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Lender Factors to Consider

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

Making the decision to borrow money is never easy, and deciding who to borrow it from can also present some challenges. This is often the case when looking for a car title loan – at Loans for Less, we understand that you have to investigate your options. What are some of the questions you should be asking yourself (or a third party) about a company you’re considering using for a title loan? Here are a few of the big ones.

Is the Company Stable?

You’re using your car title as security for a loan, and as such, you should make sure the company in question is stable enough to enter into that kind of relationship. Certain shady dealers might flip in and out of business – look for a group like Loans for Less with an extensive history, and stability to back it up. We’ve been loaning money for over 19 years, with a great reputation.

Is the Company Licensed and Insured?

States that allow title loans have strict guidelines to ensure that providers keep your rights protected. There are also guidelines in place for loan processing times. Make sure you look for a company that has these proper licenses within your state and municipality, or risk major issues with your loan.

Are Loan Thresholds High Enough?

Different lenders will have different guidelines for how much they can loan, or how much they might be willing to loan in your individual situation. You may have to borrow from multiple sources in some cases, but if you find one lender with high enough thresholds, this might not be the case.

Will I Qualify?

Down similar lines, different lenders have different approval guidelines. Some require specific forms of income or credit, but most don’t. Find a lender that’s flexible enough to meet your needs. To learn more about the factors to look for in a lender, or for more information on car title loans, speak to the brokers at Loans for Less today.

Factors Involved in Title Loan Amount

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

A car title loan is one of the quickest ways to open up a little extra financial flexibility, so naturally, the precise amount you’ll be able to get from a title loan is a paramount factor. At Loans for Less, we loan up to 50 percent more with rates up to 70 percent less than the competition. What are some of the key factors that will influence the amounts you might receive from a title loan? Here are a few of the most prominent.

Clear Title

First and foremost, you need a clear car title to obtain a title loan. This is a relatively minor requirement compared to many other loans – title loans don’t require credit checks or several of the other thresholds you’ll normally have to stay on top of. You’ll usually have to show a pay stub to prove income, and little more.

Vehicle Value

Your vehicle’s value will be the largest single factor in a title loan’s value as long as your title is clean. Most lenders use the Kelley Blue Book value to determine the current fair market value of your vehicle.

Percentage of Value Offered

However, be aware that this does not mean you can borrow up to the full value of your vehicle on the loan. Lenders will typically only offer a percentage of the vehicle – usually between 50 and 55 percent in most cases. If you have a vehicle worth $5,000, you’ll likely only be offered a loan for around $2,500. The average loan amount for title loans nationwide ranges between $600 and $2,500.

State Restrictions

Title loans are not available in all states – there are over 20 states, in fact, who do not allow these loans. Those that do, including Utah, may place various restrictions or limitations on these loans, including fees or interest rate limits. Make sure you’re well aware of these before proceeding. For more information on title loans, speak to the brokers at Loans for Less today.

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.

The Many Uses for Car Title Loans

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

For a car title loan or personal loan, there’s no better stop than Loans for Less. Our loan experts offer low rates and professional advice on title loans, and our reputation and consistency have led us to over 19 years of high-quality service to Utah residents. Before you ever set foot in our office or give us a call to speak to one of our agents, though, you obviously will want to know why you’re in need of the quick cash we provide at Loans for Less. What are some of the most common expenses people use title and personal loans for? Let’s take a look.

Emergency

The most common need for fast cash is an emergency out of the blue. Maybe a family member is robbed and needs a little assistance with bills coming up, or maybe your pet becomes suddenly ill and needs expensive medication. No matter what the issue, a car title loan is a perfect way to fill that void.

Medical Expenses

For people with many different kinds of conditions, medical bills may seem manageable – until one day, they simply aren’t. Unexpected bumps are common for people who spend lots of time with the doctor or in the hospital, and they’ll often need a few extra dollars from a car title loan to make due.

Rent, Utilities or Other Home Bills

As you can see, we’re developing a theme here – immediate expenses that will cause immediate consequences if they’re not accounted for are some of the most common uses of title loans. Many items around the house can fall in this category as well: Everything from rent to sudden repairs can become a problem, and it’s rare that people have much leeway on these expenses before a serious event like eviction takes place.

Unemployment

Some percentage of folks will always be unemployed, unfortunately, and a title loan is a perfect way to stay afloat for a little while as you get back on your feet.

Funeral Expenses

Another sudden event that often leaves few alternatives is the death of a loved one, particularly related funeral expenses that will often come if the person was unable to leave any inheritance. At Loans for Less, we know that these and other financial struggles are sometimes simply unavoidable. Talk to one of our brokers today about a title loan to help you through a tough time.

