Budget Blogger

I recently reconnected with a college friend through Facebook.  I’m not a big advocate of the site, and have visited my profile twice in the past year.  But reminiscing with this particular friend was a very welcome blast from the past, especially when she mentioned our midnight stalking of an ex.  We thought he wouldn’t recognize us in my friend’s car because we were wearing paper bags over our heads and had holes cut out for our eyes.  Too much beer, I guess.

After we hung up, I started thinking about how this friend used both payday loans and title loans during our “getting started” years.  She lives out west and used Montana Title Loans when she wanted to move into her own apartment but couldn’t come up with the security deposit.

Once the title loan was paid off, there were several times she used Montana Payday Loans to hold her over from paycheck to paycheck during her first year of employment.  She could always come up with the money to repay the payday loan, but her job only distributed paychecks once each month.     

This friend is probably the best example I know of someone using payday and title loans the right way.  She wasn’t buying designer purses or splurging on things she couldn’t afford.  She was just a young girl trying to make it on her own at a job that barely paid minimum wage. 

If you live out west, getting a title or payday loan in Idaho, Montana, Nevada, or South Dakota has never been easier.  Click on the links or call them on the phone and you are just minutes away from cash in your hand.

My nine-year-old has been waiting for the release of the new Nintendo DSi since he placed his $25 deposit with Gamestop last month.  Last night, an hour before the store closed, he picked up the DS.  We waited until the last minute because I refused to give him any cash or use my credit card to help him make the purchase.

He called the store and discovered they were offering $30 and $20 bonuses on trade-ins of old DS models.  He scrounged around the house for loose change and gathered up every single game he could find to trade in.  I let him sweat it out. It wasn’t easy finding all the old games, chargers, and other exchangeable electronic equipment scattered around the house – like finding a needle in a haystack.

While his DS was being rung up, I thought this must be how loan customers feel when signing documents or applying for credit – confused.  Once the clerk started talking about half rebates, discount cards, and protection plans; he lost me.  Luckily my son had enough trade-ins and cash to buy the DS, but my brain felt like it had just been tossed around in a salad spinner. 

When I looked at the receipt and the company’s promotional advertisements to sort through our transaction, things just got worse.  I put the receipt away and sat back to watch my son enjoy his new DS.  I promised myself I’d check the receipt once I had some peace and quiet in the house.

Few title loan companies or payday loan companies can match the great service you’ll get at any of these locations Alabama Title Loans, Arizona Title Loans ,California Title Loans ,Delaware Title Loans , Georgia Title Loans, Idaho Title Loans ,Illinios Title Loans , Louisiana Title Loans , Montana Title Loans ,Missouri Title Loans , Nevada Title Loans ,New Mexico Title Loans ,South Carolina Title Loans ,South Dakota Title Loans, Tennessee Title Loans , Texas Title Loans ,Utah Title Loans ,Virginia Title Loans ,Wisconson Title Loans . 

Payments, repayment schedules, fees and yes – even the dreaded annual percentage rate — are clearly spelled out for your review. 

Even if most proponents of pink slip and payday advance loans disagree with the regulations that make it mandatory for calculating the apr based on a a yearly loan, the rate is right there, and customer service reps are happy to explain how it’s calculated.  Maybe Gamestop needs a little tweak to their promotional programs.

Payday lenders and title loan lenders always seem to be dodging the next media or consumer advocacy group bullet when it comes to fees and their lending guidelines.

They’ve taken the heat for just about anything you can think of: fees — too high; missed payments — too quick to try to recover their money or too aggressive collecting their money.  If it’s bad press, they’ve been hit with it.    

But now credit card companies and banks are feeling the heat.  They’re raising fees, lowering credit limits, tacking on extra charges all over the place.  The only problem is a lot of the changes are being buried in the fine print on your credit card statement.  

Basically they’re doing the same thing alternative lenders have been doing all along — charging more for higher risk customer transactions and lowering their exposure for default.

Isn’t that what companies like Alabama Title Loans, Arizona Title Loans ,California Title Loans ,Delaware Title Loans , Georgia Title Loans are doing already?  And they’re not hiding their fees or collection practices in fine print.  They’re laying the facts out for their customers to see. 

Fast money, bad credit, no credit — it will cost you more but a title lender lets you know that right up front.  Same thing with missed payments.  Will they try to work with you?  Sure — but the fact is, when you hand over a set of keys to your car you’re saying yes I plan to repay this money and the car backs up that promise. 

It used to be leasing a car was a great idea if the car was considered a business expense, and for many individuals, that’s still true.  But just like home equity loans became a method to finance lifestyles some of us couldn’t afford, automobile leases became a way for consumers to drive more expensive cars then they could really afford. 

If you’re one of the many individuals driving around in a great leased car (or two), with payments that almost equal the amount of your mortgage payment and a car that is worth a lot less than you owe the bank, you’re not alone. 

Can you get a title loan on a leased vehicle?  No.  The reason you can’t use Title Loans of Texas or any of the other automobile loan products availalbe today, is because at the end of the lease, the bank owns the car.  To get quick cash from an auto pawn loan, you need to own your car.

