One of the biggest causes of financial problems is unexpected illness, accidents or injuries that can make the sufferer incur enormous expenses in bill payments. This situation will definitely be compounded if the person involved is not insured or under-insured. Even with insurance these days, medical bills can pile up and send the sufferer or his family into unexpected financial turmoil.
When you have medical emergency and the bills are starting to pile up, some few options are available to you. If you have family or friends that can help out with these bills, that will be very fine but if not, a loan from the bank or credit union is usually a much better option for you to consider, despite the fact that borrowing from financial institutions nowadays seems very difficult because of the stricter lending guidelines.
One of the easiest methods of obtaining emergency cash to offset your rising medical bills is through car title loan, but most times, it is overlooked. According to plungedindebt.com, a Car title loan is a secured loan in which someone who owns a car can get a loan using the car as collateral. Anyone who owns a car with a clear title and needs emergency funds to offset rising medical bills, can visit any of the title loan companies scattered around the country to draw quick facility.
Borrowers of car title loan can either fill out the loan application at one of the offices of their preferred loan company or conveniently do it online via the company website. This process may take a couple of minutes to complete and begins the loan application process.
Once you complete the application, you will be required to provide a few documents to your loan company. The title of your car is one of such documents that will be needed as well as a form of photo ID and proof of residency. As soon as the loan company confirms your identity and the proof of residency you have provided, the car that is being used to secure the loan is then inspected.
The car is carefully examined to ensure that it matches the title you have provided. Subsequently, the car is accessed to ascertain its value. Ascertaining the car value is very important as it play a part in determining how much you can be borrowed. As soon as the loan company is done with the car assessment, the loan can be finalized. At the end of it all, the borrower will have to sign the loan documents and the cash will be released to him.
The whole process is simple and straightforward. It can take roughly one hour to complete. In many cases, the borrower can apply and receive the requested loan within few hours. Once the loan is received, the borrower can now use it to pay for the rising medical bills. For individual or families that need quick cash to offset an emergency medical bill, a car title loan should be one of your considerations.