A motor vehicle title loan, also referred to as auto title loan is a quick solution to get instant cash. These loans emerged in the early 1990s when lenders across the United States saw the need to gain interest from individuals with bad credit. Since borrowers use their car titles as collateral, lending institutions were sure that any amount they dished out to borrowers was secure.
Since then and over time, auto title loans have swiftly grown to become one of the incredibly well-liked alternatives for people who want instant cash without credit check and loads of other complicated bureaucracies.
What Made People to Go For Auto Title Loans?
Although the list of factors is endless, here are more common motives that pushed many people to go for a motor vehicle title loan.
1. Emergency healthcare costs.
Medical procedures were expensive to some individual who lacked health insurance. To them, they found raising money to cover the cost of medical expenses an incredibly hard undertaking. They, therefore, turned to motor vehicle title loans to cater for their medical expenses as quickly as possible.
2. When people were denied bank loans
Those days, and even today, most banks refused people loans because of many reasons. For instance, those individuals who lacked a good credit history got their applications for a bank loan declined instantly. To get out of their predicaments, the only option they had was an auto title loan.
3. Death in the household.
The truth of the matter is that death is unavoidable. Many people who lost their loved ones found it hard to raise funds to give their deceased a respectable send-off. At that time, lenders across the United States were ready to make everything flow smoothly for anybody who presented a valid reason to obtain a title loan. Many people, therefore, went to those institutions to collect money to send off their loved ones comfortably and without having a lot hassle.
4. Emergency bail income
When people got into problems with the law, sometimes they found it hard to raise bail dollars. This was, and still is an unforeseen expense that needed one to come up with an enormous sum of cash. Those people who were unfortunate to raise massive amounts of bail swiftly, therefore, went for title car loans to secure their release.
Procedure Obtaining an Auto Title Loans
The procedure of obtaining an auto title loan is almost the same with many motor vehicle title loan agencies. If you need urgent cash, all you need is to go to any local motor vehicle title loan company near you with your vehicle and motor vehicle title in hand. The customer representative at that particular office will inspect your title along with your vehicle to confirm if you are the owner. After which, you will be presented with a simple application form to fill in your personal details.
Typically, it will take less than 30 minutes for your loan application to be processed and for you to obtain the cash. That is all that is required to get a auto title loan.