May 30, 2019
Traditional loan borrowers get into their financial commitment with one idea in mind and are surprised to find that their borrowing experience is much different than they expected. A recent study put out by Citizen’s Financial Group showed that paying off the average loan, and especially the average student loan, takes a lot longer than many expect. Going into college, students take out an amount with the promise of paying it back in 10 years. The reality of this is, however, that most students take twenty-one years to pay off their student loans once they are done with college. This delays former students from making payments toward a retirement fund, significant investments like a house, and sometimes even essential things like health insurance and dental.
The weight is not just on students, though. Mortgages, bank loans, and other fixed-term loans usually take longer than expected to pay off, and ultimately are not the best lending options. For those who want a short-term loan in Kansas City, don’t look to banks or credit companies. Turn to your neighborhood title loan company — Midwest Title Loans.
Why Borrow Through Midwest Title Loans?
There are many reasons to consider a title loan over a conventional loan, and even more if you are local to Missouri or Kansas. We get to know our customers and offer them options based on their situations. Our terms are simple to understand, and one of our biggest goals is to make our customers feel like they are in control of their financial situation.
Borrowing through Midwest Title Loan is the perfect option for those looking for cash to make a home repair, to fix their car, or even to go on vacation. Loans are relatively small, but not so little that you can’t do anything with the amount you are lent. Additionally, when you come to Midwest Title Loans and have your car assessed, you can walk out of our establishment in as little as twenty minutes with cash in hand. Traditional lending options take weeks to go through the lending process, which can result in delays in payments and even a last-minute denial. To get a title loan, all you need is to meet our requirements, and you’ll get the cash you need.
How Is the Repayment Term Shorter?
It’s often jarring to those borrowing through title loan companies to see that the repayment terms are shorter. There’s no need to be worried about this — we offer you a loan at a rate you can afford, and we work with your financial obligations to ensure that you are never paying more than you can afford. You’ll notice that the repayment rates are a little higher than traditional lenders, but they will never be so high that you can’t pay them. Ultimately, this saves you money.
Have you ever wondered how banks and credit card companies make so much money on your loans? It is because of the length of the loan and the amount you pay on it each month. If you don’t pay attention to your monthly statement, take a peek at it next time. You’ll notice a section that tells you how much of your last payment went to interest and how much of your previous payment went to the initial amount you owed. In many cases, the amount you pay toward interest is much higher. This is banks and credit companies’ payoffs, and none of the interest you are paying toward ever contributed to what you initially took the loan out for. A shorter payment period with higher payment rates results in less money paid to us over time. We are looking out for your best interests at Midwest Title Loans, and we want your repayment schedule to be both comfortable and beneficial.
How Do I Know I Will Be Able to Pay Off The Loan?
Worried you won’t be able to pay off a loan with higher monthly premiums than a mainstream loan company? Don’t be. We work with you to figure out the best lending options for you, and our goals are both to help you get the money that you need and also make sure that you are making responsible borrowing decisions. We supervise the borrowing process and work with your income needs to make sure you are not taking out too much in comparison to your monthly net income.
What Are the Requirements?
There are not many requirements regarding lending through Midwest Title Loans. The most important one is that you have a lien-free car that we can offer you a loan amount against. This means a dealership or other party cannot own your vehicle — it must be yours outright. You also must be 18 to get a title loan. In very few instances are people under the age of 18 allowed to own a car without a cosigner, and the vehicle needs to be in your name to take out a loan. Additionally, we do require proof of base income. You must make $1500 or more a month, which can be hard for those under 18.
Those interested in getting a loan through Midwest Title Loans who meet all those qualifications need only to bring their car, title, and license to one of our many locations. We’ll assess the worth of the vehicle and will let you know how much we will be able to offer you for it.
In need of a short-term loan for winter home repair? Or is your car in need of a big fix that you just don’t have the money for? Don’t lock yourself into a fixed-term loan from a conventional lending company that will leave you feeling stuck. Midwest Title Loans in Missouri and Kansas have the options you need to get a short term loan. Come into one of our Missouri locations in Kansas City, Gladstone, or Saint Joseph or one of our sites in Kansas at Overland Park or Kansas City. We’ll help you find the best short term loan option for your needs.