Table of Contents
- What is a Financial Emergency?
- How to Pay Off a Financial Emergency Fast
- How Do I Build an Emergency Fund?
- Organizing Your Budget to Be Ready for a Financial Emergency
- Is there a Wrong Place to Keep Your Emergency Savings?
- What is a Title Loan & What is Equity
- Title Loans: A Solution for a Financial Emergency
- Title Loans to Recover from Identity Theft
- Emergency Cash When Your Bank Account is in the Negative
- Title Loan Qualifications for a Financial Emergency
- How to Get Emergency Funding When Out of State
- How to Get the Best Auto Title Loan
- Come Up with a New Money Saving/Spending System
- What if I Don’t Have My Documents with Me?
There are many points throughout life when finances are frustrating and/or stressful. For some, it can feel like it is constantly like that. But there are specific times when it is far more difficult than it is on any other given day. These particularly anxiety-inducing times are usually considered financial emergencies and are the exact reason that individuals create emergency funds which they set aside in a separate savings account. Many financially savvy folks build an emergency fund into their budget until they get around six months’ worth of living expenses into one account.
However, not everyone has the luxury of extra income which they can invest in an emergency fund. When you live paycheck to paycheck, you are worrying constantly whether or not you will be able to cover your bills next month. You likely don’t have any leftover cash to put aside for an emergency, however much you would like to do just that.
That leaves the question of how you might be able to obtain some funding to get through a financial emergency without any money saved. Going through the long and arduous application process for a traditional personal loan from a bank could take far longer than the amount of time you have to get the money you need. Plus, you could wait to hear back from the bank only to be denied because of your credit score. You would be right back where you started all because you were judged by a single number. That is not something that seems fair in the slightest.
If you are in immediate need for some financial assistance, you might be thinking you need an emergency loan. An auto title loan may be the perfect solution to your issues.
What is a Financial Emergency?
It is important to ask yourself before you borrow a large chunk of money whether your situation actually qualifies as a financial emergency. Getting a loan is a very big financial commitment that should not be taken up lightly.
Here is a list, although not an exhaustive one, with a few examples of what qualifies for a financial emergency:
- You cannot cover typical monthly expenses like your mortgage/rent or your utility bills.
- You need to pay for repairs on your car or your home which cannot be ignored.
- Unexpected medical or dental expenses that need to be paid as soon as possible.
- Funeral expenses. There is enough struggle after the death of a loved one without financial stress on top of it all.
- A job loss which leads to a sudden need for supplementary income in order to stay on your feet.
- A natural disaster has come your way and caused major damages to your possessions and home that you need to repair or replace various items.
- You are in the process of avoiding bankruptcy.
All the scenarios listed above are actual and critical financial emergencies that warrant borrowing funds in order to cope.
How to Pay Off a Financial Emergency Fast
When you are faced with a financial emergency, it can be pretty frustrating and panic-inducing. This of course is completely understandable. If you would like to pay off a financial emergency fast, there are plenty of good ways for you to go about it.
Prioritize Your Expenses
No two expenses carry the same amount of weight as one another. If a certain expense can wait just a little longer before you absolutely need to pay it and has less dire consequences, then you may want to consider putting all of your available funds toward your current financial emergency.
The sooner you can get something like that taken care of, the better shape you will be in financially. From there, you can then figure out which expenses and bills need to get paid next. However, only do this if you know for certain you will not face any serious repercussions with anyone you owe to.
Get a Side Hustle
This might seem like one of the most obvious pieces of advice, but it really can do quite a bit for you if you need to get yourself out of a financial emergency. That extra bit of cash flow can be specifically designated to pay off your emergency and can ease the current strain that your situation has put on the finances you already have.
One of the most common methods of doing this is by becoming a driver for a ride share service such as Uber or Lyft. You could end up making a decent bit of scratch pretty quickly from something like that.
Put All Raises, Bonuses, and Extra Bits of Money Toward Debt
Getting an extra bit of cash from something like a bonus, raise, gift, or some other unusual occasion can be a nice little boost when you are starting to get pretty strained financially over some emergency.
