According to the Center for Responsible Lending and Consumer Federation of America, car or auto title loans are becoming more and more popular as time goes on. Starting sometime during the 1990s, this kind of loan offers a great opportunity for those who are short of money to get immediate cash; something that is not possible via a bank loan. The best part of obtaining a title loan San Antonio TX is that the borrower does not need to have a good credit history.
Quality Title Loans does not bother to check the credit history of a prospective borrower. It does not matter to the company whether you have no credit history or bad credit history. The company only wants to know about the actual condition and value of your car or any other vehicle that you intend to propose as collateral. Indeed if you default on your loan payment, the company can take your vehicle and auction it off to get the money you owe on it.
Some people might be put off by the idea of having to give their vehicle as collateral. The question may arise about what would happen if they can’t settle their loan at the specified time or make the necessary interest payments as agreed. But if you were to think positively, giving your vehicle as collateral is a great idea. This would encourage you, the borrower to ensure you make the necessary payments as agreed.
In other words, you might be more frugal in your spending or make efforts to save money to settle what you owe. One of the key reasons why people end up in serious debt is because of their improper personal financial planning. Giving your vehicle as collateral is an inducement to learn the skills of personal financial planning. Moreover, many lenders who provide title loans, like Quality Title Loans, normally don’t go to the extent of repossessing their customer’s vehicle.
Considering all the time, extra cost and energy needed for repossessing, auctioning and so on, they prefer to treat the loan as money merely borrowed by their customers. So you do get to keep your car. It is not as if you are pawning your car to get some immediate cash. Different lenders have different policies. But in the case of Quality Title Loans, you get the benefit of not having to pay penalties for prepayment.
More importantly, the company’s loan terms are flexible depending on its customer’s financial situation. Normally, low wage earners will find it hard to get any kind of loan. But in the case of this company, even low wage earners get a chance to enjoy immediate cash in the event of an emergency or for any other reason.
Everything from the application to loan approval and receiving the funds is very fast, all done within the very same day. If you are keen on finding out more or wish to apply for a title loan San Antonio TX, get in touch with a good lending company like Quality Title Loans.