Emergency situations often make people to find alternatives that can get them quick money. In this regard loan is a great medium because of it an individual can get extra money that he can use to encounter cash crunch. But loans are not easy to get as every financial institution carry out a lot of rigorous evaluation about the applicant’s financial status, credit history, income stub, monthly earnings, capacity to repay, credit score and also consider other factors so to make sure whether the loan applicant has the capability to repay the loan amount or not.
But the problem is that individuals who have good income stub are more likely to get a loan because banks and other financial institutions consider loan as a risk and they won’t sanction a loan until they are fully satisfied that the borrower has the capacity or asset through which they can recover the loan amount. These strict terms and conditions obviously excludes those loan applicants who have bad credit score or have some kind of objectionable financial remark. So for individuals like these there are not many alternatives left to get a loan.
So what happens is that either due to urgent money requirement or distress these people fall prey to private money lenders many of which are dishonest. So then what is the best option for people with bad credit and objectionable financial status? Well instead of opting for loan alternatives like payday loans or other micro finance lenders it is better that an individual choose car title loan that is a trusted and reputed way of getting some quick cash in emergency situations. Below are mentioned the points that clearly states why it is a better option than other loan mediums.
Minimum Paperwork: This is the advantage a loan applicant gets when he opts for a car title loans Corona. Car title loans have minimum paperwork and all that is required is some government issued identification, no lien car title, insurance details, reference, income stub and some minor formalities.
Big Loan Amount: Car title loan is based on the value of the car and if the car is maintained well and there is no lien title then the loan applicant can get a loan of up to $50,000. This is a big amount to tackle any kind of emergency. So whether you need small amount of loan or a big amount you can be rest assured that your car value will get you a good amount of loan.
Flexible Repayment Option: If you have money to repay your loan all in at once then car title loans Corona provide you the opportunity to do so. Unlike other bank and financial institutions which charge a penalty for making pre-payment of loan the car title loan doesn’t charge a single penny from the borrower to do so. So you save hundreds of dollar which you would have otherwise paid as interest.
Least Loan Processing Time: Car title loans doesn’t have much paperwork and that makes the loan approval time as least as possible. All that a borrower has to do is to have a clear title of the car and other formalities. The car title loan executive will then quickly find out the eligibility of the loan applicant and convey the same within a day or two. So the loan applicant need not to wait for months like what generally happens in bank loan approval.