You work an eight-hour shift at the large grocery in Sandy while moonlighting at your local McDonald’s as a closing crew. Besides juggling the two jobs for five days, you repair broken pipes on the side during weekends.
You endure being a workhorse to replace the rainy day fund you spent on the delivery of your third son. One day, a strong hurricane hit the Southwest and left your home with four feet of water inside—what do you do?
When your earnings can’t keep pace with your expenses, signature loans are usually enough. But what if you need a larger amount? The answer: title loans.
You’d rather apply for an unsecured loan as much as possible, but there are instances when using your vehicle’s title as collateral isn’t bad at all:
When You Have a Huge Debt
Some debts can wait, some can’t. Missing your payment for typical bills, such as cable, phone, and Internet, could incur you penalties, but others have costlier consequences. Unpaid mortgages can cost you your home, unsettled auto loan repayment can lead to repossession—and your credit score takes a blow in every bill you fail to pay.
With title loans, you can use the equity of your vehicle to borrow a large amount of cash.
When You Have an Emergency
Emergencies can quickly put you in grave financial situations. What’s worse is that they’re time-sensitive and won’t wait until your next paycheck. A relative’s funeral in another state, your child’s immediate healthcare needs, urgent home repairs—these are only some circumstances when a title loan is your best option.
It’s not just your home title that you can use. Do you have other vehicles you only use on occasion? Instead of letting them collect dust in the garage, use them to loan big money. There are title loan providers in Kearns, like Utahmoneycenter.com, that accept snowmobiles, ATVs, RVs, and motorcycles.
Title loans may not be your first option, but they’re never a bad alternative. While the lack of collateral makes payday loans appealing, a handsome amount of cash could be handy in exchange for your title.