Using the extra money that you have found yourself fortunate enough to receive toward paying down your financial emergency can be of great help when you need it most. It may be tempting to use it to splurge, but if you have a financial emergency and want to pay it off fast, it would be best for you to use it for that emergency.
Cut Back on the Unnecessary Expenses
If you have been finding yourself going to the movies and expensive restaurants a lot lately, then it might be time for you to cut back on that sort of thing if you currently have a financial emergency that needs to be taken care of in a hurry. Spending money needlessly will not help you to pay off a financial emergency at all.
That money that you are using for big nights out or on other odds and ends that are fun but not vital could be better used to get you back into a place of financial strength and security.
Sign-Up Bonuses for New Bank Account
One thing you can do to get extra money to help you pay off a financial emergency in a hurry is to sign up for a new bank account. Some times you might get an ad in the mail from some bank saying that if you sign up for a new account during a certain period of time, they will give a few hundred dollars.
This can definitely help you get the money you need in a short amount of time. However, just remember that a bank account is not something to be taken lightly and should only be used as an option if you know what you are doing.
Use Your Emergency Fund
Not everyone can necessarily afford to put away money for an emergency fund, but if you can, it is an incredibly wise thing to do. Having an emergency fund can get you out of a lot of different kinds of financial trouble, especially if that trouble involves being in debt that you need to be able to get out of in a short amount of time.
That being said, only use this option if you feel comfortable doing so. After all, there could be other things that come up that are more urgent and direr than just paying off your debt.
How Do I Build an Emergency Fund?
When you begin building up your emergency fund, do not make your goal insanely high. By starting with a high goal, it becomes easier to feel disheartened when you realize how long it may take you to reach that goal.
Instead, make your initial goal a smaller amount like $300 to $500. If you are able to organize your budget so that you can put away $20 to $40 a week, you could reach that goal in a few months. You could get there even sooner if you are currently in a good income situation.
After you reach that initial goal, you can then set up the next goal and adjust the amount you put away each week as you deem necessary.
Ways to Build Up Emergency Funds
Perhaps you only make so much and do not have any money to spare for an emergency fund. If so, know that you are not alone. However, there are some things you can do that may help you save quite a bit of money for a rainy day.
Sell Things You Do Not Need
Almost everyone has items lying around in their attic, basement, or garage that they are not really using. You might be able to turn them into quick cash by selling them on:
- Through a yard sale
Get a Programmable Thermostat and Use It
By getting a programmable thermostat, you can lower your heating and cooling bills by a significant amount. When there is nobody home, it is wasteful to have your heat or air conditioner going. No one is around to enjoy it. By programming your thermostat to only kick on when you are going to be home, you can avoid wasting money.
Drive Your Car Less
Having to spend money on gas, repairs, and maintenance for a vehicle can cost you a lot of money over the course of a year. By switching to public transportation, biking, walking, or even carpooling, you can save a lot of the money that you would otherwise spend on the aforementioned things.
Use a Shopping List
Believe it or not, using a list when it comes to shopping can be incredibly helpful. Not only will it help you save time at the store, but you will be able to have an easier time sticking to only buying what you need.
Make Your Contributions Automatic
In the modern age, it is easier than ever to make putting money into an emergency fund completely automatic. Every time you get paid, you may be able to have a specified amount of money automatically put into that account, this way you do not get tempted to use it on something else.
You may be able to choose to make a deposit through direct deposit with your employer or having an automatic transfer from your checking account into a different account with your bank. By doing this, you can avoid having to think about putting money into your emergency fund.
That being said, just make sure that the account that you set up is not one that you can access too easily. You do not want to be tempted to draw money from it just because you find yourself a little bit short on a night out or you want to buy a new piece of clothing that you have been eyeing.
Organizing Your Budget to Be Ready for a Financial Emergency
Organizing your budget to be ready for a financial emergency can help you handle life’s roadbumps a little easier.
Get in on Insurance
In a disaster, the worst thing that can happen is being forced to start over from scratch. It can be a hard pill to swallow, especially if you’re put back to less than you started with. That’s why having insurance is so important. It gives you a solid foundation to start from, and can help you get back on your feet quickly.
