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4 Myths About Using an IRA to Buy an Investment Property

CHICAGO–(BUSINESS WIRE)–

Buying a single-family investment property is an effective way toward long-term profits, but some assume this type of investment is only for the big Wall Street firms or those who have a lot of cash on hand. However, leveraging funds in an Individual Retirement Account (IRA) can put purchasing an investment property within reach for many investors. Tinley Park, Ill.-based MACK Investments, which owns and manages nearly 1,500 single-family rental properties in the Chicago area, debunks the myths about buying an investment property through an IRA, and explains the truth about how it is actually one the most effective ways to boost retirement income.

Myth #1: It’s not legal

Leveraging an IRA to purchase an investment property is legal in all 50 states. However, many IRA investors do not have enough cash in their accounts to make a full purchase, so purchasing an investment property through an IRA is achieved through a non-recourse loan, not a traditional mortgage. Simply put, a non-recourse loan means that, in the case of a default, the bank can only be compensated by repossessing the property, and may not pursue any funds from the IRA account or the investor’s other assets.

“Because the single-family rental market has exploded over the past couple of years, more banks are recognizing the earnings potential and providing non-recourse loans,” said John Gutman, vice president of Sales & Acquisitions at MACK Investments. The firm delivers turn-key single-family investment properties, providing a fully redeveloped, tenanted and managed property. MACK Investments partners with Bridge Capital, a regional financing provider for single-family rental properties, which has provided non-recourse mortgage loans on more than 350 properties since 2010. “When an investor selects a MACK Investments property for purchase, and needs to borrow a portion of the purchase price, we can refer them to a trusted provider like Bridge to explore non-recourse loan options. For us, it’s rewarding to be able to explain this option, because for some investors, leveraging their IRA allows them to invest in a long-term asset that otherwise may have been unattainable.”

Non-recourse loans are required because the purpose of the investment property is to earn long-term income and, therefore, only allows the purchase of revenue-generating real estate. Property types that do not qualify for a non-recourse loan include vacation homes, business properties, or homes rented out to family members.

A custodial account must be established to manage ownership of the investment property through a third-party custodian. “Most lenders have relationships with a number of custodians that the investor can choose from, or they can opt to select their own custodian,” said Gutman.

Myth #2: It’s too complicated for the average investor

Purchasing and owning an investment property through an IRA is actually quite simple. All rental income will be deposited into the IRA account and all payments will come out of the account. “Once purchased, the mortgage, taxes and other expenses on the home will come from the IRA,” said Gutman. “But the profits are also going back into the IRA, making it a self-sufficient way to save for retirement without impact on the investor’s other finances.”

To establish a custodial account, money is transferred from the IRA through the help of a custodian. Investors can typically borrow up to 50 percent of the property’s value, and the account owner does not have to personally qualify for a loan since the property being purchase is evaluated to make the loan.

When using IRA funds to purchase an investment property, the investor is required to engage third-party providers for any repairs or modifications to the home. “Buying a turn-key property through a provider like MACK Investments, which delivers a fully redeveloped, tenanted and managed property, meets that requirement while lessening the burden on the investor.”

Myth #3: It will end up lowering your retirement savings

“It may seem counter-intuitive in some ways, but using an IRA to buy an investment property not only provides the means to purchase the home, but the money earned on the property, like monthly rent, will grow tax-deferred within the IRA,” said Gutman. After the initial withdrawal of funds to purchase the home, income such as rent can be immediately deposited back into the account. “Considering the value of the asset after purchase, it is a significant increase to the retirement account.”

Gutman added, “It’s common to believe that you shouldn’t touch your retirement funds, but it pays off when you use it to buy an appreciating asset like this. An IRA account isn’t about earning money today, its focus is on long-term earnings 10, 20, 30 years down the road. Real estate fits perfectly into that investment philosophy.”

MACK Investments has delivered thousands of single-family turn-key investment properties to investors over the past 17 years, and provides a one-year guarantee on rental income. “Our guarantee is unmatched in the industry. Our investors typically enjoy a leveraged return of 20 percent or more in the first year,” said Gutman.

