Los Angeles, CA -- (SBWIRE) -- 06/14/2012 -- The financial budget of the house may fail due to unforeseen circumstances. The sudden financial need spoils the regular monthly plan. To add to it, arranging lump sum money becomes all the more difficult. However, in case you have a car whose payment you have done, then you need not worry at all. Visit the nearby bank or financial institution and avail the car title loan. The loan is ideal if you want to arrange money within 24 hours.
A car title loan is basically a cash title loan that can be used during emergency. A car title loan is sanctioned within a day with minimum formalities. The applicant needs to submit the relevant documents such as identity proof, age proof, address proof, car title and a set of car keys to get the loan sanctioned at the earliest. Generally, loan on car title is an easy and hassle-free process. These short–term car title loans have a different objective. The banks help the customers at the eleventh hour and sanction the amount within a few hours. However, as goes the saying, there is no such thing as a free lunch. The applicant needs to pay high interest and the loan amount has to be returned within a month. So, even before applying for the loan, read the contract to get a clear idea about the clauses of car title loan. The high interest rate is one of the drawbacks of this car title loan.
The nature of the car title loan is such that people with bad credit history can also apply for the loan. All you need is the title of a paid off car. This loan is not for the ones who are still paying instalments for their car. The loan amount has to be returned within a month. So, one has to repay the loan amount within the stipulated time. The repayment period often gets extended for one more month, which is called the roll-over period. During this time, the already sky-high interest rate goes up further. Considering this drawback, the applicants should have a back-up plan in place. The applicants can visit http://www.tfciloan.com/ to know more about car title loan.