The Benefits Of Same Day Title Loans

Aug 19, 2021
Title Loans


Life has a funny way of driving you insane. Things could finally be looking up for you when all of a sudden, it's not. Some of the worst situations you could be blindsided by, involve money. Now it's different if you have years of savings or a familial unit you can rely on. The problem is - what happens when you don't have either of those things? Getting a decent loan can be a hassle. Especially if you don't have much time. A solution to the madness could be taking out same day title loans.

 

What Are Same Day Title Loans? 

As the name suggests, it is a loan you can receive on the same day that you apply. Now as unbelievable as it may be. If you choose the right loan company, it is a legitimate loan from a licensed business. That will give you the chance you need to settle your affairs. It will also give you the opportunity to get your life back on track. Falling into debt due to situations beyond your control is frustrating. Not everyone has a safety net to catch them if they fall. If you're in urgent need of money, consider getting a same day title loan.

 

How Do They Work?

The best part about a title loan is that you don't need to have a credit score. All you need to have is your own vehicle which is what will be used as collateral for the loan. This means that your car can be repossessed. However, this will only happen if you are unable to repay your loan within the 12-month timeframe. If you choose Rapid Auto Loans for your title loan, there are a few things you will need to do.

 

First, you must complete a title loan application online or on the phone. The amount you will receive is based on the value of your vehicle. Ensure you're available to take your vehicle to an authorized inspection center. The inspection center will confirm that everything is in order. If all goes well, within an hour you'll leave with your loan in hand.

 

The Advantages Of Same Day Title Loans

It's great to know about the range of benefits involved with a same day title loan. The biggest would be the fact that it's a same day loan. You won't be waiting for days on end to hear back about approval or rejection. Another benefit is that there are fewer credit checks involved. This means that even if you have no credit - you can receive a loan. In some cases, you could even be approved even if you have a bad credit score. The biggest advantage is that you're able to keep your vehicle for the duration of the loan. It's similar to the concept of a home loan. You're still able to live in your home but you need to pay back the loan.

 

The Disadvantages of Same Day Title Loans

Nobody likes to talk about the disadvantages of title loans. Depending on the company used, the disadvantages can outweigh the advantages. Unfortunately, predatory lending exists. Choosing the wrong company can leave you in a worse off situation than before. In some instances, lenders would want a full repayment of the loan within a month. 

 

Depending on your situation - that could be impossible. You may also be hit with high-interest rates that could take a lifetime to pay off. Predatory lenders have no issues with repossessing your vehicle. This makes it that much harder for you to make repayments. There may also be extra fees involved in the loan that you weren't made aware of from the start.

 

Get Your Title Loan With Rapid Auto Loans

As scary as the disadvantages are, it's not the Rapid Auto Loans way. Unlike our competitors or predatory lenders, we care. With Rapid Auto loans you're given some leeway to make your loan repayment. Your first repayment will be a month after the initial loan, and you're given up to 12 months to repay your loan. There are many other reasons why you should use Rapid Auto Loans for your same day title loan. Call us at 954-960-7097 for more information on our car title loans.

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Rapid Auto Loans is a consumer finance company licensed under Florida 516. The term title loan is used for marketing purposes only.
All loans have a repayment period of 12 months and there is no minimum prepayment penalty. Interest Rates are determined and approved by the State of Florida based on the borrowed amount and the maximum APR (which includes interest rate plus fees and other costs for a year) is 30%. You pay interest only for the time your loan is outstanding. Below is a representative example of the total cost of the loan, including all applicable fees:
3,233.68

APPROVED LOAN AMOUNT

0.00

Government Fee

25.00

Credit investigative Fee

11.55

Documentary Stamp Tax

3,270.23

Total amount Financed

11/1/2016

Original Loan Date

29.07%

APR

316.39

Monthly Payment (x12)

Rapid Auto uses “Auto Title Loans” for advertisement purposes only and provides auto equity loans. The lenders are licensed under the “Florida Consumer Finance Act” under Florida Statute 516 and as such lenders loans is exempt from any licensing requirements under the “Florida Title Loan Act” to the extent that any of lenders activities involve the making of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle.