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Title Loans / Personal Loans

Differences Between Personal Loans and Lines of Credit

Written by Seo Werkz on . Posted in title loans salt lake city

If you’ve just learned the basics of a personal loan, you may be wondering how it differs from a line of credit. Both options extend you the basic ability to add funds in an immediate sense, but there are a few big differences. At Loans for Less, we have all the best signature loans and personal loans available for your needs. These are generally perfect for one-time purchases or emergencies, where lines of credit can be better for ongoing purchases with an extended need for credit. Let’s look at a few of the other basic details here.

Disbursement Type

When you receive a personal loan, the entire sum of the loan is released to you in a single lump payment. This differs from a personal line of credit, which is reusable. Once you’ve been approved for a line of credit, you can continue accessing it into the future. Both areas can have major benefits depending on your situation.

Amounts

The minimum for most persona loans is $3,000, where it’s $5,000 for most lines of credit. Maximums can generally stretch larger for lines of credit, but this is mostly because of how far it can extend into the future. The max you can borrow in a personal loan situation will depend on factors like credit score.

Interest Rates

With a personal loan, you can often choose between fixed or variable interest rates – an important factor for many people. With lines of credit, only variable rates are allowed.

Secured or Unsecured

Secured loans are those backed by collateral, meaning they allow a higher borrowing amount and lower interest rates. Unsecured loans have faster approval processes, but borrowing amounts can be lower and rates will be higher. Both personal loans and lines of credit can be either secured or unsecured.

Repayment Options

With a personal loan, you can choose between weekly, bi-weekly and monthly payment formats. You’ll pay a combination of principal and interest. With lines of credit, you only pay interest on the amount you use – not the entire line of credit. However, every cent you borrow must be repaid by the end of the term, or you face harsh penalties. To learn more about personal loans, speak to the brokers at Loans for Less today.

Big Questions to Ask Before a Title Loan

Written by Seo Werkz on . Posted in title loans salt lake city

At Loans for Less, our car title loan options are perfect for people in a variety of situations. Whether you need a little extra cash for an emergency, for a bulk purchase or for any other reason, our brokers can get you the perfect loan setup. We don’t pressure our clients into title loans, however, and we encourage everyone who comes through our doors to take careful financial stock before pulling the trigger. Here are a few important questions to ask yourself before taking out a title loan.

Do I Really Need It?

Title loans are great when you’re in true need of those extra funds, but if there’s any flexibility here, you should consider your situation. Interest rates are higher for title loans than most normal loans, which means your need has to be worth this additional risk. Will not having this money have legitimate, possibly severe effects on your daily life or a specific area of your life? If so, take the proper precautions and proceed. If not, perhaps consider some of your other options.

Other Options?

You should also stop to consider whether this is your only outlet for finding the funds you need. Again, your risk is high in a title loan – could you get that same money on a personal loan from a friend or family member? Could you consider contacting your credit union about a small-dollar loan for a better interest rate? These avenues aren’t always open, which is why title loans are here for you, but exploring them can’t hurt.

When Can I Pay It Back?

You also need to take realistic stock of your finances, and figure out when you’ll really be able to pay off the loan. Is it realistic for you to pay it in time, or could you be facing a massive balloon payment that you can’t afford just to keep your car under your name? Know your interest rate in advance, plus how often you’ll be able to roll the loan over if needed. Do all this math well in advance so you’re prepared for all financial realities. Want to learn more about any of our cash loans? Speak to the brokers at Loans for Less today.

Important Questions to Ask During the Title Loan Process

Written by Seo Werkz on . Posted in Company Updates

Receiving a title loan is a less complex process than nearly any other type of loan, and at Loans for Less, we’re here to get you out the door with the cash and rate you need for your financial situation. Despite the process being simpler than many other kinds of loans, there are still several important questions you want to be asking as you get started. Here are a few of the most important things to be asking about, whether it’s a title loan, signature loan or personal loan.

What’s the Annual Interest Rate?

The typical rate on a title loan is 25 percent, but this is a monthly figure – it’s not the same as your credit card, which charges interest rates annually. This same monthly figure would equate to 300 percent annually. Title loans have higher interest rates than most other formats, so don’t allow yourself to be confused by the time period being used for the interest format.

What Fees Are Charged?

Some lenders will also charge additional fees on top of the interest rate, and others will require that you purchase loan insurance. Some may even try to charge repossession fees if this ever happens, even though this is illegal. Make sure you know well in advance what sort of fees you might be open to, and make sure they’re documented carefully.

