Most vehicles (and other forms of physical property) have titles. This is really a piece of paper (official and legal, of course) that proves that you own said-property, from cars and trucks to homes and commercial property. When you own a titled piece of property, you are able to take a loan out on it, based on its value and worth. Money Now, with locations in Alabama, Kentucky, Mississippi, and Tennessee, offers title loans to those looking for a great way to obtain cash.
Money Now is a payday loan company that offers payday loans, cash advances, installment loans, check cashing services, and title loans. Below, we’ll explain what a title loan is and how it can benefit you. Contact us today to get started!
WHAT IS A TITLE LOAN?
As stated before, a title belongs to a piece of property, which has value. You can take a loan out on this title and use the physical property as collateral. Collateral loans means that if you don’t pay, the lender can come and take your property as payment. Hence, the risk is lower for the lender, and the borrower is usually rewarded with a lower interest rate, and thus a lower payment.
HOW DOES A TITLE LOAN WORK?
Here at Money Now, the process for obtaining a title loan is very similar to what it would look like at a bank or other lending institution. You would need to bring us the title, proof of income, proof of insurance, proof of address and social security number, and an extra set of keys. A credit check is involved with these loans, and they do take a bit longer to process than a cash advance. However, depending on your credit and other factors, you can potentially receive a lot more money, based on the value of your collateral.
Different states will have slightly different rules and interest rates that you will have to follow. The age of your collateral as well will affect our lending capabilities, too. One more consideration is that if you do have bad credit, you may still be able to get a title loan because of the collateral you are putting up.
CHOOSE MONEY NOW FOR ALL OF YOUR TITLE LOAN NEEDS
Title loans are a great way to obtain cash when you need it. While it does take a few more days to process than other loan types that we offer, the benefits are worth it in terms of interest rate and a higher amount of money. Title loans can help pay for emergency medical expenses, when a hot water heater goes out, or when your furnace decides to stop working in the middle of winter.
Money Now offers locations across four states to better serve you, including Mississippi, Tennessee, Alabama, and Kentucky. Our caring and compassionate team can answer any questions you may have and advise you on which of our loan services will better meet your needs. We’re here to lend a helping hand when you need it. Call today to get started!