repay loan – 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 repay loan – 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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Interest rate ceilings on securities lending are coming soon ► FINCHANNEL https://rigelgroupllc.com/interest-rate-ceilings-on-securities-lending-are-coming-soon-%e2%96%ba-finchannel/ https://rigelgroupllc.com/interest-rate-ceilings-on-securities-lending-are-coming-soon-%e2%96%ba-finchannel/#respond Wed, 08 Sep 2021 16:24:53 +0000 https://rigelgroupllc.com/interest-rate-ceilings-on-securities-lending-are-coming-soon-%e2%96%ba-finchannel/ The Senate Banking, Housing and Urban Affairs Committee proposed this interest rate cap in a hearing and expressed the intent behind the idea. This bill aims to help American consumers avoid paying excessive and unreasonable amounts on small loans. What would this interest rate cap look like? Would this law reduce the debt of poor […]]]>


The Senate Banking, Housing and Urban Affairs Committee proposed this interest rate cap in a hearing and expressed the intent behind the idea. This bill aims to help American consumers avoid paying excessive and unreasonable amounts on small loans.

What would this interest rate cap look like? Would this law reduce the debt of poor communities or remove a lifeline by bankrupting lenders?

This article explains how the federal interest rate cap of 36% on consumer loans will affect short-term loans.

Low value short term loans

The lenders that will be most affected by this bill will be the short-term lenders, such as payday lenders and title lenders.

  • Payday lenders let borrowers borrow against their wages. The loan must be repaid after two weeks or you can roll it over. All you need to be approved is a valid ID, a bank account, and a regular paycheck.
  • Securities lenders allows you to borrow against your vehicle. If you can’t repay your loan, they have the right to repossess your car. All you need to get approved is a valid piece of identification and an outstanding vehicle in your name.

Both types of loans are expensive – usually triple-digit APR rates because almost everybody is approved.

These types of lenders not manage your credit, making it the only option for getting cash in an emergency or if you can’t get approval from the bank.

Interest rates and charges for consumer loans

Not all states allow payday lending or securities lending. But of those who do, only 18 states have a 36% interest rate cap in place for payday loans and securities lending.

Without federal interest rate caps, some state lenders charge as much as APR 600%. Because taking a loan is so easy – all you need is a valid ID, bank account, and proof of income – just about anyone can fall victim to unfair and unreasonable loans .

Consumer loans that exceed 36% interest are expensive and can be an extreme challenge to repay. About 25% of payday loans end up being borrowed at least nine times, so for some people the interest and fees end up getting expensive. Following than the amount borrowed.

Reintroduce the invoice

This idea of ​​a federal interest rate cap was introduced in 2019. The bill will soon be reintroduced. The purpose of this bill is to help American consumers avoid paying excessive and unreasonable amounts on small loans.

Failure to comply with the 36% interest rate ceiling could result in the nullity of the loan once this law is adopted. This means that the lender will not be able to collect or keep the principal, fees, interest or other charges on the loan.

If this legislation passes, all charges on a credit transaction, including all charges, must be included in the APR. Otherwise, lenders could charge excessive fees as a loophole.

Fortunately, the big banks have taken steps to provide reasonable and responsible lending to American consumers.

The role of the bank

The big banks have recently introduced low-cost lending programs, which have put a strain on payday lenders and securities lenders.

https://www.cnbc.com/2021/05/28/big-bank-ceos-open-to-federal-36percent-interest-rate-cap-on-consumer-loans.html

If small lenders go out of business – which some lenders claim is possible if a federal interest rate cap kicks in – the banks will have an advantage.

As of May 2020, the Federal Reserve has allowed banks to offer low-value loans, as long as they adhere to lending principles. This ensures that the loans are fair and responsible.

Why 36%?

Proponents of the 36% interest rate cap believe 36% is a fair and reasonable amount to charge on a small loan. This number is not arbitrary. It has been asserted as an appropriate amount to charge so that the majority of borrowers can repay it.

Simply put, an interest rate of 36% is the upper limit for durable loans. This number ensures that lenders do not take advantage of borrowers while still being able to stay in business.

What Would the Federal Interest Rate Cap Mean for Payday Lenders?

If this legislation is passed, lenders will have to work quickly to adapt to this new regulation. They will first need to decide if they can stay in business while charging a maximum interest of 36%. Otherwise, they will have to make serious changes to their budgets.

