car title – Rigel Group LLC http://rigelgroupllc.com/ Thu, 17 Mar 2022 02:50:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://rigelgroupllc.com/wp-content/uploads/2021/10/icon-13-150x150.png car title – Rigel Group LLC http://rigelgroupllc.com/ 32 32 4 things you need to know about them https://rigelgroupllc.com/4-things-you-need-to-know-about-them/ Thu, 17 Mar 2022 02:50:58 +0000 https://rigelgroupllc.com/4-things-you-need-to-know-about-them/ If you need cash fast, a title loan may be the answer. These loans are relatively easy to obtain, but there are a few things you need to know before applying. In this blog post, we’ll discuss four important things you need to know about title lending. We’ll also give you some tips on how […]]]>

If you need cash fast, a title loan may be the answer. These loans are relatively easy to obtain, but there are a few things you need to know before applying. In this blog post, we’ll discuss four important things you need to know about title lending. We’ll also give you some tips on how to get the best deal on a title loan. So if you are considering applying for a title loan, be sure to read this article first!

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  1. What are title loans?

Title loans are a type of secured loan. This means that the loan is secured by collateral – in this case, your car. If you fail to repay the loan, the lender can seize your car and sell it to recover their losses. Therefore, title loans tend to have higher interest rates than other types of loans.

Also, title loans are usually short-term loans, which means you’ll have to pay them back fairly quickly. If you are not sure that you can repay the loan on time, it is best to avoid applying for it. This way, you don’t risk having your car taken back. On the other hand, see Confront the Red for the best title loan resources and guides so you know you can pay off the loan quickly. After all, a title loan is great for getting some quick cash. Also, if you’ve opted for title loans, be sure to research the best interest rate before applying. Some lenders may offer lower rates than you’ll find at traditional banks.

  1. How do title loans work?

When you apply for a title loan, the lender will appraise your car to determine its value. They will then give you a loan based on a percentage of the value of your car. The typical loan amount is between 25% and 50% of the car’s value. So if your car is worth $5,000, you might be able to get a loan of up to $2,500. Most lenders will give you between 30 and 90 days to repay the loan. If you can’t repay the loan within that time, you may have to renew the loan or risk losing your car. The most important thing to remember is that you will have to repay the loan, plus interest and fees. So be sure to budget accordingly!

  1. What are the requirements?

The requirements for obtaining a title loan vary from lender to lender, but you will generally need to provide some general information. You will need to show ID, proof of income and your car title. You may also be required to provide a copy of your driver’s license and registration of your vehicle. Namely, the lender will want to make sure that you are the legal owner of the car and have the ability to repay the loan. Therefore, it is important to have all of these documents ready before applying for a title loan. More so, make sure the information on all these documents is up-to-date and accurate.

  1. How much can I borrow?

The amount you can borrow when you apply for a title loan depends on the value of your car. The lender will appraise your vehicle and determine how much they are willing to lend you. However, it is important to remember that you will probably only be able to borrow part of the value of your car. This is because the lender wants to make sure they can recoup their losses if you fail to repay the loan. You may be able to get a loan for up to 50% of the value of your car, but it’s important to remember that interest rates will be higher than with other types of loans.

For example, if your car is worth $5,000, you might be able to get a loan for $2,500. However, the interest rate on this loan could reach 25%. This means that you will have to repay the loan in full plus interest within a relatively short period of time. This can be difficult to do, so it’s important to make sure you can afford the monthly payments before applying for a title loan.

So this is it. These are four important things to know about title loans. If you’re considering applying for it, be sure to do your research and shop around for the best deal. And, most importantly, make sure you can afford the monthly payments before you sign on the dotted line!

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The Ultimate Beginner’s Guide to Auto Title Lending https://rigelgroupllc.com/the-ultimate-beginners-guide-to-auto-title-lending/ Mon, 03 Jan 2022 07:32:51 +0000 https://rigelgroupllc.com/the-ultimate-beginners-guide-to-auto-title-lending/ There are a lot of important things to know when take out an auto title loan. To begin with, you will want to know about the different types of loans available. Knowing what to expect when applying for a loan and preparing for repayment is also essential. A jobless title loan is usually not a […]]]>

There are a lot of important things to know when take out an auto title loan. To begin with, you will want to know about the different types of loans available. Knowing what to expect when applying for a loan and preparing for repayment is also essential.

A jobless title loan is usually not a good idea, but it’s your best option if you can afford the monthly payments.

Types of auto title loans

There are different types of auto title loans. The type you should look for depends on the value of your car and how much you need to borrow. If your vehicle can be used to secure your loan, then you will want to take out a special type of title loan called an indefinite title loan. These are considered high risk loans because they are secured against your vehicle collateral which means that you could lose your car if you don’t pay off the loan on time.

Banks and credit unions also offer secured personal loans to help fill financial gaps. You can also use your car as collateral for these types of loans, but the interest rates are generally lower than what you would find with an auto title loan.

If you need to borrow a large amount of money, you may want to consider a personal loan from a loan company. Personal loans are unsecured, so your car will not be used as collateral. This can be a good option if you are not comfortable using your car as collateral.

