Did you know that around 57 million people run a business as a side hustle? There are many reasons for it, but the main motivator is extra money. People find out they can’t cover their expenses or can’t finance things they really want to do with their current income.
Of course, working a second job or side hustle still means waiting around for that extra paycheck, customer orders, or client payment to arrive. Those are great long-term strategies, but they’re less helpful for short-term needs. This is where car title loans can help.
Never used them before? Keep reading for five title loan benefits.
1. It’s Fast
One of the biggest benefits of getting a loan with your car is that it’s fast. In most cases, you get the money from the lender the same day. That lets you deal with whatever financial crisis you have hanging over your head in a hurry.
2. No Credit Check
When it comes to getting a loan, one of the biggest obstacles a person with a so-so or bad credit scrore faces is the credit check. That not great credit score will automatically disqualify you from many loans. If you can get a loan or some other form of credit, it often comes with very high interest rates.
One of the benefits of title loans is that they don’t run a credit check on you. The loan is based on the value of the car, not your credit score.
3. You Keep the Car
Getting a title loan isn’t like pawning one of your possessions. You hang on to the car while you pay off the loan. After all, most people need their car for work.
Since title loan lenders strongly prefer you pay off the loan rather than repossess your car, this works out for everyone.
Getting a title loan is often more convenient than other options. You can find title loan lenders online or, if you prefer dealing with people in person, in your local community. A quick online search for title loans near me will help you find your local lenders.
5. Reduce Stress
Financial worries are a major source of stress. Stress can affect your health and your relationships. It’s hard for most people to stay level-headed with their spouse or kids when they’re under stress.
A title loan helps you get your finances back under control, which lets you get your stress under control.
Car Title Loans and You
Car title loans are one option for getting an influx of cash when you need one in a hurry. It’s faster than most other lending options, with the money showing up the same day. It also lets you get around credit checks if your credit score isn’t all that great.
Unlike pawning a possession, you keep your car while you pay off the loan. That lets you keep working, which most people find also helps keep their stress down.
Looking for more car money tips? Check out the posts in our insurance section.