Myth #4: Your retirement savings will be put at risk

According to Gutman, many investors are encouraged by the fact that, since it’s managed through a non-recourse loan, there is no risk to their other assets in the event of a default. “Bridge Capital is one of very few banks specializing in this space, as many banks don’t want the risk associated with a non-recourse loan. However, understanding the opportunities these types of investments provide to average investors, Bridge has committed to making this option available,” he said.

“Leveraging an IRA to buy an investment property is drawing more and more investors, particularly as the demand for rental properties remains strong,” said Gutman. “This option provides a unique opportunity to leverage existing retirement funds, while growing them at the same time.”

To learn more about how to leverage an IRA to buy real estate, please contact a lending, tax or financial planning professional. For information on single-family investment property opportunities, please contact MACK Investments at (888) 449-0632.

About MACK Investments

MACK Investments, a division of MACK Companies, is a premier provider of turn-key residential real estate investments for individual and institutional clients across the globe. MACK Companies is a redevelopment firm offering investment, construction, residential, commercial, landscape and brokerage services. Founded in 1998 by Chicago-native father-and-son duo James and Jim McClelland, MACK Companies was built out of a shared passion for real estate. Today, MACK Companies is one of the largest providers of turn-key real estate with a portfolio of more than 1,500 properties in the Chicago area. Leveraging a team of professionals in various disciplines, MACK Companies is able to function at the highest levels of expertise in all specialized sectors of real estate.

MULTIMEDIA AVAILABLE:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=51036495&lang=en

FinanceReal EstateIRA Contact:

For MACK Investments

Julie Liedtke, (312) 267-4521

jliedtke@taylorjohnson.com […]

Venezuela eyes double-digit yield on Citgo debt sale

By Davide Scigliuzzo

NEW YORK, Jan 23 (IFR) – Venezuela’s US oil-refining unit Citgo will probably have to pay double-digit yields to lure investors into a US$2.5bn financing package aimed at pumping new cash into its state-owned parent PDVSA.

With some US$10bn in debt payments due this year, cash-strapped Venezuela is pledging some of its most valuable assets abroad to raise new cash, as it fends off default worries amid a steep slide in crude oil prices.

A US$1.5bn high-yield bond issue and a US$1bn senior secured five-year term loan will be sold through Citgo Holding Inc and secured by US$750m in midstream assets and a 49% pledge on the equity of Citgo Petroleum Corp, the operating entity.

Citgo has set price talk of 800bp over Libor on the five-year senior secured first-lien Term Loan B, officials from sole lead manager Deutsche Bank said on Thursday during a presentation to investors in New York.

The non-call one loan will have a Libor floor of 1% – meaning that the interest paid on the principal would be at least 9% – and will be issued at an original discount of 96-97 for an all-in yield of about 10%.

As an additional safeguard for investors, the company will be required to keep a debt service reserve account worth six months’ of interest and principal payments, and use 75% of excess cashflow to pay down debt.

BARGAINING POWER

At a 10% yield, the loan – which will rank pari passu with the upcoming bonds – appears to offer a 275bp pick-up over Citgo Petroleum Corp’s 6.25% 2022s notes, which were spotted trading at a yield of around 7.25% on Thursday.

Those notes had been quoted at a much lower 5.5% yield earlier in the week, but tanked by as much as eight points in cash terms after news of the financing package dashed hopes that Venezuela would sell the Citgo unit altogether.

At first glance, the premium appears close to the 200-250bp spread normally seen between debt issued by holding and operating companies in the high-yield market, but given Venezuela’s desperate need for cash, potential buyers might have the upper hand.

An investor who attended the presentation, for example, argued that fair value for the deal should be in the high 10% to 11% range, given the default risks associated with the sovereign and the company’s aggressive policy of borrowing to pay a dividend to PDVSA.

