A financial emergency can occur to anyone, at any time. If you recently had to pay a large medical bill or take care of a flat tire you may be short on funds for rent. While some landlords can be understanding of emergencies, some can also be unforgiving and eviction may be a valid concern for you.
What if I’m facing eviction and need emergency funds? If you need quick emergency funds to avoid eviction, a loan may be a great option for you! There are plenty of loan options to choose from, so consider all of your options before making a final decision.
What are Some Emergency Fund Options if I’m Facing Eviction?
If you are facing eviction and need emergency funds, a loan could be of great help! But not all loans are the same, and depending on your situation, one option may be more beneficial than the others.
Take a look at some popular emergency fund options you may be able to use to avoid eviction:
One of the most popular emergency fund options, payday loans act as a payday supplement when you need a little extra cash to get by. While this type of loan offers quick funding, you may only get a few hundred dollars and you are typically expected to repay that money with your subsequent paycheck. Due to strict repayment terms, this loan is not ideal for those that want more time for repayment.
Bank loans are unsecured, meaning you don’t need an asset to obtain emergency funds. However, a lot of banks require you to have an established account and good credit. If your credit is not currently ideal, you may have a hard time with approval.
Pawn Shop Loans
If you have valuable goods or own a car in your name, a pawn shop loan may sound like a good option. But if you use your car as collateral, consider if you are able and willing to forego using your car until you completely repay the loan. If you cannot give up possession of your car, this emergency fund option may not be for you. When using a car for a pawn shop loan, a borrower usually has to drive their car to the pawnshop for inspection and then leave it at a designated lot.
Car Title Loans
Similar to auto pawn loans, a qualified borrower uses their car title to secure emergency funds with a car title loan. But unlike an auto pawn loan, a borrower does not usually have to give up the use of their car. This allows individuals to continue driving to work while working toward repaying their loans.
Are Title Loans a Good Option if I’m Facing Eviction and Need Emergency Funds?
Title loans may be an option for individuals that are facing eviction and need emergency funds. But before you sign up for a title loan, what should you first know about this loan option?
Title loans are a secure short term loan option. In order to be deemed eligible for this type of emergency funding, potential borrowers are expected to have a qualifying car title in their name and access to reliable income. Known for offering flexible requirements, title loans do not usually require good credit for approval.
But what benefits could a person in need of emergency funds obtain with a title loan?
- Affordable Payments: Title loans often come with affordable payments that don’t leave borrowers stressed out each month. So if you’re concerned about affordability, consider looking into a title loan for emergency funds.
- Fast Emergency Funds: When facing eviction and in need of emergency funds, a title loan could potentially help you obtain quick cash the same day you are approved.1,3
- Competitive Rates: Loans can come with excessive rates that make repayment a struggle for many borrowers. Title loans could help ease the burden of repayment by offering you competitive rates that are based on current market analysis.
- More Time for Repayment: While title loans are considered short term loans, they may offer you significantly more time for repayment compared to similar loans. So if you want more time to pay back your emergency funds, a title loan could be a good option.
- Quality Service: Title loans come with a lot of beneficial perks because most title loan agents are compassionate individuals that deliver quality service. If you want professionalism, consider obtaining emergency funds through a title loan.
How to Inquire for a Title Loan if I’m Facing Eviction and Need Emergency Funds?
If you are facing eviction and need emergency funds, a title loan is one of the best options out there! The inquiry process for a title loan is quick and usually only consists of a few steps. If you are facing eviction, there is no time to waste with a lengthy approval process.
To start the inquiry process, all you have to do is make a call to (855) 277-4847 or complete the 5-minute inquiry form online. By answering a few questions about your car, you may be preapproved for emergency funds and you could receive an estimate with no obligation!1
Inquire for title loans serviced by LoanMart if you are currently facing eviction and need emergency funds as soon as possible!1 3