The headlines scream it …
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Those headlines seem like no-brainers when you’re in need of cash quickly and have had problems getting a loan from traditional lenders like a bank. You really come to the conclusion rather quickly, this is what I need … here’s my answer!
The down side of car title loans
“You’re advised to put on the brakes and understand the costs of a car title pawn loans. You may want to consider other options. A car title loan will put your car at risk: you may lose one of your most valuable possessions and your transportation,” so says the Federal Trade Commission (FTC), the nation’s consumer protection agency.
You’re familiar with all the names … title pawn, title loan, pink-slip loan, title pledge. These are usually small, short-term, high rate loans that uses your car title for collateral. The costs to take a loan like this can be astronomical. The loan rates can have a triple-digit annual percentage rate (APR). And, the terms can be stringent, they become very difficult to get out of without losing your car!
Whether you apply at a title store or on line, you’re asked to fill out a loan application. You’re usually asked for your car title, a photo ID, proof on insurance. Maybe even a spare set of keys. None of that is all that unusual. The unusual part starts because you are very much in need of a loan and sometimes willing to pay more that you ordinarily would. But, watch out for processing fees, document fees, late fees, originations fees, title charges, and lien fees. You may even be hit with road side service plans. Then comes the high interest rates.
“Lenders often charge an average of 25 percent per month to finance the loan. That translate to an APR of at least 300 percent. It could be higher, depending on additional fees that the lenders may require,” says the FTC website.
What if you’re already in a Title Loan?
There is an answer …
1800NewRate is a consumer loan company that could help you get out of a title pawn trap, or help you even before you get into a ridiculous title pawn loan.
It’s key to make the call to 1-800-New Rate or visit their web site at 1800NewRate.com and get all of your options.
1-800-New Rate has served thousands of customers in Georgia, Alabama, and South Carolina and helped people get free of title loans, get their bills paid, and begin to improve their credit score. Call Today!
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