Payday lenders will no longer be able to keep consumers in a loan – they do this by offering to renew the loan or take out another loan – because it will be much easier for the consumer to repay the loan in the first place.

More and more states are imposing the 36% cap

In recent months, many states have placed limits on interest rates on payday and other short-term loans to protect consumers from debt traps. Interest rates on short-term loans drop from 400% to 36% across the country.

Other states have proposed the bill but are awaiting the governor’s signature. States like Ohio have introduced other limits and regulations that have helped reduce exorbitant interest rates on payday loans.

Even though many states are moving towards more equitable payday loans and land titles, more than half of U.S. states do not have allrestrictions on short-term loans. Anyone with a valid identity document and proof of income can take out a loan.

According to a securities lender, Texas is the state with the highest interest rates on securities lending. The average APR for a subprime loan in Texas is 664%, which is insanely high. This interest rate is 40 times higher than the average credit card interest rate.

Benefits of the Federal Capped Interest Rate

The main benefit of the federal capped interest rate is that it will protect consumers from drowning in high cost loans. Supporters of this bill believe that any interest rate above 36% is predatory.

This federal interest cap will end the high cost payday loans that have stolen billions of dollars from American consumers. These lenders derive most of their profits by luring borrowers into a debt trap, a never-ending cycle of debt repayment.

High cost payday loans benefit American consumers who cannot get loan approval from traditional banks. These predatory payday loans are known to take hold in poor communities and prey on naive and desperate consumers.

Payday loans and title loans should be seen as a way to help people in financial emergency, not a way to take advantage of desperate people and trap them in debt.

Some people think that payday loans and title loans are going bankrupt. People will then rely on banks for small loans, which could protect them from predatory lending and reduce systemic racism.

The disadvantages of the federal capped interest rate

Opponents of the idea of ​​a capped federal interest rate claim that this policy will actually reduce access to credit because it will bankrupt lenders. If lenders go bankrupt, consumers will have nowhere to go for emergency cash.

Opponents of this bill also believe it takes money from the economy when lenders go bankrupt. Payday lenders help people pay for car repairs so they can go to work, pay medical bills, and pay for other emergencies.

Plus, the high interest rates charged by short-term lenders seem high, but in reality, the short loan term and small loan amount mean that most borrowers don’t pay more than $ 50. However, this only applies to small, short term loans.

A different approach

Another approach that could help consumers avoid excessive debt is to introduce a policy that requires lenders to turn down borrowers who apply for loans within 30 days of taking out three consecutive payday loans.

This approach would regulate payday loans by limit repeated borrowing, which could help consumers avoid debt traps. This would force consumers to repay the loan rather than continue to borrow.


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Title lending vs registration lending https://rigelgroupllc.com/title-lending-vs-registration-lending/ https://rigelgroupllc.com/title-lending-vs-registration-lending/#respond Thu, 15 Jul 2021 07:00:00 +0000 https://rigelgroupllc.com/title-lending-vs-registration-lending/ If you need the cash right away and have a car, you might be wondering whether you should get a title loan or a car license. Both of these loans provide a way to get financing quickly by using certain aspects of your car to secure the loan, but there are some differences between the […]]]>


If you need the cash right away and have a car, you might be wondering whether you should get a title loan or a car license. Both of these loans provide a way to get financing quickly by using certain aspects of your car to secure the loan, but there are some differences between the two options. Let’s dive deeper into this online securities lending and registration loans are, and how they differ from each other.

What is a title loan?

A title loan is a secured loan that allows you to use your car as collateral to secure funds. You can receive a loan amount of up to 50% of the appraised value of your vehicle and you can continue to drive your car while you pay off the loan. Most securities lenders require that you own or hold equity in your vehicle. If you get the approval, the lender will keep your title while you pay off the loan.

What is an enrollment loan?

A registration loan is a secured loan that uses your car’s registration as collateral, so you may be able to get approved without owning the car. The lender will decide the loan amount based on factors such as the value of your vehicle and your income. Just like with title loans, you can continue to drive your car while you pay off the loan.

Differences between title loans and registration loans

Eligibility criteria

Title loans require you to own your car or have equity in your car to qualify, unlike car registration loans. With a registration loan, all you need to do is have the registration in your name.

Amount of the loan

Title loans have larger borrowing limits than car license loans since you must own your car. You may be able to receive a title loan worth 25 to 50% of the appraised value of your vehicle.

Interest rate

Vehicle registration loans may have higher interest rates because they do not involve the use of your car as collateral.

