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Dealstruck Funds Home Care Services Franchise Owner

SAN DIEGO, CA–(Marketwired – Jan 5, 2015) – Online direct lender Dealstruck, Inc has provided growth capital to one of the top 20 ComForcare home care franchise owners in the US. Dealstruck’s term loan and line of credit, designed for growing, profitable small businesses, will increase cash flow for the growing business, based in Lower Bucks County, PA, as it continues its rapid expansion.

“Our aggressive growth happened so quickly, we began to feel cash flow restriction,” said Dan Surkin, ComForcare franchise owner. “The need to hire additional staff and make payroll on-time while waiting for our customers to process our invoices was difficult for us financially. Dealstruck granted us both a term loan and a line of credit, which allowed us continue our day-to-day operations while managing our growth, keeping our business strong and healthy.”

An entrepreneur with more than 31 years’ expertise in IT consulting, Surkin decided to buy a ComForcare franchise in 2011. He had cared for his mother through several illnesses and surgeries and realized he wanted to spend his time in a business that helped others. Only three years after launching his franchise, the business has been listed as #19 out of 180 ComForcare franchises in the country.

Surkin’s early success led to a need for a business loan soon after his launch. Initially, he found only high-interest loan options with 50 percent interest rates, plus fees. This impacted the profit of Surkin’s ComForcare franchise and he feared he would not be able to continue his business.

Dealstruck, however, was able to provide Surkin with a two-year term loan and an asset based line of credit at less than half the cost of his other options. The term loan had manageable, fixed monthly payments and the line of credit let his business access cash immediately and only pay down the balance after he collected payments from his customers. This growth capital let Surkin continue his expansion by helping the company make payroll and cover its insurance expenses. Surkin has continued to quickly increase his revenue.

“Dealstruck provides franchise owners with healthy loan options that enable them to manage quick growth for continued success,” said Candace Klein, Dealstruck’s Chief Strategy Officer. “Franchises comprise many of the profitable small businesses in need of growth capital. We’re honored to support Dan and his team through sustained growth as they move along on the path to becoming bankable.”

Dealstruck was the first online lender to offer businesses the opportunity to access multiple credit products, which were designed for growing, profitable small businesses looking for fast, fair and transparent financing.

About Dealstruck
The Dealstruck lending marketplace connects profitable, small- and medium-sized businesses (SMBs) with innovative credit solutions funded by individual and institutional accredited investors. Unlike the one-size-fits-all approach offered to them by banks and the high-cost, short-term credit offered to them by alternative lenders, Dealstruck provides growing SMBs with a suite of products that give them a credible and transparent path to bankable. Dealstruck is the first online lending platform to offer multiple products to SMBs, and the first to allow investors the freedom to choose specific investments. For more information, please visit https://www.dealstruck.com/.

[…]

What It's Like To Live Without A Bank Account For A Day

The challenge was simple, or so it seemed: Pay my bills and complete a handful of money-related errands before my work shift began at noon. It was harder than I ever could have imagined.

In reality, I wasn’t handling my own finances; I was participating in a simulation of what it’s like to be one of the underbanked—that is, to be one of the 7.7% of Americans with limited access to traditional banking services. The Financial Solutions Lab, a spin-off of the Center for Financial Services Innovation (CFSI), put on the simulation for a group of entrepreneurs, nonprofit employees, and banking executives so that they could come up with new product ideas for addressing the challenges of cash flow management.

We ended up waiting for nearly half an hour while the store decided it couldn’t cash one of the checks.

During the two-hour simulation, the group was split up into teams and given a series of tasks to complete. These included buying a general purpose re-loadable card (GPR) and loading it up with cash, cashing a payroll check and a personal check, completing a money transfer and then picking up a money transfer card from another team, and paying the balance of a monthly rent bill.

My team—Paul Breloff, managing director of the Accion Venture Lab, Ethan Bloch, the CEO of digit, and myself—walked around San Francisco’s Mission District, popping into the payday loan and cash advance outfits, with names like Ace Cash Express and Money Mart, that I had passed so many times before without even a second glance.