Requirements for an auto title loan

To qualify for an auto title loan, you will need to meet some basic requirements. Most lenders require you to be at least 18 years old.

You must also own your vehicle and have the title in your name. You will also need to provide proof of income and residence. Additionally, you may need to provide a copy of your driver’s license and car registration.

Lenders will also assess your creditworthiness before approving your loan. If your credit is average or poor, you may not be eligible for a loan. On the other hand, if you have excellent credit, you may be entitled to a reduced interest rate.

Prepare the loan

When you are preparing to take out an auto title loan, you should have a few documents handy. You will need to provide proof of identity, income and proof of residence. In addition, you will also need to provide your car title and a copy of your driver’s license.

You will also want to know the interest rates and fees associated with the loan. Most auto title loans have a fixed interest rate, so you’ll know exactly how much you’re borrowing and how much you’ll need to pay back each month. Be sure to educate yourself about the other fees associated with the loan. These can be used to offset late fees or additional fees that you may accumulate when paying off the loan.

Paying off your auto title loan

When the time comes to pay off your auto title loan, you will need to make a monthly payment. This payment will be based on the amount borrowed, the interest rate and the length of the loan. Most lenders allow you to pay off the loan over 12 to 36 months.

Make sure you make your monthly payments on time. If you fall behind on your loan, the lender can repossess your car to help make up for its losses.

Never borrow more than you can afford to repay. It’s easy to get caught up in the moment when taking out a loan, but you should never borrow money that will strain your finances.

If you need help paying off your loan, ask for help. Look for options like income-based repayment plans, hardship deferrals, or unemployment deferrals. If there’s a chance you might miss a payment, then don’t borrow the money, to begin with. Instead of accumulating more fees and interest on your loan, you should focus on paying it back.

Always keep your car in good repair when you have an auto title loan. If your vehicle breaks down and cannot be driven, you could lose title to your car. This would put you at risk of defaulting on the loan and losing the money you have already paid. To reduce the risk of failure, always resolve any issues with your car as soon as possible.

Conclusion

In conclusion, an auto title loan can be a great way to get money quickly in an emergency. However, it is essential to understand the terms and conditions of the loan before applying. Be sure to shop around for the best interest rates and fees, and read the contract carefully. By following these tips, you can ensure a smooth and effortless experience when taking out an auto title loan.

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Are Car Title Loans a Smart Move? (2021) https://rigelgroupllc.com/are-car-title-loans-a-smart-move-2021/ https://rigelgroupllc.com/are-car-title-loans-a-smart-move-2021/#respond Mon, 30 Aug 2021 10:09:30 +0000 https://rigelgroupllc.com/are-car-title-loans-a-smart-move-2021/ Title loans for cars are short-term loans with very small amounts of money for your car. Achieving the auto title loan requires giving the lender the title to your car. Auto title loans are subject to higher interest rates and charges which render them hard to pay back. If your bank accounts don’t appear to […]]]>
  • Title loans for cars are short-term loans with very small amounts of money for your car.
  • Achieving the auto title loan requires giving the lender the title to your car.
  • Auto title loans are subject to higher interest rates and charges which render them hard to pay back.

If your bank accounts don’t appear to be in good shape and you’re in bad credit, you may have thought about getting the possibility of a title loan for your car as a convenient method to earn cash. Although they could be a small amount of money, these loans are dangerous if you don’t have a good handle on your financial situation.

This article will explain the way in which auto title loans operate and analyze the benefits and risks of having one. To assist consumers in making more informed decisions about their finances Our research team searched the market to find the top auto loan firms.

What are the Car Title Loans?

In contrast to payday loans, which serve the same purpose they function by using your car as collateral. These loans secured by your vehicle are designed for smaller amounts of money and usually need to be paid back within a brief period of time.

According to the Pew Charitable Trusts reports that the average amount of loans is $1000. Because these loans are short-term typically with terms from 15-30 days the borrowers generally have to pay the loan in one go.

What is the process for car Title Loans work?

The procedure to get an auto title loans is quite easy:

  1. The first step is to must fill out an application. Then, you show your car, title, as well as the photo identification to your lender. It is possible to request an additional set of keys.
  2. When the loan gets approved the lender for the car title swaps the loan amount and keeps the title to the car.
  3. When you are ready to repay you must pay the lender an annual cost in addition to the principal amount you borrowed.

The monthly charges for a car title loan are typically very high-interest. As per the Federal Trade Commission, the average cost is 25%. This is equivalent at an annual rate (APR) of around 300 percent. It isn’t cheap.

Let’s take an example. For instance, suppose you obtain an auto title loan at $ 500 , with the addition of a 25% fee for finance. Twenty percent of $ 500 is equal to $125 that will be added to the final amount due. At your time to repay you’ll be owed $ 625.

You can apply for an auto title loan

The borrower can apply for auto title loans both online or in person. A credit check is not included in the loan application procedure. The reason for this is that the failure to pay the loan can mean that the lender could take possession of your car.

