When it comes to other sources of finances, a lot of people would instantly think of banks. Yes banks will easily hand a loan to any person as long as he or she complies with the bank requirements. Commonly, banks would require a borrower to have a good credit rating to prove to the bankers that he or she can be trusted when it comes to payments. In addition, bankers would demand a good employment record from their borrowers to make sure that they lend money to people who have the capacity to pay. When complying with these requirements become difficult, it is where Cornwall car title loans come in as rational choices.
Reasons Why Car Title Loans Are Better Than Bank Loans
Lesser Requirements. The main reason why car title loans are the best options when it comes to financial crunches is because there are really not too many requirements during loan application. Unlike banks which require you to have good credit history and a good employment status, Cornwall car title loans can easily be approved as long as you have a clean title to your vehicle. While some car title lenders would check on your credit standing, it is not the deciding factor for your loan approval.
Urgent Approval. Since bank loans require too many from a borrower, it is expected that getting a bank loan approval can never be as quick as you want it to be. The fastest that you can expect for a bank loan to be approved would perhaps be a week. But can you wait that long if you have very urgent cash needs such as meeting house rental deadlines, emergency hospitalizations or even necessary house repairs?
Would it not be more beneficial for you to get a source of funds as fast as you can so that you can finance your urgent needs? If your answer is yes then a Cornwall car title loan is your rational choice. As car title loan agencies don’t require too much and won’t give hassle to their borrowers, it makes them the safe haven for people like you who have emergency cash needs.
But What About The Interest Rate?
For sure you would think twice of applying a car title loan because of the higher interest rate that comes with it compared to bank loans. But is that really a good reason to disregard a car title loan when you have an emergency financial need? For sure, you’ll say no. It is only when your needs are not that urgent can you think about the interest rate.
Let us make this clearer, would you rather risk being evicted from your house because of delayed rental payments? Would it be best to suffer the consequences of your disease just because you would rather wait for a bank to approve you of a loan owing to their lesser interest rate? Of course, it is clear. No!
Therefore, choosing a bank loan because of a lower interest rate would really do you no good as it cannot be available to you during the time you need it.