Our first problem came at Ria’s, a storefront where we planned to cash our checks and load up our GPR card. We ended up waiting for nearly half an hour while the store decided it couldn’t cash one of the checks because we couldn’t immediately get verification from the sender that it was legitimate.

Ace Cash was willing to take care of the checks and GPR quickly, but for a significantly higher fee. Still, Ace Cash refused to let us pay the $10 balance from our monthly rent bill. The transaction was “declined for unspecified reasons.”

Western Union presented yet another challenge. Upon arriving at the storefront, we were told that their system was down. Eventually, we were told that the other team instructed to pick up our money transfer could do so at any Western Union—but we were charged a $5 fee for our $30 transaction.

Though we failed to complete our tasks, my team still won the competition. The other teams, apparently, finished even fewer tasks.

Normally, I take care of the vast majority of my financial transactions online. But as the FinX simulation made clear, the options for the underbanked are often limited to opaque in-person transactions that suck up large amounts of time. These transactions are unreliable; one team couldn’t pay their rent check because of a systems failure at a storefront, and Western Union failed us all. Customers have to wait on long lines, and there are few options for self-service.

All of these pain points are fixable, and there are plenty of startups that are working in the underbanked financial services space. None have really taken off yet, but CFSI is hoping that its new Financial Solutions Lab—a $30 million, five year initiative that will offer funding and resources to financial security entrepreneurs—will provide new solutions.

For now, banking without a traditional bank account remains a time-consuming, exhausting experience.

[…]

TitleMax Opens Additional Car Title Loan Store in Houston, TX

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The team at our new TitleMax location is excited and ready to help the residents of Houston obtain the short-term cash loans they need.

Houston, TX (PRWEB) October 06, 2014

TitleMax, the nation’s largest and most reputable car title loan company, recently opened its 267th location in Texas making this store its 66th in the Greater Houston Area. This new store opened Wednesday, October 1, 2014. Residents can now visit this store for all of their short-term cash needs.

The new store is located 8197 Antoine Drive, Houston, TX 77088. 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. The store can be reached by calling (281) 931-4910.

“The team at our new TitleMax location is excited and ready to help the residents of Houston obtain the short-term cash loans they need,” said Otto Bielss, Senior Vice President of Operations for TMX Finance. “We pride ourselves on providing an exceptional level of customer service in our stores and our newest branch is no different.”

About Car Title Loans

A car title loan is a fast way for credit-challenged individuals to obtain the short-term cash they need. To secure a car title loan with TitleMax in the state of Texas 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 $5,000 while still maintaining the use of their vehicle. No insurance is required, there are no credit checks and most loans can be processed in as little as 30 minutes.

There are more than 265 TitleMax locations throughout the state of Texas. To find a TitleMax near you click Title Loan Stores.

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 16 years, helping hundreds of thousands of people in getting cash when they need it. Since its inception in 1998, TitleMax has grown to over 1,450 stores, spanning 17 states and provides car title loans to over 3,000 people each day. In some instances, TitleMax acts as a Credit Access Business and assists customers in obtaining loans through a third party.

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


[…]

How financial ombudsman is trying to stop payday loans spiral out of …

Image payday-loans-011.jpg

‘It can take 15 minutes to get a loan, then current rules give lenders eight weeks to resolve the case,’ says chief ombudsman Caroline Wayman. Photograph: Dan Kitwood/Getty Images

On one side is a borrower who takes out a payday loan of £100, makes no attempt to repay it and does not answer the lender’s calls. On the other is the lender who not only nearly trebles the debt by adding £175 in default charges but also makes 128 unsuccessful attempts to collect the money directly from the borrower’s bank account, charging a fee every time. Within five months the amount owed has ballooned to £900.

Who is being fair and reasonable here? – the lender, the borrower, or neither of the above?

Such questions are now being handled by a team launched within the offices of the financial ombudsman eight weeks ago to deal with the rising tide of problems involving payday loans – and, crucially, settle them before they get out of hand.

Consumers unhappy with the way they have been treated by a financial firm are usually expected to exhaust the company’s complaints procedure before they can bring a formal case with the ombudsman, the arbiter of last resort. But the essence of payday lending is speed, and that means charges can rack up fast too.

