The Federal Reserve is essential to the United States’ economic system. Typically, the Fed sets a standard interest rate for consumer lending, which lenders use to set their rates. The recent interest rate hike has led to an increased cost of borrowing. Surprisingly, most people are still searching for “title pawn near me.” Read on to find out why “title pawns near me” remains a popular search even after the recent interest rate increase.

What Drives the Demand for Title Pawn?

Title pawns are essential for people who require quick funds to settle financial emergencies. Apart from being allowed to keep your vehicle as you repay your loan, there are several reasons for the increased demand for title pawns. Let’s take a look at some of them:

Fast Payouts and Quick Approval

The loan application process is straightforward and fast. Unlike traditional financial lending, you can begin your title pawn application process online in the comfort of your home. Most lenders only require you to provide a government-issued identification document and a lien-free title. If you are approved, you will likely get the funds within hours. The speed during the approval or payout stage is essential for most borrowers. Even with an impressive credit score and a steady source of income, going to a conventional bank for a loan may not be an option. Filling out an application from a regular bank is often frustrating and lengthy and requires a lot of paperwork. The truth is that most people in financial difficulties don’t have the patience to wait weeks to get approval from ordinary financial lending institutions such as credit unions and banks.

Lenders Accommodate Borrowers with All Income Types

The increased searches for “title pawn near me” is also driven by how most title pawn shops are willing to work with individuals with all income types. Whether you earn income from a monthly salary, unemployment benefits, or irregular incomes, you can get the funds you need to overcome your financial challenges.

Credit History and Scores are Not Considered

Another reason for the increased searches for “title pawns near me” is that most lenders are willing to offer credit to individuals with poor credit scores. If you have a poor credit history or credit score and have tried to borrow money from conventional financial institutions, you know how frustrating it can be if you get turned down. Luckily, options like title pawns offer you a lifeline when you need it the most.

The Loans Come in Significant Amounts

Title pawns have attractive amounts for borrowers. Borrowers can receive between 25%-50% of their vehicle’s value. On average, title pawns can provide anywhere between $100 and $10000 depending on the borrower’s ability to pay and the lending institution. For borrowers who are desperately seeking to find a financial solution, borrowing a high amount faster can be a lifesaver.

Why do Most Individuals Need Title Loans?

As the economy goes through rough times, some people are more affected than others. Often, some individuals don’t have access to conventional financial products from credit unions and banks. For some people, these institutions do not exist locally. Besides, most individuals have not fulfilled the minimum requirement posed by these financial institutions. As a result, these individuals heavily rely on alternative financial products such as title pawns. Here are some of the reasons most people take out title pawn loans: ·         To cater to emergency repairs When dealing with house damage or car breakdown, they need funds for repairs as soon as possible. This leaves them with no choice but to search for “title pawns near me.” ·         To run businesses When businesses have cash flow problems, title pawns are the most suitable alternatives to access the funds they need. ·         To pay for medical expenses Most people struggle with finding a steady source of income. This makes it difficult for them to afford health insurance. When medical emergencies arise, people need quick access to funds to pay for medications and procedures. That’s where a title pawn can come in handy.

Find a Title Pawn Lender Near You Today

Despite the increase in interest rates, “title pawn near me” will continue to dominate Google searches. While conventional lending institutions turn down borrowers with poor credit, the title pawn industry offers them many opportunities. With Jacksonville Title, you no longer have to continue searching for “title pawns near me.” We provide a fast and straightforward way to access funds when you need them most. Call us at (904) 880-2274 for more details about our title pawns.