Payday Loans and Fast Cash Guide

Title Loans

Title loans are a great way to get fast cash.  They certainly have their risks, but title lenders are renowned for the speed that they can get you cash in.  Some auto title loans will get you the money that you need in minutes.  You read that right, minutes!  All you need is to own your car and have it paid off to qualify for a fast cash auto title loan.  There isn’t a credit check involved, and sometimes you don’t even need to show that you have a job, so no credit check loans are certainly available.

Auto title lenders have come under scrutiny as of late for their lending practices.  They were regularly lending amounts of money that the borrower would have no chance paying back within the term.  Part of this blame has to be put on the people borrowing the money, the title lender was doing their job and lending money, the borrower shouldn’t have agreed to accept a car title loan that was so far out of their means.  With this in mind, don’t fall into this trap.  If they offer you a ton of money and you only need a part of it, only borrow a part of it!  If you can’t handle that kind of responsibility, you should look into a payday cash advance.

How Title Loans Work

You can get a fast cash loan for your car title by finding a lender in your area that offers fair rates and has good business practices.  They’ll evaluate the price of your car and offer you a loan based on your cars value.  Usually, the max loan that you can get is 50% of the car’s total value.  Some lenders (especially here in California) have a minimum value that a car must be in order to get a loan, usually more than $5000.  This doesn’t mean that you’re out of luck getting car title loans if you drive a hooptie, you just need to shop around and find a lender that doesn’t have the minimum.

In order to get approved for your car title loan and get cash fast, you’ll need to be able to prove your identity (driver’s license), an extra set of keys to your car, and a copy of your car’s title.  Some lenders have programs that help people who don’t have a copy of their title.  Be sure to check your glove box thoroughly before deciding that you don’t have a copy of it, since that’s where it usually hangs out.

The Risks Of Car Title Loans

A title loan is certainly not without its risks, and these risks are pretty great.  It’s almost too easy to get approved for a title loan and many people fall into the trap and end up losing their car and a lot of money.  Since a car title loan is a secured loan, your vehicle is the collateral to back it up.  This means that if you don’t pay the loan back, they own your car.  So not paying your loan means that you lose your ride.  In some states, they don’t even have to give you the money they get from selling your car!

The title lenders know that lots of people aren’t going to pay their loan back, and they build this into their business model.  They make almost as much money repossessing cars as they do in interest and fees on the loans.  They take repossessing cars very seriously, and one title lender in Arizona went as far as to install GPS trackers into the cars so that they could find them if they needed to be repossessed.

Don’t let these scary thoughts turn you away from title loans.  If you’re responsible about the amount of money that you borrow and are diligent about paying it back, it’s a very viable option for getting fast cash.

My Title Loan Story

I had lost my job and had started a new one a few weeks later.  My first paycheck hadn’t come yet from my new job and I was stuck without money or proof of employment.  The only place I could turn was a title lender that didn’t require employment.  I was able to get about $600 and was able to pay it back without problem.  After reading the fine print on the loan, I’m very glad I was able to pay it back.  Without my car I wouldn’t have been able to get to my new job!  Viva fast cash!

Thanks for reading!

-Lydia

Car Title Loans

Car Title loans really do come in handy when you’re broke and there’s no where to turn. Car title loans has always helped me to get the money, I needed and I know they will help you too. They help you find the right loan that is right for you. All you have to do is fill out the 3 minute application online. Nobody wants to be broke and have to wait until the next paycheck comes around. The best thing you could do is get a easy title loan give them your pink slip and you’re on your way. It’s the end of the month and you broke from paying bills and making payments on those credit card bills. The best thing to do is get a title loan because they are simple to get and you don’t have to worry credit checks. I have applied over the internet for title loans and I was happy to get the amount of money I needed and they were very fair and I was able to get the cash on the spot there was no waiting, within 15 minutes I was out the door and didn’t have to worry about complicated loans.