In order to approve the application for a car title loan, most lenders require clear title. This means that you’ve purchased the car. But, some lenders might just require proof that you own equity in the car.

What are the reasons why car title loans are high risk?

If you take out the auto title loan you run the risk of not only losing your vehicle as well as being stuck in a cycle of debt. If you’re not able to pay back this loan on time, your lender could permit an “renewal”. A rollover occurs the process whereby a lender permits you to hold on to the loan for a further 30 days, but it makes sure that you pay monthly fees in addition to the original.

Reversals are not uncommon. In June The Consumer Finance Protection Bureau (CFPB) conducted a survey of those who had taken out auto title loans during the past six months. The results showed the 83% the respondents had outstanding debt on their loans.

The CFPB also revealed that around 20 percent of the borrowers suffer repossession if loans aren’t repaid in complete. According to Forbes auto title lenders get the bulk of their earnings by allowing borrowers to obtain new loans in order to pay off existing loans. This cycle of loans that are small that turn into long-term debt helps ensure the continuity of business.

What are the benefits and disadvantages of car title loans?

If you’re thinking of applying for an auto title loan in order to pay for unplanned expenses, you must think about the advantages and disadvantages.

Auto title loans are beneficial to borrowers with weak credit, as the majority of lenders don’t conduct credit checks. In addition your credit score won’t be affected if you’re in late with a loan payment. But, the speedy access to cash using the help of an auto title loans seldom justifies the cost of interest and the possibility of losing the value of your asset.

Alternatives to loans for cars

The data on auto title loans is not the best choosing a different route is probably a wiser option for financial reasons. Here are a few alternatives for show your car’s title

  • Payment day advance If you’re at a good place with your company, you could be eligible for a part of your earnings earlier.
  • Family and friends If you’d like to stay clear of any financial institution Try chatting with your relatives and friends to see if you are able to come up with a loan arrangement that includes a payment plan.
  • credit card credit cards have defined limits and you’ll incur interest charges if are unable to pay your account in full by the expiration of the billing period. However, credit cards offer lower rates of interest than loans secured by car title.
  • Personal loan The installment loans are suitable for nearly every financial need. They’re available at financial institutions, such as credit unions or online lender. They typically have terms for repayment that range from one to five years. They also have interest rates are generally lower than those of auto title loans.

Best tips for auto loans

When you’re financing your car or using it as collateral, you need to evaluate your options to be sure you’re receiving the best rate. It’s a good idea to go over the terms of any loan, and also check for penalties. Additionally, you can take advantage of online prequalification services offered by several financial institutions.

FAQ: Title loans for cars

What title loan should I take out for my car?

As per the CFPB the average car title loan is approximately $1,000. The typical loan amount is between 25 to 50% of worth of the vehicle.

Is it easy to Take A Car Title A Loan?

The process of getting a title loan for a car is quite simple. The borrower has to fill out an application , and then lets the lender look over the car and the title. If the title and ownership for the car is in order and the lender is satisfied with the application, then the borrower will return the title in exchange for an installment loan.

What is the process for auto title loans function?

The auto title loan is term loans that are short-term and have very high rates of interest. When you take out a loan for your car title the lender holds the title of your car as collateral. If you don’t pay back the loan the lender has the right to seize the car.

Does Securities Lending Affect Your Credit?

A majority of auto title loans don’t need a credit check. The lender is not likely to report payments to credit bureaus due to the fact that they could repossess the car to pay off the debt.

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What to Know About Car Title Loans and How It Works https://rigelgroupllc.com/what-to-know-about-car-title-loans-and-how-it-works/ https://rigelgroupllc.com/what-to-know-about-car-title-loans-and-how-it-works/#respond Sun, 25 Jul 2021 07:00:00 +0000 https://rigelgroupllc.com/what-to-know-about-car-title-loans-and-how-it-works/ [ad_1] 212Loan Get to know what a car title loan is and how it works. NEW YORK, NEW YORK, UNITED STATES, July 25, 2021 /EINPresswire.com/ – Need money fast to pay rent, bills or deal with emergencies? Then an auto title loan could be the answer to your money problems. A car title loan is […]]]>


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Get to know what a car title loan is and how it works.

NEW YORK, NEW YORK, UNITED STATES, July 25, 2021 /EINPresswire.com/ – Need money fast to pay rent, bills or deal with emergencies? Then an auto title loan could be the answer to your money problems.

A car title loan is a short term loan where the borrower uses the title of his car, truck, motorcycle, semi-truck or other vehicle as collateral. Simply put, a car title loan is where a borrower gives the lender title to their vehicle in exchange for quick funds. Just like payday loans, car title loans usually last for 15 to 30 days, and you can get up to $ 10,000 to deal with any unforeseen emergency you might have.

Car title loans are attractive because they are quick, don’t require a credit check, have less paperwork, and you can get the money in less than an hour of walking into the lender’s store. All you have to do is take your car to the lender, get their approval for the loan, give the lender title to your vehicle, get the money, and pay off the loan on the due date. ‘deadline. But before you apply for an auto title loan, you need to make sure that your vehicle is clean, free from payment, and in good repair. A vehicle with past due payments or repair problems will reduce your chances of getting the loan.
The exact amount you get from a car title loan is based on the current market value of the vehicle used as collateral. And the loan limit is usually between 25% and 50% of the current market value of your vehicle.