Is There a Forced Arbitration Clause?

Because there are occasionally shady dealers in this industry, you need to be careful. A forced arbitration clause is a contract some lenders might try to get you to sign, and it will waive your right to take any disputes before a judge. If possible, try to never sign one of these agreements – you’ll be wide open to several unscrupulous practices.

What Are the Guidelines for Early Payments and Rolling Over?

Lenders want to make money, and the primary way they do this is through interest. For this reason, some may institute penalties for payments that come too early, before enough interest has been collected. If there’s any chance you’re planning to pay early, make sure this isn’t the case. In addition, find out the guidelines for if you’re behind on payments and need to roll over further. This will damage your credit and finances, but there are lenders who will work with you to limit the damage – while others might place a limit on how long or how often you can do this. Want to learn more about title loan questions to ask up front, or any other loan services? The brokers at Loans for Less are standing by.

Alternative Ways to Get Out of Title Loans

Written by Seo Werkz on . Posted in Uncategorized

No one takes out a loan without planning to pay it back, but as we all know, things happen. Maybe an emergency rears its head, or maybe you lose a source of income during your repayment of a title loan – at Loans for Less, we understand that not everything in life happens exactly as scheduled. Coming up late or short on car title loan payments can be damaging to finances, but there are a few options at your disposal for getting things paid off in an orderly fashion without getting into too much trouble. Here are some tips.

Paying it Off

By far the simplest and most preferable option, of course, is simply paying the loan back on time. Some lenders may drag their feet if you pay the loan off too early, so if this is a possibility, lay it out up front and find out what your options will be. In cases where you don’t have the funds immediately on hand, you could also look into selling the vehicle to free up cash flow.

Refinancing

Converting the title loan into a different kind of loan is another approach if you’re short on cash. If you qualify for a basic fixed loan from a bank, this will often come with a much lower interest rate and lower payments than your title loan – you can use the money to pay off the title loan and avoid the repossession of your vehicle. If you’re having trouble finding a good loan, visit smaller banks and credit unions.

Negotiation

There are many situations where your lender will work with you – they want the money to be repaid just as badly as you do, after all. You might be able to lower your payment in exchange for a longer loan term, or lower interest rate in exchange for other concessions. This may damage your credit in many cases, but that’s often preferable to getting your car repossessed.

Default and Bankruptcy

Defaulting on a loan is when you stop paying, and this is the last of your options – it will damage your credit and potentially lose you your car. There are situations where simply surrendering your car might be the best option. There are also situations where bankruptcy will get you some relief from certain title loan debts. Want to learn more about title loan repayment tactics, or any of our other services? Speak to the brokers at Loans for Less today.

Understanding the Steps in the Title Loan Process

Written by Seo Werkz on . Posted in title loans salt lake city

A big part of the appeal of car title loans and personal loans is their speedy nature. The ability to get quick cash for an emergency or other immediate expense is a big deal to many people, and at Easy Title Loans, we’re here to get you the best deal possible on a title loan while also respecting the demands on your time. For most people, this means following a basic, tried-and-tested step-by-step process to getting your title loan approved and ready to go. Let’s look at these basic steps to get you ready for your next application.

Inspection

The first step of any title loan process is the valuation of your vehicle as collateral, which mostly takes place through a basic inspection. All relevant value items will be examined by the lender’s technicians, from functionality to appearance. Just to save a bit of time, make sure in advance that the location you’re going to for a valuation accepts title loans for your make and model of vehicle – some may have restrictions.

Processing

While your car is being inspected, you’ll fill out some brief paperwork to make your application official. This application will be considered, along with the value of your car and any other relevant factors – including your credit history, income situation and other financial elements.

Instant Lending Decision

On the spot, you’ll be able to get your verdict. You’ll be told whether you’re approved or denied for a particular type of loan, and you’ll be told the maximum loan amount you’re eligible for based on the value of your car and other factors. This is the point where items like interest rate and loan term will be ironed out and finalized.

Signature, Drive Away

When the paperwork is signed and ready to go and the title has been appropriately transferred, that’s the end of it – you’re ready to drive off with your new cash and get back to your life. You’ll now have a repayment to consider, of course, but you’ve gotten yourself some of the speediest and easiest cash possible with little to no hassle. To learn more about our title loans or any of our other loan programs, speak to the brokers at Easy Title Loans today.

