Health problems can strike at just about any time and cause serious health issues that are hard to manage. In some situations, you may end up in an emergency room with no chance of repaying your debt. However, a title loan may be able to help you here.
An Emergency Room Visit May Put You In Big Debt
While a trip to an emergency room is typically an important step in helping you overcome a serious health problem, it can also be a costly step. Thankfully, most emergency room visits are covered by health insurance. However, if you don't have health insurance and you need an emergency room visit, you are likely to spend around $1,300 to $2,200 or more during your trip.
Dealing with that kind of debt can be a major problem, particularly if you have very poor credit and other loan providers are likely to turn you down. Thankfully, title loans are an option for people who are in very tight and troublesome financial situations.
Title Loans Are An Option In An Emergency
Title loans are an interesting type of financing because you give the borrower the title of your vehicle, pay a small fee, and get a sum of money that is worth the value of your car. If your car is worth enough money, you can end up easily repaying your emergency room visit costs and having enough money to repay the title loan back quickly and efficiently.
It is important to remember that you have to pay this type of loan back in 30 days or you will lose your car. That's why it is wise to give back the leftover money as soon as possible, or to get a loan that is as close to your emergency room visit as possible. Most title loan providers will be flexible in the amount of money they spend and create fair repayment schedules.
Your Credit Won't Be Affected
Those with bad credit or those who don't want to affect their credit with a loan often turn to title lenders. That's because these providers rarely check your credit when providing you with money and don't report any missed payments. The only time your credit score will decrease is if you lose your car by failing to make timely payments.
That's why it's a good idea to sit down with your loan provider and find a fair and reasonable repayment cycle. They would rather get their money back than take your car, as the money they get back is usually more than the car. As a result, they are likely to work with you to find a payment that works for you and them.
If you are suffering from an emergency room bill that you don't think you can pay, talk to a title loan company for more information. These loan providers will give you the money you need and work with you to make sure you can afford paying back the loan in a timely fashion.