Homeowner’s insurance is a great one to have in case of natural and weather-based disasters. Rainstorm knocks a tree into your loft? Mudslide ruins your porch? Earthquake shakes up your foundation? Homeowner’s insurance can cover all of these and more, helping you rebound on the damage done to your home. It can help cover outside damage as well as inside, and keeping a roof over your head is certainly important enough to make it worth it.
You’re gonna get sick. No matter how careful you are about washing your hands or keeping yourself free of germs, you’ll eventually catch something. And hey, you’ll need something to deal with that, and that can get pretty expensive. Which is where medical insurance comes in. Medical insurance covers not only your medical exams and visits, but also covers any prescriptions you’ll need as a result. Though not all of these can be considered emergencies, overall it will help you save money for when the actual emergencies do show up.
Get All Your Documents Together
When in an emergency situation, it’s important to have the relevant documents available when you need them. When you need to bounce back after a disaster, not having them on hand can make things much more difficult, so keeping them all together is important. But on-hand at your house isn’t always the best option in the case of a fire or some other physically destructive event. So what do you do instead?
When storing your important documents, one of the best places to keep them is online. That way so long as there’s an internet connection, you’ll have access to them. There’s numerous cloud storage services as well as individual websites that allow for that kind of hosting, so research which one works best for you and which is safest, and you’ll have a great place to keep them.
Another method is to store them on an external drive, like an SD card or a USB stick. These can be purchased rather cheaply at most convenience stores nowadays, and provide a safe, portable way to have your files on hand. Much easier to keep on your person than a massive stack of papers. On the downside though, that also makes them easier to lose, so if you do decide to go with this method, just make sure you keep track of where your storage device is at all times so as to not to lose your documents with it.
Finally, if you really value having the physical documents, or are super worried about online security issues, there’s always the option to have your documents put into a safety deposit box. These lockboxes, held at specialized banking institutions, give you increased security at the cost of availability. They won’t be within arms’ reach, and you’ll need to make your way to the institution to retrieve them, but you can be sure that they’ll be there.
Is there a Wrong Place to Keep Your Emergency Savings?
Because emergency savings could play a huge role in your life, it may be helpful to know about the wrong places to keep those emergency funds. Here is more information on where to place your emergency savings, and just as important, the places to avoid.
What Makes a Place Right to Keep Your Emergency Savings?
Before looking into what places are not a great option for storing emergency funding, it may be helpful to understand what qualities you should look for in a suitable place. Here are a few qualities that ideal places should have when you store your savings:
- Easily Accessible—The whole point of emergency funding is to provide you with money in case something unexpected happens. For this reason, your emergency fund should be easily accessible.
- There is Some Kind of Return—Inflation can have a huge impact on what your savings do for you when you need them, which is why it important to store your savings in a place where they are able to grow.
- Low Risk/No Risk—The right places to store your emergency savings will generally be very low risk or have no risk involved. If you choose to store your money in a place that involves some risk, it is advisable to not use all your emergency savings for that.
- Help Your Future—Another great feature the right places will have, will be that they are an investment towards something in the future.
So now that you know a little more about the qualities that come with the different places to store your emergency funding, it may be easier to understand why some places may be more appropriate than others for that purpose.
A Few Places You Should Avoid When Storing Your Emergency Savings
Here are a few accounts that may not be a good idea to store your emergency savings in:
- A Checking Account—Having your emergency savings in your checking account may not be a good idea. The reason for this, is because it can be tempting for many individuals to spend their savings since they are in an account most use for everyday expenses.
- Standard Savings Accounts—Although this can be a good option for those who want to keep it simple, a standard savings account does not generally offer the same benefits that come with savings accounts that earn interest.
This is especially true if you are building savings at an important time in your life. If you are looking to reach those long-term goals, like buying a house, it may be time to upgrade from a standard savings account to a better way to save.
Keep Your Emergency Savings in a Specialized Bank Account
Unlike traditional bank accounts, specialized bank accounts acquire interest for the customer. Here are a few different types of accounts that can help your money grow:
- High-Yield Savings Accounts—These are a type of savings account where you earn interest on your deposits. Another great advantage is that the funding is easily accessible in case you need to access them. Keep in mind that there may be some fees for withdrawing.