If you do own your own car and need fast cash, here’s a state-by-state list of links to help you find a quick and easy title loan:

Alabama Title Loans, Arizona Title Loans ,California Title Loans ,Delaware Title Loans , Georgia Title Loans ,Idaho Title Loans ,Illinios Title Loans , Louisiana Title Loans , Montana Title Loans ,Missouri Title Loans , Nevada Title Loans ,New Mexico Title Loans ,South Carolina Title Loans ,South Dakota Title Loans
Tennessee Title Loans , Texas Title Loans ,Utah Title Loans ,Virginia Title Loans ,Wisconson Title Loans

If you’re not in one of these states, don’t worry.  Just click the link below, then enter your zip code to find a bordering state you can travel to.  Find a title lender.

If you’ve decided, any of these sites is a great place to start.  They make the lending process simple, quick and affordable for title loans or car title loans.  They want to make the lending process smooth and hassle free for everyone.

Just remember when you bring your car in for an inspection and want to receive your cash, you need to have proof of a clear car title, driver’s license or state-issued I.D. card, and proof of income.  For the most part, that’s usually all it takes.

I didn’t discover my husband’s relationship with Sallie Mae until I saw him writing a check to her – after we got married.

Sallie Mae funded student loans my husband used to pay for “college.” I’m using quotes because he actually bought a boat with “some” – more quotes- of  the money.  How he paid for tuition is another story.

Sallie Mae was great at providing nontraditional loans to people who couldn’t afford college any other way – not so great at explaining the details of their loans and repayment terms.  “I just didn’t realize how expensive the loan was when I signed,” said my husband during a ”will we ever pay off this student loan?” discussion. ”The print was so small I couldn’t read it; I just signed.”

So when you read about a company like Title Loans of Indiana or Title Loans of Tennessee tricking people into loans – I say it’s just not true.  Title loan and payday loan companies clearly disclose costs and repayment terms in the contracts that every borrower signs. 

We all know when we borrow money it’s not a gift.  Title loan, payday loan, student loan, boat loan — eventually each one needs to be repaid, and “I just didn’t know” isn’t good enough anymore.  Just ask Freddie.

Wisdom comes with age; or at least it did for the friend I wrote about in the last post.   There’s always more to every story and that’s the case with Allison too. 

When we were college seniors, her grandmother bought her a new car and gave her a Chevron credit card to buy “gas.”  Our local Chevron was one of the first gas stations to turn into a super-gas station.  We bought everything there — trash bags, soap, beer, chips, beer, frozen dinners, fake engagement ring (to make an ex jealous) from a counter display, beer — once in awhile we’d put gas in the car too. 

It wasn’t long before the credit card got cancelled and her grandmother, now fuming back home in Alabama, refused to make any more payments on the car (bad grades and beer).  Faced with ruining her credit and returning the car to the bank, someone came up with the bright idea to drive the car to Mexico, leave the keys in the ignition, and report the car as stolen. 

An even better idea would have been to use the equity in her car by calling Title Loan Alabama,  and getting a job to support our “gas” habit. 

In our case, wisdom really does come with age because insurance fraud was never mentioned when we discussed how to handle the situation with her bankrupt employer.  And now we prefer wine.

I never believed in the saying what goes around comes around — but I bet there are plenty of lending institutions, business executives, and lawmakers giving that exact saying quite a bit of thought these days.

They’re the same group promising to protect American consumers by cracking down on predatory lenders.  They did their best to take away one of the few credit options for borrowers with cash flow and credit problems in the past few years.

Wouldn’t it be interesting if just like the saying “comes around goes around” the government declined their pleas for quick cash to save their businesses?  The average consumer calls this request a title loan or payday loan – big businesses call it a bailout.

Last week I filled out an application for a home equity credit line.  The loan officer said she could only offer me an average interest rate even though their advertisements promote prime minus half a percentage point. “It’s an adjustable rate.  You’ll pay whatever the prime rate is at the beginning of the month,” she said.  “You need to have A+ credit to get the better rate.”   I have an “A” credit rating, but still felt like I’d failed a test. 

Here’s how the rest of the credit scoring system goes:

Low Risk (726 – 830):  The land of high credit scores where it’s easier to get a loan and you can save money by negotiating a lower interest rate or a better term on a new loan or credit card.

Low – Medium Risk (700 – 725): The land of good credit scores where lenders might want to extend credit and it’s possible to get better-than-average rates and terms on new loans and credit cards.

Medium Risk (626 – 699): The land of average credit scores where lenders might lend you money, but you may only get average rates and terms.  It’s like a “C” on your report card — if only you had tried harder.

Medium – High Risk (551 – 625): The land of below average credit scores where lenders need to be convinced you can be trusted with their money.  This one’s like explaining to your parents why they should pay for another semester of college if you’re GPA has headed south. In this range, it’s not likely you’ll get a great interest rate.

High Risk (330 – 550): The land of bad credit where lenders need a reason to lend you money -  like tons of equity in your home or car or someone with stellar credit to cosign your loan.  If you do get approved for a loan you’ll pay higher rates regardless of the reason your credit score is low.

Last week cardratings.com reported the average credit card interest rate rose to 13.81 from 13.75 two weeks ago.  Even after the Fed dropped its federal funds rate and discount rate, credit card customers aren’t seeing much benefit. Lending standards are tightening which leaves consumers with few choices to help in a financial emergency.  Credit card advances, payday loans and borrowing from family or friends are a few of the remaining choices, but payday lenders are faced with legislation that just might put them out of business and your family and friends might be reluctant to lend money in today’s economy — a definite incentive to take charge of your financial situation