How Much Does A Title Loan Really Cost You?
Car title loans are often taken out by those who need emergency cash right away, and often the consumer finance companies who offer them have catchy slogans about getting cash quickly or borrowing a certain amount. Unfortunately what most borrowers don’t find out about until too late is just how much a title loan is going to cost them.
Title loans can have very high finance charges from interest rates to administrative fees, and borrowers who can’t pay them off right away can end up paying back 5x or more what they borrowed. That’s why title loans or payday loans should never be used unless you truly have no other options. But if you are going to use a title loan, you’ll need a title loan calculator like the estimate calculator at TitleLoanser.com
to figure out the cost which can be done using a few guidelines.
Know Your State’s Title Loan Laws
Most of the laws on car title loans are dictated by the states, although the Consumer Financial Protection Bureau at the federal level does have a few regulations as well. Many states don’t allow title loans within their borders, and others have tight regulations on them. Others are very loose with how they regulate them, although you can usually find laws on the following things:
- Maximum interest rates or finance charges a title loan lender is allowed to charge
- Laws on disclosing all the payments a borrower will need to make to pay off the loan
- Laws on ensuring the borrower has sufficient enough income to make the payments
Some states also have laws on how long a title loan can last, and how many times it can be rolled over. This too impacts the cost of a title loan.
Make Inquiries About Interest Rates As They Would Appear Annually
You need to make sure you get an accurate read on what a title loan is going to cost you. Before applying with a certain title loan lender, you should inquire with them about the interest you will pay. Make sure they aren’t giving you the monthly rates because those will usually be much lower than what your actual APR will be.
Some states do require the lender to disclose the actual APR
, and if they don’t, you may want to report them to your state’s finance regulation office. But just make sure you do not rush to sign any title loan agreement until you know all the charges involved and use a title loan calculator to find out your total cost. Also be aware that your payments can be affected by laws requiring the principal to be amortized.
General Interest Rates That Title Loans Come With
Usually the magic number you hear about title loans is a 300℅ APR, which means if it took you a year to repay a $1,000 title loan it would cost you $3,000 plus lender fees. But they can sometimes have interest rates as high as 1,000℅, so be very careful who you are borrowing from. Instead of using a title loan to get fast cash in minutes, you may be better off seeing if your bank or credit union offers a small dollar emergency loan service, or see if friends or family would loan you money. If you do have to use a title loan, make sure you can repay it as soon as possible.
Lost Your Job and Need Cash Today? Try These Fast Money Options
Losing your job can be stressful, especially if you are dealing with unpaid bills. There is no way to describe the feeling of hopelessness when you can’t make ends meet. Thankfully, there are options to help you overcome a temporary financial setback.
How to Get a fast Money Loan Without a Job – Personal Loans
You may have heard of payday loans. What you might not know is that this type of loan can be easier to obtain than other traditional loans. You can receive money immediately by meeting a few simple requirements.
Need Cash Now Online Sidebar requirements for loans
Some payday loan providers will require you to have a job. Others may only require you to have collateral that can be used to secure your loan. This can be any item of monetary value such as a television or gaming system. In each case you will need to have a valid checking or savings account. Your loan payments will be debited right from your account.
A cash advance or payday loan is also going to require that you can provide proof of your identity. You’ll need a valid social security card and some type of government-issued identification. The minimum age for obtaining a payday loan in most cases is 18.
Getting approved for a payday advance loan is not as complicated as you might expect. The application is simple to fill out, and you’ll usually have a decision in a matter of minutes. A few references will usually be required before your loan can be granted.
Remember, it is very important that you make your payday loan payments on time. Failing to do so will likely disqualify you from getting a payday loan in the future, and you could also be taken to court for your outstanding loan balance. Your collateral will also be forfeited.
Other Creative Ways to Raise Cash
The key to raising money quickly when you need it is to be creative. You can begin by thinking about things you may have lying around the house that you no longer use. These items can be placed in a yard sale or in a consignment shop to raise money.
Many sites on the Internet will allow you to post sale items for free. To sell your items quickly you will need to make sure they are priced correctly.