Benefits of Getting an Auto Title Loan

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

It happens to the best of us—there comes a time in your life when something comes up and you need cash fast. Whether it’s an unexpected bill or you need cash for other expenses, car title loans are one of the greatest ways to get the cash you need quickly. If you are interested or thinking about a title loan, take a look at these benefits to car title loans:

Easy Access

Applying for a car title loan is fast and easy; you can either go online or make a phone call. The process is so simple you can be done in about 10 minutes. What’s even better is that you will typically get a fast response on your application and if approved funds could be picked up that same day.

You Qualify if You Have a Vehicle

You can qualify for an auto title loan whether you have a car, motorcycle, RV, SUV, or truck. These loans are based on collateral by using your vehicle’s title, not your credit.

Credit is a Not an Issue

If you are concerned about your credit or just don’t want to have an additional loan reported on your credit account, an auto title loan is known as a no-credit check loan and is based off of collateral – your vehicle’s title.

You Can Still Drive Your Car

Even if you get an auto title loan, you can still drive your car. The title is used as collateral in case you can’t pay the loan back. Once you make the final payment, the title is returned back to you. You don’t have to worry about how you are going to get around if you get a car title loan.

Cheaper than a Cash Advance

Auto title loans use your vehicle as collateral, and because of this, they have a layer of protection, so they don’t have to charge as high of interest rates.

Easy Repayment Options

Quick and efficient repayment options are offered. With these loans, you will have an upfront schedule, that way you will know when payments need to be made.

Alleviate Stress

Life gets hard at times. If you are going through a tough time financially, a cash title loan can help you get back on your feet. There is no reason to live with extra stress when you are in need of quick cash.

Preventing Identity Theft

Written by mrcash on . Posted in Industry News

Identity theft is a fast growing crime, and prevention starts with you. Are you doing everything you can to stop someone from taking your personal information? Once they have it they could use that information to open account or get loans in your name. Here are some simple and useful ways to help prevent identity theft:

Shred

Be sure you are always shredding documents before they go in the trash. If you can, keep a shredder nearby to dispose of personal information such as credit card and bank statements, or even credit card receipts. If you do not have access to a shredder make sure you are ripping up documents as much as you can before putting them in your trash.

Carry little information

When you are out and about, try to carry as little information as possible. You don’t really need five credit cards in your purse or wallet all at once. Avoid having your social security card and passport in your purse. In this day and age checkbooks are rarely used. If you don’t need to write a check, it is not necessary to carry your checkbook everywhere you go.

Limit the information you give out

It is important to limit the amount of personal information you give out. Several phone scams have been reported as a result of identity theft. Steer clear of providing personal information unless you have instigated the call or you are positive you know who you are dealing with. Think about if the person or company really needs you social security number.

Online shopping

Use caution when shopping online. Prior to submitting your personal or financial information through an online site, look for the padlock image on your browser’s status bar. Another thing to be mindful of is if the site uses https:// rather than https://, this will help you determine if you are using an authenticated website or not.

Keep tabs on your accounts

Make sure you are keeping close tabs on your accounts. Monitor your bank and credit card statements to be sure all transactions are accurate. The internet gives you access to your accounts 24/7 therefore, you can check your accounts as often as you like. If you suspect any suspicious activity contact your credit card company or bank ASAP.

Ways to Boost your Credit Score

Written by mrcash on . Posted in Info Articles

Nowadays having a good credit score is important; it can assist in lowering your borrowing costs and help you pay less for insurance. Sometimes it can even help you get a job! Lenders, insurance companies, and a number of employers use credit information to make their decisions. What is the best way to boost your credit score? Here are some things that those with high credit scores share:

Pay Bills On Time

Payments that are paid on time can provide a big increase to a person’s credit score. On the other hand late payments can significantly lower it.

Check Credit Report Frequently

Credit bureaus can sometimes make mistakes, so you should check your credit report at least once a year. This is vital in making sure the right information conveyed to the credit bureaus. Your credit score reflects the value of your credit record and a mistake could potentially lower your credit score.

Use Credit Sparingly

Try to use only a small percentage to credit available to you. Credit cards that are maxed out or have balances nearing a credit limit will lower your credit score. Those with a higher credit score will often receive lower rates for mortgages and other types of loans. They could also get lower premiums on some types of insurance policies. A higher credit score may also benefit you in your job search, as almost half of U.S. employers conduct credit background checks on applicants. If you have found yourself on the other side of things and need to improve your credit score there are some ways to do that.
  • Prioritize Extra Payments on Maxed-out Cards – when you have the money to pay down your balances, you should focus on the cards that are closest to maxed out. This will benefit your score the most.
  • Don’t Miss a Payment – If all you can afford to pay is the minimum payment, you are better off doing that than not making a payment at all. This way it is still counted as an on time payment.
  • Don’t Neglect your other Payments – Be aware of what accounts are being reported to credit bureaus and be sure you are paying on everything.
Whether you are just starting out with credit, need a little boost or want to maintain a good credit score, these steps may help that credit score stay in the green.