Why Title Loans and Traditional Loans in Wisconsin Are Different
June 5, 2020 | Peyton Sawyer
Dealing with an unexpected expense at one time or another should be expected. What’s important for you and your financial security is being ready when that unexpected expense occurs. But being prepared to address any financial situation that surfaces can be hard, especially if you do not know what that emergency is. Because of that, saving enough in an emergency fund can be like a guessing game. The reality is, even if you save what you think is enough, it may not be. It all depends, on the situation you find yourself in. So, what would be the next step if you need than what you have saved to address the financial issue? Would you consider using a traditional loan or a title loan as a lending option?
Know the Difference Between Lending Options
Thankfully, there are several lending options for you to consider when a cash emergency hits. Although, it may take some research to find the right one. Not all options will fit you need or situation, which is why finding the right one is so important.
Knowing the difference between each lending option is an essential. Before entering into any financial contract, you should understand the terms. So, whether you are considering a title loan or a traditional loan, also known as a bank loan, you should take the time to ask questions.
Title Loans in Wisconsin
As many of you know already, a title loan is a short-term loan option that requires an asset to be used as collateral. With this type of loan, the asset used as collateral is a motor vehicle. Because title loans online are secured by the title of your owned vehicle, approval odds are typically much greater than a traditional loan. Title loans welcome all credit, which is one reason they have become increasingly more popular than other loan options.
At Wisconsin Auto Title Loans, Inc. you can get quick cash title loans online in WI the very same day by providing a few simple requirements. Those requirements include; an owned vehicle, a lien-free title to that vehicle, a valid driver’s license or state issued ID, and a quick vehicle inspection to determine the vehicle’s value. If you can supply those items, then you can qualify for the emergency cash you so desperately need.
Traditional Bank Loans
A traditional loan, also known as a bank loan, is a loan from a banking institution. Getting approved for this type of loan can be a lengthy process, consisting of many requirements. These requirements rely mostly on your credit rating, which is made up of your score, history, and length of established credit. The credit rating you have will determine whether you are considered to be a high-risk applicant or a good loan applicant. The process can often be overwhelming and invasive, especially if you do not meet the qualifications the bank deems necessary.
How Do Title Loans and Compare to Traditional Loans?
When comparing auto title loans and traditional bank loans, you will find the standards for approval are quite different. With a traditional loan from your local banking institution, you will be required to undergo a more invasive look into your credit, which can make the approval process lengthy. That is why a bank loan can make addressing an emergency situation in a timely manner more difficult. If you use the title loans online option, handling that same emergency can be done the very same day it occurs. Title loans have a fast approval process and simple title loan requirements allowing you to get the extra cash you need the same day you need it.
Why Using a Title Loan is More Common Than A Traditional Loan
With the stringent approval process of a bank loan, more and more individuals, have started looking into private lending options to receive their cash, and for good reason. Qualifying for a title loan is typically easier than a traditional loan, which makes the title loan option more common today. If you would like to find out more, simply complete the online request form at Wisconsin Auto Title Loans, Inc. to have a representative call you back.