“From whispers in the room, I think this might get done at 10%,” he said. “But some of the bargaining power might be in the hands of the investor community.”

While the company is yet to announce maturity and price talk on the bond portion of the deal, the investor said the yield on offer was expected to be in line with that of the loan.

“I imagine (the bond) will have similar terms and similar price talk area. They may try to do a longer deal, but they could do a five-year as well,” said the investor, who argued that splitting the financing between a bond issue and a loan would not yield significant savings for the company, but simply allow it to tap a broader pool of investors.

RELIEF RALLY

If successful, the deal is expected to provide some support to the short end of Venezuela’s and PDVSA’s bond curves, easing concerns about this year’s maturities.

“Although it is less than optimal to use Citgo to carry the debt of PDVSA, this makes us very comfortable that Venezuela will fully meet its debt payments this year,” said Daniel Freifeld, founder of Washington-based Callaway Capital Management, which owns both Venezuela and PDVSA bonds.

Freifeld argued that as a credit, PDVSA continued to offer a better risk-reward ratio compared with Citgo.

“There is lower default risk in Citgo than in PDVSA, but the difference is not enough to justify taking a yield of 10% when PDVSA’s October 2015s offer an annualised yield of around 24%,” he said.

PDVSA’s 2015s outperformed other Venezuelan bonds this week over optimism that the Citgo deal will help the company meet most of its US$3.5bn debt maturities, plus interest, due this year.

“If you believe there is an interest from the government to maintain PDVSA as a working entity, then this should be particularly beneficial for PDVSA bonds,” said Marco Santamaria, a portfolio manager at AllianceBernstein.

“But all money is fungible, so you never know if they redirect this money to other purposes.”

NO SALE

Responding to questions from investors, Citgo management confirmed that PDVSA had abandoned earlier plans to sell Citgo, in spite of receiving strong interest from bidders.

“PDVSA has confirmed to us that Citgo is not for sale,” a company official said. “It was a very robust process. A large number of bidders expressed interest. But PDVSA made a strategic decision not to sell.”

The US$750m of assets pledged as collateral for the financing package include Citgo’s terminals of East Chicago, Linden, Albany, Toledo and Dayton, as well as the company’s ownership interest in four pipelines.

While only 49% of the operating company could be pledged as collateral without triggering change of control clauses in some of its existing debt, the holding company will be the beneficiary of 100% of future distributions from Citgo Petroleum, including dividends as well as asset or equity sales.

The commitment deadline for the loan portion of the deal has been set for February 4, while details of the new bond issue are expected to be announced in the mid-part of next week.

Citgo Holding’s financing package is expected to be rated Caa1 by Moody’s and B- by S&P.

(Reporting by Davide Scigliuzzo; Editing by Paul Kilby and Sudip Roy)

FinanceInvestment & Company InformationVenezuelaCitgoPDVSA […]

Beware of Payday Loans | Rosenberg & Press

Q: Are payday loans dischargeable in bankruptcy?

A: Yes, you can list a payday loan on your bankruptcy schedules, however you should realize that it will have little to no effect. Payday loans by their very nature are illegal. Filing bankruptcy to remove payday loans is like asking your mugger to put his gun away and leave you alone because you have diplomatic immunity. The mugger doesn’t care.

Worse than that, you have given over all of your personal information to some nameless people in some distant country. They have sold your information countless times and are very likely engaging in identity theft all over the world with your formerly good name. You would be well advised to consider checking your credit report regularly now and perhaps even putting a freeze on it. Some of the people that I have come in contact with recently that are con-artist/pay day loan people are O’Bannion and Water Arbitration and Private Courier. They use innocuous names like Patrick and claim to be working out of the Sears Tower in Chicago, but in reality these payday loan people are working out of their homes on burner cell phones in India and Asia.

They will lie and tell you they are government agencies or even the police. They use fear and intimidation to steal your money. And many scared people willingly part with their money in hopes that they will go away. Unfortunately, they are like cats. If you put out a bowl of milk, the street cats will remember to come back time and time again looking for more. It just shows them you are an easy mark.