Common Title Loan Mistakes

Written by Seo Werkz on . Posted in title loans salt lake city

For many people in need of a bit of quick cash, car title loans are the perfect way to go. A title or personal loan is a great way to get a quick bit of financial flexibility. At Easy Title Loans, we’re here to get you the best rates and the most hassle-free access to this quick relief. At the same time, we have to caution our clients against rash decisions – there are a few big mistakes you can make in the title loan game which can turn out very badly for your finances. Let’s look at a few of the most common.

Loan You Can’t Repay

It sounds obvious, but many folks simply don’t think a title loan situation through before entering into one. Some simply assume they’ll have more money later on, but don’t really think about how that will ever happen. In some other situations, borrowers are lured in to a ridiculously high interest situation which makes repayment very difficult. Pay attention to exactly the deal you’re entering, and don’t bite off more than you can chew – remember that your vehicle is up for collateral here, and you could lose it if you can’t repay the loan in time.

To Pay Another Title Loan

It may seem simple to take out a second title loan to repay the first if the deadline is coming up, but this is a vicious and eventually painful cycle. Before long, you’ll have multiple lenders blowing up your phone and knocking on your door. Many people who attempt to pay loans using other loans quickly end up in bankruptcy. With car title loans, only ever take out one at a time.

No Research

Many people do very little research with a title loan, simply looking for that quick cash. This can be a huge mistake – as we mentioned above, you could get duped into a huge interest situation, or something similar. Different states have different laws for title loans, and you need to be up to speed on these. Most of all, you need to research reputable vendors and favor their services wherever possible. We’re one of these at Easy Title Loans, and we’re here to serve all your title loan needs. Speak to one of our brokers today to learn more.

Common Car Title Issues

Written by mrcash on . Posted in title loans salt lake city

A car title loan from Loans for Less is a perfect way to get you a little financial breathing room when you need it, and we have a wide variety of affordable options available. There are very few hassles or extra details associated with this process, and you can get the quick relief you need as long as you have the proper equity in your car. That equity starts with a clear and clean car title, however, and this is an area where a few folks occasionally run into some issues. You need to be the titleholder of a car to apply for title loans, but there are a few potential issues here. Here are a few of the most common title issues to be aware of.

Title Fraud

Title fraud is unfortunately a common issue in the used car business, and part of the reason you need to take care you go through a reputable vendor. The previous owner of a car, or often a shady dealer, will clean the title history of the car to hide issues – major repairs and big problems, usually. This is typically done to artificially inflate the value of the care for resale, but it’s a crime. If you’re purchasing a used vehicle, be sure to do due diligence.

Improper Transfer

This is usually a paperwork or details issue, but there are times where the title transfer is done improperly. In most cases this won’t be a huge issue so long as both sides are amenable, but again, beware of shady people. In some cases, you’ll have to get a court order to handle the legal side of a transfer if it’s done incorrectly the first time.

Lost Title

The title is a physical piece of paper, so be sure to keep it safe and secure. State motor vehicle offices keep these records, so all it will cost you if you lose the title is a hassle, but there might be other instances where you need proof of ownership of your vehicle

High Loan Rates and Repossession

A title loan is a great way to get some flexibility, but mismanaging repayment can cause issues with your title. Loan rates are high, so you need to be sure you can repay the amounts or risk a tough process getting your title back. Also, if you’re forced to roll over your debt too many times because of failure to repay, you might be at risk for repossession of the car entirely. To learn more about how to avoid these problems, or about any of our signature loans or other programs, speak to our experts at Loans for Less today.

Basics to Know Before Applying for Title Loans

Written by mrcash on . Posted in Uncategorized

For people in need of brief financial assistance or quick cash for an emergency, a car title loan is a great option. At Loans for Less, we’re here to help you capitalize on any equity you may have in your car to get you a great rate to help boost your financial flexibility. Title loans are much easier and simpler than many other types of loan, but this doesn’t mean there aren’t still several things to keep in mind and be diligent about. Let’s look at a few basics to be aware of before you begin the process.

Car Condition Matters

When you receive a title loan, you’re borrowing against the value of your car. As long as you owe less on the car than its current value, you have equity in the car which you can capitalize on for the loan. It stands to reason, then, that the condition of your car will matter a great deal. The better it is, the more your car is worth and the more you can likely get back in a title loan.

Short Repayment Period

Keep in mind that while several details of title loans are indeed much simpler than most other loans, there are trade-offs. Title loans have much shorter repayment periods, so you won’t have as much time to recoup the money – which is fine in most cases when you’re just using it for an emergency or brief financial flexibility. It’s still good to remain aware, though.

