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Title loans are basically loans which are very short term and will allow the customer to put forth a title or something of interest as collateral. Many companies offer these, for example, title loans Phoenix and other major cities can be easily found in your phone directory.
The most common of these are car title loans, the way it works is to simply take your automobile title to the lender. They will then decide how much cash to loan against it. A lot will depend on it's year, condition or book value. You then pledge to hand it over should the note not get repaid as promised.
One big advantage is the convenience factor, plus very small amounts can be borrowed if needed, sometimes one hundred dollars or less, or much more based on your needs. Most do not require past credit history checks or verification of current or past employment, as the collateral is covering the loan amount borrowed. Most banks or credit unions will not offer this feature as it is deemed as too much of a risk.
There are many reasons that people will borrow on a short term basis. Unexpected emergencies may arise such as car repairs or medical issues. Others may need it for home improvements, a wedding or birthday, or funds to take a vacation. Everyone at some point in time could use a little extra cash, and this is a hassle free and quick means to accomplish this.
Another valid reason may be because of some bad credit in someone's past. Although it may be a relatively minor issue, it could be enough to prohibit borrowing from a more traditional source. This gives them an option that otherwise might not have been available in securing loans when they really need it most.
The amount that is lent is going to be determined by the collateral and it's value. For example, on a car title loan you can expect at least half of the resale value of the item being offered. The requirement is having clear ownership that has no current liens on it, another is that the car is fully insured in the event it becomes damaged during the duration on the loan.
There are numerous lenders who will be happy to assist you in getting you the money that you need in a timely and hassle free environment. Knowing that you have access to the funds when you need it the most can bring you a lot of peace of mind.
title loans Phoenix
The most common of these are car title loans, the way it works is to simply take your automobile title to the lender. They will then decide how much cash to loan against it. A lot will depend on it's year, condition or book value. You then pledge to hand it over should the note not get repaid as promised.
One big advantage is the convenience factor, plus very small amounts can be borrowed if needed, sometimes one hundred dollars or less, or much more based on your needs. Most do not require past credit history checks or verification of current or past employment, as the collateral is covering the loan amount borrowed. Most banks or credit unions will not offer this feature as it is deemed as too much of a risk.
There are many reasons that people will borrow on a short term basis. Unexpected emergencies may arise such as car repairs or medical issues. Others may need it for home improvements, a wedding or birthday, or funds to take a vacation. Everyone at some point in time could use a little extra cash, and this is a hassle free and quick means to accomplish this.
Another valid reason may be because of some bad credit in someone's past. Although it may be a relatively minor issue, it could be enough to prohibit borrowing from a more traditional source. This gives them an option that otherwise might not have been available in securing loans when they really need it most.
The amount that is lent is going to be determined by the collateral and it's value. For example, on a car title loan you can expect at least half of the resale value of the item being offered. The requirement is having clear ownership that has no current liens on it, another is that the car is fully insured in the event it becomes damaged during the duration on the loan.
There are numerous lenders who will be happy to assist you in getting you the money that you need in a timely and hassle free environment. Knowing that you have access to the funds when you need it the most can bring you a lot of peace of mind.
title loans Phoenix
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