Archive for February, 2014

5 Reasons the Bank is Not Your Friend

Tuesday, February 18th, 2014

Many people immediately turn to a bank when they need to get a loan. However, getting a traditional loan can be a downright frustrating process. When you need quick cash, the last thing you want to do is deal with a mountain of paperwork or a laundry list of requirements. Frankly, banks do not care about your timeline – they work at their own pace. If you are looking for a way to get fast cash, you are better off applying for an online loan. By doing so, you can get your money in a day’s time and will not need to disclose every detail of your financial history. Read below to discover more reasons why the bank is not your friend.

Banks can complicate the loan process in several ways, including:

  • Lack of flexibility – Financial institutions are not concerned whether you have an urgent medical bill or home repair to address. They have a predetermined set of terms and conditions, so they rarely customize your loan. In addition, many banks do not give you the ability to pay at your own pace or even design your own payment plan. They believe loans can be “one size fits all,” but that is simply unrealistic.
  • Credit checks – Many prospective borrowers are immediately turned away due to poor credit. Banks perform credit checks in order to assess the risk of lending you money. If the risk is too high, your request will be denied. When you apply for a traditional loan, bank personnel examine your financial history with a fine-toothed comb. In other words, if you have poor or nonexistent credit, the bank is not your friend.
  • Tedious paperwork – Applying online for a loan takes a matter of minutes. In contrast, applying for a loan at a bank requires you to fill out a stack of tedious paperwork. Before you are eligible to borrow money, the bank wants to know specific details regarding your financial history. When you are in a pinch, you simply do not have the time to complete such a complicated process.
  • Long lines – It always seems as if everyone shows up at the bank at the same time. If you are experiencing a monetary shortfall, the last thing you want to do is wait in a long line, because you clearly need to deal with more pressing matters! Avoiding the bank also means you can avoid other patrons. An online loan application allows you to submit your information from any computer, tablet, or smart phone. You can complete the process on your own time – whether you’re at home or on the go.
  • Unpredictable interest rates – Bank loans are often accompanied by unpredictable interest rates. You can travel from one bank to another and receive completely different rates. This type of inconsistency can lead to feelings of dread – how do you know you’re getting the best possible deal? In this day and age, fluctuating interest rates are simply unavoidable, but they represent yet another reason why getting a loan from a bank is an arduous process.

5 Myths about Car Title Lending

Friday, February 7th, 2014

There are many myths about car title lending, but we are here to set the record straight. From sky high interest rates to inflexible payment plans, we have heard it all! However, as you have probably learned from an early age, don’t believe everything you hear. Allow us to debunk some of the most common title loan misconceptions.

Title loans require a credit check – A credit check is a major part of almost every loan option, but not title loans. The absence of a credit check means you can be approved with good, bad, or nonexistent credit. The approval process for car title loans is lightning fast. You can apply today and collect your cash within as little as 24 hours. If your credit score has held you back from getting the money you need, take advantage of a bad credit title loan today.

Title lenders keep your car – This is probably the biggest misconception when it comes to car title loans. Many people are worried that they will need to relinquish control of their auto and will not be able to drive. In reality, the opposite is true. You will be asked to temporarily hand over your title as collateral, but not your car. You can continue to get to and from important destinations while you pay off your title loan. Once you have paid in full, your title will be returned.

Auto title loan repayment plans are inflexible – If you think your auto title loan repayment plan will be inflexible, think again! A majority of title lenders allow you to take as long as 42 months to pay, so you should have plenty of time to find your financial footing. If money is particularly tight one month and you need to adjust your schedule, lenders are usually willing to work with you. In addition, there are no prepayment penalties. You can pay ahead of schedule without worrying about any negative consequences.

Car title loans have high interest rates – Interest rates are important when it comes to any type of borrowing option. Although some title loan companies have adopted predatory lending methods, we set ourselves apart by offering the lowest interest rates in the industry. In fact, we will match any competitors’ rate. A car title loan should be a helpful tool – not an additional financial burden. Your monthly payments will align with your current abilities.

You must fill out an extensive application to get a title loan – No one enjoys filling out a stack of paperwork and undergoing a financial examination. When you apply for a title loan, you can do so from the comfort of your own home. The online nature of our business allows you to submit your contact and car information via the form on our website. You will immediately receive a free quote and be contacted by a car title loan specialist. He or she will finalize the remaining details and connect you with a trusted lender in your area. You can collect your cash in hours and drive off in the very same vehicle you used to get your loan.