We all do our best to plan for the future and to ensure our financial needs are met, but sometimes life throws you a curveball you can’t avoid. If you’re considering an auto title loan as a solution, you might be wondering if there are any restrictions on how you can use the money. So what can a car title loan pay for?
What Are Some of the Common Reasons for Needing Emergency Funds?
Whether it’s because of an unexpected bill, a medical emergency, or urgent home or car repairs, there are times when you don’t have enough and need a little extra. There could be any number of reasons why you’re a little short, but some of the most common are:
- A drop in income
- Medical expenses
- Home repairs
- Car repairs
- Unplanned trips
A drop of income can result from your work hours being cut or you losing your job. Even if you’re not directly affected, if it’s someone else in the household it can have a serious impact on your finances.
Medical expenses can happen at almost any time, and nothing is more important than our health or the health of our loved ones. Unfortunately, even with insurance, health care isn’t cheap, especially if you require medication on a regular basis.
Similarly, repairs to your home and car can be expensive too, with delays to the work causing further damage and costing you more as a result. If other financial concerns have taken priority over your repairs, you might find yourself with a bigger problem – and a bigger bill – than if you’d made the repairs when they were first needed.
If you have friends and family out of state, you may find yourself in the position of having to make an unplanned trip. Maybe there’s a new addition to the family, someone is getting married or celebrating a birthday or anniversary. You won’t want to miss these events and there’s no reason why you should allow a lack of money to stand in your way!
Regardless of the reason, all these situations could leave you without enough money for the necessities, such as groceries, paying the bills or even rent.
Are There Restrictions on How I Can Use the Funds From a Title Loan?
The short answer is there’s no legal restriction on how you choose to spend the money you receive from your loan – however, the lender might have their own stipulations as to how the money should be used.
The best thing to do is to ask your lender if there are any restrictions and to always check the contract before you sign and accept the money.
Alternatively, you could borrow from a trusted lender with no restrictions on how you use your money.
Why is a ChoiceCash Auto Title Loan a Better Option?
A ChoiceCash Auto Title Loan, serviced by LoanMart, doesn’t place restrictions on how you spend your money – regardless of what you need the money for. Whether it’s to help with the rent or to pay for repairs, medical expenses, or an unexpected trip, a ChoiceCash Auto Title Loan may be able to help.1
To some extent, it works just like any other auto title loan, but there are a number of benefits that are hard to find anywhere else.2
To begin with, a ChoiceCash Auto Title Loan can actually reward you by lowering your monthly payments.2 When you make your payments on time, the annual interest rate on your loan can be reduced, which in turn reduces your monthly payment and allows you to save a little every month.2
That’s not the only benefit. If you need additional money in the future, you could be approved to borrow more. You’d keep the same low rate of interest and could continue to have your payments reduced every month.2
There’s also no prepayment penalties, closing costs, additional fees or balloon payments with a ChoiceCash Auto Title Loan. You’re free to pay off the loan at any time!
How Can I Apply For a ChoiceCash Auto Title Loan?
It’s easy to start your application. You can either visit www.choicecash.com or call 855-277-4847 toll-free to speak to a loan specialist. After providing a little information about yourself and your vehicle, you’ll find out in minutes if you qualify and how much you could borrow.1
After reviewing your loan options, your loan specialist will then let you know which documents you’ll need to submit. Fortunately, you’ll probably have many of these to hand already.
- Proof of Income – pay stubs, bank statements and government award letters are all accepted.
- Proof of Residence – any mail from the last 30 days with your name and physical address.
- Proof of Ownership – the vehicle title must have your name listed as an owner.
- Vehicle Photos – the front, back and sides plus the odometer and VIN.
- References – either personal or professional.
You can upload them via a secure website, email or even SMS text message. Once your loan specialist has reviewed the documents, you’ll be sent the loan agreement. This can be signed online, rather than in-person, so you won’t be inconvenienced with having to drive to a physical location.
In fact, the entire process can be completed without ever leaving the comfort of your own home. Even your funds can be transferred electronically with a direct deposit straight into your bank account. Alternatively, you can pick up your cash at any nearby MoneyGram location.
The whole process, from start to finish, takes less than 24 hours and could be completed the same day!1
No restrictions on how you use your money, payments that can go down and a quick and easy application process. Don’t wait another moment – visit www.choicecash.com or call 855-277-4847 now and get the money you need TODAY!1