- Money Market Accounts—These are similar to high-yield saving accounts, except they generally earn more interest. However, money market accounts usually have more fees than high-yield bank accounts, so it is important to make sure that you are not losing more than you are saving.
Invest Your Emergency Savings in Several Ways
Another great thing you can do with your emergency savings is invest them. Here are different ways you could invest your emergency savings:
- CD Account with No Penalties—A certificate of deposit (CD), is a type of investment account where you put away your money for a specific period of time. While your money is being held, interest is added to it. Although many CDs have penalties if a person withdraws from their account early, there are some that don’t have this penalty. CDs can be ideal for storing funding you need to access.
- Treasury Bills and Savings Bonds—These are investments that take a few years. They are a tool that can be used for long-term saving for things like retirement. One thing to keep in mind is that treasury bills and savings bonds generally carry early withdrawal penalties, so it may not be a good idea to invest all of your emergency savings in them.
- Roth IRA—A Roth IRA is essentially a very helpful tool for planning your retirement. With these investment accounts, a person could obtain a very large return for their funding. However, there are usually a few early access penalties with these, so it may not be a great idea to hold your entire emergency savings in a Roth IRA account.
- Mutual Funds—Mutual funds are an investment program that is funded by shareholders, and they tend to carry less risk than stocks. Mutual funds can be a good idea for those who want to take a small risk in order to see a good amount of financial growth.
Like treasury bills, Roth IRAs, or savings bonds, it is NOT generally a good idea to have all of your emergency savings allocated to mutual funds.
A Few Wrong Investment Account Types You Should Avoid
An alternative to placing your money in an account, is to invest it. This way, while your money is being stored, it will grow. However, not all investment types are well suited for emergency savings.
Here are a few investment accounts that could be wrong when allocating your emergency funds:
- Stocks—Although stocks may seem like a good idea to increase the amount of savings that you have, many experts agree that the stock market may become highly volatile. For this reason, it may not be a good place to keep your emergency savings.
- Crypto Assets—A newer kind of finance, cryptocurrency is almost impossible to track where the market it is going. Not to mention it is also very risky.
- A CD with Penalties—Although CDs (certificates of deposit) have low risk, the money you invest generally cannot be accessed for a long period of time. If you do access it because of a financial emergency, the penalty could be expensive.
- Hedge Funds—A hedge fund is an advanced type of investing. From stocks to crypto assets, hedge funds invest in everything. It is impossible to tell whether you will make a profit, and hedge funds are generally very high risk.
When trying to find a place to keep your emergency savings, you may be wondering if there are right and wrong places to store them. When storing your emergency savings, consider how important it is to access your savings, how much you want your money to grow, and if you can simply leave your savings untouched.
What is a Title Loan & What is Equity
As its title suggestions, an Auto Title Loan is a loan that is based around the equity of your drivable motor vehicle.
If you’re unfamiliar with what equity actually means, it is essentially what the value of something is. So, when someone has equity in their vehicle, it means that it is worth more than what they still owe on it—equity tells you in dollars how much of the vehicle you actually own. This is how you determine how much your vehicle is worth (unless you already the vehicle outright, no longer making payments on it). Regardless if you own or not, you will still have to make inquiries about how much your vehicle is worth, whether you contact a dealership or use an internet-based appraisal directory, such as Kelley Blue Book.
If you’re confused as to why a loan would be given to you based on your car, don’t be; there’s a simple stipulation that is completely manageable and not as nerve-wracking as people make it out to be when qualifying for a title loan. A lender will become the sole lien holder for the duration of your loan’s payment period, as your vehicle now becomes a form of collateral, just in case something should happen where your payments begin to become tardy.
Title Loans: A Solution for a Financial Emergency
Life can be a roller coaster ride of good and bad times. Some moments are exceptionally beautiful and some are exceptionally tragic, but the one thing that remains constant is that life will continue after these ripples in the stream of time.
