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.

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.

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.

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.

There are many ways to get money quickly when you’re in a bind, but perhaps the simplest is using a personal or signature loan. These require no collateral, typically have low interest rates, and can be completed quickly to get you the cash you need. For signature loans, the name is the reality – all you need to get your cash is a signature. At Loans for Less, we offer a full range of personal and signature loans for people who need quick cash. What are the specific benefits of a personal or signature cash loan? Let’s take a look.

Flexibility

Signature loans and personal loans are meant to get you some quick cash with as little hassle as possible. You’re not putting up your car, your house or any other collateral, and there’s no requirement for how you spend the money you receive – you have complete control over how it’s put to use. Personal and signature loans do require solid credit since there’s no collateral involved, but those who qualify are opened up to a new layer of temporary financial freedom. These loans can allow you to clear some debt, make a large but necessary purchase, or make a one-time emergency payment.

Lower Interest Rates

Because there’s no collateral and these loans are based on credit alone, interest rates are generally far lower than other kinds of loans. Their terms are usually shorter, which means your monthly payments might be higher than other kinds of loans, but you won’t be forking over tons of extra interest to get the cash you need.

Fixed Interest Rates

Perhaps even more importantly for people who struggle with finances, most personal and signature loans come at fixed interest rates. This means your rate can’t change regardless of how much you spend or repay on the loan, a very big deal for some people who can’t afford any month-to-month variability in their spending habits.

Can Improve Credit

In many cases, a personal or signature loan can actually improve your credit. Interest rates on these loans are often lower than most credit cards, and people who have run up a high credit bill from one or two large bulk purchases can use personal loans as a way to increase the amount of credit they have available. Because credit utilization is such a big part of what goes into your credit score, this can help the score go up in many cases. To know more, or you are interested in a personal, signature or car title loan contact Loans for Less today, where our friendly and professional staff are standing by to assist you.

Are you struggling financially right now? Sometimes life takes a toll on you and you wish there was a way to make some fast cash. Whether you’re having trouble paying an unexpected bill or your expenses have grown too much, you can relieve your stress with car title loans. This type of loan is one of the most effective ways to get quick cash. Here is a look at benefits of car title loans.

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.