Before getting an auto title loan, you should know that there are two types of auto title loans – and which one you get depends on the agreement between you and the lender. The types of auto title loans available to you are:

1. Single installment loans: This car title loan requires you to repay the money owed, including the 25% monthly finance charge (interest rate) and other charges, all at once after 30 days. . Multiple payments are not accepted in this type of auto title loan, and borrowers have to pay it all off in one large sum or risk losing their vehicle.

2. Installment loans: This auto title loan allows you to make several installments spread over 3 to 6 months. Most installment loans also have an annual percentage rate (APR) that tells you how much it costs to borrow money for a year. The APR is based on:

• The amount borrowed
• Monthly interest rate
• Term of the loan
• And how much you pay for the additional costs.

How it works
Getting a car title loan is very easy, as lenders don’t care about proof of your source of income or your credit score. They only need your car and a few documents to show that you are who you are and that you own the car. Your application can be completed on the lender’s website, but you will need to bring your car to the lender’s physical store for document verification and vehicle inspection.

Here’s how an auto title loan works:
Step 1: You complete the application form online or in the lender’s physical store.

Step 2: You show the lender your car and other necessary documents like your photo ID and proof of your car title, auto insurance, and driver’s license.

Step 3: The lender checks the condition of the vehicle, confirms the documents and approves the loan.

Step 4: You get the money and he keeps your car title

Step 5: You pay off the loan plus interest after 30 days and get title back to your car.
Additionally, a lender may also require a borrower to install a GPS tracker or device that turns off a car’s ignition in the vehicle in the event of a potential trade-in. This extra detail is put in place to protect the interest of the lender as there is an above average risk of default with this short term loan.

A real life example of how to get a car title loan
Travis is strapped for cash and cannot afford his daughter’s medical bills. He decides to borrow money from a lender using his vehicle as collateral for an auto title loan. He gives the lender the necessary documentation and he obtains a loan of up to 50% based on the current market value of his vehicle. He reimburses after 30 days and recovers the title of his vehicle again.

How to find a trusted lender
If you are looking for a place to find a trusted lender, we suggest you give 212Pawn a try. 212Pawn is a research site that gives you access to the best lenders in your area. All you have to do is enter your vehicle details and they will put you in touch with the best lenders.

Now that you know how an auto title loan works, why not apply for one and take care of your emergencies!

Mr. Ready
212Loan
+1 2122035407
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How to choose the best online business? https://rigelgroupllc.com/how-to-choose-the-best-online-business/ Wed, 14 Oct 2020 07:00:00 +0000 https://rigelgroupllc.com/how-to-choose-the-best-online-business/ If you are someone stuck in the torrid middle looking for your way to solve your financial problems, then you need to put yourself in place to car title loan online is the best way to back up your savings account to set aside money for larger purchases. For extra income you can also find […]]]>

If you are someone stuck in the torrid middle looking for your way to solve your financial problems, then you need to put yourself in place to car title loan online is the best way to back up your savings account to set aside money for larger purchases. For extra income you can also find a second job to earn extra money as there are a few people who turn to trading for extra profit but sometimes a more immediate response is needed. This is the good reason why and how loans can only be perfectly suitable if you have the ability to repay them and you are sensitive to the whole process then surely a car title loan could be the right choice for you. If you are a car owner, the appropriate option to choose would be car title loans, as there are several things you need to consider. Car loans are said to be directly proportional to loans similar to a conventional loan that you can get from banks where an individual offers property (a house in most cases) as collateral.

There are various companies ready to offer title loans to their clients. A good thing with these types of loans is that the lender will not base their loans on your credit rating.

Read the blog post to find out how to choose the best online business!

  • Carefully check the reliability of lenders.

Before starting anything with any particular business, it is essential to know and fully understand the reliability of online businesses. These loans can be located anywhere in the world and anywhere in the world, which makes the search process ready easy. There will be certain times when you will be a bit scared that most of them might be a scam. Although your first step, however, should be to read all the terms and conditions of these lenders to attach to their applications in order to know whether this online title lender is genuine or not. Another good way to go further is to read the reviews of these lenders and learn more about their terms and conditions. You also have the opportunity to ask questions about different lenders online and learn about the experiences your friends and family members have had with particular lenders.

The first thing to understand before getting one is to check from when and where you get the loans. There is a wide variety of banks with the availability of many companies that provide loans, and each of them offers different types of policies. This is particularly the case of car title loans. Your ownership of your car is at stake; you have to be careful with your merchandise. Some companies offer dodgy rules where you only have a short period to pay off a loan before you take your car. Be sure to research any company you are considering and read all of their rules and select the one that best suits your needs.

  • Consider more of an online business.