For the times in our lives that are not so easy, it might seem even more difficult to ask for help, a hand to pick you back up after you’ve stumbled. Asking for financial help may seem even more pressing, as thoughts of failure may cross a person’s mind. We all need help from time to time, and a quick and simple solution for difficult times may be a title loan.
To help you out, here are a few of those uneasy (or positive) and necessary events to apply for a title loan, if you think the emergency money you have saved up won’t quite cover what you truly need.
- Unexpected illness or injury resulting in medical or dental expenses
- Increase in monthly utility expenses and bills
- In the event of a sudden or drastic move
- Auto or Home Repair
- Debt going to collections
- Accidents or natural disasters
- Funeral expenses and the aftershock of the loss of a loved one
Due to an illness, you could possibly miss several shifts at work. Missing these opportunities to make extra money could constrain your ability to pay rent or your bills for that month, in-turn setting yourself behind and putting yourself in a sort of financial quicksand—sinking faster and faster. Maybe it wasn’t an illness, but another tragic event, or perhaps something not quite as tragic but a little costlier, in a fiscal sense—these are just a few of the scenarios.
These particularly anxiety-inducing times are usually considered to be the financial emergencies that parents instill on us at an early age. However, even if money has been set aside for emergencies, there’s no telling what amount will be bargained with, as costly decisions will and need to be made, impacting a person’s immediate future.
If an emergency arises and you don’t see your friends or family as a viable option, which can be a difficult and personal process from a mental and financial standpoint, getting a loan might be the only option that you have. Many lenders make it difficult to obtain the finances you need, with factors like credit and income coming into play, and stretch the process out over the course of several weeks; an
Auto Title Loan could greatly benefit you in your time of need in only a short amount of time. Getting an auto title loan might be a better option for you rather than an emergency loan. Why? With an auto title loan, the circumstances surrounding your financial situation isn’t used as the primary factor when determining your eligibility for a loan.
Title Loans to Recover from Identity Theft
If you’ve suffered from a stolen identity, you’re probably wondering how to recover from identity theft. It may seem like a stressful situation, but as long as you take a breath and follow the checklist below, you’ll be on your way to identity theft recovery:
- Report the identity theft
- Close accounts
- Remove fraudulent charges from record
- Replace any lost/stolen IDs
- Correct your credit report
If you’re suffering from tax identity theft, child identity theft, or medical identity theft, make sure you follow the special instructions for recovering from those unique identity thefts.
What to Do Right Away to Recover from Identity Theft
Call the Companies Where the Fraud Occurred
The first thing you want to do after you’ve realized your identity has been stolen is to call the fraud department and companies where the fraud occurred. Explain to them that your identity has been stolen, and you need them to close or freeze the accounts. This way, you don’t have to worry about new charges occurring as you’re trying to figure out everything.
Also, make sure you change any logins, passwords, or PINS of your accounts so the thief cannot get into your account again. The fraud department phone number is 1-800-680-7289.
Get Your Credit Report and Place a Fraud Alert
Using any of the three credit bureaus, you can place a free, 90-day fraud alert with:
If you haven’t used it yet, you can use your 1 free credit report that you get each year from any of the three credit bureaus.
Report the Identity Theft to the FTC
You can use their online form or call 1-877-438-4338 to report the identity theft to the FTC. You could also report it to your local police department.
How to Recover from Identity Theft
Close Any New Accounts Opened in Your Name
You’ll need to call each fraud department of each business where an account had been opened in your name. Simply explain to the department your identity was stolen. Ask them to close the account and send a letter explaining it was closed, and that you aren’t liable for the charges. Collect a letter from the business confirming the removed charges.
Remove Any Fraudulent Charges from Your Accounts
Similar to the above process, you’ll want to call the fraud department of each business where a purchase was made. Explain to them your identity was stolen and the charges are fraudulent. Have them send you a confirmation letter about the removal of the charges.
Correct Your Credit Report
To correct your credit report, you’ll have to write to all three of the credit bureaus. Explain to them that your identity has been stolen, if they aren’t already aware, and report back to them on what charges/card openings need to be blocked off of your credit report.
