Tips for Repaying a Title Loan and Avoid Default Payments

repaying a title loan - man repaying a car title loan to avoid fees

If you’re struggling to make ends meet and in need of a little extra cash, taking out a title loan is a quick and simple way to get the money you need when you need it. However, while title loans can be lifesaving in a pinch, they’re not a long-term solution, and it’s important to have a plan to pay them off quickly. Here are some tips for repaying your title loan on time and avoiding default payments:

Make a Budget

One of the best tips for paying off your title loan quickly is creating a budget and sticking to it. By carefully planning where every dollar will go at the beginning of the month, you can ensure that you’ll have enough to make the necessary payments and avoid defaulting. When creating your budget, keep in mind that unexpected costs often arise, and leave the extra room (if possible) to account for them. Making a budget and sticking to it is the best way to make every dollar you have count.

Only Borrow What You Need

While title loans are quick and easy to get, they’re designed to help you in a pinch, and it’s important to only borrow exactly what you need. While it may feel tempting to take out extra loans for convenience, borrowing more than exactly what you need can cause stress and more financial difficulties later if you’re not prepared to pay your loan back on time. 

Make Sacrifices

Unfortunately, if you’re in a position that requires you to take out a title loan, you may need to make some adjustments to your lifestyle, at least for the time being. Carefully examine your spending to identify both fixed costs and unnecessary purchases and make plans to cut back or fully eliminate anything beyond what is necessary until you’ve repaid your title loan.

Add an Income Stream

If you’re struggling to make ends meet with only your main source of income, you’re far from alone–in today’s economy, this is a common problem. Luckily, there are many ways to supplement your income. Side hustles such as food and grocery delivery, freelance services, and ridesharing can provide a sustainable way to support your income and repay your title loan quickly.

Reach Out to Quick Title Loans Today

If you’re struggling to make ends meet, applying for a title loan is a simple way to help you make your payments on time. However, it’s important to be prepared to pay them back in a timely manner in order to avoid extra fees and financial difficulties. That’s some of the best ways when it comes to repaying a title loan.

If you’re in need of help making a payment, Quick Title Loans can help. We’ve been providing financial help to our customers for over 5 years with no pre-pay penalties and up to 48 terms. In 30 minutes or less, we’ll help you undergo a quick evaluation and get approved so you can make ends meet. Reach out to us at Quick Title Loans to apply today.