When Does a Title Loan in Arizona Become a Valid Option?
May 7, 2020 | By Peyton Sawyer
If your finances need a quick cash infusion, title loans Phoenix may be the most valid option. When you are living from one paycheck to the next, managing your finances can be quite overwhelming, especially if you experience an unexpected emergency that makes your cash situation even worse.
More and more people, like you, are struggling with insufficient wages, higher than normal monthly expenses, a cash emergency that requires paying a bill, making a purchase or repair, and borrowing money may be the only option. The problem with that is, many of us do not have access to the funding needed because of credit issues or time. That is when you consider all fast cash options, and how a title loan in Arizona will come in handy. But first, let’s go over all the funding options that are available to you.
Borrowing from Family or Friends
Borrowing money from a family member or friend is a fast cash option without the worry of approval or interest, but there may be other factors to consider. While asking for a friends or family loan may be seem better than most options, especially if their financial health is better than yours, it may not be the best choice. More often than not relationships are ruined with money. While the person lending you money may do it with the best of intentions, and your plan to make repayment is made with honesty, things happen. What if the lender has also experienced an unexpected cash emergency and needs the money back sooner? Or what if you suffer further financial difficulties that prevent you from sticking to the originally agreed upon payment schedule? What happens then? Ties can be severed forever. Is it worth it?
Bank Loans vs Title Loans
Unlike a traditional loan, a title loan (or car title loan) can provide the cash funding that you need without a stringent approval process. As many of you know, a traditional loan from a banking institution can be a lengthy and invasive process. The credit requirements include; a good credit score, consisting of good credit history and length of established credit, along with the collateral to secure the loan. With a title loan, the online title loan request will start the approval process immediately, allowing you to access the cash you need the very same day you need it. Your credit will also be considered when determining eligibility, but it does not weigh as heavy in the approval process as it does with a bank loan. Because your vehicle title is used as collateral to secure the title loan, your chances of qualifying for this type of loan is much better. There is no reason to stress over your credit rating, all credit is welcome when requesting title loans Phoenix.
How You Determine What Funding Options are Valid
When trying to determine what funding options are valid, your first step should be to calculate how much cash you need and if that amount is a realistic amount, able to be repaid. The next step should be to look at those calculations, eliminating any allowances based on whatnot a need. So many times, we associate our wants as needs when in fact, a need is something that is essential, and a want is something that we can live without. With that being said, you may have a different amount that you need to borrow.
Looking at your funding options, with a more accurate amount should help you to find the best and most valid option. If the amount is too large to even consider a family member or friend, then move on to other options. That is when your credit and how fast you need the money you are going to request comes into question. If you need financial assistance as soon as possible, a traditional loan may not be the way to go. The same goes if your credit is not that good. Traditional lenders may consider you as a high risk and deny your bank loan request. That is when a non-traditional loan or private lender, such as Southwest Title Loans in Arizona will become the most valid funding choice. With same-day approval and a less stringent process than bank loans, title loans Phoenix maybe your best cash option.
Starting the title loan request today is simple with the online inquiry form provided at Southwest Title Loans. Once you complete that form, you will receive a call from one of the title loan representatives waiting to assist you. At that time, you can ask any questions you may have and choose from one of the many locations to visit in AZ.