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How Car Title Loan Program Works

2018-01-192020-03-21 Robbie Serrano

Auto car title loans are known to be quite handy during tough economic times. For instance, if you have emergencies that require cash, these loans are great ways of meeting your expenses. Usually, most lenders do not lend an amount that is over 50% of the car value. You should note that these loans are secured. Before, you acquire a title loan, you should know that you will pay principal amount plus interest in one go. Therefore, you can be able to pay back the money.

Usually, you will be given more than a month to repay the loan. If you are unable to repay your loan within the stipulated timeframe, you are free to pay onetime interest fee and have your loan rolled over to next month. If you fail to do so, the lender has right to take the car and sell it. Therefore, as a borrower, you need to be quite careful.

Loan requirements

Proof of licenses and insurance
You should be true owner of car
The car should not have any outstanding loans against it
Personal details are required during processing

The above are simple requirements, which you can easily process at ease. You do not have to be bothered again about your credit history. In fact, you can even get a loan within the same day. They do not require credit checking. Usually, lenders have a free lending hand as far as terms and conditions are involved. The car title loan is considered as a collateral for the personal loans. If you already have a car loan, you will find it difficult to process this type of loan.

How does it work?

After completing paperwork, borrowers are expected to provide car title and some keys to lenders. You will note that the amount of paperwork involved is very minimal and can be completed in less than five minutes. Although it sounds very easy, you need to hold your breath. The annual interest rates may turn into triple digits. Ensure you are in a right position to repay your loan amount promptly.

You will note that there are set limits. Some borrowers may decide to make full payment of principal amount plus the interest fees. Whenever you get to the limit, you will be required to settle the full amount or forfeit your car. There are several advantages and disadvantages of these loans. Therefore, it is up to you to choose right loan options.

Things to keep in mind when you want to secure loan forgiveness

2016-09-142020-03-21 Robbie Serrano

If you are drowning in debt because of a student loan, a forgiveness program can be quite helpful. You need help from someone who looks for forgiveness programs for student loans. Forgiveness programs are lifesavers for people burdened by student loans. However, you should keep in mind the fact that enrolling in a forgiveness program is the first step when you want your loan to be canceled. Most borrowers do not manage to see the loan cancelation process to the end. You have to commit yourself to make it through the program. There are some things that you should keep in mind when you want to secure student loan forgiveness. The things that you should do include;

1. Preparation of paperwork is critical

There are many challenges that you will have to overcome when you want to qualify for a repayment plan that will end in forgiveness. Nothing is automatic when it comes to loan forgiveness. You have to submit paperwork that give details about your income and family size on an annual basis. You have to prove that you need to be forgiven. The paperwork that you will be required to fill every year should have signatures from several people. Taking your paper to all these people can be overwhelming.

2. You have to commit yourself to a program

When you join a student loan forgiveness program, you should be prepared to commit to the program. This is because you may have a larger burden when you drop out. There are many things that you have to do. If you don’t think that you can do all the things that need to be done for several years, there is no need of joining a student loan forgiveness program. Dropping out is not an option. For example, if you enroll in an income-based program, failing to keep up with the plan will force the lender to capitalize the unpaid interest and add it to the total cost of your loan.

3. Things will not be easy after forgiveness

Most people think that things will be easy for them when they reach the point of forgiveness. For example, if you have been forgiven after repaying your student’s loan for over 20 years without failure, you may be taxed for the amount forgiven. You have to be prepared for the high tax that you will be required to pay.

Forgiveness can be really helpful to you. However, you should keep in mind the fact that it is very important for you to meet all the requirements to qualify.

SAY NO TO UNLICENSED MONEYLENDERS

2015-11-252020-03-21 Robbie Serrano

There are many horrible stories about harassment issues involving people who borrowed money from unlicensed moneylenders. In Singapore, there has been a long debate about making such occurrences a crime punishable by law.This is to protect the safety of the people as well as the whole community.

If you are in need of extra cash, and you are looking into getting a loan, it is best recommended to get it from a licensed money lender.

Such groups are governed by money lending laws that are strictly implemented and monitored by the government authorities. Failure to abide by the law would mean a penalty or the cancellation of the lending company’s permit to operate.

Despite the availability of numerous licensed moneylenders, there are still people who find it a lot easier to borrow cash from unauthorized lenders. Little do they know about the possible consequences.

What are the disadvantages of getting a loan from an unlicensed moneylender?

HARASSMENT

Unlicensed moneylenders can expose you to different forms of harassment especially if you are unable to meet whatever you had agreed upon.Some would start calling your landlines or mobile phones countless times or they could even go to your homes to harass you.Harassment is not very unusual as it happens all the time.It is very mind-disturbing and may even cause extreme anxiety and depression on the part of the victim.

EXTREMELY HIGH-INTEREST RATE

Moneylenders who are not authorized tend to take advantage of the borrower’s weakness. They impose extremely high-interest rates giving the borrower no choice but to accept it because of the urgent need for the cash.It’s like, ‘take it or leave it.’ The people in need would, of course, grab the offer no matter what it entails just so they would be able to cover up their short-term needs.

POSSIBLE IDENTITY THEFT

If you are dealing with an unlicensed moneylender, they will have access to your personal details, and so your personal information can be at stake too. You are not protected at all.Someone can steal your personal information or identity and use them in a wrong manner.

SMS SPAMS

Illegitimate moneylenders send various text messages to people or prospective borrowers to lure or tempt them to get a loan. These spam messages can be very annoying and disturbing.

All of the things mentioned above can be avoided if you transact with a licensed moneylender.It will definitely give you a peace of mind.