I really loved how they came to my rescue I was out of money and needed cash fast, other loan companies wanted to do a credit check and they charged very high interest rates. They also have good customer service and they make sure your needs are met I needed to borrow $300 but I qualified for $250 the salesperson called her manager and I was able to get the $300 that I needed they were really understanding. I would definitely recommend title loans to my friends and family members because of the very low monthly payments and if you have problems paying on your due date they will work with you and extend your payment if they have too because they really work with people who are struggling to make payments. If you get turned down by other loan companies title loans is the best place to go.

When Are Auto Title Loans The Best Choice?

Auto title loans are a great way to get cash fast.  They can offer much more money than a payday cash advance does, and the approval process is much easier.  What this means for many people is that they’re lent more money than they can afford to repay, and they get themselves into trouble.  I’m not going to tell you that you shouldn’t use pink slip loans to help you out, but I’ll show you a few things to consider before you sign on to accept the loan.

The major advantage of an automobile title loan is that it’s the easiest bad credit secured loan available.  You don’t need to own a home, or have any other sort of collateral.  Your car is your meal-ticket.  Another upside is that in many cases you don’t even need to be employed.  This is one of the few loans for unemployed available.  The loan still has to be paid back, and that can be hard to do without a job, but we’ll talk more about that later on.

How Do Auto Title Loans Work?

Before digging into when you should choose title loans, we should back it up and give a quick explanation of what they are and how to get them.  Put simply, a title loan is a secured loan (a loan with collateral) that doesn’t require a credit check.  You need a car that’s paid off, the title, an extra key, and proof of who you are.  You’re lent money based on how much your car is worth, and you can usually get up to 50% of its total value.  Some lenders have a minimum amount that they’ll lend, cars with a minimum value of $5000, this is more common here in California but almost non-existent in states like Arizona.

After you’ve been approved for a pink slip loan, you’re given terms of when to pay it back.  Some loans are short-term, like payday loans, while others will give you a few months and a payment plan.  If you have a choice, go with a longer term loan.  It’ll probably carry a higher interest rate, but the smaller payments will be much easier to swallow each month/week.

If you don’t pay the loan back you’re in trouble.  You many have terms that will allow a short grace period, with very high fees, to get the money together.  Title lenders build their business around repossessing and selling cars.  This means that there isn’t going to be any hesitation on their part when it’s time for them to take your car.  In some states they aren’t required to pay you the difference between what your car sold for and what they were owed, so you could end up losing big!

Still Want A Title Loan?

Of course you do, or you wouldn’t have read this far down!

Like I said above, title loans are a great resource for getting fast cash.  The key is being able to pay it back.  Many people get in trouble because they borrow more money than they’re going to be able to repay, this makes them doomed from the time they sign the paperwork.  It isn’t the title lender’s job to be your financial adviser, so you can’t rely on them for solid financial advice.

Let’s run through a scenario to help you understand how this works.  For the sake of the example, let’s say that your refrigerator broke and you have to buy a new one, a $750 expense.  You make $500/weekly at your job, or $2000/month before living expenses are deducted.  You’re offered a $1000 loan from from the title loan company, to be repaid 30 days from today at the rate of $25 per $100 borrowed (a common rate).  From the start, you’re in trouble since you’re about to borrow $250 more than you needed.  That extra $250 is going to cost you $61.50 in interest!

To repay your loan, the total amount due is going to be $1250.  Basic math tells us that you’re only going to have $750 left from your month’s salary to cover the rest of your living expenses, or $187.50 a week!  That’ll barely cover food!  If you would’ve only taken the amount of money that you needed, you would end up with $265.63 each week, that’s much easier to swallow!

The lesson here is to only take what you need, or you’re going to pay them interest on money that you would have had in the first place!

When Are Title Loans The Best Choice?

Title loans are the best choice when you need money and will realistically be able to pay it back.  People who don’t have a job don’t have a lot of places to turn for a loan, and pinkslip loans are certainly an option.  The only thing that you must remember is to not bite off more than you can chew!  You’ll lose your car and a ton of money!

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