Consider Extending Your Fraud Alert or Credit Freeze
If you contacted one of the credit bureaus and froze your account or set a fraud alert, you might want to consider extending it until all the charges are sorted out. To extend the fraud alert, it’s free and will last up to 7 years or whenever you decide to remove it before then. An extended credit freeze will cost depending on the credit bureau, but it will last until you decide to remove it.
Other Precautionary Steps to Recover from Identity Theft
- Report Your Misused Social Security Number
If you’ve lost your Social Security card or it was stolen, you can replace it by applying online for a free replacement card. If you think someone is using your Social Security number for work, you can review your work history by creating an account at online. Then, you can contact your local SSA office if there are errors.
- Stop Debt Collectors
If you’ve received a letter from debt collectors trying to collect the fraudulent debt, reply to them with a letter within 30 days of receiving your notice. Explain that your identity has been stolen with copies of the Identity Theft Report. Contact any businesses you owe debt to and explain they were fraudulent charges. Also, ask the credit bureaus to block the charge.
- Replace Government IDs
Apply online to replace your Social Security card or head over to your local DMV to replace your driver’s license.
- Clear Criminal Charges
Sometimes, the identity thief can be caught and brought to court. If the court prosecutes the thief, ask for the records to keep them for your personal files. If by some chance someone is arrested using your name or information, you’ll want to contact the law enforcement agency to retrieve a “clearance letter”.
Special Identity Theft
- Tax Identity Theft
Tax Identity Theft is when someone uses your Social Security number to get a tax refund. You’ll want to contact the IRS and fill out their unique identity theft form. Continue to file your taxes like you normally would and pay what you would owe. Keep copies of any letters you send, and make sure to contact one of the credit bureaus.
- Child Identity Theft
If someone used your child’s information to commit fraud, you are a victim of Child Identity Theft. All the steps are very similar to a normal identity theft checklist except you’ll need to include a Minor’s Status Declaration when contacting different companies’ fraud departments.
- Medical Identity Theft
Medical Identity Theft occurs when someone uses your Social Security information to get medical services. Contact any doctors, clinics, hospitals, pharmacies, laboratories, and health plans where the thief used your information and ask for copies of the records. Complete any request forms and fees to obtain the records. Then, you’ll want to check your state’s health privacy laws.
You’ll want to notify your health care provider and health insurer of any errors in your records. Like before, notify all three credit bureaus for any medical billing errors.
When in need of additional funding after identity theft, title loans may be a favorable option. Car title loans can be a great way to get essential funding without all the hassles that can come with traditional lenders.
Emergency Cash When Your Bank Account is in the Negative
Sometimes when life gets stressful it can be easy for finances to get out of hand. Unfortunately, if you are not careful about your budget, you may find your bank account has gone into the negatives. While overdrawing from your bank account isn’t something you want to get into the habit of doing, it’s something you can fix, especially if you want fast cash from title loans.
To bring your bank account balance to a positive number, you could try:
- Not making anymore purchases with your negative account
- Balance your account so you know how much money you have
- Put money back into your negative account as soon as possible
- Speak with your bank about any possible mistakes or issues
- Create a new way to spend and save your money
Now a way to put money back on your account is from title loans. But what are title loans? Title loans are fast and easy ways for emergency cash. With title loans, you can pay off whatever you need1. But before we talk title loans, here are a few tips on how you can get your bank account out of the negative and keep it out!
Refrain from Making Any More Purchases Using Your Overdrawn Account
Until your bank account is back in the positive numbers, you should try your best to not use that specific account for making purchases for a while. Depending on which bank you have your account with, you may be charged an additional fee every time you make a purchase while your bank account is negative. Other banks may even charge you a fee per day while your bank account is negative, regardless of if you make any purchase using your account or not.
Balance Your Bank Account So You Don’t Go into the Negatives Again
If your bank account has been overdrawn, it might be because you didn’t have a very good idea of how much money you had in your account in the first place. Sure, you can go to an ATM and see what your present balance is, but that isn’t always an accurate representation of how much money you have. Automatic payments from bills could be scheduled to get taken from your account, or other purchases you made may not have gone through at the time when you were looking at your balance—all of these can lead you to believe you have more money in your bank account than you really do. When you think you have more money than you actually do, it can be extremely easy to over-purchase and cause your bank account to sink into the negatives.