Risk of repossession

Although the lender can repossess your car if you do not pay off a title loan, there is no risk of repossession with registration loans since you are not using your car as collateral. But they can come with other risks in default, such as the lender sending collections after you or suing you for the remaining balance.

The bottom line

Since title loans can come with lower interest rates and higher borrowing limits, they may be the right option for you if you own your car. But if you don’t own your car and need some quick cash, you may want to consider getting a car license. Do your research and compare lenders and loan terms to find the best option for your situation, and make sure you can repay the loan before you apply.


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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/ 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 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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Are title pawns and title loans legal in Georgia? https://rigelgroupllc.com/are-title-pawns-and-title-loans-legal-in-georgia/ Wed, 16 Sep 2020 07:00:00 +0000 https://rigelgroupllc.com/are-title-pawns-and-title-loans-legal-in-georgia/ New usury laws to make title pawns safer for you I hope we haven’t just pushed you away from getting a title pawn. Why? Because Georgia has adopted some new usury laws to make acquiring one much safer for you. Let’s take a look at the details. As we mentioned at the start, title pawns […]]]>

New usury laws to make title pawns safer for you

I hope we haven’t just pushed you away from getting a title pawn. Why? Because Georgia has adopted some new usury laws to make acquiring one much safer for you. Let’s take a look at the details.

As we mentioned at the start, title pawns have become more and more popular over the years – and believe us, the feds have taken notice! Therefore, they have cracked down on the pawnbroking industry, to protect you and your financial health.

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

Reimbursement terms and conditions

Since the title pawns are under the “pawnbrokersproviders can charge you up to 25% interest per month for the first 90 days (plus fees). After that, it goes down, but an additional fee is charged each day you go over the 90-day “limit”.

It is important to note, however, that these pawns must be issued for 30 days (as stated in the usury law). If you can’t pay it back that quickly, the term will be extended in 30-day increments. For those who reach three overtimes, you’re entering the cycle of debt, so do your best not to keep asking for more – you’ll end up paying way more than you’re worth.

Contract requirements

If you have ever taken out a title loan, you will know the requirements. They haven’t changed much under the new usury laws. Anyway, let’s take a look at them now.

The requirements of the contract consist of the following:

  • The 30-day interest rate;
  • The payment of extensions and the associated costs;
  • The start and end date of the repayment period;
  • The total amount (in dollars) to be reimbursed; and
  • The declaration informing you that in the event of non-payment, your vehicle will be repossessed.

Beware of these vendors

Unfortunately, there are still companies operating in Georgia that illegally offer title loans. These providers will not give you the legal documents and will not follow usury laws. Not to mention that their interest rates are abominably high.

To avoid selling your soul to these illegal moneylenders, be sure to do your research. The internet is full of reviews of 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 that was a lot of information that was definitely a bit confusing and somewhat scary. But don’t worry, you can find a summary below to calm your nerves and show you that there’s nothing to worry about (as long as you plan ahead!).

  • 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 it in full before allowing you to sign the agreement.
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Max Cash ™ Title Loans Analyzes the Challenges of the COVID-19 Effect on the Securities Lending Industry https://rigelgroupllc.com/max-cash-title-loans-analyzes-the-challenges-of-the-covid-19-effect-on-the-securities-lending-industry/ https://rigelgroupllc.com/max-cash-title-loans-analyzes-the-challenges-of-the-covid-19-effect-on-the-securities-lending-industry/#respond Tue, 28 Apr 2020 07:00:00 +0000 https://rigelgroupllc.com/max-cash-title-loans-analyzes-the-challenges-of-the-covid-19-effect-on-the-securities-lending-industry/ TEMPE, Arizona., April 28, 2020 / PRNewswire / – Title Deed Lenders United States are currently suffering a decline of 69% and up to 90% in other parts of the country. Pawn shops are experiencing unprecedented growth as Americans attempt to sell property for cash. Due to this car title loan, lenders have adapted to […]]]>


TEMPE, Arizona., April 28, 2020 / PRNewswire / – Title Deed Lenders United States are currently suffering a decline of 69% and up to 90% in other parts of the country. Pawn shops are experiencing unprecedented growth as Americans attempt to sell property for cash.

Due to this car title loan, lenders have adapted to everything online, but you will still have to use your cell phone to take pictures. Online title lending is here to stay. “Lenders are changing to help people comply with stay-at-home orders and avoid contact,” said Fred winchar, president of Bolt Loans and A maximum of moneyâ„¢ securities lending. “Securities lenders go out of their way to lend money, but they have challenges they’ve never seen before.”

