There arises certain situation like emergency medical bills or some surprise expense which demands instant access to cash. Such situation leaves one with no other option rather than borrowing. Since most of the traditional loan process is time-consuming and lengthy, applying for them is not the right solution. One doesn’t have enough time to explore the available options and hence they usually borrow money from unauthorized sources at a really high-interest rate or either plan to sell off their valuable assets.
However, such a situation can be easily tackled if one has good knowledge about the structure and processing of car title loans Fresno. A title loan is one of the easiest loan processes which provide the borrower with instant access to cash, hassle-free. The equity of vehicle secures the amount of loan while reducing the risk rate and offer comfortable and affordable interest rate to the borrower.
Here are some of the features of car title loan which makes it the best solution for individual dealing with the financial crisis
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1. Quick loan process
Unlike another loan process, the title loan processing doesn’t take days or weeks; the process can be completed really quickly. Most of the lender completes the process, from start to end in a few hours. The title loan lender doesn’t perform verifications which save the time and make process simple, quick and convenient for the borrower.
2. No credit check required
A car title loan is really an ultimate savior for people who are in urgent need of cash as it doesn’t determine credit score of an individual as eligibility criteria to qualify for the loan. Any individual, irrespective of their financial condition can apply for car title loan if they completely own a vehicle and possess a clear and lien free vehicle title.
3. Less paperwork
The title loan doesn’t demand plenty of paperwork stating the personal and financial proof. The government issued photo ID proof, insurance paper of the car and proof of regular income along with clear and lien free vehicle title are the major requirement to carry out documentation work for the title loan process. The less paperwork makes the loan process easier and simpler for the borrower and the lender.
4. The borrower can keep the car
Since, vehicle title of borrower serves as collateral for a loan, none of the lending company can physically possess the vehicle. The borrower is allowed to freely drive the vehicle during the loan term while making monthly payments to the lender.
The lender doesn’t possess the vehicle during the loan term but in case of default, they reserve all the rights to repossess and put the vehicle on sale in order to settle the remaining loan amount.
5. Easy payment terms
Car title loan lender determines the financial condition of the borrower and accordingly design the repayment terms. In the majority of cases, the borrower is provided with flexible repayment structure accompanied by an affordable interest rate. In case, the lender finds it impossible to pay off the loan with provided interest rate they may consider refinancing option to deal with it.