Do you need quick cash to bail out a friend or family member from jail? If you have bad credit and need money within a couple of days, cash loans or title loans may be able to help you out. When a friend or loved one is in the slammer and your credit rating is nothing to write home about, a cash title loan can be a life-saver.
Some lenders allow you to pawn your car for fast cash, while maintaining possession of the vehicle. You won't even have to surrender your car to them. All you have to do is put it up as collateral. Bad credit or no credit is rarely a problem with these types of cash loans, so if you own a clear vehicle title, then you can probably get approved by most lenders.
Cash Loans Can Bail You Out of Jail
In order to get someone out of jail on bail, 10 percent of the bail is needed in cash. In some states, such as Illinois and Oregon, that 10 percent can be paid directly to the court and is returned when the defendant appears for trial. In states like Arizona, where this is not possible, a bail bondsman can be used to supply the security that the defendant will return for trial. Bail bondsmen also charge 10 percent of the bail, but their fee is non-refundable.
How to get a Cash Loans in Arizona
Depending on the size of the bail, you may need high-limit cash loans to come up with 10 percent in cash. If you have few sources that can supply you with a large amount in a short period of time, you can get cash title loans by offering your auto equity as collateral.
Your car's title is a valuable asset that you can pawn to get the money you need for bail within a few hours, if required. This is a particularly attractive option when dealing directly with the court because the title loan can be paid off when the bail is returned. Should you forfeit the bail amount, you will have to repay the loan with your own savings.
When you accept money against a vehicle title, you should always have a plan to repay it. If you don't make payments on time and according to the loan agreement, it can reflect poorly on your credit report. You could even end up losing your vehicle if the lender decides to repossess and sell it to recover the debt.
Getting the loan is the easy part. All you need is a clear pink slip that proves you are the owner of the vehicle and documents that prove the car is paid off or nearly paid off. Lenders will give you from 25 percent to 50 percent of the car's wholesale value as a loan. Some may offer more depending on the lender and the situation.
If you need to help a friend or loved one who is in jail and you're strapped for funds, cash title loans are your best option in a pinch. You can get quick approval online or by phone and get money in hand in just a few hours.