Title loans are one of the most convenient loan options that borrowers can rely on especially in times of unexpected difficult financial situations. Through these types of innovative loan services, borrowers can easily remedy urgent financial circumstances. With these loans, borrowers are provided with small loans that are big enough to cover temporary financial problems, which they can generally repay over much shorter payment terms. Because these loan services are designed to help borrowers with poor credit circumstances to tide over til their next pay check, these loan options make good solutions to temporary financial situations. By availing of title loans, borrowers can address unforeseen financial shortages without having to procure unnecessarily huge debts. And although procuring loans has always been a problem for borrowers in bad credit situations, innovative new loan services being offered by lenders over the internet now provide more reliable and faster solutions which borrowers can actually depend on. In applying for title loans online, borrowers can simply visit their preferred lender's page anytime. By filling up the online application and uploading the pertinent documents and requirements normally necessitated in these loan transactions, borrowers can now easily avail of loans even without having to leave the comfort of their own homes. Because applications for title loans can now be accomplished entirely over the internet, borrowers now have the convenience of being able to await approvals of their submitted applications in as little as mere minutes. Since title loan applications can now be completed online, borrowers may now expect for the release of funds of their approved loans in much shorter time. Due to this, title loan applications over the internet are considered one of the best alternatives in addressing unforeseen and urgent financial circumstances. In getting title loans online, however, borrowers are strongly encouraged to ensure that their application forms are completed, and that all the necessitated documents are uploaded, in order to make certain that their applications are timely processed.
If you have projects in mind that require some additional funds such as reorganising your finances, improving your home, or buying a car, you might consider borrowing the funds you need. But what if you already have an existing loan? Not to worry, you may be able to borrow more.
While lenders are no longer able to increase the loaned amount after it has been approved and the funds released to you, there is still a way for you to get more funds. Most banks will allow you to sign up for a top up loan provided that you have an existing loan with them.
Features of Additional Borrowing
Offered only to existing customers, this is where they are able to get further lending from their banks. For extra borrowing, customers are usually given the choice to either get an additional loan or top-up an existing one. If you choose to get an additional loan, you will have separate payments to make every month because the loans are going to be considered separate. However, if you choose to get a top-up, the bank will get the existing loans consolidated with the new one. This is convenient since this would mean making only a single monthly repayment.
Decision is quick for this type of loan application. Since you are already an existing customer of the bank, you can expect the request to be expedited. In addition, this is also a good way for customers to get access to funds quick. Often, customers can get the money as soon as their application gets approved.
Just because you already have an existing loan in a bank does not mean that your request to get a top-up loan is going to be automatically approved. The bank will also need to take into account a number of things before giving the green light. For instance, your payment ability and your track record as far as managing debts go will be taken into consideration. As long as the bank can see that you have been keeping up with your repayments all this time and is earning enough to still be able to afford the burden of another loan, they will hand their approval.
Be aware though that you will not be getting the same interest rate you did on your initial loan when you decide to borrow more from your lender. The interest rates charged on the new loan is going to be significantly higher compared to the rates attached to the previous loan. So, be prepared to pay a significantly higher monthly repayment when you get approved.