Title Pawn Rescue
You can be free today!
If you are trapped in a high interest title pawn or high interest title loan,
1800 New-Rate can save you $1000s.
Are you stuck in a title pawn trap?
Title pawns offer people with bad credit the opportunity to use their car title as collateral for a small, short-term loan.
While this kind of credit may be beneficial for consumers in need of fast cash, it creates a cycle of high interest debt that makes repayment very difficult.
How do title pawns work?
Title pawn loans are similar to other loans with one critical exception; they are typically issued for a period of 30 days, after which the entire loan is due in full. If the person is unable to pay off the loan, title pawn companies will roll over the loan for another month, usually at a higher rate of interest, compounding the interest on the loan and creating a cycle of high interest debt where payments are applied to interest but never to principle.
Need help with a high title pawn? Get Relief!
How can 1800 New-Rate help rescue me from my current title pawn?
1-800NewRate offers to pay off high interest title pawns or title loans and provide borrowers with a fixed interest rate and low monthly payments. As collateral for this loan, 1-800NewRate accepts the same car title the title pawn companies accept, we just believe in lending with integrity. Therefore we never practice “rolling over” a loan, nor do we increase interest rates on existing loans. By reporting payments to the Credit Bureau, we also assist borrowers in their efforts to rebuild their credit so they will not have to limit their credit options to title pawns or other bad credit loans.
Learn more about how Title Pawn Rescue works:
Title pawn rescue is necessary, because sometimes someone who in a dire financial emergency that needs fast access to cash may see no better alternative than a title loan. When this puts them in even deeper trouble, 1-800-New-Rate is there to bail them out.
1. Title pawn loans are a short-term alternative.
When someone needs fast-cash, they may not qualify for a traditional consumer loan due to bad credit.
A title loan can be a convenient way for the borrower to pledge an asset such as a motor vehicle title as collateral for the loan and in return, receives the cash that he or she may require. This type of loan is different from traditional consumer loans in that title loans are short term loans with repayment terms of between 30 and 90 days, depending on the state. This means that the full principal balance must be repaid within the 30-day or 90-day period.
Borrowers with bad credit may find title loans attractive because there is quick access to cash, the motor vehicle remains in the owner’s possession, and credit checks may not be required.
Someone who has a financial emergency and who needs fast access to cash may see no better alternative to a title loan.
2. The drawbacks of title loans.
While title pawn loans have their place and are useful to persons who may need cash fast, there are some drawbacks to consider. One of the less attractive features of title pawn loans is the high interest rates usually associated with them.
These rates are usually well above market rates because of the high-risk nature of these types of loans. It is not uncommon to see title loans with APRs of as much as 30%. In addition, if the borrower fails to repay the loan within the 30-day period, the loan is rolled over and an even higher interest rate is applied, sometimes reaching over 100%.
For subsequent payments made by the borrower, any accumulated interest is paid down first, before payment is applied to the principal. This creates a situation where interest could accumulate very rapidly, while the principal remains at the same level or is reduced by only incremental amounts.
If the borrower is unable to repay the entire loan quickly, he could find himself in a worse situation than he was before. In such a case, the borrower could benefit from Title pawn rescue for help with title loan repayments.
3. What is title pawn rescue?
Have you ever heard of the term “drowning in debt”? This is the situation that some title loan borrowers find themselves in, gasping for air and trying to keep their heads above the water. This is where title pawn rescue may prove beneficial.
Title pawn rescue is essentially the refinancing of an existing title loan. The benefits of title pawn rescue include the chance to start over afresh, with the opportunity to have fixed interest rates that don’t change.
In addition, the newly refinanced title loan can give the borrower the opportunity to rebuild their credit. These loan payments can be reported to the credit bureaus, presenting the chance for the borrower to make a new start.
Title pawn rescue is also useful because it can help the borrower avoid the loss of his or her motor vehicle. If a borrower is unable to repay the title loan, the lender has the right to sell the vehicle to recover any outstanding amounts.
While title pawn rescue is essentially replacing one loan with another loan, the terms of the new loan are usually much more attractive than the terms of the original loan.
To qualify for title pawn rescue, usually no credit checks are necessary. In addition, in many cases, the funds can be available either the same day or on the next business day. This gives the borrower the opportunity to quickly limit the growing interest on any existing title loan.
4. Save money with title pawn rescue
One of the biggest advantages of title pawn rescue is the opportunity to save significant amounts of money. The reduction in interest rate could lead to several hundreds or even thousands of dollars in savings.
Also, since all payments will be applied to reduce the principal, once the loan is being repaid as agreed, the loan balance will get smaller and smaller with each subsequent payment.
In addition to interest rate savings, with title pawn rescue the borrower may also save money in other fees such as application fees, late fees, document fees, bank fees on bounced items and more.
5. The title pawn rescue process
The title pawn rescuer essentially pays off the borrower’s existing title loan, including the total principal and all accrued interest to date. Any applicable late fees etc are also paid off, freeing up the motor vehicle title.
However, the title is now pledged as collateral to secure the new title loan, but under different, usually more favorable terms.
With companies such as 1-800-New-Rate, there is no rolling over of balances with this new loan and there are never any rate increases.
In order for a borrower to benefit from title loan rescue, he or she must be prepared to repay the loan as agreed. Any deviation could create a cycle of delinquency that augurs badly for the borrower. In addition to lowering his or her credit score even further, it creates unnecessary stress on the borrower.
What this essentially means is that borrowers have to resolve to honoring their title pawn rescue loan by all possible means.
6. Who can benefit from title loan rescue?
Many persons who take out a title loan are not aware that hardship debt relief is available in the form of title pawn rescue. This oftentimes results in repossession of the pledged motor vehicle, leaving the borrower without a means of transportation. It is difficult to function without a motor vehicle especially if that motor vehicle is needed to support your income-generating efforts.
If you are trapped in a title loan and are looking for a means of escape, you should seriously consider title pawn rescue. It is usually one of the best options for getting out of a bad financial situation that involves a title loan.
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