The moral of this story is never under any circumstances take a payday loan. Half the time they do not send the money. When they do, they charge usurious illegal interest rates and they steal your identity and threaten you forever like a loan shark. They say you can’t con an honest person, but its debatable when you look at the payday loan schemes.

This entry was posted in Uncategorized by RPAdmin. Bookmark the permalink. […]

Home equity loan, HELOC or cash-out refi?

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Home Equity » Home Equity Loan, HELOC Or Cash-Out Refi?

Homeowners who want to cash out their equity might be puzzled by the advantages and disadvantages of their three choices: a home equity line of credit, home equity loan or cash-out refinance.

Which makes the most sense?

The answer depends on:

How much equity you have.How much you want to borrow.When you plan to repay the money.Whether you want a fixed or flexible term.The interest rate on your current mortgage.

Home equity line of credit

A home equity line of credit, or HELOC, is a credit line secured by your home.

Most HELOCs have an adjustable rate, interest-only payments and 10-year “draw” period, during which the borrower can access the funds, explains Jay Voorhees, broker and owner of JVM Lending, a mortgage company in Walnut Creek, California.

After the draw period ends, the outstanding balance must be repaid. Typically, the repayment period is a 15-year term with a fixed or variable rate.

Voorhees says that homeowners can qualify for HELOCs if they have adequate income relative to their monthly debt obligations. They can find this type of financing for 80 percent of combined loan to value or even 85 percent or 90 percent combined loan to value.

Combined loan to value, or CLTV

Lenders calculate the combined loan to value by adding all mortgage debt together and dividing by the home’s current appraised value.

Formula: (Amount owed on primary mortgage + second mortgage) / appraised value

Example: Morgan owes $60,000 on the primary mortgage and has a HELOC for up to $15,000. The house is worth $100,000. The CLTV is 75%: ($60,000 + $15,000) / $100,000 = 0.75

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Uses and temptations of a HELOC

A HELOC can be a good way to borrow a relatively small sum for a relatively short time compared with a first mortgage, says Justin Lopatin, vice president of mortgage lending for PERL Mortgage in Chicago. An example might be $20,000 that you plan to repay within three to five years.

It can be “very tempting” to access a HELOC even if it’s not necessary, a disadvantage of this type of financing, says Alan Moore, a CFP professional at Serenity Financial Consulting in Milwaukee.

“You have to carefully consider: What are your long-term goals? What is the money for?” Moore says. “Realistically, having easy access to money is not always a good thing.”

Home equity loan

Like a first mortgage, a home equity loan allows you to borrow a specific sum for a set term at a fixed or variable rate. That’s why these loans are sometimes called second mortgages.

Home equity loans aren’t common today, yet some banks still offer them.

Banks offer hybrid equity loans

An alternative is a HELOC that’s structured like a fixed-rate home equity loan.

Kelly Kockos, home equity product manager for Wells Fargo in San Francisco, says the bank offers a HELOC with a fully amortizing payment, which means the loan is repaid in full if all the payments are made through the draw period.

“With every payment you make, you pay down a little bit of principal and a little bit of interest so when you get to the end of your draw period, you don’t have a big payment shock,” Kockos says.

A fixed-rate advance option allows the borrower to lock in a portion of the credit line at a fixed rate and term. If interest rates change, the advance can be unlocked to float down to a lower, current rate, Kockos says.

Cash-out refinance

A cash-out refinance is an entirely new first mortgage with cash back.

This option often appeals to homeowners who want to refinance for other reasons and decide to take out cash at the same time.

“It’s a good way to grab equity and keep it all in one loan,” Moore says.

He cautions, however, that any loan or cash-out strategy must have a clear purpose. Don’t take the cash just because you can.

Lenders typically limit the cash-out refinance to 80 percent of the home’s value, Voorhees says.

