A Car Title Loan Can Help Keep Your Utilities On
February 19, 2014
During recent years, there have been numerous reports of an increase in utilities being cut off. This can be expected, as the economic downturn has led to job losses and other economic problems – meaning that Americans are having a tougher time paying bills than in past years.
If you face having your utilities cut off, you are probably in financial trouble. You may have lost your job or have another unexpected problem that has reduced your ability to make ends meet. Now, you may be facing having your water, electricity, gas or another utility shut off.
Example: Water Bill
Suppose that you’ve fallen a few months behind on your water bill. Now, the water company is threatening to turn off your water.
Let’s say that you live in East Los Angeles. Also, let’s assume that you use the monthly average of 10,617 gallons of water in your household (based on information from Drinktap.org). Based on the California Water Service Company’s online calculator, you could expect to pay $59.06 monthly.
So, if you fell 6 months behind, you’d owe over $350. Whether or not the water company decided to shut off your water would be up to them, but the risk would grow greater with each month that you miss payment.
Apply this to any other utility bill that you may have and you’ll get an idea of how your utility bills could quickly add up – leaving you and your family at risk of going without them.
How a Car Title Loan Can Help Keep Your Utilities On
You may wonder why you would go with a car title loan over a bank loan in this situation. Let’s take a look at a few reasons why you would do so.
Lower Loan Amounts
Banks generally don’t lend in amounts under $1,000. Some have higher minimum loan amounts than that, so your utility bill of a few hundred dollars won’t match up well with such loans.
Car title loans are typically offered in amounts as low as a few hundred dollars. In fact, Car Cash Loans will give you a loan beginning at $500, so your borrowing needs can be matched more closely than with a bank.
No Credit Check
If you have lost your job and/or are behind on other bills, your credit score will suffer. As a result, you may be declined for a bank loan.
Car title lenders generally don’t run credit checks. At Car Cash Loans, you NEVER have to go through a credit check, so your credit problems won’t haunt you when you try to get a loan from them.
Obtain Loans More Quickly
If you qualify for a bank loan, it will typically take a few days or even weeks to get the loan. That may be time that you don’t have if your utilities are about to be shut off.
At Car Cash Loans, you’ll be in and out in around an hour or less in most cases. You’ll walk away with the money you need, not the hope that you’ll get it in a few days. So, you’ll be able to pay your bill and avoid having your utilities shut off.
Should I Take Out a Title Loan?
If you are facing a utility shut off, you may not have much time to correct the situation. A quick loan from a car title lender can be the solution that you’re looking for. Consider this option if you don’t need a large loan, have poor credit and/or don’t have the time to wait for a bank loan.