The usual procedure of then giving the company eight weeks to respond means it can be three or four months before a case is settled. “It can take 15 minutes to get a payday loan, and then the current rules give lenders eight weeks to resolve the case. I think that looks pretty outdated,” said the chief ombudsman, Caroline Wayman.

It can also be problematic for borrowers who are having their bank accounts plundered while they await a result, particularly by unscrupulous credit brokers.

The ombudsman’s dedicated payday loan team of five responds to calls, emails and, as of two weeks ago, live web inquiries about short-term, high-cost loans, and takes complaints to lenders straight away in an effort to get an early resolution.

In the case of the £100 loan, where the borrower admits he “buried his head in the sand” for two years, the case has now been settled with the ombudsman’s help and with the borrower and lender both happy with a final repayment of just under £300. But that is still in excess of the charge cap of 100% of the original loan that has been proposed by the industry’s regulator, and a vital part of the team’s work is to look again at such cases to see whether the outcome was fair and reasonable and apply those lessons to future problems.

Last year, the ombudsman received 794 complaints about payday loans, a 46% increase on the previous year. But it believes this is just the tip of the iceberg and many consumers are suffering in silence, unaware of their rights or the fact that they could get help. “There are millions of people with payday loans, and we are getting hundreds rather than thousands of complaints,” said Wayman.

In cases like those discussed at the team’s weekly meetings, the ombudsman will attempt to negotiate a solution that both parties are happy with, without opening a formal case. Often, as soon as contact has been made with the lender or credit broker concerned, money that should not have been taken is refunded, or charges are reduced.

Sometimes it takes more effort: caseworkers trawl through terms and conditions and pages detailing customer’s accounts and argue against anything that is unfair or excessive.

The target time for settling problems is 14 days, and in the main the team has stuck to the deadline. In the first seven weeks it had dealt with 250 complaints, and Wayman said the feedback from consumers had been positive.

Listening in to a call from a consumer concerned that he might not get compensation due from Wonga because he has recently moved, it is obvious how expert members of the team are at extracting information from callers and reassuring them that their problems will be addressed.

Colin, who answers the call, used to work at the debt charity StepChange, and he responds kindly as the caller spills out the whole story unprompted, seemingly embarrassed to have taken on the loan in the first place. This is not uncommon, it seems, and is one of the reasons the ombudsman believes that it does not get many calls – that, and some lenders’ failure to tell people of their rights. “These businesses had obligations when they were lending money – the fact that you don’t have the paperwork doesn’t mean you don’t have a leg to stand on, it just means it may take longer to piece together,” Wayman said.

Wayman is unsure how long the team will continue to operate as it does, saying it will be reviewed in the coming weeks but also that lessons learned will be spread across the service. Other borrowers who have seen their debts snowball will surely be hoping that there continues to be someone there to help.

Figures from the ombudsman for the first half of the year show that it took on 191,129 new cases across all types of financial services. Although complaints about payment protection insurance (PPI) fell, driving down the headline figure, they still accounted for 70% of the total. Lloyds Banking Group was the most complained-about business, with 62,132 cases across its brands, although that was 27% down on the previous quarter. In two-thirds of Lloyds cases, the ombudsman found in favour of consumers, compared with 93% against MBNA, 78% against HSBC and just 12% against Nationwide building society.

Separate figures from StepChange showed it dealt with 43,716 clients with payday loan debts between January and June, compared with 30,762 a year previously. The average debt remained little changed, at £1,652 per client.

[…]

4 Ways Peeps Are Like Payday Loans | Credit.com

You see them at every grocery or drugstore checkout line — brightly colored Peeps calling to you from the display. Does anybody ever go to the store with Peeps on the list? Certainly nowhere near as many people as those who come home having purchased them.

They’re not unlike payday loans — stay with me a minute, even if you love Peeps (and we certainly do). Payday loans are never on anybody’s list of ideal ways to make ends meet. And yet, payday lending is a big business. Somehow, similar to the bright-colored marshmallow chicks we didn’t plan to buy, we may find ourselves in payday loan debt we didn’t plan to go into.

