For people in need of a bit of brief financial flexibility, car title loans are often the way to go. At Loans for Less, our simple title loans allow you to walk out with that extra cash you needed with limited hassle. What are some factors you should be considering as you search for a title loan? These loans aren’t without risk, and the right considerations can go a long way. Here are some tips for important factors to keep in mind.

Annual Interest Rate

Most title loan interest rates will be calculated on a monthly basis, but this likely won’t line up with other forms of debt you’ve had in the past. Most of these areas use yearly interest rates due to the longer lengths of their loan. This confusion can be costly if you get it wrong. A credit card with a 20 percent interest rate yearly isn’t so bad, but a title loan with a monthly interest rate at the same level will have much higher payments. Make sure you’re aware of which rate is being referenced before you sign anything.

Forced Arbitration

Some title loan lenders are less than reputable, and these folks will often require forced arbitration clauses – these remove your right to take any complaints or disputes from the loan in front of a judge. If a lender is confident in their ethical practices, there should be no reason they require this kind of clause.

Fees and Early Repayment

There may be other fees involved besides your interest rate, including insurance coverage in some cases. You could see origination fees, lien fees, processing fees and many others. Some may even charge a repossession fee in cases where repossession is necessary, even though such a fee isn’t even legal. Get all these details in advance, and in writing. In addition, find out what the lender’s policy on early repayment is. Some lenders will require additional payments if you finish the loan too early – this is to preserve the profits they would have seen from interest otherwise. But not all do, and if you think paying back early might be possible, be sure to confirm that it’s allowed without a penalty. Want to learn more about title loans, or any of our other loan programs? Speak to the pros at Loans for Less today.

There are several different short-term loans out there, and many people get confused between them. At Loans for Less, we offer everything from car title loans to personal loans to help you get that quick cash you need. What are the differences between personal loans, title loans and payday loans? Let’s look at each of these, plus clear up some common confusion from within the person loan realm.

Bogus Personal Loans

A common misconception is that a loan with no credit check and no collateral is a personal loan – this is incorrect, and in reality, this is a cash advance. We’ll discuss what both these options are in a moment.

Title Loans

Title loans, quite simply, are loans that allow you to borrow money for a short period of time using your vehicle as collateral. You sign over the title of the car at the time of the loan, though you’ll be allowed to continue driving it unless you fail to pay the loan back. There is no credit check required, and only minimal income verification. However, if you cannot pay the loan back appropriately, you risk repossession.

Payday Loans and Cash Advances

These are extremely short term loans, typically only a couple weeks. They require no credit checks or collateral, though on the flip side, they offer higher interest rates and fees.

Real Personal Loans

Real personal loans, also called unsecured loans or signature loans, come with interest rates ranging from 5 percent to about 30 percent, depending on credit. Terms range from 12 to 60 months, and the application requirements are stingier than for other types we’ve discussed – you complete an application, provide bank statements and pay stubs, and authorize the lender to view your credit report. Want to learn more about the different kind of short term loans we offer? Speak to the brokers at Loans for Less today.

Most people think of a car title loan as a great way to add a little momentary financial flexibility, but while this is absolutely a common use, it’s not the only one. Another popular use for title loans? Rebuilding credit. Credit is a vital part of any financial profile, and a high score is required for many kinds of conventional loans. Standards are relaxed for title loans, though, and this often offers the ability to use the funds from a title loan to bring a low credit score back up. How does this work, and which areas should you exercise caution in if you’re going this route? Let’s take a look.

Using it to Make Payments

The recent past is by far the most important time for a credit report, and using the funds from a title loan, you can make your recent history look a lot more impressive. A few large chunk payments toward big debts can raise your score almost immediately, and likely by more than you’d assume. There are even loan providers who allow you to pay back the borrowed money plus interest a year or two down the line – this gives you time to rebuild the credit score and get your finances in a good place before you pay it back. Now, let’s look at a few areas to be vary of if you choose to do this.

Cash Principal

If at all possible, try to avoid spending the cash principal – put it in a savings account for at least a brief period before using it, if you can. This will make your finances look better, which matters for a credit score. It will also make things easier on the repayment end.

Pay On Time!

Always pay back the borrowed amount on time, or even early if possible. You can roll a title loan over in most cases, but this will still require you to pay interest, which will only increase by the time you’re forced to finally pay.

Part of a Plan

Taking out a title loan is just one part of what should be a comprehensive plan for how you’ll rebuild your credit. It should include your credit report and the important factors therein, plus saving through whatever avenues possible to make payments and remove some debt. Consider altering expenses, and look for alternative sources of income wherever possible. Raising credit score isn’t necessarily easy, but with the right effort, you can make it happen. To learn more about car title loans or any of our services, speak to the experts at Loans for Less today.

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.

When applying for a car title loan, the quality level of your vehicle is a very important factor. You’re borrowing money using your car as collateral against the loan, so every dollar of extra value on the vehicle is another dollar you might be able to get in your loan. There are certainly other factors involved in this process, but the value of your car is one you have a good amount of control over. Here are a few tips for maximizing the value of your car before putting it up for a title loan.

Maintenance

Keeping your car up to date on repairs and maintenance is important for all vehicle owners, but especially for those looking to keep the car’s value high. Trade-in values often reflect the higher end of the pricing spectrum for any repairs you’ve left unfinished, and there’s a good chance you’re lowering the value of the car by leaving them. If you or anyone you’re close with is capable of making some of the repairs, that’s a great option to reduce your costs. Down similar lines, a trusted mechanic can be hard to find, but hold onto them when you do – a good deal here or there could go a long way to determining whether you’re in the red or the black when it’s all said and done.

Visual

Right or wrong, the appearance of a car has significant weight during the trade-in or title loan negotiation process. Body work like dent fill-ins and the like should be fully completed, and it’s never a bad thing if you get a chance to polish both the interior and exterior of the car. First impressions go a long way, as they say.

Tires

It’s common for people to neglect their tires as part of the resale process since many consider them separate or less important, but this is a mistake. Just like regular maintenance issues, most lenders will generally default to the higher end of the pricing structure for any repairs they have to make, so if you can get this done yourself (especially if it’s for a relatively fair price), you’re likely to come out on top.

Documentation

Perhaps most importantly, being able to show proof of your upkeep on your car is a huge deal. Uncertainty can cause lenders to lower the return price on the car, but there can be no confusion if you have documented records of all service completed. Want to know more about increasing car value, or any element of car title loans? At Loans for Less, our lending is fair and keeps your individual situation as the top priority. Contact us today.

Just like treatment expenses for a health condition that’s not covered by insurance, people can turn to loan agencies that offer topnotch title loans in Salt Lake City for financial emergencies,. However, with a loan comes the weight and responsibility to pay off the loan in full and on time. That in mind, personal finance writer Ben Feldman offers a few tips:

You may follow a strict budget to make ends meet perfectly from paycheck to paycheck. Unfortunately, the delicate balance of such a budget can be ruined by an unforeseen expense or emergency. When thrust into such a situation, many people try to secure a loan. However, getting a loan from a bank can be difficult and time-consuming due to all the documents a bank may require. The worst part is that a bank loan application is not guaranteed to be approved.