Typically, title deed lenders generate income from individuals making payments on their loan, as well as occasionally repossessing vehicles from deferred loans. However, most lenders prefer to derive the majority of their income through payments, as the repossession of the vehicle comes with other extended expenses such as storage, security or disposal of the vehicle, if applicable. . Also seeking to avoid reputational damage, most title lenders are more reluctant than ever to repossess vehicles.

People who can usually turn to title loans as a practical short-term financial emergency solution can no longer receive approval because they no longer have valid proof of income. Since the ability to repay the loan is a documented requirement for title loan approval, the increase in the number of unemployed Americans has made it difficult for the title lending industry to accept loan applicants at its usual rate. Property title lenders want to lend. This is what they do. They are not in the business of giving money away without it coming back at some point.

Along with approval rates, loan amounts financed have also declined significantly for the securities lending industry. According to Fred winchar, President of Max Cash ™ Title Loans, “The average loan amount is now around $ 900, whereas before the average was around $ 3,500. “The current combination of low approval rates and low amounts funded has created a cash flow problem for many title lenders, leaving them with limited income to give back to the public through additional loans. While some are small. companies have closed their doors for good, many more are struggling to find qualified customers and stay afloat financially.

In response to this economic downturn in the industry, securities lenders still in business have had to find ways to adapt. Since lenders must Something rather than nothing to stay in business, small loans have become essential to sustaining the securities lending industry during this time. Some lenders also give “micro-loans”, which are as low as $ 100 and make the process all online. Other lenders have started working with banks to create a new loan product where the funding is held by the bank rather than backed by the securities lender that handles the loan.

Other auto title loan lenders have attempted to alleviate the problem by implementing a process in which the monthly payment decreases due to a continually falling interest rate. Some of these types of loans have the ability to drop to some of the lowest interest rates the securities lending industry has ever seen. In addition, some auto securities lenders only approve applicants who are extremely low risk, which is not the typical clientele typically served by the securities lending industry. These low risk, limited candidates now have the opportunity to profit from falling interest rates and potentially benefit from industry difficulties.

The securities lending industry recently adopted procedures to make doing business as secure as possible, such as online applications, processing and payments, lenders collectively struggle to remain financially stable in these unprecedented times.

As always, Max Cash â„¢ Title Loans encourages you, friends, and family to stay safe and healthy by complying with the CDC’s recommendations to stay home and practice social distancing.

Stay Safe, With Your Family of Max Cash â„¢ Securities Lending, https://www.maxcashtitleloans.com/

A maximum of moneyâ„¢ Securities lending
A maximum of moneyâ„¢ Title Loans, owned by Tradition Media Group, LLC, is a proprietary agency that uses an extensive network of lenders to help clients access securities lending services. A maximum of moneyâ„¢ Title Loans manages the processing of securities lending and the execution of sales to clients and can act as a broker for loans on a case-by-case basis.

CONTACT: Fred winchar, 1-877-958-1146, [email protected]

SOURCE Tradition Media Group

Related links

https://www.maxcashtitleloans.com


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Important Things To Know About San Francisco Car Title Loans https://rigelgroupllc.com/important-things-to-know-about-san-francisco-car-title-loans/ https://rigelgroupllc.com/important-things-to-know-about-san-francisco-car-title-loans/#respond Wed, 08 Apr 2020 07:00:00 +0000 https://rigelgroupllc.com/important-things-to-know-about-san-francisco-car-title-loans/ San Francisco is known to be a culturally wealthy and progressive city that has been highly acclaimed as one of the best financial centers in the United States today. Even though San Francisco is a beautiful city that boasts of fun and exhilarating destinations, it could be quite a stressful and demanding place for people […]]]>


San Francisco is known to be a culturally wealthy and progressive city that has been highly acclaimed as one of the best financial centers in the United States today. Even though San Francisco is a beautiful city that boasts of fun and exhilarating destinations, it could be quite a stressful and demanding place for people living here who are increasingly faced with costly and unforeseen expenses. Above all, with the current COVID-19 health crisis and the economic crisis, you may be looking for some kind of help. According to reports, the coronavirus could trigger a severe recession or slowdown in the United States.

According to https://edition.cnn.com, auto title loans were designed for anyone looking for quick cash to pay bills, manage debts, or deal with existing health and financial emergency.

