Corporate Flyer Blog

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.

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.

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.

According to the USA Today, banks are raising late payment and over the limit fees for credit card consumers.  Credit card companies say that this is necessary to offset higher delinquency rates and charge offs.

The irony is that credit card companies love late payments, as long as its not too late.  Last year they racked up $ 19 billion dollars in over the limit and late payment fees.  That number is expected to be $ 20.5 billion of essentially free money in the next year.

Consumers are having a harder time paying off these high interest cards and the fees continue to mount.  Taking out a payday loan is often times a cheaper alternative to the ever increasing rates and interest accrued on your cards.

Bernie Madoff, the loser financier, pleaded guilty last Thursday to 11 charges and was led off in handcuffs – just as he deserved.  I was afraid the judge would have sent him to his lavish New York penthouse to await sentencing, but the judge was having no part of that.

If there is any justice in this country, this swindler will spend the rest of his life in jail.  My hope is that the judges slaps him with a life in prison sentence with no chance of parole.  No chance of spending a few years in the clink and then being released to his excessive lifestyle of private jets, houses all over the world, and staff to attend to his every need.

Unfortunately, we will not have the pleasure to see this man squirm in court since he took a plea deal.  It also means that he will not be able to rat on his wife and sons who were undoubtedly involved or at least aware of his crimes.  Hah, good old Dad, taking the blame so that his swindling family can continue to enjoy life to excess with no remorse for the pain and devastation that they have caused the thousands that have had their lives ruined by this selfish man.

Investors around the world were affected by this jerk, but I came across a great article in the Miami Herald that quotes several south floridians devastated by scheme. 

http://www.miamiherald.com/1374/story/946526.html

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.

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.

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.

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.