With the cost of food, utilities, and rent on the rise, more and more families are finding it difficult to make ends meet. While paying all monthly expenses may be possible, it may not leave much left over for emergency expenditures. One of the ways to get cash for unexpected emergencies is to apply for Fast Car Title Loans in Lake Worth FL. The loan applicant uses their vehicle as collateral for the money borrowed and then receives their title back when the loan has been satisfied. Many are unfamiliar with the process of receiving a title loan. Below is a look at the most popular questions.
Is credit history considered when applying for a car title loan?
The answer is no. Because the applicant will be using their car as collateral, the lending company considers the loan to be secured. Most title loan companies require the applicant to have full coverage insurance on their vehicle before approving an application, and the applicant will need to have their title on-hand before applying. Credit history is not reviewed and considered as part of the approval process.
Is there an interest charge associated with a title loan?
Yes, most car title loan providers do charge interest. To make it easier to understand, they use a simple interest method. The principal amount is multiplied by the interest rate, and it is calculated on a monthly basis. If the loan is paid off before the end of the repayment agreement, the applicant can save money. It’s important to know interest rates upfront so an overview of the total cost of the loan can be calculated.
How long will it take to receive the money?
Most providers of Fast Car Title Loans in Lake Worth FL can approve an application in as little as a few hours. Once they receive confirmation of minimum insurance coverage requirements, they can arrange for payment. Funds can be delivered via check or electronic direct deposit. The majority of applicants receive their money the same day.
Anyone looking to get their hands on money for unexpected expenses should contact Cash 2 U. They are a leading provider of car title loans in the Lake Worth area, and can help anyone gain financial stability. Stop by their office today to apply, and walk away with the cash needed to make ends meet.