Title Loan Fundamentals: What You Need to Know

Written by Super User on . Posted in Learning Center

Everyone encounters financial struggle at one point or another in their lives. It’s not fun, but how we manage it makes all the difference. When financial emergencies or struggles occur, where do you turn? Some turn to family and friends, some rely on credit cards, or some even go to a bank for a personal loan. But what if none of those are an option? If you are in a situation and have nowhere to turn, consider title loans as an option to become debt free…and fast.

What is a Title Loan and How Does it Work?

Title loans are an option for those who need cash fast. They are called “title loans” because most Utah title loan companies will use the title of an applicant’s vehicle as collateral for the life of the title loan or until the loan is paid in full. Title loans are typically short-term, secured loans but often have high interest rates. Those individuals who are interested in a title loan typically have limited or poor credit history. This is one reason why title loans often come with high interest rates, which is due to the high risk nature of the applicants.

How Are Title Loans Different Than a Traditional Bank Loan?

Title loans are an option for those individuals with limited or poor credit history that struggle to acquire a loan from a typical bank, lender, or other financial institution. Traditional loans require a minimum credit score, a fairly clean credit history, a minimum debt to income ratio, and even a stable, consistent proof of income. In this day and age, not everyone has all this, or at least all at one time. This is why considering a title loan in the event of a financial emergency, struggle, or pitfall can be a good option for those individuals who may not qualify for a traditional bank loan.

Who is Affordable Title Loans?

Affordable Title Loans has been in business for over five years, and is a thriving title loan company that clients can trust! There are locations currently open throughout Utah and Idaho, and more opening every day! Affordable Title Loans expects to open another ten locations throughout Utah and Idaho just this year.

How Can Affordable Title Loans Help?

But there is good news. Working with good Utah title loan companiesis half the battle in acquiring a good title loan. Some companies that offer title loans will come with interest rates as high as 300%! While an individual may need cash fast, most end up with more debt and in a worse situation than where they started. Affordable Title Loans wants to work with customers and help them through their financial struggles. Affordable Title Loans offers title loans with interest rates as low as 120%. As a result, a large percentage of clients are able to successfully pay off their title loans, keep their vehicles, and get out of debt.

Switch Language - Cambiar el idioma