If you have certain skills like writing or graphic design, work as a freelancer can be a great way to earn extra cash. There are many platforms online that will allow you to advertise your services. To get the best results as a freelancer you need to assemble a portfolio of your work that can be shown to prospective clients.
Do you know how to take photographs? You can earn quick money by offering to take photos for friends and family. Many people are looking for a photographer with good skills to shoot family photos. This way of raising cash only requires the good camera that you probably already own.
As you can see, quick cash loans and other options exist if you have lost your job and need money today. Don’t be discouraged. A cash solution is available for you.
Personal Loan Statistics 2017-2018
As the pockets of wealthy Americans continue to inflate, working-class citizens’ hard-earned stores of money consistently trend downhill, further and further widening the gap of income inequality. As such, many United States citizens find themselves in desperate need of money, unable to meet monthly bills and other obligations. The United States of America is filled with personal loans statistics, most commonly in the form of title, flex, and payday loans. Many disadvantaged people get caught in the seemingly never-ending cycle of personal loans, forced to pay large portions of their paychecks towards outstanding balances week after week, firmly solidifying low income perpetuity.
Let’s look into four personal loans statistics that you might find surprising, interesting, or eye-opening – hopefully you feel all three.
Experian held a web-based seminar earlier this year, in early January, 2017. One of the three leading credit agencies in the United States, Experian’s analytical expert Kelley Motley delivered some shocking statistics. Lo and behold, this statistic deals with the poverty cycle, perpetuated by personal loans. Research indicated that about 5% of those who had recently paid off an existing personal loan in the past few months had actually opened new personal loans. Similarly, of those 5% who can’t seem to get away from the financial dangers personal loans carry alongside them, over two-thirds opened personal loans at the same company in which they recently settled an old, outstanding balance.
In theory, personal loans are intended for emergencies only, as their high interest rates result in exorbitant financing charges. However, these statistics indicate that the “personal loan cycle” is real, as these loans cause emergencies from their interest, causing people to take out additional personal loans to cover debt from the first loan.
The National Center for Education Statistics accurately estimated that 20,500,000 students would attend United States postsecondary institutions. More high school graduates in American schools are immediately enrolling in college following secondary school graduation.
Recognizing the potential benefits of attending a postsecondary university for a bachelor’s degree isn’t difficult, although it seems many college graduates hadn’t thought out their academic plans prior to enrolling four years prior. All in all, 44,000,000 Americans have student loan debt, totaling to $1,400,000,000,000. When averaged out per student, math shows that recent graduates of May 2016 owed about $37,000, which unsurprisingly raised 6% compared to last year. Students are likely to keep attending college in such large groups, somehow.
While we’ve firmly established the widespread, deeply-rooted prevalence of student and personal loans, financing agreements on new and lightly-used vehicles are rapidly becoming acceptable in our debt-filled society. In total, the United States of America is chock-full of auto loan debt, calculated at $1,160,000,000,000. Out of 1,062,100 car loans in this country, it averages out at $30,032. Seeing as all three of these figures continue to rise – and already have over the past five years, raising from a total of $750 billion to $1,160 billion – Americans are likely to increasingly make the bad decisions that are financing vehicles, rather than purchasing them with cash or trade-ins.
A poll conducted by reputable research group Gallup indicated that less than one-third of United States citizens actually kept budgets. That same poll suggests those making more than $75,000 annually are at the threshold of budget making behaviors. However, poorer people should be making budgets, rather than one with more money to spend, This is likely to result in more debt and worse overall financial position for American citizens.
Fast cash loans are an instant answer for those with bad credit
It can happen to anyone. Suddenly a financial crisis hits. It could be an unanticipated car repair bill that must be paid before the car is returned to you. An expensive utility bill during an extremely cold winter that must be paid in full. A health emergency. Or the rent or mortgage needs to be paid today and the money simply is not there.
Should expenses like these not be met immediately, late fees and interest payments could cause considerable additional expenses, not to speak of additional dings on a credit report.
But there’s a problem. You don’t have the financial resources to meet such expenses and certainly not to meet them immediately. More important, your credit rating is low so it is not possible for you to borrow the money from traditional sources. Yet you need the money as soon as possible. Even today.
