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Credit Scores Encouraged By Paying Off Auto Title Loan

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Auto title loan debt is just one of the many budgeting issues American’s face today. When faced with a financial crisis, a consumer may turn to a quick and convenient auto or car title loan to supplement their cash flow. Title loan lenders don’t require a credit check nor do they report to credit bureaus when you make (or fail to make) your payment. Borrowing on an auto title loan means using the collateral of your vehicle to determine how much you can borrow. The average amount loaned is anywhere from $1,000-$5,000 but can reach all the way to $100,000 depending on the vehicle. Most auto title loan lenders give the borrower about 30%-50% of a vehicle’s value. This amount is determined from the Fair Market Value (FMV) of the consumer’s car or truck. Paying off your loan won’t directly affect your credit score being that lenders don’t report in the first place […]

Open A Holiday Account And Deter A Payday Loan

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It may only be February but it’s not too early to start planning for the 2013 holiday season. Having money set aside for holiday gift giving could prevent you from having to take out a payday loan because you are short on Christmas cash. Often we don’t even think about holiday shopping until we are in the thick of the season and are compiling lists for our children, spouses, family members and friends. Aside from not preparing our finances, doesn’t it seem like we always spend more than we planned or budgeted for? That’s when you may find yourself desperate and taking borrowing from credit cards, money from a retirement fund or a payday loan to cover what we don’t have in the bank. Start early and have peace of mind that the money for those eagerly anticipated presents will be there when you go to make your purchases. A holiday account is a great way […]

Do Flexible Budgeting And Auto Title Loans Go Together?

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Flexible budgeting doesn’t mean go out and spend what you want…be “flexible” any and every time you want to buy something. Nor does it mean you should feel free to take out an auto title loan just because you need extra cash or want to make a big ticket purchase. Flexible spending means having a budget and sticking to it, but giving yourself some leeway so you don’t feel trapped or stifled by your monthly financial blue print. For those of us who know how to run our finances, we are well aware of how much money comes in and goes out every pay cycle. Stretching a dollar may be routine for many while borrowing on an auto title loan may be the only answer for others. It never fails that once we feel comfortable with the budget we have set forth and have confidence that the bills will be paid (and […]

A Tax Refund Can Help With A Car Title Loan

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Having taken a car title loan out already, you may be finding yourself in a position where you are struggling to pay it off. Perhaps you have had to extend the loan and are now feeling buried due to high interest and fees being tacked onto your principal balance. You want to to what it takes to get the loan paid off so the lender doesn’t repossess your car. Have you tried asking a family member or friend to help you out? What about selling stuff on eBay or Craigslist? Garage sales can also bring in large amounts of money. What to do? Have you thought about using your tax refund? Whether you have filed already and have a check coming your way, are in the process of plugging in the numbers, or are just getting fired up for the task of filing…your tax return could be your ticket to getting your […]

Communicating With Your Car Title Loan Lender When You Need Help

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Getting a car title loan these days may seem simple, and certainly helpful, when someone needs fast cash but what happens when the money is spent and it’s time to pay back the loan? Unlike payday loans that range from $50-$1000, car title loans can be as high as $5000-$10,000. Although consumers may have more time to pay off a car title loan, it dones’t mean it’s going to be that much easier to make that payment each month. Not too mention, if you can’t make your loan payment, the lender has the right to repossess your car or truck. It’s a sticky situation and one that could cost you greatly. Most auto title loan lenders don’t really want your car. In fact, it’s more of a hassle for them to take it from you, sell it at an auction, and try and recoup their money. What they want is […]

Is An Auto Title Loan The New Payday Loan?

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The payday loan industry has seen an influx of borrower’s this past decade. Although these short-term loans have been in existence for over forty years, consumers have turned to them more so than ever as a result of a declining economy, unemployment or under employment and the rise in cost of living. Payday loans offer an average of $50-$1000 depending on the state the borrower loans in and are expected to be paid with the borrower’s next paycheck. These types of loans are attractive because they are fast and easy to obtain and while the lender doesn’t require running the consumer’s credit history. Good, bad or no credit at all…most consumer’s who apply for these types of loans are approved. A new wave of lending has come along, though. One that offers a substantially higher amount of money to the borrower. Auto title loans have hit the pavement as a road more often traveled when a person needs fast cash; but more than what […]

Unrealistic Expectations May Make Payday Loans Unaffordable

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Consumers who turn to payday loans to meet monthly financial obligations may find themselves turning to the same source to pay off their loan. A vicious borrowing cycle can be perpetrated by taking out a loan to pay bills and then finding it’s difficult to pay the loan back. Taking out a second or third loan to make payment on what was initially borrowed could be the beginning of a financially crippling situation. The Pew Charitable Trusts’ Small-Dollar Loans Project conducted a study about how consumers borrow and pay back payday loans. A typical borrower will turn to a payday loan lender online or one that can be found in a storefront location, to borrow on average $375 with a $55 loan fee attached to the principal loan balance. The consumer must give the lender their bank account information in order for the funds to be directly deposited into the borrower’s bank […]

Bootstrap Your Finances To Avoid A Car Title Loan

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It’s nice to have options when a need for quick cash arises. These days a consumer can turn to a car title loan, payday loan or installment loan if a traditional bank loan or borrowing from the parent’s isn’t a possibility. But for some, taking out a car title loan for the sake of paying the rent or deposit on a new place, handing over a down payment for a new car or buying that coveted big screen TV could be the first in sending yourself down a financially disastrous road. What if you could “bootstrap your finances” to avoid having to take out a short-term loan that carries high interest rates and fees? Having something set aside in a savings account would prepare you for unforeseen financial circumstances and help you avoid having to borrow from anyone other than yourself. Tighten the buckle on your finances and get a jump start on the rest of your […]

What Your Personality And A Payday Loan Have In Common

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Did you know that your personality may have an impact on whether or not you choose to take out a payday loan? There are social and psychological experts out there who feel that a person’s inherit and adapted personality traits have an impact on the way they make, spend and save money. There are even financial planners, namely Ray Linder, who consider someone’s personality to be a large contributing factor to the way one deals with their finances. Linder actually administers a personality inventory called the Myers-Briggs to assess how much emotions play into a person’s spending and saving habits. For some, taking out a payday loan may be as simple as needing quick cash for an emergency or unanticipated cost. For others it may be a step towards satisfying that part of our personality that dictates how we handle money. Knowing where the parallels are between us and our money can help us validate feelings and impulses while having […]

Can Your Budget Survive An Auto Title Loan?

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Most people look at their budget when taking out a home mortgage or car loan, but what about a short-term auto title loan? Do you consider your finances, monthly bills and household budget when you are preparing to borrow against the collateral of your car? Often times auto title loans are taken when a borrower needs fast cash for emergencies or unexpected costs. This doesn’t leave much time to consider the impact repaying your loan will have on your budget and bank account. Taking some time to think about whether or not you will be able to afford paying back the loan, if it will drastically affect your budget, and what you will do should you default on your payments, could be the deciding factor in whether or not your budget can survive an auto title loan. Budgeting isn’t easy for everyone but most financial experts will agree; making a budget is one of […]

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