Clean Title

You can only take out a title loan on a vehicle if you are the clear and clean titleholder for that vehicle. If you still owe too much money on the car and the title remains in the name of your original lender, there’s a chance you won’t be eligible.

Rollover

There are practices in place for if you’re unable to repay the money in the short window, and this is called rollover. The debt is carried forward to a future date, but again, there’s a trade-off here: Your interest rate will increase every time you have to roll a title loan debt over. Make sure you’ve planned out your finances well enough to avoid any crippling recurrences here. Want to learn more about this or any of our personal loan programs? Speak to one of our brokers at Loans for Less today.

Tips for Paying Your Title Loan Off Early

Written by mrcash on . Posted in title loans salt lake city

So, you’ve got yourself a car title loan from Loans for Less. You’ve used that cash for a pressing need or emergency expense, and any crisis has been averted. Well, now it’s time to pay your loan back. A default could lose you your car or cause a number of other problems – how do you make sure you avoid that? Better yet, how can you get things done ahead of schedule and provide a boost to both your finances and your credit score? Let’s look at a few simple tips for paying off your title loan earlier than expected.

Round Up Payments

Let’s say your scheduled monthly payment is $68.99, just for example. If you can round that up just a little to a round figure, say $75 or even $100, you could be making much more headway than you think. That little bit of extra per month will chip away slowly at your total interest, and after several months, you’ll all of a sudden find yourself with a much smaller amount – despite paying what seems like a trivial extra amount each month.

Don’t Miss Payments

It may sound obvious, but the downsides of missing payments in a personal loan situation can be extreme. In the case of title loans, any serious delays in payment may cause you to default on you loan, which would in turn lead to you losing your car. Plus, even if you manage to avoid default, missing a payment will raise your interest and the eventual amount you’re forced to pay off.

Make Extra Payments

If you’re scheduled to make payments monthly, but you think you have the flexibility to do so more often, make it happen! There are also ways to split up your payments in ways that allow you to contribute a little extra every now and then without putting a major financial strain on yourself: Instead of a $400 payment once a month, try paying $100 once a week – for months with five weeks or close to it, you’ll end up paying a little extra without causing a major dent in your pocketbook.

One Big Yearly Payment

If you can afford it, a sizable chunk once a year can go a long way. It can knock out a big portion of interest, and may even get you far enough ahead to feel comfortable paying down other debt simultaneously. At Loans for Less, our experts are standing by to assist you with all your personal and title loan questions.

Key Title Loan Terms to Know

Written by mrcash on . Posted in title loans salt lake city

A title loan from Loans for Less can be a great way to get you or your family a little extra cash for a special need this time of year, but it’s important to remember that the loan process is both technical and detail-oriented. No one is requiring a PhD in rocket science to take one out, sure, but going in for a car title loan – or any kind of personal loan – totally unprepared is a recipe for financial disaster. A knowledge of basic terms is a great place to start. By knowing simple terminology and how to talk about your loan in the right way, you’ve already taken the first step toward getting the money you need without any hidden downsides. Here are a few common loan terms to be aware of:

Collateral

Collateral in any loan is simply what you promise to give the lender if you end up unable to pay back the terms of your loan. In the case of car title loans, the vehicle is the collateral. Now, because of the relative ease in locating a car – it’s not like you’re going to hide it under the bed – this usually doesn’t mean you have to actually give up your car to your lender the moment you take out your loan. Some lenders may install GPS systems or other ways of tracking, but even this is rare. Normally, you’re simply at risk of having to give up your car only if you fail to repay your loan appropriately.

Lien

A lien is the legal document that makes the collateral the property of the lender. Effectively, the lender owns our car until you pay off the loan – though again, you’ll almost always be allowed to continue driving it.

Defaulting

Defaulting on a loan means you broke the loan agreement: You skipped or were very late on a payment, or you simply stopped paying altogether. This is a bad word to be hearing if you’ve taken out a title loan, or any loan.

Principal/Interest

The principal is simply the original amount you borrowed from your lender, not including any interest or fees. Interest is the amount of extra money it costs you to borrow this money. Interest is determined by either annual percentage rate (APR) or, in cases where your term is shorter, monthly interest rate.

Balloon Payments

Balloon payments are made at the end of the loan term, and can be larger because they’re comprised of both your remaining interest and your principal loan amount. In some payment structures, you can avoid balloon payments with proper planning.

Rolling Over

Rolling over involves taking another month on your loan after the original period. Most lenders are happy to restructure loans like this, though some will place a limit on how many times you can do it. Got the basics and ready to learn more? Our brokers at Loans for Less are standing by.