According to https://edition.cnn.com, as stores, restaurants, factories and airlines are closing all over the world, from Madrid and Paris to New York and San Francisco, economists constantly warn that a recession across the world is no longer a problem. imminent threat, it is there.

If you own a car, you can avail a very quick and easy car title loan. However, you might have to pay quite high fees or if you default on your payments, you could risk losing your vehicles. Car title loans are for people who need quick cash to pay bills, manage debts, or deal with today’s emergency.

Here are some important points to keep in mind while availing a car title loan.

To get a loan, you must own your vehicle or have equity in the car

San Francisco car title loans are meant to be a secured loan that views your vehicle as collateral. Auto title loans would range from $ 100 to about $ 5,500, or about 25 to 50% of the value of your vehicle. The term of the loan seems to be quite short usually only 15 to around 30 days. Even though it is called a car title loan, you can get this cash advance using your trucks or motorcycles or any other vehicle. You would need a clear title to qualify for this loan. You need to provide a photo of your car, proof of insurance, photo ID, and proof of income to qualify for this loan. If you get a car title loan approval, you will have to immediately assign the title of your car to the lender in exchange for your loan.

Car Title Loans Could Mean High Fees Or High Interest Rates

Lenders could charge almost 25% of the total loan amount each month to fund your loan. For example, to get only a 30-day loan for $ 1,000, your fee could be 25% of the amount. Therefore, you have to pay back $ 1,250 and other additional charges to pay off the car title loan at the end of the month. This would translate to an APR of over 300%. It seems pretty high. However, you simply cannot interfere with the convenience and speed with which the loan is approved and processed.

Conclusion

If you are in a crisis and cannot repay the loan, you may have to give up the car. The lender would be obligated to repossess your vehicle in such circumstances. Know your facts before you opt for this. But remember that your credit history is irrelevant and you could qualify for this loan with even a bad or no credit history.


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High-interest securities loans extended by ‘grace periods’ argued in Supreme Court https://rigelgroupllc.com/high-interest-securities-loans-extended-by-grace-periods-argued-in-supreme-court/ Tue, 05 Mar 2019 08:00:00 +0000 https://rigelgroupllc.com/high-interest-securities-loans-extended-by-grace-periods-argued-in-supreme-court/ The Nevada Supreme Court will soon rule on whether high-interest payday lenders can use “grace periods” to extend the term of a loan beyond what is permitted by law. state law. Court members on Monday heard arguments from lawyers questioning whether Titlemax, a high-interest securities lender with more than 40 locations in Nevada, should be […]]]>

The Nevada Supreme Court will soon rule on whether high-interest payday lenders can use “grace periods” to extend the term of a loan beyond what is permitted by law. state law.

Court members on Monday heard arguments from lawyers questioning whether Titlemax, a high-interest securities lender with more than 40 locations in Nevada, should be punished or be allowed to continue making loans that span the beyond the state’s 210-day limit for high interest. loans through creative use of “grace periods”.

Although the company stopped offering the loans in 2015, Nevada’s Division of Financial Institutions – which oversees and regulates payday lenders – estimated that the loans resulted in approximately $8 million in additional interest added loans to over 15,000 people.

Nevada law does not set a cap on the amount a lender can charge an individual on a specific loan, but any lender who charges more than 40% interest on a loan is subject to rules and restrictions set out in state law, including the maximum term of a loan and the guarantee that a customer can repay the loan.

The law also allows lenders to offer a “grace period”, to defer payments on the loan, as long as it is not granted on the condition of taking out a new loan or if the customer is charged a higher rate. to that described. in the existing loan agreement.

This provision has been used by Titlemax to create what are known as “grace period payment deferral agreements”, an option for customers to use a pre-loaded “grace period” where first payments are allocated to interest on a loan and additional payments—usually not allowed by state law—are made on the principal amount of the loan, extending it beyond the 210-day period.

The example used in the briefings quotes a real client who took out a $5,800 loan in 2015 at 133.7% interest over 210 days, with monthly payments of $1,230.45. But after entering into a “grace period payment deferral agreement,” the client’s loan period extended to 420 days, with seven payments of $637.42 and seven subsequent installments of $828.57 each. . This brought the total interest payment on the loan to $4,461, or $1,648 more than he would have had to pay under the original terms of the loan.

