More than ever before young people are trying to take charge of their future. One way they’re making this happen is through the use of title loans. Title loans are a fast and convenient financial option for those who are facing emergency situations that require fast cash. A title loan uses the value of your vehicle as collateral for a cash loan of up to $15,000, and bad credit is not a problem.
Not bad, right? Here’s why more and more millennials are using them, and the reason they are choosing these short-term loans over traditional sources of credit.
Medical expenses are a hot topic issue right now, and for good reason. While most millennials are still young and healthy enough to quickly recover from the vast majority of medical emergencies they face, that doesn’t mean they necessarily have the money to cover the expense of a trip to the emergency room or a hospital stay.
A title loan could provide the emergency cash they need to cover these unexpected expenses from a medical crisis, often within as little as 30 minutes. This can mean the difference between being able to get the care you need or facing an uncertain future. There is no excuse for letting your health suffer because you are short on cash.
Bills are something that far too many millennials are having trouble keeping up with. Rent, insurance, utility bills, car payments: when you’re still trying to break into a career path, they can be overwhelming. Even worse, they’re time sensitive, and if you don’t pay on time you can lose necessities like electricity or Wi-Fi. Luckily, the funds from a title loan can be secured quickly, so no bill needs to go unpaid.
Especially for those who work part-time, the period between paychecks can become rough on your wallet. But this is the exact type of situation where a title loan could be of great help. A title loan can serve as a stopgap between your normal paychecks so you can keep your finances under control until that next paycheck comes in.
One tough part of being young is that you’re often unable to get a loan because you simply haven’t been around long enough to build a solid credit history. Banks and credit card companies want to know their investment is safe, and to them you’re a risk not worth taking. Not so with a title loan. Because the loan is secured by the value of your car, any credit is welcome.
Many millennials avoid having to use short-term lending completely by creating emergency funds. By slowly building up an account over time that is solely dedicated to dealing with emergencies when they arise, they are able to have the cash they need on hand at all times. Still, it’s not uncommon for multiple emergencies to hit one after the other and quickly deplete any savings you’ve managed to put away.
Life is not a sprint. Those who can persevere and deal with adversity will be the ones who come out on top in the end. The trick is to keep a perspective on the big picture and know that whatever problems you are facing today will seem insignificant in retrospect. The tools you need are at your disposal, so don’t be afraid to take advantage of them in your times of need.