Check fees as well as interest rates

It’s important to compare closing costs and interest rates. Fees might be higher for a cash-out refinance than for a HELOC, while the interest rate might be lower for a cash-out refinance than for a HELOC, all other factors being the same.

The ability to lock in a low fixed rate is an advantage of a cash-out refinance, Voorhees explains.

“Whenever your payback period is going to be relatively slow, it behooves you to have a fixed rate because it’s much safer,” he says.

Your current rate matters

Your new monthly payment might be higher or lower than your current payment, depending on your interest rates, loan balances and repayment terms.

For example, if your existing loan has a very low rate, a cash-out refinance could mean your rate would be higher for your entire loan, not just the cash-out portion.

“If you bought (your home) in 2012 or 2013 and got a rate in the 3s, you may not want to touch that because it’s such a pristine loan that can’t be beat,” Lopatin says. “If you purchased a few years ago and maybe haven’t refinanced, it may make sense to roll everything into one loan.”

[…]

High-end pawnshops cater to the asset-rich

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Pawnshops are emerging that lend money to cash-poor consumers with pricey collateral.

If you’ve got a cash-flow problem and a rare Picasso painting lying around your house, you’re in luck. A growing niche of high-end pawnshops wants your business.

That’s right. The pawnshop, which has long toiled under the reputation as a seedy lender of last resort for the desperate, is going after the luxury market.

Some pawnshops are offering thousands to millions of dollars in loans, with items for collateral ranging from Rolex watches to Maserati cars to Super Bowl rings or fine art. It’s a far cry from the average $150 loan on smaller items that are seen in the pawn industry.

“We’re starting to see a trend of this becoming more popular,” says Emmett Murphy, spokesman for the National Pawnbrokers Association.

Murphy says the pawn industry always has had some high-end loans, but the growth in these kinds of deals has surged since the downturn in the economy. Small businesses and consumers who normally were creditworthy have found themselves stuck in a credit crunch, without easy access to quick cash.

Compare the average annual percentage rates offered on different loan products. Note: Not every product is meant to have a loan length of a year or more.

How pawnshop loans stack up against other loans

Payday loans391% to 521%Credit cards (for variable-rate cards)About 15.5%Auto loans (for a new, 60-month loan)About 4.2%Car title loans36% to about 300%Mortgage rates (30-year fixed)About 4.25%Pawnshop loans36% to about 300%

Sources: Center for Responsible Lending, Bankrate.com, National Pawnbrokers Association

Clients who are asset-rich, cash-poor?

Meanwhile, the pawnshop industry has been getting a makeover, thanks in part to TV shows such as “Pawn Stars” and “Hardcore Pawn” that helped change the image of the industry into “more of a mainstream financial service,” Murphy says.

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The shows have put “the pawn business in many people’s living rooms,” says Steve Krupnik, a pawn industry consultant and author of “Pawnonomics.” He says the pawn industry is now realizing “the market for pawnshop goods and services is substantially larger than what was originally thought.”

Tom McDermott is general manager for U.S. business with Borro, a pawnshop with storefronts in New York and London that’s also online. It offers loans from $1,000 to $2 million. McDermott says half of his company’s business is based on consumers who are “asset-rich and cash-poor,” while the other half is made up of entrepreneurs and small businesses who need quick cash.

High-end pawnshops, a growing niche

McDermott says Borro saw nearly 100 percent growth in 2013, doing $50 million in loan volume.

“As banks increasingly became more constricting in their lending underwriting, people found they can get access to capital via their luxury assets,” McDermott says.

Other companies have seen similar growth. The Beverly Loan Co., which has been in Beverly Hills, California, for about 75 years and calls itself the “pawnshop to the stars,” opened a second location last year in the diamond district of Manhattan in New York.

“Someone may drive a Ferrari and have a Harry Winston diamond and artwork on their walls but not necessarily have cash in the bank,” says Jordan Tabach-Bank, owner and chief executive of the Beverly Loan and New York Loan companies.

How much interest do you pay?