Having to get your hands on car title loans online, you must realize that there is no need to be in a hurry about your vehicle title or the property chosen by a lender. You will need to research the lenders and apply for the loans legally. All paperwork must be done as required by law. To make things look more authentic, you should also make copies of the documents and have them signed by the parties on both sides before proceeding. When the application process is started, make sure you have chosen several lenders. DMV, your Department of Motor Vehicles, is relatively well-known for being a great place to check out the various lenders they have dealt with, which can basically help you make a better choice.

  • Avoid possible scams from different lenders.

The most crucial factor to consider is to note that not all online car title loans are the same. Few lenders have a habit of being good with their leasing words, which might mislead you for choosing a random online title lender. Regardless of the good things you hear about them through various lenders, this all needs to be cross-checked. Search online for information on selected lenders and probably even consult others who have had experience with their services. Cross-check all the data by consulting the database of lenders. They can take you several hours to research information about lenders online, and their title lending database section can be considered a great place to find information and make an informed borrowing decision.

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GSB takes out car title loans to keep interest rates low https://rigelgroupllc.com/gsb-takes-out-car-title-loans-to-keep-interest-rates-low/ https://rigelgroupllc.com/gsb-takes-out-car-title-loans-to-keep-interest-rates-low/#respond Thu, 24 Sep 2020 07:00:00 +0000 https://rigelgroupllc.com/gsb-takes-out-car-title-loans-to-keep-interest-rates-low/ [ad_1] The GSB logo on display at a Money Expo. The state-backed bank introduces auto title loans to put pressure on interest rates. (Photo by Patipat Janthong) Government Savings Bank (GSB) plans to enter the auto securities lending market with a focus on retail loans worth up to 200,000 baht per borrower. The bank’s penetration […]]]>


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The GSB logo on display at a Money Expo. The state-backed bank introduces auto title loans to put pressure on interest rates. (Photo by Patipat Janthong)

Government Savings Bank (GSB) plans to enter the auto securities lending market with a focus on retail loans worth up to 200,000 baht per borrower.

The bank’s penetration into the auto securities lending market is aimed at lowering the interest rates charged in this lending segment, President Vitai Ratanakorn said.

The Bank of Thailand has cut interest rates on auto securities lending to 24%, from 28% on Aug. 1, but the rate remains high, Vitai said.

GSB plans to cap interest on car title loans at 18%, plus or minus not more than 2%. The 18% rate will be assessed based on customer profiles, Vitai said.

For example, a car with good terms may receive a 16% interest rate, while older models or vehicles with risky conditions might see 2% interest added to the 18% rate.

The 18% interest rate for auto title loans, classified as unsecured loans, is lower than the interest rates charged by non-bank companies.

But GSB can still make a profit because the bank’s existing unsecured loan products have interest rates below 18%, Vitai said.

Non-bank companies involved in auto securities lending have a net interest margin of 15-20%, higher than the NIM of 2% in public banks and 3% in commercial banks, he said.

GSB is evaluating a potential joint venture partner in the automotive securities lending industry.

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Are securities pawns and securities lending legal in Georgia? https://rigelgroupllc.com/are-securities-pawns-and-securities-lending-legal-in-georgia/ https://rigelgroupllc.com/are-securities-pawns-and-securities-lending-legal-in-georgia/#respond Wed, 16 Sep 2020 07:00:00 +0000 https://rigelgroupllc.com/are-securities-pawns-and-securities-lending-legal-in-georgia/ [ad_1] Title loans have become very popular in recent years in the South. However, many people are unaware of the difference and legality behind title loans and title pawns. Some of you reading this may not have known they were different until this second – and that’s okay! We will tell you everything. The difference […]]]>


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Title loans have become very popular in recent years in the South. However, many people are unaware of the difference and legality behind title loans and title pawns. Some of you reading this may not have known they were different until this second – and that’s okay! We will tell you everything.

The difference between title loans and title pawns

Yes that’s right, they are both very similar. However, you should know the difference as one is legal and the other is illegal in the state of Georgia! So let’s go, okay?

Securities lending

A title loan is a type of financial aid that uses the title of your vehicle as collateral so that you can borrow funds. You don’t need to have perfect credit, but some providers will verify that you are not bankrupt.

Some companies refer to them as car title loans, pink card loans, auto equity loans, auto equity loans, etc. This is how they get confused and go under the radar of state law because securities lending in Georgia is illegal.

Title pawns

A title pawn, on the other hand, is absolutely legal in Georgia. However, they still use your vehicle’s title as collateral. Plus, there’s no thorough credit check.

So what’s the difference? Well, you have to be okay with the fact that you will be separated from your vehicle title for the duration of the loan term.

The dangers of title pawns

Now, if you can afford to pay off your loan, the title pawns are safe. However, it’s incredibly easy to fall into the debt cycle if you’re not careful and planning properly.

If you haven’t heard of the Common Debt Cycle or Debt Trap as it’s otherwise known, here’s how it works:

  1. You take out a title pawnbroker.
  2. You realize that you can’t refund it for some reason.
  3. You take out another loan to pay off the original title loan.
  4. You cannot afford to pay off the second loan.
  5. So you take out another loan.
  6. Therefore, a cycle was born, a cycle from which it is extremely difficult to break free.

