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learning about the advantages of car title loans online

Who Benefits The Most From Getting A Title Loan?

Financial emergencies can strike at any time, and people may not have enough money in their emergency fund or savings account to handle urgent expenses. They can turn to emergency loans, such as car title loans in Arizona.

In this article from Southwest Title Loans, we will explain who can get a title loan and the benefits of car title loans. You can use this information to guide your decision-making on whether getting an Arizona title loan is the right choice for you.

What Is A Title Loan?

If you’re figuring out how to cover a huge emergency room bill, unexpected travel, or needed home and car repairs, getting a title loan is an option for short-term relief for temporary financial struggles. You can use your car’s title if it is fully paid off as collateral in exchange for a loan of up to $15,000.

Getting an auto title loan in Arizona benefits those saddled by a financial emergency because they are easy and fast to obtain. You can qualify for a title loan in as little as 30 minutes and receive your cash typically by the next bank business day.

Who Can Get Approved For A Title Loan?

To get approved for a title loan, you must have your car fully paid off, with no outstanding liens or judgments. You must also be at least 18 years old and have the three required items.

The following are the items you need to get approved for an Arizona title loan:

  • An Arizona driver’s license or other state-issued identification
  • Your lien-free car title in your name
  • Your vehicle for a quick inspection

Getting approved for a car title loan can benefit anyone who needs fast cash to handle urgent expenses. If you cannot afford an unexpected financial emergency, a title loan can benefit you by helping you pay the expenses to avoid late fees and service disruptions.

woman explains the advantages of title loans

Top Five Advantages of Title Loans

Your finances can change abruptly, which can make it harder to pay for your daily expenses or handle a large financial emergency. There are many advantages of title loans that make them a good option for you to handle your unexpected expenses. If approved, you can receive thousands of dollars to pay for your surprise costs.

The following are five benefits of car title loans:

1. Financial Aid With Emergency Situations

Financial emergencies can arise that you may not have the money to pay for. These unexpected expenses can cost hundreds or thousands of dollars that you may not have. Many people live check to check, so having to pay such a significant expense with no time to prepare financially can be unfeasible.

Getting approved for a title loan can help with this emergency situation. You can get approved for enough money to pay for the financial emergency, avoiding having to deal with late fees, service disruptions, or lowered credit.

The following are some financial emergencies you can pay for with a car title loan:

  • Increased rent or utility bills
  • Medical expenses
  • Home or auto repairs
  • Veterinarian bills
  • Unexpected travel costs
  • Replacing broken appliances

2. Handling Unexpected Unemployment

Changes in your job status can come out of nowhere, with people experiencing reduced hours and pay, job loss, or less freelance work. Job changes can make it harder to pay your regular expenses, such as your rent or mortgage, food, gas, utilities, etc.

An Arizona title loan can help you handle your regular expenses during this rough financial period. While you get a new job or try to find another revenue stream, you can pay for your expenses to avoid falling out of not paying your daily costs.

3. The Approval Process Is Quick And Easy

Another advantage of title loans is how straightforward the approval process is. Getting an emergency loan at a bank can take a long time, and multiple items are necessary to get approved. A title loan only requires the items mentioned above and can take less than a day for approval.

At Southwest Title Loans, we keep the title loan approval process fast and easy so that borrowers can get the money they approved for quickly. This allows them to pay for their emergency before it worsens and becomes a disaster for their finances.

4. All Credit Types Are Accepted

Bank loans also require borrowers to have high credit scores. You can get approved for a car title loan with good credit, bad credit, or no credit at all. This is because it is a secured loan that uses your car title as collateral. Southwest Title Loans will allow borrowers of any credit type to get approved for a title loan as long as they meet our short list of requirements.

There may be a soft credit check during the approval process, but your credit score will not affect your ability to get approved.

5. You Can Keep Your Car During Title Loan Repayment

Another significant advantage of car title loans is keeping your vehicle during loan repayment. You may worry that you must give up your car after using your car title as collateral, but that is not the case.

At Southwest Title Loans, we allow borrowers to continue to use their car during repayment. This title loan benefit will enable borrowers to continue their lives as they usually would without having to arrange new transportation for work or school.

What Is The Process For Getting A Title Loan?

After learning about some of the positive aspects of title loan borrowing, you may decide you wish to seek a car title loan. If so, Southwest Title Loans has a quick and easy process you can follow to see if you can get approved. Follow the steps below to pursue emergency money for your urgent expenses through our Arizona auto title loans.

The following are the steps involved in getting an Arizona title loan:

  • Provide your basic information through our online form
  • Answer a phone call from one of our loan associates
  • Ask questions about title loans and determine a convenient location for the in-person meeting
  • Bring your required items to the in-person meeting
  • Have a loan associate verify your required items
  • Provide your vehicle for a quick inspection
  • Sign title loan documents
  • Receive up to $15,000 as soon as the same day or next business day

woman applies for Arizona title loan online

Apply For An Arizona Title Loan Today!

Some of the benefits of car title loans include handling financial emergencies, a fast and easy approval process, availability for all credit types, and keeping your car during repayment. Contact Southwest Title Loans today if you want to take advantage of these title loan benefits. Fill out our online form and receive guidance over the phone from one of our friendly loan representatives.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.

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