loan alternatives

Title Loan Alternatives And Risks

Downsides To Title Loan Alternatives

If you have a family emergency or another pressing reason where you need to get ahold of some extra money quickly, you might have a number of ideas on how you can go about getting the cash you need. Title loans offer you quick cash, depending on the value of your car, and you get to keep driving your vehicle while the loan is in effect. The secured loan is backed by property and doesn’t take a credit check to get. They’re fast and easy and they can help you get through a rough patch. However, there are plenty of people who at least consider alternative routes to get what they need in a tough time. Here are some of the alternatives to title loans and why they aren’t always the best idea.

Ask A Family Member Or Friend For A Loan

One way to access money without going to a bank or getting a credit check is to ask someone you know for a loan. Of course, this can work in certain situations, but it’s always a risk. You never know how borrowing money from a friend or family member will go. They might hold it over you later or things might get messy between you if you can’t pay them back as you had promised. Let’s study a few more loan alternatives

Get Payday Loans

Payday loans are certainly a way to get money fast, but they carry large interest rates with them. You don’t need a credit check there either, but you do have more to pay back than you would with an auto loan. If you have a vehicle, getting an auto title loan is usually the better loan alternatives to go with.

Ask Employer For An Advance

If you’re in a bind, you might consider going to your employer for extra money. That is hard, however, because when your next paycheck rolls around, you have less to go around and you might be in the same hot water all over again. Auto title loans allow you to get money for your vehicle’s worth and pay it off little by little. You don’t garnish any of your wages in the meantime.

Pawn Household Items

If you have anything of value, you can take it to a pawn shop and see what you can get for it to tide you over in an emergency. However, many people only hold onto things of great sentimental value. You certainly don’t want to pawn your grandma’s broach or your grandpa’s watch if you don’t have to. Auto title loan alternatives allow you to keep your prized possessions while getting the money you need for this situation.

Talk About Title Loan Alternatives With Professionals

These are all alternatives and you’ll have to decide what’s right for your circumstance. But checking into title loans with a professional is free and if you’re considering that avenue, it’s worth your time and effort to at least consider the option. Call Champion Financial Services with your questions about auto title loans, whether you have a car, SUV, motorcycle, or another vehicle.


© 2021 Champion Financial Services


DISCLOSURES TO CFS VEHICLE SECURED TITLE & PERSONAL LOANS

California: All loans are made or arranged pursuant to a California Finance Lenders Law License Number: 60DBO-35846.
Arizona: Loans made pursuant to Arizona Department of Financial Institutions Sales Finance Company License SF-1005405.

*Our loans can be up to $50,000 depending on certain factors. Depending on the time when the application is submitted, the funds could be given the same day or next day.

**Loans with an annual interest rate of 36% are limited to loan amounts between $2,500 to $9,999.00, while supplies last. The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant, lender, and the law requirements of those terms. Minimum loan amounts, terms, and rates may vary by state. Consumers need to demonstrate the ability to repay the loan.

THIS LOAN (Auto-Tile or Personal Loan) IS NOT INTENDED TO MEET LONG-TERM FINANCIAL NEEDS. Loan proceeds are intended primarily for personal, family, and household purposes. This service does not constitute an offer or solicitation for consumers in all states. This service may not be available in your particular state. The state of this site services may change from time to time without notice.

The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant, lender and the law requirements of those terms. Minimum loan amounts may vary by state. Consumers need to demonstrate the ability to repay the loan.

CFS Investments is licensed or registered as a finance lender as required by applicable state law and does not offer or service student loans. CFS Investments is not providing financial advice and does not warrant the accuracy of information as it subject to change without notice about its current product guidelines.

*CFS Investments may act as the broker for the loan, and may not be the direct lender or servicer of your loan. All loan applications are subject to meeting underwriting and credit criteria, which includes providing acceptable property as collateral. The actual loan amount, term, and Annual Percentage Rate of the loan that an applicant qualifies may vary by applicant. Minimum loan amounts may vary by state. Consumers need to demonstrate the ability to repay the loan. Credit Approval is subject to the credit criteria standards. A bank account is required as a condition and in order to obtain a Persona Loan. Loan proceeds may need to be disbursed via Automatic Clearing House (“ACH”) to the borrower’s bank account. The actual availability of funds can vary based on bank processing times, daily ACH deadlines, and weekends and holidays. Inquiring for a personal loan and its minimum requirements does not impact your credit score, however, completing a full application may affect your credit score.

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