Yes, that can get you in a really bad spot, very quickly. Not to mention, they don’t take life too nicely by throwing expensive and catastrophic curve balls at you!

Fortunately, there are ways to plan ahead and see if you can afford it before signing up for anything.

To get started, you can use a free online loan calculator. Here you enter the loan amount, the interest rate, how much you can afford to pay each month, and the term. Then he will tell you if you can afford the loan. Sounds good, doesn’t it?

Once you’ve done that, save for your loan. It sounds rather counterintuitive, but it can keep you from falling into the terrible debt cycle we talked about earlier. Setting aside a specified amount until when you need a loan can help you meet your repayment deadline and ultimately keep your vehicle and life intact.

New Usury Laws To Make Title Tokens Safer For You

Hopefully, we didn’t just put you off the idea of ​​getting a title pawn. Why? Because Georgia has enacted new usury laws to make acquiring much safer for you. Let’s take a look at the details.

As we mentioned at the start, title pawns have become increasingly popular over the years – and trust us, the federal government has noticed! Therefore, they cracked down on the title pawn industry, to help protect your financial health.

The new usury laws have been enacted by the Consumer Financial Protection Bureau. This regulation requires pawn shops to determine if you can repay the loan before giving it to you. While people shouldn’t take loans if they can’t afford to pay them back, the Usury Act has helped people (who would otherwise make rash decisions in times of crisis) to stay out of debt. debt cycle.

Time scale and repayment terms

Since title tokens fall into the “pawnshop” category, providers can charge you up to 25% interest per month for the first 90 days (plus fees). After that, it goes down, but there is an additional charge for each day you go over the 90-day “limit”.

It is important to note, however, that these tokens must be issued for 30 days (as stated in the Usury Act). If you can’t pay it off so quickly, the term will be extended in 30-day increments. For those who hit three extensions, you’re entering the debt cycle, so try your best not to keep asking for more time – you’ll end up paying a lot more than it’s worth.

Contract requirements

If you’ve ever taken out a title loan, you know the requirements. They haven’t changed much under the new usury laws. Either way, we’ll take a look at them now.

The contract requirements are as follows:

  • The 30-day interest rate;
  • The payment of extensions and the related costs;
  • The start and end date of the repayment term;
  • The total amount (in dollars) that must be reimbursed; and
  • The declaration informing you that if you do not pay, your vehicle will be taken back.

Watch out for these providers

Unfortunately, there are still companies operating in Georgia that illegally offer securities loans. These suppliers will not provide you with legal documents and will not follow usury laws. Not to mention that their interest rates are appallingly high.

To avoid selling your soul to these illegal lenders, be sure to do your research. The internet is full of reviews for all the places you could go, so check them out first. This will save you a world of hassle in the end.

The final take

We know it was a lot of information that was definitely a little confusing and a little bit scary. But don’t worry, you can find a summary below to ease your nerves and show you that there is nothing to worry about (as long as you plan!).

  • Title pawns in Georgia are legal, title loans are not.
  • You can use online calculators to check whether you can afford it or not.
  • New usury laws have been enacted by the Consumer Financial Protection Bureau.
  • These laws ensure that the lender must verify that you can afford to repay them in full before allowing you to sign the agreement.

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How Do Car Title Loans Work? https://rigelgroupllc.com/how-do-car-title-loans-work/ https://rigelgroupllc.com/how-do-car-title-loans-work/#respond Fri, 14 Aug 2020 07:00:00 +0000 https://rigelgroupllc.com/how-do-car-title-loans-work/ [ad_1] All loans carry risk if they are not repaid on time. One particularly troubling consequence of a car title loan, however, is if you default on your payment obligations: the lender can take your vehicle. Before you consider getting a title loan, think about the potential potholes you will encounter if you use your […]]]>


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All loans carry risk if they are not repaid on time. One particularly troubling consequence of a car title loan, however, is if you default on your payment obligations: the lender can take your vehicle.

Before you consider getting a title loan, think about the potential potholes you will encounter if you use your vehicle as collateral to borrow money.

What is a title loan?


Definition of car title loan

An auto title loan is a short-term loan that allows you to get a small amount of money in exchange for handing over the title of your vehicle to the lender. You will also have to pay a significant fee to borrow the money.


Let’s say you own a car worth $ 5,000 and you find yourself in an emergency that requires $ 1,000. A title loan allows you to borrow against your vehicle, which allows you to quickly get that $ 1,000. Just like a mortgage is against your home, a title loan uses your vehicle as collateral.

“One of the biggest pieces of information people need to understand about a title loan is that it uses your vehicle’s equity to secure the money you borrow,” says Bruce McClary, vice-president. communications chair for the National Foundation for Credit Counseling. .

In most cases, you must own your vehicle to be eligible for an auto title loan. The term “car” may appear in the name of the product, but these loans may also be available for motorcycles, boats and recreational vehicles.

While some lenders will offer loans if a car is still in repayment, most require the owner to hold title without any debt related to the vehicle. Consumers can typically borrow between 25 and 50 percent of the value of the car.

How does securities lending work?

