a Kansas City, Gladstone, Overland Park, or St Joseph short-term loan provider.Read more
September 16, 2019
Pay for Fall House Projects with a Title Loan
Fall is around the corner, and it’s a popular time for making home improvements that your home sorely needs. It’s good to get the home winterized for the upcoming cold season, and fall is the best time to get out and do it while the leaves are turning brown and the apples are ripe for picking.
Performing upkeep on your home doesn’t just make you feel better; it raises the value of your home. If you do it properly and don’t scrimp on materials than every fall house project will return much more in home value than the amount you spend on it.
Fall House Projects Perfect for the Kansas and Missouri Autumn
Painting Your Front Door and Home Exterior
Start with the easiest fall home project that also feels like it reaps the biggest rewards – repainting your front door. A fresh lick of paint on your front door will make your house pop and stand out from tired homes on your block.
Fall is the best season to paint your door as the temperatures at night allow the paint to adhere to the wood without freezing or cracking.
If your home has a neutral color scheme and is in good repair, you may only need a touch up of exterior paint. Otherwise, a complete paint job may be a better option. A 1500-square-foot house costs around $2,000 to repaint, but you’ll be able to resell your house for around 10% higher on average. Clearly, it’s well worth the investment.
A sound roof keeps your home from developing expensive leaks. Replacing the roof completely may be required if your roof is past its best. Prospective buyers of your home will use any small issues with your roof or ceiling to try to negotiate a much lower price, so it always pays to ensure the roof is watertight, clean, and looks great.
Cleaning the gutters once a year is an inexpensive chore that could prevent thousands of dollars of damage. Clogged gutters aren’t just unsightly; they can cause the destructive force of water to be forced down the side of the house and to the basement, walls, and foundations. They stop your soil from becoming eroded and your fascia from staining.
Replacing your windows is an expensive endeavor and windows don’t typically make a big difference to the value of your home, so only consider replacing them if they’re old, damaged, or ugly. Consider more energy-efficient windows that keep the temperature in your home exactly where you want it.
A New HVAC
If your central air system is old, you’re probably throwing money away on electricity keeping it running. Newer HVAC systems can heat or cool the home at a fraction of the energy costs.
Financing Your Fall House Projects
Finding funding for these projects can be a challenge. It makes financial sense to borrow money now for your fall house projects to prevent big problems from occurring in the future that will cost you much more. However, banks are usually only interested in funding huge projects for customers who already own their homes. For everyone else, there are car title loans.
Car Title Loans
Car title loans are one of the best financial products available on the market today. Most traditional loans available at a Kansas City, Gladstone, or St. Joseph bank are slow to avail and are only open to people with the absolute best credit rating. Have you been turned down for a loan by a bank in Overland Park or Olathe? You’re not the only one – banks have tightened their belt since the recession and it’s increasingly tough to get a loan even if you have a stable job and a good income.
Why are car title loans a good option? As you are securing your loan against the car, the lender is taking on less risk. In the case that you don’t repay your loan, they have the right to claim the car. Of course, this rarely happens. But it means that car title loan online providers and local title loan lenders can offer loans to people without worrying about credit ratings or past financial problems. All you need is a clean title on your vehicle and a verifiable form of income.
With a car title loan, you’ll be able to borrow a large enough amount to get the fall maintenance and repair projects completed without negatively affecting your household cash flow. Payday loans or other short-term loans without collateral are unlikely to be enough to cover the cost of getting the job done right.
Flexible Title Loans
Midwest Title Loans makes unexpected repairs even easier to deal with thanks to our flexible title loan system. A flex loan gives you a rolling credit line that you can call upon any time you need it. You don’t pay anything if you’re not using it, and your interest is calculated on a daily basis.
Consider an example. Your boiler packs in unexpectedly, and you’re two weeks away from getting paid. Thankfully, you have a $4,000 credit line flex title loan from Midwest Title Loans. You can borrow the amount you need for a replacement boiler and get it installed right away. You’ll get the cash immediately, and there’s absolutely no need to make an application for the loan as you’ve already secured a credit line with us. As soon as you’ve been paid, you decide to repay the loan. You’ve only paid a small amount of interest for the two weeks you used credit, and your life has been made so much simpler.
Without a flex loan credit line, you’d probably have had to wait two weeks until you were paid. Sometimes emergencies can’t wait two weeks. Can you see how valuable a flex loan can be?
Pay for all of your fall house projects with a flexible car title loan from Midwest Title Loans.Read more