Top 5 Reasons People Are Still Relying on Title Loans

August 7th, 2020 | Daniel Dewitt

There’s no question that title loans in Nevada are a hugely useful financial tool. Fast and convenient, they have the ability to pull you out of financial emergencies and get you past them. Not only are they effective with dealing with short term emergencies like a hospital visit, but can also deal with more pervasive financial troubles and launch you into an upward trajectory.

Today we’re here to look at 5 reasons people rely on title loans to get by.

Healthcare Costs

America is a country where healthcare costs dominate the newspaper headlines, and it’s understandable why. Studies show that the vast majority of bankruptcies are owed to healthcare costs, and often something as simple as an emergency room visit can cost thousands of dollars. Longer term illnesses or conditions can with a snap of a finger drain all of your savings and equity to leave you destitute.

While title loans in Nevada may not be able to help with the latter, they can help with giving you cash to deal with shorter term ones. Truly, there’s nothing more important than your health.

Job Loss

One of the most brutal financial emergencies that can hit you is either being fired or laid off from your job. It fundamentally undermines your ability to earn a living, and connected to the above healthcare worries, will strip you of any health insurance you might have to fend for yourself on the ACA health insurance marketplace.

No matter how quickly you find another job, losing your job means you’re going to lose your income for that period of time. And considering that most Americans live from paycheck to paycheck, that loss of income can be truly debilitating and mean missed rent, car payments, utilities, and in some cases even food.

Education

Education is truly one of the most important things you can spend money on in life. Why? Because it can permanently ensure and raise your ability to make money in the future. We live in a world where a college degree has become the new highschool diploma, and even in smaller ways, certifications or training in your professional field can be hugely valuable.

Unfortunately, as valuable as it is, education is expensive. There’s a reason student loan debt is a multi trillion dollar business, and can cripple students for years. Still, if what you need is a short term loan for something like books or certifications, title loans in Nevada can be undeniably useful. Live, learn, and pay back your title loan to secure a bright future.

Title Loans Offer Fast Cash

Switching gears a little from cause to quality, one of the reasons title loans are so popular is because of just how fast they are. Often taking out a title loan can take as little as a half hour from stepping into a store to stepping out with your cash in hand.

Part of the reason they’re able to offer cash so quickly is that most title loans in Nevada require only three things: a state issued I.D. like a driver’s license, the lien-free title to the car you’re taking the loan out on, and the car itself for inspection. So long as you come prepared with those items in hand you’re all set to start the fastest loan process of your life.

If you’re wondering just how much fast cash your car can net you, there’s unfortunately no way of knowing beforehand. The best way to get a rough idea is to look up your vehicle on an online resource to see what it’s relative value is. The more your car is worth, the higher your title loan limit is likely to be. While most cars won’t be worth the $15,000 upward limit of a title loan in Nevada, as long as your car is able to drive you should be able to net the amount you need to get by.

You Get to Keep Driving Your Car

One of the common misconceptions about title loans is that your car is held hostage for the duration of the loan, and you’ll only get it back at the end of it. This simply isn’t true. Losing your form of transportation can be debilitating in terms of keeping your job and earning the money you need to pay off the loan, and title loan companies are aware of that.

To clear the misconception up, you get to keep driving your car for the duration of your title loan, meaning your normal schedule won’t be interrupted or disrupted. This is one of the many ways that title loans fit seamlessly into your life without being a headache or intrusion.