Title Loans For Low Income
Low income is a troubling phrase for the people that live under its umbrella, but it’s an appropriate phrase. Low income means that you might work hard, but you just don’t quite make enough to get ahead in life. And when that happens, you can run into all kinds of financial hardship. That’s because life throws a lot at people, and unless you have a higher than average income, you’re going to experience a lot of stress over financial issues. Many organizations study and analyze the challenges of low income on the average household. Their goal is to help individuals with low income find ways to get the money they need, when they need it. Lenders have a different outlook. Their goal is to find ways to approve low income families for loans, despite a bad credit rating or lack of substantial income. Jacksonville car title loans have become a major asset to low income families over the years.
Why title loans for low income families works
Title loans don’t require a good credit rating or a large or even moderate income. They just require that you own a vehicle and have a physical copy of the title to prove it. Since the requirements aren’t as hefty, even low income applicants will qualify as long as they:
- Have a physical copy of a car title they own
- Have a driver’s license showing they’re 18 or over
- Have enough income to repay the loan
Learning more about these loans
Consumer Information about title loans for low income will help to educate you on:
- What title loans are
- What makes a title loan a fair deal for you
- What to look for when you apply
- Your options when you can’t repay
Learning more about title loans will help you get the most out of one of these loans. And they’re still a viable form of lending that we hope stays around for a long time because for some borrowers, they are literally the only option and the only thing standing between them an repossession of a vehicle, eviction from a residence, or going without food for a couple of weeks because of an expected car repair. It’s vital that low income borrowers have a place to turn to when times get dark.
Why You Should Apply For Title Loans For Low Income
When unexpected expenses hit low income households, they often have a very short list of options for relief. Traditional bank loans and payday loans require income and credit minimums that many low income families just don’t meet. They need a place to turn to that will guarantee them the money they need. Because of title loans, they have a last resort to turn to.
Title loans put money into the hands of low income families quickly. You’re approved the same day and then receive funds by the next day. All it takes is a physical copy of a car title (that you own) and a driver’s license to show proof of age. That’s it! You can get cash if you have these two things.
Flexible interest rates
Regulations on title loans have tightened over the years, making lenders responsible for offering up competitive interest rates. There is also a maximum number of renewals that makes it quicker to pay off the loans, resulting in less interest. The result? People are now able to pay their title loans off quicker and avoid huge interest payments. The sooner you pay, the better.
No credit check
Title loans derive your line of credit because you’re using the value of your car (your car itself) as collateral. Your line of credit comes from the vehicle, and so you’re not going to suffer on your credit rating because of a title loan. Applying for one doesn’t hurt your credit. That’s important to people who might be trying to better their credit rating. And for those who have terrible credit, it’s imperative to have a title loan to turn to because they often have no other choice in the matter. If you need cash, a title loan will give it to you. And then you keep possession of your vehicle while you repay.
Title loans continue to be one of the best options for bad credit, low income borrowers, and they help thousands of borrowers each and every year.