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Car title loans: Friendly Only for Emergency Funding

November 6, 2019   Fast Loan

Car title loans are loans which people try to get in utter emergency only. If some good amount of money is urgently needed one may go for it keeping in mind that repayment must be made within a very short period. Car title loans contracts may of different forms most common of which is that the title of the car is offered to the lender as evidence of collateral property or as just security. This generally happens if the lender is a bank or any financial company. The borrower is asked to leave a set of the keys of the car to the possession of the lender. The borrower can use the car as his personal vehicle.

Car title loans have other forms also. It may happen that the borrower is not allowed to keep the car’s possession. Instead of it the lender will keep the car with him and give the same back to the owner of the car when he will pay back the money in the stipulated period. It happens that the borrower cannot clear the loan within the period. This is a very critical state for the borrower as the lender may sell the car to recover the money given as loan.

There are many lenders from whom one can secure car title loan. Banks are there and there are different financial companies in the market. One can search on the internet and find particular web sites of the companies which receive online application for car title loans and give the loans. It is rather simple to get this kind of loans.

The borrower must have the title of the vehicle in his name and the car must be insured in all respect. He must submit documents supporting his address proof and latest telephone bill. If he owns a home a statement of mortgage is demanded. The lender will want some document supporting the fact that the borrower is in a service approved by the law of the land and that he has been in the service for one year minimum. His annual income should not be less than $12000 in any way. He must be 21 years at the time of submitting the application for the car title loan.

How much money the borrower can get? It is up to the discretion of the lenders. It may not be any good amount and it may at best within half of the assumed resale cost of the vehicle. The borrower may be or usually is asked to pay back considerable amount immediately after he receives the payment. The rate of interest for car title loans is really exorbitant and it is nearly 300 percent.

People take Car title loans for extremely urgent necessity and they must pay back the loan within a very short span of time, that is, within 15 to 30 days.

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Some factors regarding payday loans

November 1, 2019   Personal Loan

There aren’t many people in this world who have not faced a situation where they needed money badly for some emergency. These emergencies could come in the form of medical bills, school or college fees, house or car repair, etc. Payday loans, or cash advance, are meant to help you in these grave situations. As the phrase suggests, payday loans are those that you can avail before your next payday arrives. From this you would realize that this is usually a choice when you are in need of money urgently and where you just cannot wait till your next payday.

Payday loan amount would be often provided to you the next working day after you apply for it. All it needs from you is to be 18 years of age or more, employed or have a regular source of income and to have an active bank account. Once you apply for it, usually online, there is very less formalities that remain for the lender to transfer the amount to your account.

The interests for payday loans vary according to the choice of the loan lender. From £15 it could go as high as £30 per particular number of days for a loan of £100. Often, the due date of the loan varies from 15 days to 30 or your next payday.

Payday loans are often quite attractive as you could avail it without many formalities and efforts. For shopaholics this is good news because they could buy anything they fancy without waiting for their pay cheque. It all sounds great and attractive, but there has to be a catch somewhere, isn’t it? Yes, there is, and the catch is that for the amount you avail as a payday loan you have to pay a huge interest and that too within a short period of time.

This is the reason why you have to be very careful while getting payday loans. In fact, unless your need is that great, it would be better to avoid it. However, many times life would bring before you circumstances where you have no other option but to go for it. In such situations just remember to go for a loan lender who is reputed and has excellent recommendations from any of your acquaintances. Also, make sure that you repay the amount within the same month and not extend the due date under any circumstances.

It is better if you don’t go for payday loans for impulse shopping or purchase. It is something that has to be availed only when your need is unavoidable. More importantly, be aware of the all the terms and conditions of the leading agency before you go for it.

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