What If I Really Need Money and Need to Borrow Car Title Loans?
First, you have to determine if you really need money and have exhausted all the available resources that you could borrow money from. Check your friends and relatives to see if they could lend you money. Also check to see if you can borrow money on your credit cards or borrow money from your banks.
Once you are certain that you have exhausted all the resources, you may think about borrowing money from car title loans. For the reasons below, it might be good, under certain circumstances, to use car title loans for emergency uses:
1. Car title loans normally charge less interest rates than payday loans.
On average, a payday loan would charge interest rates ranging from 300% to 500% APR per year. In contrast, some car title loan companies such as https://www.ineedcashnow.net/ charge interest rate of 5.825% per month.
2. Car title loans will help you in emergencies. If you pay the loans back on time, some companies might also help to re-establish your credit.
On the other hand, if your account is not maintained current, the finance company may repossess your vehicle. Then you would need to redeem your vehicle by bringing the account current, or paying it off, depending on the circumstances.
When you need money to cope with emergencies, besides credit cards, car title loans would be a good source if you are able to pay it back immediately. It takes less than two hours to get the money you need, and you will get cash almost immediately.
We are informed by https://www.ineedcashnow.net/ that they report to the 3 major credit bureaus, which, if the account is paid on time, they will help you re-establish your credit. However, having said that, if you have bad credit before, you would still need to talk to your original creditors to get the bad credit record off your credit report.
Still, there are certain things you need to pay attention when getting your car title loans.
1. Choose a company that provide low car title loan interest rates.
In the car title loan industry, some companies charge a monthly interest rate of 10.99%. However, other companies such as https://www.ineedcashnow.net/ , while offer similar quality of services, charge much less. They charge 5.825% per month.
2. Be sure to pay the loans back as soon as possible.
Even as low interest rate offered by some companies, it would be cost effective if you can just pay it back as soon as you have the money. Even at 5.825% per month interest rate, it could add up if you delay the payments.
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