Corporate Flyer Blog

Tennessee lawmakers will be discussing proposed changes to the title loan industry in a house committee on Tuesday.  Some of the proposed changes are limiting the administrative fees charged by title lenders with their ultimate goal of capping the interest rates at 36 percent.

Under current state law, title loans are allowed a 30 day repayment term.  If the loan is not paid off in 30 days it will automatically roll into a new loan in which the lenders are allowed by the state to charge a 2 percent interest along with an administrative fee.

Supporters of title lending see this as a small price to pay for the ease and convenience of utilizing a title lender.  These loans provide an alternative for consumers who are are unable to secure financing from a mainstream financial institution.

We are in the midst of a recession that is taking its toll on our country’s working class.  Many Americans are finding it hard to make ends meet and are barely getting by.  Access to short term loans, such as payday and title loans empower the working class by providing access to the cash they need until their next paycheck.

A typical payday loan costs consumers $ 15 dollars for every $ 100 dollars borrowed.  This is less costly than paying overdraft or late payment fees and gives consumers peace of mind until they are back on their feet.

A payday loan can, and has, saved many consumers from financial emergencies.  What if your car breaks down on the way to work?  You have it towed in and the repair bill plus towing fees total out to be over $ 300!!!  This, by the way, is a conservative figure for car repairs – aaaaargh.  As your stress level escalates you realize that your bank account is depleted and payday isn’t for another week.  Sound familiar?  There is a solution – get a payday loan. 

This industry is often scrutinized, but the fees pale in comparison to multiple NSF charges, missed days at work due to lack of transportation, etc.  The loans are easy to obtain and can often be applied for online by completing a short application.  Be sure to do your homework and find a reputable lender.  Another consideration when choosing a title lender is making sure that you are not applying through a “middle man.”  It is cheaper and more secure to deal directly with the company who will be lending you the emergency cash.

Thousands of California residents are being affected by the states debt crisis.  Tax refund checks are being delayed causing anxiety in those who rely on these funds for medical bills, household expenses, etc.  This is especially difficult given the current economic climate that our nation is weathering.

Title loans offer California residents an easy solution for their short term financial needs while waiting for their tax refund check.  Even if you have bad credit you can qualify for a title loan by using the equity in your vehicle.  These loans can be obtained by filling out a short online application.  Once the title lender receives your information, a loan specialist will contact you with further details on how to claim your funds.

There are many times that we need to get our hands on cash in a hurry.  Several options come to mind – borrowing from a friend or relative, getting a cash advance on a credit card, selling items on Ebay or Craigslist, or obtaining a car title loan.  Some of these options are not feasible, but applying for a title loan can be quick and easy if you are dealing with a professional title lender.  The title loan business is very beneficial to those who have done their homework and know what they are signing on to.

The main benefit of obtaining a car title loan is to get your cash in a hurry with little or no hassle by using your car as collateral.  Trying to get a traditional bank loan has become increasing difficult with stringent credit limitations that banks are now imposing.  Basically, if you have bad or slow credit - forget about turning to your banking institution for the help that you need.  Getting a title loan is quick and easy.  The added benefit is that you get to keep your vehicle while the loan is in motion.

Title loan pros:

• Easy application process that oftentimes can be completed online and only requires proof of employment, a drivers license or state issued ID, and a paid for vehicle to use as collateral.
• Instant cash in your hands.  Most title lenders allow the borrower same day funding.
• Bad credit is not an issue.  Lenders use your car title to take the place of credit requirements.

Title loans are useful for all of your personal and business cash needs.  Do your research by checking the laws in your state since title loans are not available in some areas.  Most importantly find a reputable lender, prepare a list of questions, and leave with hassle free cash in your hands.

There are many times when you need cash in a hurry. Borrowing money during a time in need can be a daunting task.  A title loan can be very beneficial to those who do their homework and clearly understand the terms of the loan.

The purpose of a car title loan is to receive a loan with little or no hassle by using your car title as collateral.  Given our country’s current economic state trying to get a more traditional type of loan has become a more difficult and lengthy process.  As credit qualifications become increasingly stringent, consumers with slightly damaged credit are now facing higher interest and low approval rates when applying at a more traditional institution.  With a title loan, credit is usually not an issue and borrowers can continue to possess their vehicle even while they are repaying the loan.

