A title loan allows you to quickly get the money you need by putting your vehicle title up as collateral. In plain terms, you hand over ownership of your car until you repay the loan in full and forfeit ownership if you cannot pay. Depending on the lender, you may need to own the car outright to qualify for title loans in Mississippi; other lenders will work with you as long as you have equity in your vehicle.
Since these loans put money in your hands quickly and don’t require good credit, they’re an attractive option when you encounter unexpected expenses. Some of the most common reasons for getting a title loan include:
- Medical Expenses
- Auto Repairs
- Housing Deposits
- High Utility Bills
- Holiday Spending
- Job Loss
- Extra Capital for a Small Business
Find out if title loans are a good option for you by talking to a lender. The key advantage is that you can get money quickly – often the same day you apply. Since your eligibility is based on your vehicle title or its equity, they are often a viable choice when you have a poor credit history. Other people also appreciate the short term lengths of these loans; often, the term is between two weeks to a month, which means you won’t have the debt hanging over your head for a long time.