Car title loans come in many forms. Some are lump sum loans, which means the borrower has to pay the full loan amount plus interest charges within a month or so. Installment loans, with similarly high APRs, can be repaid over three or six months, depending on the lender.

When applying for a car title loan, be prepared to show the lender clear title, proof of insurance, and photo ID. Some lenders ask for a second set of keys.

While securing a title loan can be easy, the convenience comes with significant costs and risks, according to Graciela Aponte-Diaz, director of federal campaigns at the Center for Responsible Lending.

“Some auto title lenders install a GPS device – dubbed a ‘kill switch’ – that can prevent the borrower’s car from starting, using this practice as a way to collect debt or facilitate foreclosure of the car,” explains Aponte-Diaz. . “In addition to being (the) primary form of transportation to work, to the doctor and elsewhere, a car is often a person’s biggest financial asset. The looming threat of losing your car is anxiety-provoking, to put it mildly.

Disadvantages of Securities Lending

The main disadvantages of title loans are a short repayment period, very high interest rates, and the potential loss of your car if you default on your payment.

“These are generally short-term loans with very tight repayment cycles,” says McClary. “If you can’t pay the loan back when it falls due, it gets carried over to another cycle with more fees. This creates a very difficult situation for people who are already struggling to repay. This is the exact definition of the debt cycle.

In addition to tight repayment terms, auto title loans have extremely high interest rates. Lenders often charge 25% each month in finance fees. On a $ 2,000 loan, you will pay an additional $ 500 in interest if the loan is paid off in 30 days. If you are behind on your payment and those interest charges add up, the loan can end up costing much more than the original sticker price.

Perhaps the biggest downside is losing your car. If you can’t pay it back, the lender can take your vehicle back. In 2016, a Consumer Financial Protection Bureau study found that 20% of those who take out title loans have their vehicle seized.

Alternatives to securities lending

With such drawbacks, McClary recommends reaching out to traditional banks and credit unions to explore other, less expensive lending options.

“A lot of people might avoid traditional lenders because of assumptions about their credit,” he says. “It’s the most dangerous thing you can do. You are depriving yourself of money that you could potentially save.

Even if you don’t have a bank account, have a lower credit rating, or have struggled with bad financial decisions in the past, it’s worth investigating all of your loan alternatives. “It’s interesting how flexible these traditional lenders can be,” says McClary. “There are a lot of credit unions that are willing to work with unbanked customers. “

McClary says he rarely advises increasing credit card debt, but stresses it’s a better option than a title loan. “If you have unused credit on a credit card, you can count on it to cover your costs,” he says. “In most cases, the interest rate on your credit card will be much lower than what you get on a car title loan. And this route prevents you from potentially losing your vehicle.

At the end of the line

If you decide that a car title loan is your only option, make sure you understand the terms of the loan. Securities lenders are required to show them to you in writing before signing, and federal law requires them to be honest and upfront about the total cost of the loan. And remember, these costs are probably not worth the risk.

“Car title loans often lead people to get into debt and lose their cars,” says Aponte-Diaz. “Car title lenders often make people worse off than they were before they took out the loan.”

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How To Choose A Lender For Car Title Loans https://rigelgroupllc.com/how-to-choose-a-lender-for-car-title-loans/ https://rigelgroupllc.com/how-to-choose-a-lender-for-car-title-loans/#respond Mon, 20 Jul 2020 07:00:00 +0000 https://rigelgroupllc.com/how-to-choose-a-lender-for-car-title-loans/ [ad_1] Are you looking for any type of loan or financing? You need to find the right lender to be reassured and have peace of mind. These days you will find many different loan products and lenders. However, your circumstances will determine the types of loans you are eligible for, such as auto title loans. […]]]>


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Are you looking for any type of loan or financing? You need to find the right lender to be reassured and have peace of mind. These days you will find many different loan products and lenders. However, your circumstances will determine the types of loans you are eligible for, such as auto title loans.

If you have a low income and a bad credit rating, you may find that your options for taking out a loan are much more limited. Nevertheless, there are options available. Although they can be limited, you still need to make sure you choose the right lender.

One of the options that you may want to consider if you own your vehicle and it is registered in your name is a car title loan. With California car title loans, you can benefit from a straightforward application process and a better chance of getting the money you need compared to a traditional lender. When it comes to choosing the right lender, there are several factors that need to be taken into consideration. We will look at some of them in this article.

Key points you should keep in mind

When it comes to finding the right lender for your loan, there are a few key factors to keep in mind to help you make the right decision.

The borrowing percentage

When you take out an auto title loan, you can borrow up to a maximum percentage of the value of the vehicle. This percentage can vary from one lender to another. You need to make sure you check what it is before deciding which lender to use.

This will determine how much you can borrow against your car, so you can see if it will get you the amount of money you need.

Interest rate and conditions

Another important thing that you should consider is the interest rates charged and the terms of the loan, which can also vary from provider to provider. By checking these details, you can make sure that you are getting a fair deal and that the loan is both affordable and suitable for your needs.

Ease of application

The ease of applying for car title loans is something else that you might want to consider. It can save you a lot of time and hassle.