Before you spend anymore money with your bank account, take a look at what your automatic payments are, and keep track of the purchases you have made in the past. This can give you a better look at how much money is actually in your bank account. From then on, keep track of your monetary transactions by hand—that way you can automatically deduct payments you know will be taken out in the future. Knowing exactly how much money is in your bank account can be a big help when it comes to not overdrawing from it.
Put Money in Your Overdrawn Bank Account as Soon as Possible
If you have any money to spare in your savings account, it would be a wise idea to put some of that money in your overdrawn bank account. Not only may your bank charge fees for having an overdrawn bank account, but your credit may also take a hit for the worse. When you have a negative balance in your bank account, this is reflected in your credit. Having a higher credit score can help you in life when you are looking for loans, or credit cards, so you want to do what you can to keep your score as high as possible. Having a positive bank account balance, compared to a negative balance, is a definite way to help your overall credit improve over time.
Speak to Your Bank
If you have a negative bank account balance and don’t know why—there may be an issue with your bank. Sometimes, banks charge their users a fee if their bank account is not above a certain amount, even if that amount is higher than zero! For example, sometimes banks charge a fee if a user has a bank account with less that $30 in it. The bank will keep deducting this fee, even after the bank account balance has reached zero. To avoid this confusion, speak to your bank and figure out just what kind of bank account you have.
Come Up with a New Money Saving/Spending System
If you find that your bank account has gone into the negatives, it might be time to rethink how you are spending and saving your money. Do you have a savings account? If not, you may want to start one so that if your account ever falls into the negatives again you have some money to fall back on. Do you always spend your entire paycheck when you get paid? If so, moving forward, try to limit the amount of money you spend to be just the essentials like housing or groceries.
Title Loan Qualifications for a Financial Emergency
Does Chapter 13 Affect Title Loans?
What is Chapter 13 bankruptcy? A process meant to eliminate the debt of the debtor (the person filing for bankruptcy). Typically, the debtor will make payments to a Chapter 13 Trustee for about anywhere from 36 to 60 months. This Chapter 13 Trustee will then distribute these payments to the debtor’s creditors who have properly filed claims.
Getting lending after declaring bankruptcy can be difficult with traditional lenders. Using a non-traditional lender can be your only option. After you have gone through bankruptcy, getting funding from car title loans can be one of the best decisions for your financial state. When you use a secured loan vs an unsecured loan, you can carefully get funds for any of your financial needs. Getting a secured loan like a car title loan can help you get your finances back on track before you undergo any other major financial endeavors.
It is still possible to receive approval for a title loan even if you have bankruptcy in your past.
Does My Car Have to be Paid Off to Get a Title Loan?
If the car, truck, SUV or van is owned and is less than ten years old, a customer may be able to access their investment.
The car does not necessarily need to be paid off in order for a customer to benefit from an online title loan. If they have a few payments left on their original auto loan, we may be able to work with a bank, credit union or dealership to pay off the existing loan and provide the borrower with the extra funds.
The amount a customer can borrow is based on their automobile’s value and the equity in it. State laws may also regulate how much can be borrowed, but we are here to ensure that our customers get the maximum value for their loan.
How to Get Emergency Funding When Out of State
The need for emergency funding can happen at any time, even when you’re out of state. If you have ever had something like a medical emergency, a sudden need for car repair, or another type of unforeseen crisis happen when you are away from home, you may know how much of a struggle trying to find quick, convenient financial assistance can be.
You may be able to receive funding in person as long as the state you reside in, and the state where you are currently seeking a title loan both allow this type of financial assistance.
But what if the state you are in doesn’t allow car title loans?
What if the State I’m in Does Not Allow Car Title Loans?
If you live in a state that allows car title loans but are traveling in a state that does not allow car title loans, it may still be possible to receive funding1.
Car title loans are convenient because you can do them almost exclusively online. You can inquire about a loan online, speak with a representative over the phone, and receive your funding electronically!
