Should You Ever Get A Title Loan?
Title loans are an easy way to get fast money. In most cases, you get to do the paperwork online, and you receive the amount you need in one business day. As you secure the loan with your car or motorcycle, you don’t need a good credit score.
As long as you have a job and your vehicle is in excellent condition, you’re most likely to get the money you need. However, this type of loan is expensive, with an APR that can reach 300 percent, depending on the state you live in.
Before asking yourself where to get a title loan, you should make sure you have clear answers to a few critical questions. Let’s take a closer look.
Can I Pay Off The Debt With My Current Income?
If you need more money to cover current expenses, adding monthly payments to the list isn’t going to help your financial situation.
Ask a bankruptcy lawyer to help you set up a payment plan before securing your loan with the vehicle that you use everyday. This way, you know how much you have to pay each month — useful information that can help you organize your monthly household budget.
80 percent of the borrowers end up by rolling over their loans because they can’t keep up with the expenses. That’s why it’s wise to agree on an amount that you can afford. This way, you avoid missing payments that can force you to roll over your loan, adding even more interest fees to your current debt.
Can I Find Cheaper Alternatives?
Title loans are cheaper than payday loans, but they’re still a lot more expensive than credit card debts and personal loans. Continue Reading Should You Ever Get A Title Loan?