The benefits of a title loan are an easy application process, instant cash in your hands, bad credit is usually not a factor, and you can build or rebuild your credit history.

To obtain more information on a title loan lenders do some research online.  A lot of the lenders offer a short and easy online application with quick approval response times.

Reputable payday and title loan lenders continue to fight an uphill battle on the perception that their industry faces.  This is caused by the numerous disreputable lenders that give a bad name to the biz. 

Company spokesmen for one of the largest and reputable payday and title loan lenders indicate that their company policy follows a best practices guideline and seek to educate consumers on the benefits of utilizing reputable lenders.  If people cannot pay back the loan when they are due, whether it is two weeks or a month, they are given four pay periods to pay the loan back with no additional fees.

Reputable lending stores also display large signs that clearly states how much people will owe for the loan amount that they borrow.

Industry reps understand the concerns that consumers have about the fine print and may not understand what they will actually repaying.  Industry insiders realize that they are bad actors or abusive lenders who are not good for anyone. That is why all of the reputable lending companies are pushing for complete transparency.

Payday and title lending stores are regulated at the state and laws vary from state to state.  Please refer to some of my previous postings to find out what rules apply to the state in which you reside.

With 40 – 50 percent of people living from paycheck to paycheck, if an unexpected financial issue arises, it is no longer easy to tap the equity line on your home or get an increase on your credit card limit as banks are beginning to pull back on offering those lines of credit – even to high qualified borrowers.  So many people have to turn to cash stores.

Opponents to title loan lending contend that people who use this type of lending to meet their short term financial needs become trapped in a cycle of debt and will ultimately have to surrender their vehicle to the title loan lender.  However industry representatives argue that this is just not the case and that their service offers a realistic option for people to short on cash to cover their bills, and most people pay their loans back on time.

Payday and title stores want to be responsible lenders because they do not want to lend money to people who cannot pay them back.

A typical payday or title loan customer seeks this service because they cannot get the cash they need from a typical banking institution and do not have a friend or family member that is able to lend them the money.  They are often facing impending bounced check fees or incur exorbitant late fees for not paying on time.  In fact, credit card companies are increasing the interest rates on late payers which can cost hundreds of dollars in accrued interest.  These customers often weigh their options and know how much each of these options is going to end up costing.

Industry statistics indicate that about 95% of payday and title loan customers pay their loans off on time.  Sometime this is not in the terms originally set forth by the lender, but lenders do follow best practices and can extend the repayment period with minimal fees being incurred.

Most lenders offer their services online with a quick and easy application process.  There is usually no credit check involved as there is when applying for a bank loan or credit card.  So there is no risk in lowering your credit score by having too many inquiries on your credit file.

Payday loans are becoming increasingly advantageous to consumers looking to satisfy their need for short term cash.  With the availability of credit drying up at an alarming rate, these loans remain a viable solution for those in need.  Another reason that makes the loans so attractive is that they are easy and hassle free to obtain.  Most lenders allow you to apply online and have very fast approval times.  The paperwork required to obtain a payday loan is extremely minimal.  Usually just proof of employment or regular monthly income and best of all, credit is usually not a factor.

Some online loan sites are simply a “middle man” their role is to take your information and distribute it to loads of lenders for your loan requests.  Utilizing this type of service will oftentimes inundate your email inbox for months with advertisement from hundreds of payday lenders.  I have also heard instances where they will relentlessly call your cell or work phone to solicit their services.  To avoid this fiasco try to find a lender whose online application goes straight to their office for funding approval.

Payday loans are a great and inexpensive way to get by until you are paid again.  Especially considering that banking overdraft and late payment fees can be quite expensive compared to the rates that Payday lenders offer.

Lawmakers last ditch efforts to revive a shelved bill aimed at reigning in payday lenders failed in the House on Tuesday.

Supporters of House Bill 396 argued that payday and title loan companies are akin to legalized loan sharks that take advantage of the impoverished.

Opponents of the bill said payday lenders provide valuable lending services for people who would otherwise not be able to secure a small loan for things like groceries or utility bills.  Some even argue that if unless you are going to require that all banks loan money to people with no assets, you should not take away the one avenue that they have.

Payday and title loan lenders are a viable solution to people with short term financial needs.