What if I Don’t Have My Documents with Me?
If you are traveling out of state, you may not have all the documents that you need to turn into your car title loan agent with you. If this is the case for you, there are some things you can do.
- Have a friend or family member take pictures of your documentation, and then you can send it to us digitally
- Have your documents faxed to us
No Job? No Problem for a Title Loan
If you’re currently unemployed, you may still be eligible for car title loans. There is also no minimum length of time that we require at a job. We simply ask to verify some kind of monthly income stream and your ability to make payments. We know this doesn’t always come in the form of traditional employment.
Title loans are a valuable option for anyone on disability or any person that is retired. Self-employed or contract employees may also have a hard time demonstrating income to a traditional lending institution, making title loans a great option when you need money.
Credit Trouble? Don’t Worry with a Title Loan
This is the one area people are most afraid of when it comes to loans. Their credit is horrible and they are afraid of rejection. We know that the very reason you need this money is because things have come up and are just getting hard. This may be reflected in your credit report.
Your credit score is not a main contributing factor in how you qualify for a loan. We know that your past isn’t always an accurate representation of your present or future. We have been able to help people with all types of credit in the past, so we encourage you to check us out regardless of your current score.
Time Crunch? No Problem with a Title Loan
One of the biggest reasons people get car title loans is because they need money fast. From application to approval and funding, traditional loans can take about 7 days to 2 weeks. In some cases, banks can take even longer when taking into consideration the processing time for electronic deposits. We know that life cannot always wait that long. Application process is quick and easy and if you’re approved for a loan, you can have your money as soon as the same or next business day1.
No Bank Account Needed
You don’t need to provide bank account information to qualify or to receive your money. We offer a variety of convenient payment methods that don’t involve using a bank account.
The submission process, nor any part of the qualification process will depend on what you wish to receive a loan for. If you are approved for a car title loan, you will be able to spend the money however you want without any restrictions or questions.
No Hidden Fees or Costs
Customers who have been burned in the past by loans with hidden costs and penalties can rest assured that they’ll have a different experience here. The benefits of car title loans are many.
- No pre-payment penalties, means a customer can pay a loan off at any time with no extra cost.
- No hidden fees or balloon payments.
- Simple application process completed in three easy steps.
- Access the equity in an automobile without selling a valuable asset.
With just a few simple pieces of documentation and a car, truck, van or SUV, a customer may be approved for a car title loan.
How to Get the Best Auto Title Loan
Now that you know how an auto title loan may be the best option for you, it is important to know exactly how you can get an auto title loan.
Check out how you can get funded with a title loan as soon as the next business day3!
Get started on a title loan today. All you need to do is go online and click the “APPLY NOW” link.
Fill out a small information request, it should only take about 5 minutes to complete. You will know right away if you are qualified to proceed with the auto title loan process.
- Receive a Pre-Approval Estimate
Upon approval, your title loan agent will contact you to discuss your free quote and a few details of your loan contract. Discuss any questions or concerns that you have about the process with your title loan agent. We are here to help you, that’s why we have qualified representatives available for you 7 days a week with extended hours. Don’t wait around, we are ready for you NOW!
- Gather Your Documents for Funding
After you and your title loan agent have discussed some of the details of your contract and you feel comfortable enough to proceed, your agent will ask you for a few documents. These documents will include:
- Government issued form of photo ID
- Proof of Residence
- Proof of Income
- Qualified Title with your name on it (don’t worry if your name is not on your title or if it is not the only name listed, we still may be able to help you).
- Take Pictures of Your Car
Once you have submitted your documentation to us, we will need to physically verify the condition of your car. We won’t make you waste your time and drive your car out to our location in order for us to verify your car in person, a few pictures will do. You can even take the pictures right from your mobile device and text them to us at 1-818-315-8741.
Tip: Take the photos of your car outside during the day so your car will look its best.
- Sign Your Contract and GET YOUR MONEY!
Pick up your car title loan money in a way that is convenient for you, you can:
- Receive your money through electronic deposit
- Pickup your money at your nearest MoneyGram location
- Have your money wired to you
Enjoy your financial freedom with an auto title loan!