Here’s how Peeps and payday loans are similar.

1. One Almost Inevitably Leads to Another

The Peeps are technically one big marshmallow that can be easily divided into smaller “servings.” But they are joined. With payday loans, you typically sign up for one. With a plan to pay it off and be done with it. Only that probably happens as often as someone opens a package of Peeps and consumes only one. Just 15% of borrowers pay within the initial 14 days of borrowing (when they first come due), according to the Consumer Financial Protection Bureau. Even then, you’ll have already paid origination fees, and probably interest (as an annual rate) of more than 100%. While it’s true that some people pay them off right away, it’s reasonable to assume that just about everyone intends to. It’s just hard to do it. The financial situation that made you consider taking out such a loan usually isn’t going to change so dramatically in a couple of weeks that you can pay your regular bills plus pay off your payday loan. And the lender would be happy to extend it for you (for a price).

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2. They Last Just About Forever

How many centuries can Peeps last? The Huffington Post checked to see what would happen to Peeps left open on a desk, for a year. Oh, they changed a little bit, and they were definitely beyond their “best by” dates, but the difference was not terribly dramatic. (And interestingly, the older the Peeps, the harder they were to separate.) And payday loans? A year later, you may still be dealing with them. Or, maybe when you gave up on paying, the bill was sent to collections. That “temporary” loan, taken out to tide you over, can cost many times what you borrowed, and can come back in the form of a collections account that can hurt your credit. Like Peeps, a payday loan doesn’t die easily.

3. They Can Be Hazardous to Your Health

No one who buys either product is doing it because they believe it’s good for them. Besides, it’s short-term. Peeps won’t be around forever anyway. Or at least they won’t be tempting you at the checkout forever. Payday loans just seem simpler than worrying about what you’ll do in the few days before your next paycheck. The loans are normally under $500, which seems like a fairly small indulgence, and unlikely to do real damage to your finances. And if you’re in the 15% of people who pay the loan back within 14 days, it shouldn’t hurt your credit. It isn’t always destructive to your credit. Peeps, in relatively small, seasonal doses, are probably not going to hurt you. But if your goal is better physical or financial health, Peeps or payday loans can, at the least, slow down your progress. And the potential is there for more damage than that.

If you are using payday loans, it can be helpful to keep track of your credit. By checking your free annual credit reports and monitoring your credit scores (which you can do for free with a Credit.com account), you can be more aware of the impact your financial decisions have on your credit over time.

4. They’ll Appeal to You in a Moment of Weakness

As easy as it is to add Peeps to a shopping cart, it’s not entirely outside your control. You may, for example, have more control on your way home from the gym. And as for payday loans — if you’ve been digging out of debt the old-fashioned way, and an unexpected expense throws you for a loop, you may be far less inclined to take out a high-priced loan for “just a few days.” Either way, you’ve worked far too hard to let all that effort go to waste. (Though if you do slip, it’s so much easier to get back on track than if you hadn’t been taking care of yourself in the first place.)

Happy Springtime.

More on Credit Reports and Credit Scores:

How Do I Dispute an Error on My Credit Report? What’s a Bad Credit Score? How Credit Impacts Your Day-to-Day Life

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[…]

Mets owners refinance $250 million loan

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Posted: Friday, January 31, 2014, 9:41 AM

The post-Madoff Mets have managed to survive, yet again.

In refinancing their $250 million loan, the New York Mets have addressed their biggest off-field issue, according to the New York Post’s Josh Kosman.

More

:

Wlimer Flores could see time at shortstop

After their books were devastated by Bernie Madoff’s infamous Ponzi scheme, Fred Wilpon and Saul Katz had to sell 40 percent of the team and scale back the club’s budget for player payroll.

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New York Mets blog Amazin’ Avenue

However, the new terms of their loan could ease the stress on ownership by alleviating them of the requirement to make a massive cash payment. This could mean the current owners will be able to continue to maintain their majority stake in the team.

There is something of a “silver-lining” for fans. Under the previous framework of the loan, the club was prohibited from significantly increasing payroll, but that is no longer the case. It could still be a while before the Mets return to their $140 million pre-Madoff heyday.

