Sometimes life can come at you with surprises, and you might be in a position that has you concerned about being able to pay your bills for the next month. This can be especially worrying if you’ve taken out a title loan. You might be wondering, “what if I can’t pay my title loan?” To ease your worries, we’ve written this guide to help you out with things to do next to help you successfully get back on track with your loan payment.
The most important thing, especially if you’re in a financially tough situation, is to calm down and approach the situation with a cool head. Panicking or worrying will only worsen your decision-making, which you rely on to make responsible choices. It’s also important to remember that the title loan company would much rather you pay them back. After all, they’re not in the automobile business, and taking your car is usually their last option.
So, here are some ways you can pay your title loan:
- Talk to Your Lender. Remember, the title loan company is in the credit business, not the car business. Although it isn’t a guarantee, they would likely be willing to work with you to negotiate the terms of your agreement, rather than repossessing your only means of transport.
- Discuss a Loan Rollover. Your car title loan company may give you the option to roll over your loan into another loan with a longer term. This might give you some breathing room as you put together the money to pay the loan. Bear in mind, though, that this can come with additional fees and interest.
- Use your Tax Refund to Help Pay the Loan. If you think you have a tax refund coming up, file it with the IRS as soon as possible. The IRS claims to issue refunds within 21 days of electronic filing, and you can have them direct the refund straight into your bank account. Then, you can use this to pay back the loan.
- Ask Your Family Or Friends. It’s a difficult conversation to have with close friends and family, but you can ask them for help paying off your title loan. It will likely be worth it, rather than rolling it over and accumulating more debt.
- Contact a Local Charity or Religious Institution. There are many charities, churches, and places of worship that focus on helping members of the community who are down on their luck. It’s okay to ask them for help.
Conclusion: Take It Easy and Plan Your Next Move
At Advantage Financial LLC, we know how urgent it can be when you need quick cash. That’s why we’re ready to work with you for your car title loan. We’re a registered Credit Service Organization (CSO) with the Secretary of State of Texas. We also have the appropriate licensing and credentials with the Office of Consumer Credit Commissioner (OCCC). We have 13 years of experience serving the communities of Houston and the surrounding areas. Give us a call at (281) 410-5337, and we look forward to working with you.