Everyone who decides to take out a loan always has at least a little glimmer of fear that they won't be able to pay the loan off or, in the case of a title loan, lose their car. But we want to reassure you that it is more than possible to be a successful borrower if you know how to be one, even with fast cash options like title loans.
As a company with more than a decade of experience in the title loan industry, we've seen all types of borrowers succeed and fail. In the process, we have been able to come up with some great tips on how you can be a title loan success story.
With our help finding a good lender and a few helpful hints to be a smart borrower, you can be confident that one of our car title loans can work for you!
So, to get a clear cut idea of how to be a successful borrower, take a look at these title loan do's and don'ts.
DO have financial goals: Whether you want to get debt free, afford the next few months of rent, or pay for a weekend getaway, have a clear goal in mind. If you know and are passionate about what you want to accomplish, you won't be dreading your monthly title loan payment. Be goal-oriented when deciding what to use your title cash on. You'll be a lot happier throughout the duration of your loan and even after your last payment.
DO know and manage your budget: Understanding what you can afford is crucial to not struggling through your title loan payments. Our customization features enable you to get a loan option and repayment plan that fits right in with your financial capabilities. So, when discussing with us your circumstance, be sure to be honest about what you can handle. This way we can get you the right size and interest rate combination that works with your budget, not against it.
DO take your time: We're obviously a huge advocate for fast cash loans because that's what we do; however, we still highly encourage you to not rush into anything. Think about not only what you need money for but also whether a title loan is the best option for you. If you're not sure, consider the following questions.
If you answered yes to any of these, a car title loan might just be the perfect thing to help reach your financial goals. You can find out how much money you're eligible for as well as connect with a title loan specialist by simply applying through our online application.
DO make sure to pick a credible lender: You see, our company isn't a lender but sort of like a title loan industry version of a head hunter. We connect you with the best fit lender so you don't have to sift through hundreds just to find a good one. Each lender in our trusted network has been pre-screened and specifically chosen based on good company practices and consistent positive feedback from their borrowers. You can even check out how we and you can choose the right title loan lender for you.
Now that you know all the best practices of borrowing fast cash, let us explain some of the things to avoid before and during the car title loan borrowing process.
DON'T be aimless: If you make the decision to get a title loan simply because you just want the extra cash to blow, it's going to be difficult to stay focused on paying it back. Fast cash options can be dangerous if you don't have a clear vision of your motivation to get one in the first place.
DON'T stretch your budget: It's equally risky to under or over estimate how much of a loan you can afford. If it's too little, you may not be able to cover your current expenses in addition to your loan payments. If it's too much, you're paying unnecessary interest.
DON'T be impulsive: Taking out a title loan on a whim without considering your reasons or real need for fast cash can get you into an even deeper financial pickle. Even if you're experiencing a money emergency, try and avoid making your final decision in the heat of the moment.
DON'T trust just any convincing lender: Watch out! There are some bad lenders out there that are looking to take advantage of you. They often make sketchy promises, never answer your questions, and even try to rush you into making a decision. Anyone can make a good case. Don't just skim over the signs just because you're in a hurry for a loan.
Feeling a little more at ease about your probability at borrowing success? Simply keep these things in mind and practice and you'll be good to go!
If you have any additional questions, concerns, or are interested in getting a title loan, feel free to give us a call or apply using the online form. We can help you feel educated and confident about car title loans and your borrowing capabilities.
By working with our lenders, you could end up saving up to 20% on your repayment, and eliminate the risk of being taken advantage of.
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