New York is likely to increase payroll slightly over 2013 this season. That kind of incremental advancement in spending appears to be the best-case scenario for fans hoping their team will return to their upper-tier spending habits. In the end, the new details of the loan are just another step in the team’s recovery from an embarrassing, and very public, loss that could have signaled the end of the current ownership group.

One of Kosman’s sources called the team’s recovery a “miracle.” It might not be as exciting as the 1986 World Series, but for Wilpon and Katz, the new details of the loan are pretty close to miraculous.

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Lance Berkman and the Hall of Fame: An argument based on ignorance

Who’s at fault? Burnett or the Pirates?

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This article originally appeared on SBNation.

Click here for the full article » […]

Mets get good news with loan, which means good news with payroll

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View gallery.

Saul Katz and Fred Wilpon. (Getty)

The New York Mets biggest victory of 2014 has come long before opening day and happened nowhere near a Major League Baseball diamond. It has to do with a $250 million loan that owners Fred Wilpon and Saul Katz have hanging over them. The loan is going to be refinanced, which includes removal of restrictions on how much the team can add to payroll.

They finally can see light at the end of the tunnel and it’s not the No. 7 train.

Mets partners were among a long list victimized by Bernie Madoff’s ponzie scheme. Cash flow has been a problem ever since — with stopgap loans being required and many favors cashed in, putting current ownership in peril of losing the team. As a result, the team’s payroll, about $140 million in 2010, is going to be about $93 million in 2014 — which would rank 24th out of 30 teams.

The New York Post published details Thursday night about the loan refinancing that includes phrases one should never read in a baseball story. They include: “This will be oversubscribed,” and “The rate will likely end up at Libor, plus 300 basis points.”

So Libor is one of the guys competing for the starting shortstop job, or?

The Post writes:

Until recently, it wasn’t certain investors weren’t going to insist the team owners pay down some of the loan to get the refinancing done.

Wilpon and Katz will not be asked for any cash paydown, sources said.

Plus, interest payments are expected to stay about the same, a source with direct knowledge of the situation said.

The rate will likely end up at Libor, plus 300 basis points, or a shade under 4 percent, a source said.

The seven-year re-fi will give Wilpon and Katz much- desired financial breathing room, sources said.

For the longtime friends and team owners, it is perhaps the best outcome they could have hoped for.

For Mets fans hoping for new ownership to breathe new life — along with some power and pitching — into the line-up, perhaps the news is less thrilling.

So cynical, one paragraph at a time! Without the refinancing, a big cash payment on the principal — perhaps an “insurmountable” one — was coming in the spring. This gets Wilpon and Katz off the hook for that. It buys them more time to own the team and make it competitive again. That’s good news, unless you wanted them to have to sell the team. Are there people out there who want the Wilpons to sell the team?

– – – – – – –

David Brown

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Report: Mets owner refinances $250M loan

Mets secure $250M loan refinancing

Updated: January 31, 2014, 12:01 AM ET

By Adam Rubin | ESPNNewYork.comRecommend0 Tweet0 Comments0 Print

NEW YORK — New York Mets owner Fred Wilpon and family, who faced a massive $250 million loan against the team coming due in the next few months, have successfully arranged for it to be refinanced, according to a published report.

The Post reported that the refinanced loan will not come due for seven years, freeing the cash-strapped owners from an immediate, burdensome obligation that could put their ownership of the team in peril.

The newspaper added that interest payments will remain about the same for team owners under the new terms. They will not be required to immediately pay down any principal as part of the refinancing agreement — avoiding the type of immediate lump-sum obligation that could trip them up.

The refinanced loan reportedly also does not restrict the Mets’ payroll, whereas the original loan’s terms capped how much the Mets could spend on players. The Mets’ payroll currently is about $87 million for 2014 — well below what is customary in a large market such as New York.

The owners have faced financial peril in recent years in part because they invested in swindler Bernard Madoff’s Ponzi scheme. They recently sold minority ownership shares in the club in order to pay down debt, including a loan from Major League Baseball.

