The title loan inquiry process is both simple and expedient, which is the main reason why individuals in need of quick emergency cash choose title loans. However, having one more bill to pay each month may not be an ideal situation.
With ChoiceCash Title Loans, qualified borrowers have the freedom to choose how long they want to repay their loan.1 Borrowers could receive more time for repayment or pay title loans off early without any prepayment penalty fees. With online title loans, you could get more repayment options and beneficial rewards.
But how can a borrower or potential borrower pay title loans off? What if you want to regain your financial independence sooner than the maturity date of your title loan?
How to Budget in Order to Pay Title Loans Off
Budgeting is key to establishing a good title loan payment system and getting your finances in order. No matter your income, you could start allocating money today to take care of necessary expenses and pay title loans off quickly.
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The first step of any budget is to calculate your monthly income after taxes. This information can be easily found on a paycheck stub if you don’t receive direct deposit. Once you know exactly how much you receive each month and when, you can pick a budgeting plan. A simple but effective plan is following the 50/30/20 rule.
This budgeting plan means separating your expenses into three categories:
- 50% – About half of your monthly income should be devoted to basic necessary expenses. This category includes rent, groceries, utilities, and more.
- 30% – This category should be devoted to your wants. If the expense is unnecessary, then it is a want. This can include streaming services, eating out, shopping, and more.
- 20% – About 20% of your income should be devoted to debt repayment or allocated to a savings account.
This budgeting rule is a basic one, and can be altered to fit your unique financial situation. If you can, consider lowering the monthly amount you spend on wants and dedicating that money toward your debts. This could help you pay title loans off sooner, which could also free up your income for other fun expenses.
When trying to budget and pay loans off, you should be made aware of the debt avalanche method. This method of paying off debt could potentially help you save on interest and keep you motivated. To start, you will need to make a list of your outstanding debts and the interest rate for each.
Your focus should be on the debt with the highest interest rate. This is the loan you should be working toward paying off first, so you should pay as much as possible toward that singular debt and pay the minimum on all other debts. Once that debt is paid off, you can focus on the second loan with the highest rate and so on. This method is meant to help you save on interest, which is the cost of borrowing funds.
How to Keep Track of Budgeting in Order to Pay Title Loans Off
To keep track of your budget, you could download and print a free monthly budget calendar or use an app such as Mint to keep an eye on your expenses and due dates.
Having a budget calendar on hand can help you out by physically showing you how much money you have left after paying bills or other expenses. Being able to see your finances shift throughout the month could help you spend smarter.
One key tip for finances is to change the date of your bills. Having different due dates for your expenses can make your finances more confusing than necessary. But you can easily alter the due date by calling customer service and speaking to an agent.
You could schedule all of your primary expenses for a day or two after your payday or any other day you prefer. If you don’t use automatic payments, having all of your primary bills due on the same day could further help you avoid late fees. By continually missing payments, you could end up paying more in the long run by accumulating fees and you could even hurt your credit.
You could also take advantage of automatic payments if you haven’t already. Instead of manually paying your bills online, you could sign up for automatic payments. You can usually choose how much money you want withdrawn as well. If you’re trying to pay off a credit card, you could set up automatic deductions that are a certain amount over the minimum due.
Paying more than the minimum on any of your bills could further help you pay them off sooner. You may be hurting your finances by only paying the minimum due because you are not actively paying the principal amount of the loan. The minimum amount due typically consists mainly of interest fees and only goes toward a small percent of the principal. By only paying the minimum due each month, you could be spending more money in the long run and elongating the time it takes you to pay off your debt.
Side Jobs Available to Pay Title Loans Off Quickly
A qualified borrower could pay title loans off quickly through a number of ways. If you’re looking to regain your financial independence as soon as possible, then increasing your income with a side job is one of the surest ways to pay title loans off quickly.
Take a look at some options available to increase your monthly income:
- Sell Items: To earn a little extra income for title loans, you could sell some used items online or in stores. Just about anything could be sold, but some in demand products include designer clothes, collectibles, electronics, and more. Sites such as eBay and Poshmark have helped people across the nation obtain money for their items through independent sales.
- Complete Surveys: If you’re looking for a way to pay title loans off, try completing some online surveys for quick supplemental cash! There are quite a lot of legitimate paid survey jobs to choose from and you could be able to start right away.
- Deliver Groceries: If you have a car, you could use it to deliver groceries on the weekend or a few days during the week! Signing up for Shipt Shopper or Instacart Shopper could give you the opportunity to fulfill shopping orders and deliver them. You could even earn extra money in tips.
- Deliver Food: Delivering food is another option available if you want to pay title loans off faster. You would have to sign up for a website such as DoorDash or Uber Eats and then you could simply fulfill deliveries whenever you are free.
- Rideshare: If you’re interested, you could sign up for a rideshare app such as Uber or Lyft to make some extra cash to pay title loans off. You have the freedom to choose when you want to work and which routes you want to take. You could even get tips as a bonus.
- Sell Plasma: If you have ever donated blood, oryou don’t mind needles, consider selling your plasma at a donation center! Plasma is the largest makeup of blood, and it can be used to treat a wide variety of disorders, primary immune deficiencies, and other diseases.
How Much Do I Need to Pay Title Loans Off?
If you choose to obtain a title loan, how much would you be expected to pay? Your monthly title loan amount will depend on the overall loan amount you receive. Eligible borrowers qualify for funding based on two main criteria, the equity in the car and the ability to make timely payments.1
The car title is used as collateral, so a borrower could expect to receive a sizeable percentage based on their cars equity. The equity in a car is calculated by finding the difference between the resale value and the principal amount of the auto loan. If a borrower doesn’t owe any money on the car, then the equity is 100% of the car value.
If you’re interested in knowing how much you could potentially get using your car as collateral, as well as how much you need to pay title loans off, then use the online title loan calculator or call (855) 914-2945 to speak with a title loan agent.
If you are deemed eligible, you could simply input your contact information to start the approval process for ChoiceCash Title Loans!1 Once preapproved for title loan funding, you could start turning in your required documents. You will be asked to submit paperwork that verifies your identity, address, income, and car ownership. You could conveniently upload all of their required paperwork online.
In addition, you will be asked to complete a car inspection. But instead of driving your car to a store location, you could just submit photos of your car and the VIN! Once your information is confirmed, you could be fully approved for a title loan and receive emergency cash in as little as 24 hours!1
Inquire today for ChoiceCash Title Loans to receive affordable payments, competitive rates, and flexible terms that allow you to pay title loans off early!