Title loans are emergency cash advances that are offered against your car title. Discussed below are 10 reasons why you should opt for title loans when you need a small business loan.
Their greatest advantage is that you can get the amount you desire within a short time after your application. Majority of title loan providers take 2 days maximum to process you application, which is better than what you are likely to encounter in other lending institutions.
Since no credit checks are conducted on borrowers, you can obtain emergency cash with bad credit. When it comes to banks and other lenders, your credit score will be scrutinized, and could be the reason why you could find it difficult to obtain funds from them.
A great advantage is that you do not lose your car to the emergency cash provider. What is left with the title loans providers is the automobile title, which is handed back to you once you have repaid the title credit. Read the news regarding payday loans at http://www.huffingtonpost.com/tag/payday-loans.
Title loans offer flexibility when it comes to repayments when compared to other types of cash loans, such as payday loans. You will be surprised to learn that you cold negotiate with title loans providers to make your repayments in several months.
Approval rates in auto title loans are very high, which is god news because you are assured that you will get the much needed funds to finance your small business. if you opt to seek finance from a bank, for example, you should expect tough underwriting processes and possible rejection after the ordeal. Banks have high rejection rates when it comes to cash loans, irrespective of the collateral offered.
The interest rates that accompany title loans are negligible due to the fact that collateral is present, in addition to their short duration. This is advantageous because you can get emergency cash to finance your immediate business needs without worrying about the cost of the funds. When compared to payday loans, this small business lending option is better.
You don’t need insurance to get the loan with majority of title loan providers. This makes sense because when you seek title loans, it means that you need money, so if you are asked to buy insurance first, it just doesn’t add up.
You can even obtain small business loan if you are a foreigner. It just shows that getting emergency cash is very easy with title loans.
Some providers allow you to repay the advance using your credit card. While some won’t accept them, there are others who are OK with this form of payment, saving you a lot of inconveniences in the process.
The amount you can get to from these small business lending providers is significant unlike payday loans that are limited to a couple of thousands.
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