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Many consumers looking for loans to meet their short term cash needs do not know about the ease and availability of obtaining a title loan.  You can even apply online, directly from the lenders website.

Title loans are loans that are similar to payday loans as they are offered for a short period of time -usually for fourteen to days with an option of extending the the repayment terms.  This term varies from lender to lender.  Title loans are mostly used for unexpected cash needs that can come up – short on rent, dental and medical bills, gas, emergency travel, etc. The only difference between title loans and the payday loans is that to apply for a title loan the borrower must be the owner of a vehicle.  The vehicle will be used as collateral to secure the loan.

Title loans are beneficial in many regards but there are a few pitfalls, so it is important to seek a reputable and knowledgeable lender who can answer any questions that you may have.

A lot of people who are short on cash have to turn to a payday lender to meet their immediate cash needs.  However, lawmakers in South Carolina are looking to make it tougher for consumers to use this loan product.

Given current economic circumstances, folks are finding it hard to make ends meet.  You try to stretch your paycheck until the next one comes and you find yourself a little short.  So it is easy and makes sense to visit a payday lender to get the funds that will help you get by until your next check.  This is the story for thousands of people in South Carolina.

While some citizens see the benefits to using a payday lender,  South Carolina lawmakers don’t.  They plan to put restrictions on payday lending such as – setting minimum wait periods before a customer could go and obtain another payday loan, having only one loan at a time, and capping the amount borrowed to $600.

The bill is now headed to the Senate Banking and Insurance committee.  Many customers who rely on this source of short term cash oppose the passing of these restrictions.

When you are facing a financial crisis or emergency and have bad credit considering a car title loan may be your best option.  It is easy to obtain online approval for a title loan – all you need is your vehicle for collateral.

If you default on your payments and become delinquent, the lender will take steps to repossess the vehicle.  They will then sell your car to recover their debt.  However, most lenders will work with you to find repayment terms that suit your needs.  In order to borrow the max amount for your vehicle, you need to know how much equity your vehicle holds.  In other words, how do you get an accurate evaluation of your vehicle’s worth?

It is beneficial to educate yourself on how lenders determine the value of your vehicle.  The major factors that lender’s consider are:

• Vehicle make and model:  this gives the lender an idea of how safe your car is and how much value it holds.  Models and brands that are really popular are often considered safer and have better resale value.
• Automobile history:  if your car has been damaged in an accident this makes it more difficult to sell and will decrease the value.  The lender will not be willing to loan as much on a damaged car.
• Mileage and age:  the age of your vehicle and the amount of miles will also determine the loan amount.  The older the automobile and more miles – the less the lender will loan.
• Upgrades and options:  interior upgrades, new tires, wheels, etc. will increase the value of your vehicle – therefore increasing the amount of the loan.

A popular online tool to determine the value of your vehicle is Kelly Blue Book – www.kbb.com.  This site lets you put in all of the details about your automobile and will calculate a precise market value.  Once you have assessed the value of your vehicle, find a reputable lender and fill out their online application.  A loan approval specialist will contact you with further instruction on how to obtain your cash.

We have all been in this situation – crossing our fingers hoping that you have enough money in your checking account before the check or online payment for bills clears the account.  The obvious solution is being responsible with your hard earned money and avoiding this dilemma all together, but sometimes this is just not an option.  NSF fees are on the rise and are extremely lucrative for the banks.  Their computer system has also become increasingly savvy at rearranging debits from your account to maximize the amount of NSF fees charged.

For example, you may have $ 15.00 in your checking account, but without thinking about it you use your debit card at the grocery store for $ 19.00.  The register will accept your debit card, but be advised that an overdraft charge of $ 25.00 – $ 39.00 (depending upon your banking institution) will be deducted from your account.  And sometimes it does not even stop there!  Some banks will continue to charge your account $ 2.00 – $ 5.00 per day, until the account has a positive balance.  In addition to monthly maintenance fees.  So, at the end of the day – your $ 19.00 purchase can cost in excess of $ 50.00 in fees.

A payday loan of only $ 100.00 (to be paid back with your next paycheck) would have only cost you $10.00!!!  By taking a few minutes to apply for a payday loan online you could have saved yourself $40.00.  I find this to be the best option for short term cash needs.

As the availability of credit continues to dry up, more consumers are utilizing other means to obtain the cash they need.  One of the more popular alternatives are Title Loans.  A title loan is a short term loan that is based on the value of your vehicle.  To qualify, your vehicle must be paid off and the title must be free and clear of any liens against it.  The lender will determine the amount of funds available to you after inspecting your car.  Typically, this is about half of the vehicle’s blue book value.

For example:

Nissan 350z with a Kelly Blue Book Value of 12k

The maximum title loan available is 6k and the minimum available would be $300.

A lot of lenders offer their services online.  You just need to fill out a short application and wait for a loan manager to call with further details.

Tennessee leads the nation in the number of people going broke and many fear that this trend will continue as the economy slows.  The rate of bankruptcy filings in the first quarter of 2008 was more than double the national average.  With the rise in costs of food and gas, many families are finding it hard to make ends meet.  This is even affecting consumers on the higher end of the income scale. 

Before making the difficult decision to file for bankruptcy protection, consumers should consider other alternatives and use bankruptcy as a last result.  Look at selling unused household items on ebay or craigslist, asking a friend or family member for a short term loan, or consulting a title loan lender to obtain cash by using your automobile title as collateral.  These methods can buy you more time to get your finances back in order.

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You may have heard about title loans in the past or read about them online. The title loan industry has many critics, but there is another side to title lending that its adversaries do not take into consideration.  Simply put, it is a convenient resource for people who need fast cash.

Title loans are loans where the borrower uses their automobile as collateral for the loan. During the life span of the loan, the borrower maintains possession of their car. These loans have an easy application process and do not require the borrower to have perfect credit. Unlike other loan types, receiving the cash can occur within 24 hours.

Loan critics say that title loans cause bad credit issues and unnecessary debt.  However, this is a misconception – Title Loans are not reported on your credit.  Since title loans also include the collateral of a car to help motivate payback of the loan, this can be viewed as a positive way to keep people out of debt. People are likely to reimburse when they value their collateral.

 A title loan is an alternative for those that may or may not have the qualifications to get approved for a “bank” loan.  If you are in need of a small loan, contact your nearest title loan lender to find out more information and what options are available to you.

Helpful Links:

http://www.autocashusa.com