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.