The lawsuit arose out of a regular review of Titlemax by the division in 2014, which highlighted the loans as violating state law by charging excess amounts of interest through the use of loans with “grace period”. But the company refused to stop offering loans, saying the practice was technically legal under Nevada law.

The resulting standoff culminated in an administrative law hearing, where the division prevailed and Titlemax was ordered to stop offering the loans and pay a fine of $307,000 (although much of it is refundable if the company complied with the conditions.)

But the company appealed, winning a reversal from Clark County District Court Judge Joe Hardy in 2017, who ruled the loans were permitted under Nevada law. The case was later appealed by the state to the Supreme Court.

Nevada Solicitor General Heidi Parry Stern listens to oral arguments in Nevada Supreme Court in Carson City, March 3, 2019. (David Calvert/The Nevada Independent)

Solicitor General Heidi Stern, representing the state on Monday, said the district court’s decision to uphold the loans as authorized by state law violates the intent and plain language of the law. , urging judges to interpret the loan structure as one not offered “for free”. but rather as a way for Titlemax to make more money from loans.

“This court said laws with a protective purpose like this must be liberally construed to effect the benefits intended to be obtained,” she said. “If this is truly a protective law, it is intended to reduce consumer burden, not increase it.”

Attorney Daniel Polsenberg speaks before the Nevada Supreme Court during oral arguments on March 4, 2019 (David Calvert/The Nevada Independent)

Daniel Polsenberg, a partner of Lewis Roca Rothgerber Christie, representing Titlemax, said legislative history has shown that the legislature changed the law from a total ban on charging interest during a grace period to an interest ban. “additional,” a change he says made the loan structure legal.

“The change in language would make it clear that we are allowed to charge interest, but not at a higher rate,” he said.

Polsenberg said the creation of the loan was an attempt to give “flexibility” to loan recipients, noting that no borrowers had testified against the loans throughout the case.

“If we were really doing this just to make more money, we wouldn’t have done this,” he said. “We would charge a higher interest rate in all areas at the very beginning.”

Although Polsenberg said the company had done its best to comply with the law as interpreted, Stern said the company’s actions – including continuing to offer loans after being warned against it by the Financial Institutions Division – required a more severe sanction.

“A mere $50,000 fine is not enough to both punish TitleMax or change their behavior,” she said. “So, more importantly, what FID really wants here, which is to restore consumers and protect them from what happened to them as a result of Titlemax’s behavior.”

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Program helps residents of Maricopa County repay auto title loans https://rigelgroupllc.com/program-helps-residents-of-maricopa-county-repay-auto-title-loans/ https://rigelgroupllc.com/program-helps-residents-of-maricopa-county-repay-auto-title-loans/#respond Thu, 28 Feb 2019 08:00:00 +0000 https://rigelgroupllc.com/program-helps-residents-of-maricopa-county-repay-auto-title-loans/ When Rakesha Hill’s car broke down, she didn’t have $ 700 to pay a mechanic. Mesa, a mother of three, earns a modest salary working for a charity that helps homeless families. So, in a pinch, Hill took out a car title loan. “It was the only option I had at the time,” she said. […]]]>


When Rakesha Hill’s car broke down, she didn’t have $ 700 to pay a mechanic. Mesa, a mother of three, earns a modest salary working for a charity that helps homeless families.

So, in a pinch, Hill took out a car title loan.

“It was the only option I had at the time,” she said.

Hill, 39, has found out what many consumers are doing. The interest rate was so high that she struggled to repay the loan.

“I had already paid $ 100 a month for a year,” Hill said, “and nothing was going on in the principal. ”

Securities lending is a popular option

Consumers often turn to vehicle title loans when an unforeseen emergency strikes and they are short of cash.

Four in ten Americans said they would struggle to cover a surprise $ 400 expense, according to a Federal Reserve study last year. A Bankrate.com survey estimated that about two in 10 adults have no emergency savings.

But interest rates on securities lending can be huge, reaching 204% per year, according to the Consumer Federation of America and the Southwest Center for Economic Integrity.

People can shell out two to three times the amount they borrowed without coming close to loan satisfaction. And if a borrower defaults, the lender can repossess the vehicle and charge additional fees.

The program gives borrowers a helping hand

Hill felt stuck with her title loan.

“It’s like a cycle. You pay them just enough to keep them from harassing you,” she said.

Then Hill heard of a program that might help.

The program, called Lend a Hand, allows qualified residents of Maricopa County to borrow up to $ 4,000 from MariSol Federal Credit Union to repay a title loan.