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Adam Rubin

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Adam Rubin has covered the Mets since 2003. He’s a graduate of Mepham High School on Long Island and the Wharton School of the University of Pennsylvania. He joined ESPNNewYork after spending 10 years at the New York Daily News.

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Small Business Owners Turned To Merchant Solutions Group For $20 Million In Cash Advances In 2013

NEW YORK, Dec. 12, 2013 /PRNewswire/ — Over 100 restaurateurs and franchisees from around the United States turned to Merchant Solutions Group to secure over $7,000,000 in cash advances in 2013. The private company additionally supplied $13,000,000 in merchant cash advances to small business owners spanning a wide spectrum of industries for a total of $20,000,000 in deals in 2013. This type of alternative loan option is increasing in popularity and CEO Billy Morrissey expects that his company will provide more than $60,000,000 to owners in 2014.

“Businessmen and women are turning to Merchant Solutions Group for many reasons,” explains Morrissey, “including the simplicity and accessibility of the procedure. We have a very speedy turn around, which can fund merchants in 24 to 48 hours. This alleviates much of the stress and anxiety that comes when requesting money, and allows the businesses to utilize funds quickly.”

A variety of service industry vendors including a franchisee at the iconic ice cream chain Dairy Queen and the owner of NYC fine dining establishment Remi Restaurant, have turned to Merchant Solutions Group to provide cash advances throughout the year. With traditional financial institutions and banks turning down loan applications, there are hundreds of thousands of businesses that are looking for alternative cash advances to grow and expand during a difficult economic environment.

With banks being more conservative when it comes to small business loans, Merchant Solutions Group is able to step in to save the day, offering affordable funding, from under $5,000 to over $500,000.

To keep up with the increasing demand for merchant cash advances, Morrissey has a full time staff of 40 junior brokers, brokers and administrative employees, which is due to double by January 2014 to keep up with demand. For each merchant, members of the team ask a number of questions and can provide an approval if the applicant meets requirements in two days or less.

Merchant Solutions Group is one of the nation’s leading providers of merchant cash advances to small and mid-sized businesses. Since 2007, Merchant Solutions Group has provided more than 500 businesses in all 50 states with nearly $200 million in working capital. Owners use Merchant Solutions Group capital to renovate, purchase new equipment and supplies, fund advertising, manage unexpected expenses and seasonal downturns and free themselves from second mortgage liens and personal guarantees associated with loans. For more information about Merchant Solutions Group’s innovative working capital solutions, visit www.MerchantSolutionsGroup.com.

For press inquiries, please contact Marie Assante, R. Couri Hay Creative Public Relations, marie@rcourihaycpr.com, 212-580-0835

[…]

Car Title Loan Company Opens 5th Store in Arlington, TX

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With a car title loan from TitleMax you don’t need to worry about your credit.

Arlington, TX (PRWEB) November 18, 2013

TitleMax, one of the nation’s largest and fastest growing car title loan companies, recently opened a new location in Arlington, TX on Wednesday, October 9, 2013. Residents can now visit this store for all of their car title loan needs.

The new store is located at 1314 S. Cooper Street, Arlington, TX 76013. Store hours of operation 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. The store can be reached by calling (817) 462-0311.

“The team at our new TitleMax location is excited and ready to help the residents of Arlington obtain the short-term cash loans they need,” said Otto Bielss, Senior Vice President of Operations for TMX Finance. “With a car title loan from TitleMax you don’t need to worry about your credit.”

About Car Title Loans

A car title loan is a fast way for credit-challenged individuals to obtain the short-term cash they need. To secure a car title loan with TitleMax in the state of Texas 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 $5,000 while still maintaining the use of their vehicle. No insurance is required, there are no credit checks and most loans can be processed in as little as 30 minutes.

There are more than 200 TitleMax locations throughout the state of Texas and five in the Greater Arlington Area. To find a TitleMax near you click Title Loan Stores.

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 1,200 stores, spanning 14 states and provides car title loans to over 2,500 people each day. In some instances, TitleMax acts as a Credit Access Business and assists customers in obtaining loans through a third party.

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


[…]