Why Choose an Auto Title Loan Over a Traditional Bank Loan?

Auto title loans offer borrowers a much quicker process that requires fewer documents than traditional bank loans. Not everyone can meet the high credit requirements of a bank or wait for a week to obtain their money. In this way, a title loan ends up being a superior option.

Here are four reasons why an auto title loan is better than a traditional bank loan:

• Your FICO Rating isn't a Dealbreaker: When applying for a title loan, you may be concerned that your credit won’t meet the requirements. But title loans have flexible requirements! This is an extraordinary perk for individuals that don’t have a high FICO rating because they could still qualify for funding when they need it. On the other hand, traditional bank loans are unsecure, which means approval depends on one’s credit score. This limits the amount of people who could obtain emergency funds when they need it most.
• You Could Get the Money You Need: For a traditional bank loan, the amount of money you could qualify to obtain depends on your credit and past finances. But with a car title loan, the loan amount is based on a percentage of the borrower’s vehicle value. This means almost anybody could get a title loan as long as there is adequate equity in the vehicle.
• Get Money Rapidly: There is a long, drawn out process when it comes to getting approved for a traditional bank loan. If you need emergency money quickly, this may not be the financing option for you. Car title loans could put money in your hand in as soon as 24 hours after approval.
• Simple Application: The application procedure is anything but complicated for auto title loans. Applying could be done right on your phone while you lounge around the house. PayLess Title Loans ensure that the process of applying remains straightforward and simple for inquirers.