4 Financial Binds a Title Loan Can Help Solve
If you have a type of tangible property that has a title with you listed as the owner, such as a piece of land or a vehicle, you may qualify to get a title loan. Title loans are easy to get in spite of your credit rating and tend to have simple repayment terms, which make them a logical financial solution, especially in certain emergency financial situations.
1. You Need Funds for Emergency Medical Care
Even with medical insurance, emergency medical care doesn't come cheap. The average co-pay requirement for an emergency room visit is between $50 and $100, and that's not to mention whatever you have to pay for other services, prescriptions, or necessary care. But when you need medical care, simply going without isn't an option.
Car title loans are easy to get. You can usually walk away with the money you need within a few short hours, if that, after applying for the loan. Therefore, these loans are a good option if you need funding quickly to help you cover the costs of medical care for yourself or for a loved one.
2. You Are Behind on Rent or Mortgage Payments
In general, you have to be 120 days delinquent on a mortgage to be at risk of foreclosure, but a landlord can start the eviction process even sooner in most cases if you are a renting tenant. In either case, eviction is scary and most assuredly something that should be avoided at all costs. You can't always stop an eviction or foreclosure process once it has started.
Additionally, even if you can make payments and stop an initiated foreclosure or eviction proceeding, you will have to pay even more than what you would have if you could have just made your regular payments. Obtaining a title loan can help you catch up on payments so you get to stay in your home.
3. Your Utilities Are Due for Disconnect
Having your utilities disconnected can lead to a lot of problems. But paying for your utilities can be difficult, especially because spikes in utility bills are a really common occurrence, and these spikes can overstretch an already-thin budget. It is always best to avoid utility disconnects in whatever way you can because having necessities like gas, water, or electricity turned off can:
Create problems with child services if you have children in the home
Cost you a fortune in reconnect fees and lost deposits
Be a health hazard if the climate is really cold or hot
If your utilities are due for disconnect, first check to see if you qualify for help from the Georgia Low Income Energy Assistance Program. Also, find out if you can make alternative payment arrangements by calling the utility provider. If neither of these are an option, a title loan will help you avoid disconnections. You can typically get the funds quickly, so you can pay your bills and avoid problems.
4. You Have to Travel to Help a Sick Loved One
As of 2014, the average price for a round-trip ticket domestically was over $500. This is not the kind of money a lot of people have hanging around at any given time. Even if you plan to travel by car, fuel isn't cheap, and you will need money for food along the way. If you have to travel to get to an ailing relative and have no money, taking a title loan is a good option.