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5 Common Reasons for Getting Title Loans

5 Common Reasons for Getting Title Loans

By 9  am on

If you have a vehicle you own free and clear, a car title loan can be a great solution to get the cash you need quickly. This type of loan uses the equity you’ve built up in your vehicle as collateral for the funds you borrow. Unlike other loans, you won’t have to wait for weeks and go through endless paperwork in hopes of getting approved. Here a few reasons car title loans are a great way for people to get the funding they need quickly. When they’re searching for an alternative to companies like TitleMax, San Diego residents can rely on the high-quality service offered by Payless Car Title Loan.

1. Medical Expenses

Sometimes you may find yourself dealing with unexpected medical expenses. If you don’t have room on your credit card, a car title loan can be a great option to get the funding you need in a bind. You can pay for medications, physician visits, and other medical expenses with the loan money. There are no restrictions on what you can pay for once the money is in your bank account.

2. Traffic Citations

If you’ve found yourself on the wrong side of the law, you know you only have a limited time to pay traffic citations. In most states, it’s about 10 to 15 days. If you don’t pay your citation by the due date, you could find yourself in jail and/or facing a heftier fine. A car title loan can be a great way to pay for this unexpected expense when your paycheck comes after the due date.

3. Tax Bill

If you’re like most Americans, you wait until the last minute to file your taxes. Sometimes you may find yourself actually owing money to the government. If you don’t have money saved up to pay, it can be extremely stressful. Waiting to file until you get your next paycheck could result in extra fees imposed by the IRS. A car title loan can give you the funding you need to file your taxes on time and avoid paying penalties for filing late.

4. Major Appliance Repair

If it’s the dead of winter and your heating system crashes, you have no choice but to get it repaired. If you don’t have the funds available in your bank account, you need another option. Using the equity in your car, you can get a short-term loan to pay for unexpected appliance repair bills. A car title loan is a great gap loan that can allow you to pay for unexpected expenses right now and pay back the loan when you get your next paycheck.

5. Mortgage Bill

Your mortgage bill is due each month on the same date. However, your paycheck might come every other week. Sometimes you don’t get enough paydays in one month to save up for your mortgage bill. In this case, you can use a car title loan to get the remaining funds you need to pay your mortgage payment.

No matter what type of expenses you may be facing, a car title loan can be the perfect short-term solution for getting the quick cash you need. If they’re looking for high-quality service when applying for car title loans, San Diego car owners can trust the professionals from Payless Car Title Loan. Give us a call today at (619) 600-0061 to find out how we can help.

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