The moment you receive loan proceeds, the countdown to lose more money with title loans start. With very high interest rate, that itself is the first step to lose money and if you do not know ways to avoid losing more money, then you will definitely sink further into the debt trap. The lure of this kind of loan is very tempting as it is easy to apply and have the loan approved as you get the money in a few days or within the “same day” for those companies with such policy. There are even loan companies that claim you can have your loan approved within a few hours. However, there are ways which you can avoid losing more money.
- Use a title loan calculator provided in the website. This way, you will have an idea how much money you can apply for and avoid seeking out an additional loan from another company because the money is not enough. When you discover that the loan assessment is very low, you can always find another title loan company that can offer better loan computation and approve a loan that fits your requirement.
- Ensure that you will not lose your car. One of the most unfortunate consequences if you cannot repay the loan is losing your car. Find ways to make sure you can repay the loan such as look for a low interest car title loan or have it pawned which can allow a longer repayment period instead. Or better yet, consider taking out a loan from credit unions or your employer and deduct loan payments from your commissions or incentives if you have any.
- Selling other valuable properties to repay the loan is another practical strategy to avoid losing more money. You might have some things that are valuable to other people and just take up space in the attic, so why not convert these things into cash? Have a garage sale to find out which of these things are valuable to other people.
- Do not delay loan repayments. In some cases, the borrower has already allotted money for repayment but due to unforeseen circumstance that they have no control over, the borrower missed on payment and end up paying additional interests and penalty. It is also wise to pay your loans when you have the money instead of waiting for the due date.
- Pay ahead of schedule, when you do so, you gain rebates or additional discounts because you pay ahead of time. However, you need to check the terms and conditions and find out if the loan company offer this kind of benefit for borrowers. Yet whether or not this option is offered, it is still better to pay ahead than risk losing more money by accidentally forgetting the due date.
Indeed, you do not need to lose more money when you can actually prevent it. Title loans are helpful if you know how to avoid losing money from them.
For title loans in Memphis, TN, we suggest Quik Lend Cash.