Posts tagged with "Car Title Loans"

The Myths About Title Loans Part 2

Don’t let the many myths about title loans hold you back from getting the fast cash you need in an emergency.

Whether you’ve dealt with a medical emergency that makes it difficult to work, you’ve just lost your job or you’re in the midst of dealing with a different kind of emergency, chances are, you’re going to need access to some cash, and quick. Luckily, with a title loan in Corsicana from Your Loan Depot, you’ll have the quick cash you need to bridge the gap between paychecks or until the time another source of income comes in. But, the downside is that many people don’t even attempt to take advantage of these kinds of loans because of the many myths surrounding them. That’s why, in our first post in this series, we debunked the top four myths about title loans. Keep reading to learn the truth about more myths:

Myth #5. A title company’s main goal is to acquire your vehicle.

Title loans companies have a bad reputation, and unfortunately, much of this bad reputation stems from false or unfair beliefs about the goals and practices of title loan companies. But, it’s important to know that, while there may be some unsavory players out there, if you’ve found the right title loan company, like Your Loan Depot, you’re working with a lender who just wants to help. Of course, like any company, a title loan company wants to make a profit, but at Your Loan Depot, our first priority is to help you get fast cash and pay off your loan on time. Defaulting on your vehicle is the only way to lose it with a title loan, and we’ll work with you throughout the process to help to prevent a default.

Myth #6. If you get a title loan, you’ll be in debt for the rest of your life.

This is another one of those myths that make title loan companies seem like the bad guy, but you’ll be glad to know that it’s simply not true. A title loan is not designed to put you in a cycle of debt for the rest of your life. It’s simply designed to get you the quick cash you need when you don’t have the time or the resources to go with a traditional loan. And, title loans are designed to be paid back quickly, allowing you to get through the life of the loan faster so that you can get back to your day-to-day life.

Myth #7. Anyone can qualify for a title loan.

As we mentioned in our last blog, when you put down the title of your vehicle as collateral, it provides the title loan company with an extra level of protection, which allows them to open up their requirements for loan approvals. This makes it possible for title loan companies to lend to a wider customer base, many of whom might not be able to meet the requirements of a standard loan from a bank or a credit union. It’s for this reason that title loans are ideal for people who have poor credit scores and cannot qualify for a traditional loan; however, this doesn’t mean that every single person who applies will be approved. Although the requirements are less stringent than traditional loans, and that title loans are easier to qualify for, they are still subject to approval, and you’ll still need to be able to prove that the payments of the loan will be affordable to you and that you’ll be able to pay them.

If you’re unsure about whether you will be approved or not for a title loan, it doesn’t hurt to apply.

When you need fast cash, you need Your Loan Depot.

We hope that this blog series has helped to set the record straight about some of the most common myths about title loans, but if you are still concerned or have additional questions, you can always feel free to stop by our Corsicana location or any one of other other locations in Texas. We’re happy to answer your questions and address your concerns, and our experts can also help you determine which loan will work best for you. Contact us today to take the first step toward getting the fast cash you need.

The Myths About Title Loans

There are many myths surrounding title loans.

If you’re facing a financial emergency of any sort, a title loan may be the right fast-cash loan you need to make ends meet. However, there are a lot of myths out there about title loans that prevent people who could truly benefit from them from ever applying. At Your Loan Depot, we know just how valuable a title loan in Corsicana can be when you’re in a financial bind, and that’s why we’ve set out to reveal the truth about the most common title loan myths.

Myth #1. You’ll have to give up your car for the term of the loan.

Many people believe that, in order to qualify for a title loan, they will need to give up their actual vehicle as collateral for the term of the loan. But the reality is that, when you apply for a title loan, your title is handed over to secure the loan, not your actual vehicle. At Your Loan Depot, we understand that you have to be able to get around, and we will not require you to give up your vehicle. The only way you could end up having to give up your vehicle is if you default on the loan, but rest assured that we’ll work with you to prevent that from happening if you believe you are at risk of defaulting.

Myth #2. You have to have a good credit score to qualify.

With the vast majority of other loan types, you’d need at least a decent credit score to qualify, but luckily, that’s not the case for title loans from Your Loan Depot. Your vehicle’s title give us the collateral we need, which gives us more freedom to offer credit to those who have less than stellar credit. That’s not to say that every single individual who applies for a loan will be approved, but we have the unique ability to lend to people, even if they have a bad credit score. If you need cash, but your credit score is holding you back, don’t hesitate to apply for a title loan with Your Loan Depot.

Myth #3. Title loans have egregiously high interest rates.

Title loans aren’t like regular loans, which are approved based on your credit score, financial history, income, etc. When you put your vehicle’s title down as collateral, you’re providing the title loan company an extra level of protection that allows them to widen the parameters of the loan approval process, allowing people who wouldn’t traditionally be able to get a loan to actually secure the money they need. Because title loans have wider parameters for approval, they do typically have higher interest rates than normal loans, but that’s not the whole story. Title loans are designed to be short-term loans that are paid off quickly, which means that you won’t pay nearly as much in interest over the life of the loan. Plus, there are many factors that determine your interest rate, including the collateral you put down and how much the loan is for.

Myth #4. You have to own a car in order to get a title loan.

Need fast cash for a financial emergency but you don’t own a car? Don’t give up hope, because you might still be able to get the loan you need. At Your Loan Depot, not only do we accept titles for cars and trucks, but we also accept titles for mobile homes. And, if you don’t have a title for a car, truck or mobile home, you may be able to find the cash you need with a payday loan.

Are you in need of a title loan in Corsicana?

If so, look no further than Your Loan Depot. We’re proud to be your go-to title and payday loan company, and we’re confident that we can help you find the cash you need when you need it most. Be sure to stop in at our store in Corsicana, or any one of our other Texas locations, to apply today. You can also apply online!

Would you like to learn the truth about more common myths about title loans? If so, make sure that you stay tuned for our next blog!