ProFinance Blog

Refinancing and Title Loans

Did you ever ask yourself why people need a loan?  It is totally simple’ one way or the other we need help to get what we need and normally getting a loan is usually for an investment that we hope would help us in our current need or future but this does not always follow sometimes we have unexpected expenses that we have not prepared for which most of the time is the main reason.

Title Loan

People’s needs vary thus the reason for getting a loan varies as well.  There are different kinds of loans such as;

  • Automobile loan
  • Tuition loan
  • Housing loan
  • Payday loan
  • Medical Emergency loan
  • Funeral loan
  • Bill consolidation

You can get these loans from any financial institution whether its a bank, credit union, credit card or a lending institution.  However, the process of getting any loan and getting an approval varies.  For banks or a credit union usually takes days to process and if your current credit standing is not so good chances are it will be denied or disapproved. This would not matter much if the reason for you getting a loan is because it’s for other kinds of a loan as long as it’s not an emergency. But for medical emergencies or funeral emergencies, it’s a different thing altogether.

Let’s face it there are times in our lives that we are facing some personal emergency or are strapped for cash and those we need the money as soon as possible. We feel anxious and worried where we can get cash as soon as possible.  Most often than not you hope you can get an advance on your paycheck to cover a monetary emergency. Times like these you don’t know where to get fast cash for the things you need in a day.  If your thinking of getting a personal loan from your bank it would normally take about  7 working days to process one,  that is if your credit rating is good.  When your credit card is maxed out and you could not get more from it when you need it badly, by then you end up looking for other options to get a loan.  However, there other options that you can look into, such as refinancing your mortgages or other loans to be able to cope with the monthly amortizations you need to pay.

What is refinancing? If you have an existing loan and making payments is too heavy for you the be solution would be to refinance this which means making adjustments to the current monthly payments you currently have.

Why do we need to refinance? We need to do this in order for us to lower our monthly payments make things easy for us to cope.

Advantages of refinancing your current loans are;

  1. Lower interest rates which mean lower monthly payments
  2. You can have more cash on hand to save
  3. It helps you get out of the debt faster
  4. You won’t miss out on monthly payments because you can afford it
  5. We have competitive and lower rates
  6. Gives you peace of mind

Here is how you can apply to refinance your current loan it fast and easy.

  • Our specialist will assist you in filling up the forms
  • Provide current loan information to the specialist
  • Our specialist will talk to you about how much you can save with refinancing your loan
  • Complete documents that our specialist will require from you

Does it sound good right? However, when there are good things there is also the bad side of things to balance everything out.  So to be fair there are some disadvantages that you need to look into to make sure you’re not making a big mistake in refinancing your current loan.

The lower the interest chances are the length of your loans has been extended so in the long run, you pay more. You can check on this  and see

  • Interest rates are higher watch out for this pitfalls
  • Prepayment penalties check if there are any before getting into refinancing your loan
  • Cashing out can also have its downfall especially if you’re doing this because you want to finance a business venture always make sure that you have something to fall back on

This should not deter you from refinancing your current loan as long as you can get what you are aiming for especially a lower interest rate and you know that it is better for you in the long run. Refinancing your loans can help you improve your credit rating in the long run since you will be able to save more and have more money on hand to accommodate your needs.

With title loans it does not just cater only to the refinancing of loans but offers other services such as title loans, emergency loans, RV title loans and Big Rig title loans.

Title loans

When you need fast cash you can use your car title as collateral to get a loan and still use your car. We also have different kinds of title loans from cars, RV and Big Rigs. The advantage of getting it with us is;

  • Convenience you can apply online and a specialist will call you
  • Fast approval and processing within the day
  • Prepare your documents such as  proof of income, insurance, and residency, a copy of your driver’s license, 6 referrals, a picture of the vehicle and the title
  • Our specialist will talk to you about the details of the loan

Emergency loans

When you’re in need of ready cash for a medical emergency, funeral costs, legal fees, unexpected home repairs or car repairs or any other unexpected expenses. The process and approval of getting an emergency loan are basically the same as that of the title loans. We can help you get your approval and process your cash within the day.

Tina Roth

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