Is it really possible to create your rainy day fund from home? The changes caused by COVID-19, combined with the growing digital marketplace, has driven traders, lenders, and banks into the cyber sphere.
Improved identification procedures, seamless connectivity, and faster response time makes it easier than ever to open new accounts and investments. With online applications and rate calculators, you can shave weeks from the process by going through the entire approval process from your desktop or mobile device.
Read on to learn how you can build your emergency fund completely online.
Apply for a Loan Online
Taking out a loan used to require multiple bank visits and stacks of paperwork. Fortunately, virtual lending allows you to handle the process from start to finish quicker than ever.
Obtaining a loan through a traditional bank can take days to process, whereas online lenders are able to provide instant pre-approved rate quotes and personalized repayment plans in a matter of minutes.
To apply for financing online, you can either schedule an in-person/video evaluation of your collateral (such as your home, car, or other asset) or you can submit pictures. This gives the lender an idea about the value and condition of your asset, which directly impacts the amount you can qualify for.
Use Your Car as Collateral
Whether you’re taking out a title loan on your car, truck, or motorcycle, you could potentially end the day with a sum of cash heading to your pocket. You only need a few things to apply, including:
- Proof of vehicle ownership
- Proof of insurance
- Valid government-issued ID
- Vehicle evaluation
There are a variety of different title loan types available, including refinances and RV title loans.
To determine your loan amount, you can enter this information into an instant online calculator or you can speak with a loan specialist to create the right plan for you.
Skip the Credit Check
Title loans online are a great way to build your emergency fund fast without worrying about your credit score, and many Americans are using this method to stay afloat.
Since your loan amount is largely based on the value of your vehicle, you don’t have to worry about credit checks or monetary collateral digging into your pockets. Additionally, you can rest assured that your credit history won’t impact your approval decision.
Borrowers can easily expect thousands with a relatively new, well-kept car. On the other hand, you could walk away with a few hundred if your vehicle is not well maintained.
Ensure you’re getting the best deal on your loan by keeping your car in tip-top shape, adhering to your maintenance schedule, and shopping around for the best rates.
Get a Side Hustle
One of the most obvious ways to build your savings is getting another job. Not only does this give you more financial independence,
Moonlighting to grow your savings allows you to pad your bank account without even missing the money. You can build your account blindly by setting up an automatic deposit system for your new paycheck.
Additionally, increasing your income gives you more room to contribute to moderate-yield, low-risk investments like CDs, high-interest savings accounts, and bonds.
As the country continues to battle the Coronavirus, more people are going online for errands and services. Title loans are no exception, and obtaining your title loan online could save you a ton of headache in the long run.
When you’re shopping for a title lender, be sure to compare rates to ensure that you’re getting the best deal around. The best online title servicers are highly reviewed, and known for providing top-tier service and expertise.