Where do you turn?
The answer could be a fast cash loan.
What is a fast cash loan?
A fast cash loan is designed to help you get out of an immediate financial crunch no matter how bad your credit rating might be. It is easy to apply for this short-term loan — also referred to as a cash advance. So much so, that they are typically approved within an hour of the application being made. The loans are generally available in smaller amounts than those available from traditional banks.
Typically, these loans are available for a 14-day term and they can range up to $1,000.
They were originally developed to help those whose credit ratings are low and are unable to qualify for a traditional loan, but who need the funds instantly.
Who can qualify for a fast cash loan?
Applicants usually will not be denied a quick cash loan on the basis of a bad credit report. But other requirements are set by lenders to ensure that the loan will be repaid within the specified time limit.
Among the requirements that are usually imposed by lenders:
• Customers must be over the age of 18.
• They must have a steady income.
• They need an active checking account.
• In addition, most applicants are required to have regular employment and a steady source of income.
The amount of the loan is based on the applicant’s income.
In most cases, the loans are based on the principle that the entire amount of the loan will be paid when the borrower receives the next paycheck, which usually is in two weeks. In some cases, lenders will grant an extension, but the terms of fast cash loans seldom run more than 30 days.
Of course, applicants must agree to the repayment terms or the loan will not be granted.
How does a fast cash loan work?
Once the loan application is approved, a set amount will be made available to the borrower and the funds will be deposited into the applicant’s checking account. As a result, the funds will be available for use immediately.
This means that the rent can be paid on the last day before late fees kick in. Relief has come at the last minute.
Borrowers should be aware, however, that the full amount of the loan will be automatically withdrawn from the borrower’s checking account when the loan falls due. It is vital, therefore, that the borrower ensure that the money is in the account on that day. If it is not, additional bank fees and interest charges will be incurred, resulting in even more problems.
An ideal solution
Although they are generally for a fairly small amount, fast cash loans can make a considerable difference in the lives of those who suffer an unexpected monetary hit. Not only can such a hit be a financial setback, but it can also cause considerable stress and apprehension.
Fast loans can enable borrowers to recover their footing and set themselves back on the road to financial security without suffering additional expenses while doing so. They can be the ideal solution to an unexpected financial event or shortcoming.
Fast Cash Loans Vs Installment Loans Vs Title Loans Vs Lines of Credit for Quick Paydays
Faster Cash Can Help You Secure A Loan Immediately
Millions of customers have successfully chosen Faster Cash as their primary quick cash loans lender. Faster Cash is an online lender that offers solutions to customers throughout the United States. Faster Cash is aligned with Enova International, Inc. Faster Cash strives to use successful lending practices.
People can fill out an application within minutes and receive an immediate decision. Be aware that this application does not harm your credit score. If you are approved, you will receive your money as soon as the next business day.
Faster Cash strives to offer excellent customer service. The customer service team is available seven days a week to assist you as needed. There no hidden fees. Once you have completed the application and been approved, all of the terms and payment structure will be available for you to view before you sign. Faster Cash uses secure online technology so that you do not have to worry about whether your quick loans information is at risk. Faster Cash’s technology has been verified by Norton Secured and McAfee Secure.
Faster Cash offers online payday loans throughout different states. The loans are normally short term and unsecured. The types of loans that are available, terms, and amounts will vary according to where you stay.
Faster Cash offers installment loans as well. Installment loans are normally for large amounts and require a longer pay back period. All installment loans are paid back in multiple installments. Be sure to choose the shortest repayment period so that you can comfortably make your payments. To qualify for an installment loan, you must be over the age of 18, have an employment history, an active checking account, and be a United States Citizen.
Line Of Credit
You can also apply for a personal loans and personal lines of credit that allows you to borrow funds with your own personal payment plan. While you’ll have to make a minimum payment every billing cycle, you can make your payments quickly to reduce the amount of interest, or you can space out your repayments by paying the minimum amount. To qualify, you must have an active email address and a valid driver’s license, in addition to the other minimum requirements. Faster Cash does not offer fast cash loans for bad credit or lines of credit.