If you are in a troubling financial situation and have nowhere to turn for help, then you may have considered title loans at one point or another. But how do you know if they are right for you? It’s no secret that many title loan companies are in the business to take advantage of title loan applicants by offering steep interest rates, strict payment schedules, and even unfair or unethical loan terms. These reasons alone would make anyone a little leery about asking for a title loan.
While we wish these disadvantages were only myths, the truth is there are some companies that are in the industry to offer fair and more reasonable title loans for struggling individuals, and to really make a difference. One of those title loan companies is Affordable Title Loans.
How is Affordable Title Loans Different?
1.) Lower Interest Rates
Affordable Title Loansbelieves in truly helping those in difficult or challenging financial situations get out of debt completely. Some title loan companies will present difficult repayment terms in order to keep individuals in debt and paying astronomical interest rates, or forcing them to default on the loan and capitalize on selling their vehicle. Affordable Title Loans offers lower interest rates (some as low as 150%) and repayment terms that are reasonable and fair.
2.) Payments on Principal
Some title loan companies require that all individuals make payments on all the interest first, which can be as high as 300%! This means that all the payments that an individual makes will all be towards a title loan company makes upfront. Since these payments are usually crazy high, the individual not only struggles with making the payments, but never really pays down the principal balance of the initial title loan amount, ultimately forcing the individual to default…and losing their vehicle at the same time.
Affordable Title Loans, however, offers title loans that allow an individual to make payments on both the interest and principal, reducing the amount owed over time and actually paying down debt.
3.) Lost Title
Before taking out a title loan, an applicant must present a valid copy of a vehicle title before he or she is considered. This is because most title loan companies really only care about the asset or collateral tied to the loan, not the actual individual. Title loan companies see struggling individuals, often with poor credit or limited assets, as targets for title loan defaults.
Although Affordable Title Loans asks for the vehicle title in conjunction with applying for a title loan, individuals who either misplaced or have an out-of-state title aren’t a concern. Affordable Title Loans will actually help in locating a copy of a vehicle title by going to the DMV and applying for a copy of the new title. The only thing Affordable Title Loans requires is that the title is free and clear and there are no liens against it.
All in all, Affordable Title Loans isn’t in the game to make money and win. Although Affordable Title Loans is a for-profit organization, the concerns and needs of customers are their first priority. This is what makes them different, unique, and why their title loans stores are growing and expanding throughout Idaho and Utah. Worried about applying for a title loan? You should be…but not with Affordable Title Loans.