Pawn loans work differently from traditional bank loans. Because the consumer is offering up an item for collateral, pawnshops don’t generally run credit checks or require a lot of financial paperwork. Instead, the loan is offered based on a percentage of the item’s value. In addition, pawnshops tend to focus on short-term lending.

But the trade-off could be higher interest rates than a traditional loan.

Pawn loan interest rates tend to fall between 3 percent and 25 percent per month, Murphy says, with a 30-day loan at an interest rate of 10 percent being the typical rate. Murphy says pawn transactions are meant to be very short-term loans and are often lower than the cost of a bounced check.

The rates vary widely, depending on factors such as state laws and the size of the loan. For instance, New York law allows for a maximum 4 percent monthly interest rate, which could translate to an APR of 48 percent. Texas allows pawnshop lenders to charge as much as 240 percent annually, depending on the size of the loan.

The New York Loan Co. charges a 4 percent monthly rate, Tabach-Bank says. Borro’s U.S. office in New York charges from 2.99 percent to 3.99 percent in interest per month for its loans, and generally offers six-month terms.

Pawnshops put on the glitz

The items coming into high-end pawnshops sometimes are rare.

Among the more unusual items McDermott has seen are a 2004 Olympic gold medal pawned by the medalist and a jacket owned by rapper the Notorious B.I.G.

Other things that have come through some of these upscale pawnshops: Steve McQueen’s motorcycle jacket from the movie “Bullitt,” a Salvador Dali watercolor, Beatles memorabilia, Lamborghini cars, Super Bowl rings and Fender classic guitars.

A few companies, such as Borro, Pawngo and iPawn Inc., have launched Internet businesses where consumers can send in items and get loans without ever stepping foot in a store.

Speedy online transaction

Dawn James, who owns a clothing boutique in Chicago, pawned a diamond ring with Borro earlier this year. She needed cash to buy some new inventory and contacted Borro, which sent her a secured safety deposit box through FedEx. She put the ring in it and shipped it back. The next day, she had her money.

“I’d never gone to a pawnshop before,” James says. “Business loans take so long. That could have been two or three months before I got that money.”

Some aren’t surprised that the pawn industry is reaching out to consumers with deeper pockets.

“Everything is going luxury, including pawnshops,” says Milton Pedraza, chief executive of the Luxury Institute, a research firm focused on high-end consumption.

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Related Links:10 cities with the highest utility billsFinding money to save Teaching kids to avoid money misstepsRelated Articles:Millennials’ money toolsTips from the frugal richSmart to buy a smartphone? […]

The Commercial Law League of America, Financial Poise, and The ChamberWise Education Consortium to Present “Cash …


The Commercial Law League of America, Financial Poise, and The ChamberWise Education Consortium to Present “Cash Collateral and DIP Loan Motions” Webinar June 4

The Commercial Law League of America, Financial Poise, and The ChamberWise Education Consortium are pleased to announce a brand new webinar “Cash Collateral and DIP Loan Motions”, premiering on June 4, 2014 at 12pm CDT.

Chicago, IL (PRWEB) June 02, 2014

The Commercial Law League of America, Financial Poise, and The ChamberWise Education Consortium are pleased to announce a joint webinar, “Cash Collateral and DIP Loan Motions” on June 4, 2014.

Speakers include:

James Hays, Gonzalez, Saggio, & Harlan LLP Jonathan Brand, LakeLaw David Eaton, Kirkland & Ellis LLP Kirk Burkley, Burnstein-Burkley, P.C.

Cash is the lifeblood of any business. The “financing motion,” seeking permission to use a lender’s cash collateral and/or permission to enter into a debtor-in-possession loan is consequently one of the single most critical motions filed in a bankruptcy case. This webinar will cover everything you ever wanted to know about cash collateral and DIP loan motions in bankruptcy but were afraid to ask.

Produced in conjunction with The Commercial Law League of America. 1.0 CLE credit available.

Click here to register for the webinar.

