You may not have realized, but car title loans are surging in popularity across the nation. Some states have seen a jump in the number of car title loans surge as high as 178% from 2011-2014. More and more, individuals are seeing these as an excellent method for securing the additional money that they need for certain unexpected situations, for handling expenses like education, weddings, or travel, and just for that bit of extra cash that they may need every once and a while. But why? Is there something about these loans that make them ideal for people in certain situations? Could it be that title loans have some qualities other loans don’t that make them particularly useful? Embassy Loans has lots of experience in this field and has some insight that might make it clear as to why title loans are on the upswing in many areas.
First off, the process is very easy, which means that people can get them without having to jump through a lot of hoops. This reason is one of the things that trips people up trying to get other kinds of loans but is absent in the title loan process. How does it work? First, one would fill out the application. This process can be done on paper, with someone over the phone, or it can be done online for superior convenience. It’s not overly intrusive, just a few details so that the loan company can know who you are and get some information about your vehicle.
Once the application is complete, there are a few documents that you’ll need to provide to get that loan. The title of the vehicle in question, driver’s license, perhaps a bill or two. This additional information will let the company determine what type of loan they can grant you. Next, you’ll have to have your car inspected. Many inspection stations can handle this task, and they can determine what shape your car is in for the purposes of your loan. Alternatively, in certain cases, this can all be handled online, no inspection station required. It will depend on your individual circumstance, but you can refer to a representative to find out more. Lastly, you receive your money once the loan is approved. It is that simple. Not so hard now to see why so many view title loans as such a great option. The convenience and ease of use speaks for itself!