The annual interest rate on the new loan, at 15%, is much lower than that of most title loans. Participants can also receive debt counseling from a separate Phoenix-based nonprofit, Take Charge America, and set up a savings plan so they can regain financial health.

The Arizona Community Foundation and the Phoenix Industrial Development Authority are supporting the program.

Hill said Lending a Hand made it easy for him to get rid of his debts.

“(The loan) was so affordable that I was able to pay it off in six months,” Hill said. “If it hadn’t been for the program, I would still be paying (the title loan) now or had my car repossessed.”

Some are not satisfied with the program

Lending a helping hand isn’t for everyone.

People with multiple loan titles or who are extremely in debt are unlikely to be approved for the loan, said Robin Romano, CEO of MariSol Federal Credit Union.

CEO of MariSol Federal Credit Union Robin Romano

“It’s a great tool for those who are in the early stages of being trapped,” she said. “The vast majority of people we have to turn down… they owe so much more than they can repay, it’s like putting a bandage on a gushing wound.”

But Romano urged everyone to apply.

“Take the first step and apply. It doesn’t hurt to take the advice, and it doesn’t hurt for us to take a look,” she said.

A participant said The Republic of Arizona he was not satisfied with the program.

An 80-year-old Phoenix charter school teacher took out a car loan to pay for his wife’s breast cancer treatments.

After applying to the Lend a Hand program, he said he felt compelled to accept the Take Charge America debt plan even though it was not approved for the MariSol Federal Credit Union loan.

The organizations said they would review their application materials and interactions with consumers to improve communication on the two separate programs.

How the program works

People who applyLend a Hand will first speak to a Take Charge America credit counselor.

The Phoenix nonprofit can create a monthly budget based on the applicant’s debts and negotiate with creditors to lower interest rates and monthly payments, waive late fees, shorten the repayment date, and stop payments. collection calls. Take Charge America then takes a small fee from the monthly payments.

Consumers are not required to accept Take Charge America’s debt management plan to receive the loan from MariSol Federal Credit Union.

FOLLOWING:When 401 (k) loans make sense – and not –

A few days after submitting the Lending Aid request, consumers should also hear from MariSol Federal Credit Union. The credit union may request more information to complete their loan review. Subsequently, he will inform the applicant if the loan has been approved.

If the loan is approved, the borrower should open an account with MariSol Federal Credit Union, start paying off the new loan, and save a small amount of money each month.

“Get out of the vicious circle”

The Lend a Hand program aims to get participants out of the trap of an existing title loan, as well as help them avoid looking for one in the future, according to program advocates.

“Sometimes people think their only option is to go to Tio Rico or TitleMax,” Romano said. “Anytime we can help people see another way of doing something is a good thing.”

When Hill recently faced another financial emergency, she failed to consult with a securities lender. Instead, she asked MariSol Federal Credit Union to help her out.

FOLLOWING:How to stay in control of your personal finances in a growing economy

Hill had given birth to a baby boy and had taken unpaid maternity leave.

She has continued to bank with the credit union since completing the Lend A Hand program. The credit union approved a loan at a lower rate than a title loan.

“MariSol is like family,” Hill said. If consumers are “looking for a place where they can save money and get out of the vicious cycle of title lending, I would recommend the program.”

Photo of TitleMax storefront at Alma School Road and West University Drive in Mesa.

How it works

If you have an auto title loan, you may be eligible to repay it by borrowing up to $ 4,000 at an annual interest rate of 15% from MariSol Federal Credit Union under the Lend a Hand program.

1. Download an application and review the eligibility requirements at www.takechargeamerica.org/lendahand. Or download the app here in English or Spanish.

2. Contact Take Charge America to schedule a free credit counseling session. A credit counselor will offer to help you budget and create an action plan to eliminate debt and save for the future.

  • By phone: 1-877-822-2410.
  • In person: 8 a.m. to 5 p.m. Monday to Friday at 20620 N. 19th Ave., Phoenix.

3. Submit your request and additional documents to Take Charge America for review.

4. MariSol Federal Credit Union will review your request for loan eligibility.

  • If you are approved, the credit union will repay your title loan and work with you to establish monthly payments on the credit union loan. You will also be required to open a MariSol Federal Credit Union savings account with an initial deposit of $ 25 plus $ 10 per month to build an emergency fund.

