Title loans are a quick and easy way to get the cash you need. Unfortunately, there is a lot of misinformation floating around about these loans. Staying informed will help you keep all of your options open so you can choose the financial solution that is right for you. Below are just a few of the many myths that people often hear about title loans.
- Title Loans are Risky
Like other loans, title loans can be risky if the borrower is not equipped to pay back their loan or if the lender is not legitimate. A reputable lender will check a borrower’s references and thoroughly examine their loan application to make sure they are only lending to the right people.
- I Must Have a High Credit Score
Your credit score is just one small part of your overall financial history. Because of this, Advantage Finance does not run credit checks on loan applicants. Instead, we look at a variety of other factors to determine your overall trustworthiness.
- Interest Rates are Out of Control
Title loan interest rates are determined by a variety of factors, including the value of your car and the size of the loan you are applying for. Your interest rate may be lower than a friend or family member’s rate.
- It’s Hard to Get a Title Loan
Applying for a title loan is simple and qualified borrowers can receive funds as soon as the day they apply. Our online application makes the process easy and our supportive staff is just a phone call away if you have any questions.