3 Questions to Ask Before Getting a Title Loan in Wisconsin
Most of us, will experience a time in life when finances become a bit overwhelming. Whether our struggle is due to insufficient wages, an unexpected emergency, medical bills, or more, having the money to handle it, is the only solution that works. The question is, where can you get the emergency cash you need? Do you have an emergency fund that consists of 3 to 6 months of bill payments? Most of us don’t. If you are living from one paycheck to the next, saving that amount of cash is next to impossible.
Looking into fast loans may be the only way for you to address your financial situation. While there are several types of loans available, you may not qualify for all of them. Traditional lending and non-traditional lending requirements can be quite different. So, before getting a loan, such as a bank loan or title loan in Wisconsin, you should know the difference.
Title Loans vs Bank Loans
A title loan, also known as a car title loan, is a short-term loan option that is secured by an asset. If you didn’t already know, your owned vehicle has equity or worth that can be used as collateral to receive title loan funding. The requirements for title loan approval include; your vehicle, lien-free title, a valid driver’s license or state issued I.D. and quick vehicle inspection to determine its value. All credit is welcome. The amount you are eligible to receive will depend on that value. The factors considered during that inspection are the make, model, year, and condition of the vehicle. Once approved, you will have access to the cash you need the very same day you need it. The cash you receive is in exchange for the title, not your vehicle. That means you can keep driving your vehicle while making payments on your title loan.
Unlike a title loan, a bank loan has a much more stringent approval process. Approval is based on your credit score, credit history, and length of credit. It will also require collateral and typically has a longer approval process than a title loan. If your credit is not in good standing, and you are considered to be a high-risk applicant, your request will be denied. It can often seem like this type of loan is reserved for those of us that are not struggling financially. You know, for the people who really need it.
Questions to Ask Yourself Before Getting a Title Loan
Before getting started on the title loan request form provided at Wisconsin Auto Title Loans, Inc. you should ask yourself the following questions. It is important to determine why you are considering fast loans in WI to handle your cash emergency.
Do You Really Need a Title Loan?
Determining a need from a want is important when questioning funding. A “need” is something that is required, essential or of importance. A “want” is something that you desire or wish for. In simpler terms, a need is something that is essential to survival, while a want is something that you can live without. So, when asking yourself, do I really need title loan cash, also ask yourself if what you require cash for is a need or a want? That should help you to make the right financial decision for your situation.
What Other Fast Loans Options Do You Have?
Before making the decision to request an online title loan in Wisconsin, weigh your options. How much money do you need? Can you borrow cash from a family member or friend? Maybe someone you know is in a more financially stable place and can help you out. Of course, you want to consider repaying the amount you borrow, so that you don’t put a strain on the relationship you have.
Can I Pay Back Your Title Loan?
If you are considering fast loans to handle your financial emergency, make sure that you can repay the amount borrowed. Remember, securing a Wisconsin title loan, means using your vehicle as collateral. By doing so, you can default on your title loan agreement for non-payment, which means you run the risk of losing your vehicle.
If you can afford the repayment schedule and decided that a title loan is the right fast cash option for you, simply complete the online request form at Wisconsin Auto Title Loans, Inc. to get the title loan process started. Once submitted the form, you will receive a call from one of the friendly representatives at a location near you, to finalize the approval process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.