When you are faced with financial difficulty, the world can be a very cold place. If you are in need of a quick infusion of cash and not sure where to turn, the following article offers sound advice on car title loans and how they might help. Consider the information carefully, to see if this option is for you.
You must know that most car title loan lenders require you to pay them back within two weeks of loan. If you cannot pay your loan off by its due date, there may be options available. Many companies have an option to roll over the loan, which extends the loan but may also incur additional fees.
If you find yourself stuck with a car title loan that you cannot pay off, call the loan company, and lodge a complaint. Most people have legitimate complaints, about the high fees charged to extend car title loans for another pay period. Most loan companies will give you a discount on your loan fees or interest, but you don’t get if you don’t ask — so be sure to ask!
Be aware of the deceiving rates you are presented. It may seem to be affordable and acceptable to be charged fifteen dollars for each one-hundred you borrow, but it will quickly add up. The rates will translate to be about 390 percent of the amount borrowed. Know exactly how much you will be required to pay in fees and interest up front.
Realize that you are giving the car title loan access to your personal banking information. That is great when you see the loan deposit! However, they will also be making withdrawals from your account. Make sure you feel comfortable with a company having that kind of access to your bank account. Know to expect that they will use that access.
If you are near a state line and loans are not available locally, you may not be out of luck. In certain areas, you are allowed to cross over to other states to secure a legal car title loan. Usually this only requires a single trip as they will be paid back electronically.
Only provide car title lenders correct information. Provide a pay stub or other proof of your regular income. Also be sure to supply the correct phone number where you can be reached at. Giving them the wrong information, or not giving them the information they want, will result in a longer wait for your loan to go through.
The number one rule regarding car title loans is to only borrow what you know you can pay back. For instance, a car title loan company may offer you a certain amount because your income is good, but you may have other commitments that prevent you from paying the loan back. Generally, it is wise to take out the amount you can afford to pay back once your bills are paid.
Everybody is short for cash at one time or another and needs to find a way out. Hopefully this article has shown you some very useful ideas on how you might use a car title loan for your current situation. Becoming an educated consumer is the first step in resolving any financial problem.