About CLLA
The Commercial Law League of America is the leading legal association for attorneys who work in the credit, collections, bankruptcy and finance industry in the U.S. and more than 20 countries. Since 1895, the CLLA has connected experienced attorneys with credit grantors, lending institutions and other commercial credit, bankruptcy and general finance industry members, providing expertise, insight and results through networking, education, legislative advocacy and specialized legal services.

About ChamberWise
ChamberWise serves as a leading resource for member education among Chambers of Commerce around the globe. ChamberWise was founded in response to the need for more dynamic and diverse member education opportunities and more efficient and immediate content delivery systems among Chambers of Commerce around the world. Our mission is to provide high quality, relevant educational content at an affordable rate, while offering Chambers of Commerce a reliable and efficient source of revenue in the process.

About Financial Poise
Financial Poise, a division of DailyDAC, LLC, produces educational webinars for three core audiences: business owners and C-level executives, accredited investors, and their respective attorneys and other trusted advisors. Each webinar is developed and executed exclusively by professionals who are top performers in their respective fields of expertise.


[…]

Car Title Loan Company Tops 80th Store Location in Illinois

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Getting a title loan with TitleMax means you can get the cash you need while maintaining the use of your vehicle.

Chicago, IL (PRWEB) May 28, 2014

TitleMax, one of the nation’s largest and fastest growing car title loan companies, recently topped 80 store locations, opening two additional stores. These new TitleMax locations both opened Tuesday, May 20, 2014 and are located at the following addresses:

-398 Mannheim Road, Bellwood, IL 60104 | (708) 384-6107
-1002 W. Main St., Benton, IL 62812 | (618) 435-4390

Since opening its first Illinois location in May 2007, TitleMax has continued to expand its footprint and services throughout the state offering short-term cash in cities including Chicago, East Alton, Peoria, Plainfield, Springfield, and Waukegan, among others. Residents throughout these areas can visit any of these locations for all of their car title loan needs. To find a TitleMax closest to you, click here.

TitleMax offers individuals with little, no, or even bad credit the opportunity to get a cash loan up to $4,000 based on collateral, not credit history. Store hours are Monday-Friday from 9:00 a.m. to 7:00 p.m. and Saturday from 10:00 a.m. to 4:00 p.m.

“Getting a title loan with TitleMax means you can get the cash you need while maintaining the use of your vehicle,” said Otto Bielss, Senior Vice President of Operations for TMX Finance. “Individuals with bad credit can still qualify for a cash title loan with TitleMax.”

About Car Title Loans

A car title loan is a fast way for credit-challenged individuals to secure the short-term cash they need. To get a TitleMax car title loan in Illinois, an individual must have a clear, or lien-free, car title and a government-issued ID. With these items an individual can obtain a loan up to $4,000, while still maintaining the use of their vehicle. No insurance is required, there are no credit checks and most loans can be completed in as little as 30 minutes.

About TitleMax

TitleMax, a subsidiary of TMX Finance, provides financial products to people without access to traditional credit alternatives. TitleMax has been a trusted consumer lender for over 14 years, helping hundreds of thousands of people in getting cash when they need it. Since its inception in 1998, TitleMax has grown to over 1,350 stores, spanning 16 states and provides car title loans to over 2,500 people each day.

Please visit http://www.titlemax.com for more information on car title loans and how TitleMax can be of service.


[…]