I have a problem? Azcentral can help you

Have you been the victim of a scam? Do you have a complaint against a business or government agency? The Republic of Arizona/azcentral.com in partnership with Call For Action can investigate. We are #HeretoHelpAZ.

Fill out this form online, text HereToHelpAZ to 51555, or call 602-444-2255 from 11 a.m. to 1 p.m. Tuesday through Friday to speak with a Call to Action volunteer.

Consumer reporter Rebekah L. Sanders investigates fraud and abuse issues involving businesses, healthcare entities and government agencies. Contact her at rsanders@azcentral.com. Follow her on Twitter at @RebekahLSanders.



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The Dangerous Truth About Bad Credit Auto Title Loans https://rigelgroupllc.com/the-dangerous-truth-about-bad-credit-auto-title-loans/ Thu, 11 Oct 2018 07:00:00 +0000 https://rigelgroupllc.com/the-dangerous-truth-about-bad-credit-auto-title-loans/ If you have a free and clear car, but need cash fast, you might find yourself turning to a title loan. It could be the first step down a slippery slope – one you should avoid. Here we discuss how dangerous these loans are and why. How Securities Lending Works Auto title loans are a […]]]>

If you have a free and clear car, but need cash fast, you might find yourself turning to a title loan. It could be the first step down a slippery slope – one you should avoid. Here we discuss how dangerous these loans are and why.

How Securities Lending Works

Auto title loans are a type of secured loan that uses the title of your vehicle as collateral. This means that if you fail to repay the loan as agreed, the lender has the right to repossess your car. These loans typically range between $100 and $1,000, and you must repay them either within 30 days in one installment or in installments, usually with renewals ranging from three to six months.

According to a 2016 Consumer Finance Protection Bureau study, one in five borrowers have their vehicle repossessed as a result of these loans. Also, more often than not, borrowers cannot afford to repay their loans in one installment, so they end up renewing their loan seven or more times in a row, leaving them trapped in a cycle of debt that can last. the longest. a year or more.

Predatory loans

Automotive title loans, as well as payday loans and pawnbrokers, are generally considered predatory types of lending. Due to the incredibly high interest rates that come with title loans – an average APR on an auto title loan is 300% – people often struggle to pay off their loan in full on time.

With a typical interest rate of 25% per month, a $1,000 loan costs you $1,250 to repay. When a consumer cannot meet this payment within 30 days, lenders usually allow you to “rollover” your loan. This is where people get trapped in the cycle of debt. If you pay $250 and renew your original loan amount, which added fees and interest, you still owe $1,250 or more in 30 days.

There are other factors that make these loans unsafe, such as add-ons, which can increase the cost. Add-ons like roadside assistance, credit report fees, and origination fees not only increase the cost of a title loan, but may be required instead of optional. Knowing this, if you absolutely must obtain a title loan, it is a very good idea to shop around before signing any documents.

Car title lenders are required by the Truth in Lending Act to give you the full loan terms in writing. You should also make sure you know your credit score and what’s on your credit reports, and have comprehensive auto insurance before you sign up for an auto title loan.

Before getting an auto title loan for bad credit…

You want to make sure that you consider all of your options before considering a title loan. Not only can your vehicle be repossessed, but there are also a number of other consequences.

For example, your car insurance company may decide to pay the lien holder directly if you are involved in an accident and your car is deemed a total loss. In some states, title lending companies are required to pay you the difference between the value of the vehicle and the loan balance. But, in other states, they are allowed to retain full payment from your insurance company.

Plus, since you’re giving your title as collateral, if anything happens to your car, like theft or a total, you won’t be able to be financed for a replacement until you pay off your title loan – especially if have you bad credit.

Before you sign on the dotted line for a high-interest car loan, consider these alternatives if you have bad credit:

  • Contact your creditors to tell them about your situation and see if they can work with you
  • Ask friends or family members for money to help you
  • Take out a small personal loan from a credit union or a bank
  • Learn about organizations that help with living expenses
  • Consider a cash advance on a credit card or ask your employer
  • Borrow from your 401(k) retirement account

As you can see, there are other options to consider. However, some of them also carry higher than average interest rates, such as credit card cash advances. Other options, such as borrowing from your retirement account or 401(k), should be done with extreme caution and consideration.

As we see

You should always be aware of all the options available to you if you need financial assistance. But, you also need to be careful because not all lender options are as good as they seem. Here has Auto Express Credit, we recommend that you always do your research before embarking on any type of auto loan, especially an auto title loan.

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