Most people have at least heard of car title loansat one point or another, either on radio ads, TV commercials, the Internet and social media, or just in passing. However, only a handful of the same majority of people know really what they are and how they work.
Car title loans are a debt management option for individuals who are severely struggling to pay off their current debt or even to pay their bills. Title loans are also marketed to those same struggling individuals who also have limited or poor credit history and cannot seek out traditional lending methods, such as personal loan from a bank. In these cases, an individual will borrow a small lump sum of cash, typically between $1000 and $5000 at a time, and the title loan company will use an individual's car or vehicle title as collateral until the loan is paid back in full.
While the idea of title loans seems like a helpful and viable option for those who are in dire need of cash...and fast, the catch is that the title loan industry is also a difficult one. There are many title loan companiesthat take advantage of struggling individuals by offering extraordinarily high interest rates and strict repayment terms, making it incredibly difficult for an individual to get out of debt completely. In fact, most individuals who seek out a car title loan with a title loan company that operates under poor or unethical business practices end up defaulting on the loan and losing his or her vehicle and title.
The good news is there is good news. There are Utah title loan companies that are really in the industry to help rather than take advantage of financially-challenged individuals. So how is Affordable Title Loans different? What makes them the good guys?
Lower Interest Rates. The reason why most title loan companies offer loans with such high interest rates is because of the high-risk nature of most applicants, as most folks have limited or poor credit history. However, Affordable Title Loans offers some title loans for as low as 150%, whereas their competitors can offer as high as 300%!
Fair and Flexible Repayment Terms. Affordable Title Loans also offers fair and flexible repayment terms. Individuals will make payments that tackle both principal and interest. If an individual is repaying a loan where he or she is paying only the interest upfront, he or she will never really pay down the balance, or the loan principal, sinking them further into debt and maybe even losing their car or vehicle.
Hospitality When You Need It. Affordable Title Loans prides itself in being a highly-reputable, trustworthy, and hospitable title loan company throughout Utah and Idaho. They believe in working with and helping individuals to get out of debt...and for good. As a result of their lower interest rates, fair, and flexible repayment terms, Affordable Title Loans has the lowest default rates next to their competitors.
These are just a few reasons why most car title loan seekers prefer Affordable Title Loans. They wouldn't be in business, growing and expanding, nor would their employees love and believe in their jobs if they were in the business to solely make money and capitalize or gain off their customers. Affordable Title Loansreally are the good guys in a difficult industry.