Like many other financial decisions, applying for a title loan comes with both pros and cons. Do the advantages you stand to enjoy outweigh the disadvantages? The only answer to that is thorough research. Know what you’re getting yourself into before anything else.
Here are the advantages of Utah title loans to convince you whether or not this is the type of loan for your particular needs:
Advantages of Title Loans
- Easy Application Process – Unlike applying for traditional bank loans, the process of applying for a title loan is simple and fast. You can complete an online application in a matter of minutes.
- Current Employment Not Required – While lending institutions may ask you to provide a proof of your source of income, they may not require a proof of employment. Aside from employment, your payments can come from other sources, such as pension, inheritance, and disability, retirement, or unemployment benefits.
- High Credit Rating Not Required – As a collateral covers it, you do not need to have an outstanding credit record to obtain a loan. Your credit may be checked, but only to make sure that you are not in active bankruptcy or undergoing credit counseling.
- Fast Cash – Barring any unforeseen problem, the release of your funds will be processed immediately after approval. This is highly beneficial since a financial emergency typically requires quick access to cash.
- Continue Driving – Your use of your vehicle will not be denied. Only a lien will be placed on your title, and you will still have your vehicle in your possession.
Knowing the pros of title loans can help you decide whether it is the right type of loan for your situation or not.