With some providers, you can do the whole process online and from the comfort of your own home. It saves you a lot of stress and frustration.

Speed ​​of payment

For many people, the speed of payment will also be critical. Some might need quick access to cash in a financial emergency, so it’s worth checking how quickly payment is typically made to the applicant. You can then make sure you get the money quickly.

These are some of the essentials to take into account when choosing an auto title loan provider.

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Title loans trap consumers in debt, consumer group warns https://rigelgroupllc.com/title-loans-trap-consumers-in-debt-consumer-group-warns/ Thu, 16 Jul 2020 07:00:00 +0000 https://rigelgroupllc.com/title-loans-trap-consumers-in-debt-consumer-group-warns/ Millions of Americans have suffered job or income loss due to the coronavirus pandemic. If you are among them and are considering taking out a car pawn loan to help you meet your expenses, think carefully. Taking out a loan against the value of your car seems simple. Lenders give you money in exchange for […]]]>

Millions of Americans have suffered job or income loss due to the coronavirus pandemic. If you are among them and are considering taking out a car pawn loan to help you meet your expenses, think carefully. Taking out a loan against the value of your car seems simple. Lenders give you money in exchange for the title to your car. But many borrowers complain about working like the legendary California Hotel. As the song explains, “You can check in whenever you want, but you can never leave.” Well, never is a strong word. You can possibly leave, but only after paying large sums of interest. What size ? You could pay $6,000 just to borrow $2,000,” said Liz Coyle, executive director of Georgia Watch, a statewide consumer advocacy group. The nonprofit has been fighting for more than a decade for greater regulation of short-term, high-interest loans. Borrowers who can’t keep up with payments on the common three-digit interest in the business can lose their car – often their only transportation to work, errands and medical care. “People are desperate. And that’s really the problem with this type of loan. It seems the business model for car title lenders is to cluster around low-income communities, often communities of color. Often, access to traditional financial services, regular bank accounts or credit unions is limited. And so people will do desperate things and they’ll borrow more than they realize it’s going to cost them. Title lending companies recognize that they lend to high-risk borrowers with poorly established credit. However, consumer advocates say lenders fail to adequately explain the final cost of the loan. This month, the federal Consumer Financial Protection Bureau eliminated consumer protections against predatory payday and car title lenders. Coyle said it couldn’t have happened at a worse time because so many families are already struggling to cope. Georgia Watch is urging state and federal lawmakers to enact new regulations to protect consumers from high-interest securities lending. Generally, interest on small consumer loans in Georgia cannot exceed 60%. But these regulations do not cover loans involving car titles, which state law considers pledged items. short of money, contact your lenders. Many utility companies, for example, suspended disconnections during the pandemic. If you’re feeling overwhelmed, try contacting a nonprofit like Consumer Credit Counseling Service of Savannah to help you develop a budget. Do you have a question or have consumer issues? Email me here at WJCL-TV: ASA@askasa.com.

Millions of Americans have suffered job or income loss due to the coronavirus pandemic. If you are among them and are considering taking out a car pawn loan to help you meet your expenses, think carefully.

Taking out a loan against the value of your car seems simple. Lenders give you money in exchange for the title to your car. But many borrowers complain about working like the legendary California Hotel. As the song explains, “You can check in whenever you want, but you can never leave.”

Well, never is a strong word. You can possibly leave, but only after paying large sums of interest.

Wide how?

“Currently, they charge between 187% and 300% annualized percentage, which makes it virtually impossible for people to pay off their title. You could pay $6,000 just to borrow $2,000,” said Liz Coyle, executive director of Georgia Watch, a statewide consumer advocacy group. The nonprofit organization has been fighting for more than a decade for greater regulation of short-term, high-interest securities lending.

Borrowers who cannot pay the common three-digit interest in the business may lose their car – often their only means of transportation to work, shop and seek treatment.

“People are desperate. And that’s really the problem with this type of loan. It seems the business model for car title lenders is to cluster around low-income communities, often communities of color. Often, access to traditional financial services, regular bank accounts or credit unions is limited. And so people will do desperate things and they will borrow more than they realize it will cost them.

Title lenders recognize that they lend to high-risk borrowers with poor credit. However, consumer advocates argue that lenders do not adequately explain the final cost of the loan.

Just this month, the federal Consumer Financial Protection Bureau eliminated consumer protections against predatory payday lenders and car title lenders. Coyle said it couldn’t have come at a worse time because so many families are already struggling to cope.

Georgia Watch is urging state and federal lawmakers to enact new regulations to protect consumers from high-interest loans. Generally, interest on small consumer loans in Georgia cannot exceed 60%. But these regulations do not cover loans involving car titles, which state law considers pledged items.

“They should be regulated by the Department of Banking and Finance and they should be subject to the state usury cap,” she said.

If you are short of money, contact your lenders. Many utility companies, for example, suspended disconnections during the pandemic. If you’re feeling overwhelmed, try contacting a nonprofit like Consumer Credit Counseling Service of Savannah for help with budgeting.

Do you have a question or a consumption problem? Email me here at WJCL-TV: ASA@askasa.com.

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