An Inside Examination Of Significant Criteria For Paydayloans …

Looking for better eco-friend in dire straits? Don’t like pledging any security? Are you struggling with multiple credit problems? Don’t want to accept application rejection since you don’t have time to spend more? In that case, instant approval payday loans for bad credit have proved as a great and true financial friend in financial crunches so you do not need to get worried how to manage excess expenses immediately and effectively. Taking the financial succor through these loans you can easily beat out all financial complications right away.
Conversely, when you purchase your checks online you will have a broad range of checks to pick from. They are so easy to take out. Those who need to have cash now might need to consider pay day loans. It is imperative that these types of loans are paid on time. Below is a listing in the Chicago area for finance, trading and economic events for the week of Dec 5 Dec 11.
The bank has benefited from Asia’s boom through the last decade. If I Have Undesirable Credit rating? Most people depend on the vehicle to transport them to and from work. One can always take help of internet to do the search.
Turcer, a policy analyst for Common Cause, questioned how gaming campaign contributions for the 130th General Assembly could become tainted while no mention of the same contributions during previous sessions was made. Emerging Opportunities In Recognising Essential Details In Uk Payday Loan. Consumers can also look to Tribal based companies as well as offshore lenders. The reason this works is because for the most part, these monthly payments will be lower than all of your monthly payments combined. Will you be able to pay again the cash in 1 or 2 months? So, if you take from the rich and give to the poor you make people happier.
If you’re on welfare benefits and have good credit then you’ll have more options available to you. More often than not, people sink into debt because of lack of skills in good financial management. It is always better to invest with knowledge by your side. In Canada, the Investment Industry Regulatory Organization is responsible for setting regulatory and investment industry standards. The interest rates on these loans are relatively higher as there is no collateral as such.
It is not a big issue for you to gain urgent cash in the form of paydayloans loan because paydayloans Loans Oklahoma is here to help your needs. They illustrate in black and white that members of Generation Y are transitioning into adulthood and are not expecting Mom and Dad to come swoop in and save them. No matter how much support Dawn tries to offer Que, he is steadily sinking deeper into an emotional abyss. The economy is in trouble – but that doesn’t mean your personal finances have to be. As we said, we promised to be ‘ your guy ‘… so here it goes.

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AG Madigan Sues Cash Lender For Predatory Lending

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261 […]

Financial Juneteenth | Blacks use payday loans more than anyone …

by Tiara Williams

We have all experienced days when we are strapped for cash and an extra $100-300 would seemingly make all of our problems go away. Opting not to to ask family and friends for the financial bail out, we turn to other solutions, like advance pay day loan companies.


Though pay day loans are marketed as a temporary fix, a cycle is developed where borrowers are given just enough to get by, but not enough to cover all costs. This creates a dangerous cycle of dependency, which is great for loan companies but unfortunate for borrowers, especially in low income households. Because, likely the concern is getting by, and less about APR rates and fine print on the loans.

According to a study from the Safe Small-Dollar Loans Research Project at the Pew Charitable Trusts, Twelve percent of African-Americans have taken out payday loans, more than twice the figure for whites (4 percent), and twice the figure for Hispanics and other races or ethnicities (both at 6 percent).

In recent news, it’s been reported that black communities, more specifically black teens, across the country are being critically affected by the labor market. They are struggling to find employment in cities like Chicago, DC, and New York where the crime rates are high and the probability for employment is low. Several million African Americans have been turning to pay-day loans as a quick resolve to low income issues. With high unemployment rates, unpredictable daily crises, and vulnerable desperate people, the pay day loan industry has grown into a billion dollar industry.

The average payout is $375, with an average cost of of $55 on each loan. Borrowers can take out as many as eight loans per year, spending approximately $520 on interest, with each loan lasting about 18 days before additional fees are added.

There is no quick fix for our economic woes, but certainly pay day loans are not the answer. Here are three quick alternatives to consider before getting your next pay day loan.

1. Ask Your Employer for an pay day advance.

Remember the saying, you never know until you ask, well asking may get you the extra cash that you need. These days, employers have financial perks and advance options. Don’t discard asking a family member or friend for the money, you never know who may have an emergency stash lying around.

2. Clean out your closet.

Sometimes, we have money sitting in our closets. In most cases, we have clothes, shoes or collectibles that we have never worn or used. Consider selling items on ebay, craigslist, or amazon.

3. Find a random gig.

There are online communities like craigslist, ebay classifieds, Oodle, U-exchange where people are constantly looking to employee others to do random gigs or jobs for them. If you can paint, help the elderly, instruct a yoga class or sew this may be an option for you.

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