Trying to find a loan in Michigan, for efficient emergency funding can sometimes be difficult to do. Often times people try to get a loan from a bank or online lender, only to find that their credit score doesn’t qualify them to be approved.
When a resident of Michigan can’t get ahold of a loan from a bank or online lender, they can seek out title loans instead. If you reside in the state of Michigan, then consider applying for a ChoiceCash Title Loan serviced by LoanMart, a unique kind of title loan built for efficient emergency funding.
What is a ChoiceCash Title Loan, and How Does it Work For Efficient Emergency Cash in Michigan?
Not everyone has an emergency funds account set up! And so will have to look for money elsewhere during an emergency. A ChoiceCash Title Loan is a rather flexible loan, that’s been designed to get people funded in a quick, easy, and hassle-free manner.
For a person to acquire a ChoiceCash Loan, they will need to use their vehicle’s title as collateral. This means that a person’s credit is not the sole factor looked at during the approval process.
Because of this flexibility, almost anybody could be approved for a ChoiceCash Loan—this is true, even if a person has bad credit or no credit1!
How to be Approved for a ChoiceCash Title Loan for Efficient Emergency Cash in Michigan
ChoiceCash Title Loans can make getting efficient emergency funding, in Michigan really simple. Being approved for a ChoiceCash Title Loan is actually quite similar to being approved for a more traditional title loan. As mentioned above, this will mean that a vehicle’s title will need to be used as collateral. A person’s title will not be the only thing a loan agent will look at during the approval process.
Other things a ChoiceCash Title Loan agent will look at are:
The Value of a Vehicle
In order for a ChoiceCash Title Loan agent to determine a vehicles equity, they will need to do evaluate a person’s vehicle. To evaluate a vehicle, a lender will look at things like:
- A vehicle’s age
- A vehicle’s mileage
- A vehicle’s make & model
- Any damage the vehicles has
A Person’s Capability to Repay the Loan
The other thing a loan agent will need to determine if a person’s ability to repay their loan. If a person is currently employed, then they could provide past paystubs to show proof of income. Although, if unemployed, retired, or even self- employed, that person could provide such documents as:
- Tax forms
- Bank Statements
- Disability checks
- Social Security checks
After every document is looked at, a loan agent will let the applicant know whether they are approved for the loan, and will offer a loan amount. It may be helpful to know, that the amount offered will usually not be for the full value of the vehicle. Instead, the loan amount will usually be for about 25 – 50 percent of the vehicle’s value.
What a ChoiceCash Loan can Offer for Those in Michigan, Who Are Looking for Efficient Emergency Cash
Because a ChoiceCash Loan is different from a typical title loan, on top of efficient emergency funding, these loans provide a number of unique benefits for borrowers2. Here are some of the benefits that can come with these loans:
Longer Loan Terms
Loan terms on title loans can traditionally be quite short, only extending to up to one year. But, because ChoiceCash Loans are not your everyday title loan, their terms have the potential to extend up to 3 years3.
Low Monthly Payments
It’s common for some title loans to have payments that can be fairly large. However, with a ChoiceCash Loan, the monthly payments start low and keep getting lower every month2.
Therefore, by the time a borrower makes their final payment, they could be paying half of what their first payment was2!
Borrowing More Money1
When a person takes out a loan, sometimes a second loan is necessary to cover additional expenses that may pop up. But, find that to borrow more, the first loan needs to be paid off.
ChoiceCash Loans work a little different, as they may offer a borrower the ability to borrow more funding while paying back their existing loan1! It’s also possible that the new loan could also come with a discounted rate as well2.
No Hidden Fees
Hidden fees are a thing that lenders like to add to their loans so they can make more money, or simply because they have certain structures set up. These fees can take many forms like payments at the end or pre-payment penalties and can make loans more expensive for borrowers.
With a ChoiceCash Title Loan, there are no hidden fees to worry about. So, the only thing a person ever has to think about paying is their bill each month when payments are made on time!
Why Residents of Michigan should Consider a ChoiceCash Title Loan for Efficient Emergency Cash
ChoiceCash Title Loans are one of a kind loan that is designed to help people in times of financial need. As such, they are made to be attained quickly and without much hassle.
To acquire a ChoiceCash Loan, a resident of Michigan can apply online in just a matter of minutes1. It’s even entirely possible that they could be funded the same day they apply1! But, the benefits that this loan can provide don’t stop there, as this loan also has low monthly payments, no hidden fees, and long loan terms.
Therefore, if you reside in the state of Michigan and are in need of efficient emergency funding, then why not apply for a ChoiceCash Title Loan, serviced by LoanMart!