No one can deny a basic fact of life that every individual can encounter an emergency situation for which he or she may be totally unprepared. These emergencies can be related to a medical or health related issue or financial set-back.

In order to rescue themselves from such challenging situations, one tends to go for a loan using his credit score and loan bearing capacity. Even though these options are widely used, it takes a lot of time and paperwork to complete formalities. This time-factor makes it difficult for some people to access funds in time to meet their financial needs which defeats the entire purpose of taking a loan in the first place.

This is the reason why title loans and auto title loans are gaining popularity. Title loans, commercial truck title loans and auto title loans are slowly creating an exclusive niche market where specific funding needs of borrowers can only be met via these types of loans. The primary reason for this is that the loans are sanctioned quickly (within few hours) and require minimal documentation.

To help get the maximum benefit from a title loan, you must know of the following:

  1. The car ownership must be in your name – to put it simply, you must be in 100% ownership of your vehicle. This includes possessing:
    1. Car Title
    2. Car Insurance
    3. Vehicle registration
  1. Rate of interest is high – since these loans are short-term, it carries a higher rate of interest.
  2. Ease of Access – title loans can be availed by anyone irrespective of their credit quotient and loan history.

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