Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Subprime boom ties loans to car titles

The title lenders are seizing upon a broad retrenchment among banks, which have become wary of making loans to borrowers on the fringe of the financial system. Regulations passed after the financial crisis have made it much more expensive for banks to make loans to all but the safest borrowers.

Read MoreRegulators press banks for more on auto loan exposure

The title lenders are also benefiting as state authorities restrict payday loans, effectively pushing payday lenders out of many states. While title loans share many of the same features — in some cases carrying rates that eclipse those on payday loans — they have so far escaped a similar crackdown.

In 21 states, car title lending is expressly permitted, with title lenders charging interest of up to 300 percent a year. In most other states, lenders can make loans with cars as collateral, but at lower interest rates.

Seeing the regulatory landscape shift, some of the country’s largest payday lenders are switching gears. When Arizona effectively outlawed payday loans, ACE Cash Express registered its payday loan storefronts in the state as car title lenders, state records show.

Lenders made similar changes in Virginia, where lawmakers outlawed payday lending in 2010. But title lenders were untouched by that law and have expanded throughout the state, drawing business from Maryland.

The number of stores offering title loans in Virginia increased by 24 percent from 2012 to 2013, according to state records. Last year, the lenders made 177,775 loans, up roughly 612 percent from 2010, when the state banned payday lending.

In Tennessee, the number of title lending stores increased by about 22 percent from 2011 to 2013, reaching 1,017.

That is a small fraction of the industry’s overall size, state regulators say, because only a handful of states keep statistics. Legal aid offices in Arizona, California, Georgia, Missouri, Texas and Virginia report that they have experienced an influx of clients who have run into trouble with the loans.

“The demand is there for people who are desperate for money,” said Jay Speer, the executive director of the Virginia Poverty Law Center.

Loopholes and Adversity

When Tiffany Capone suggested that her fiancé, Michael, take out a $10,000 TitleMax loan with a 119 percent interest rate, she figured it would be a temporary fix to pay the bills. But this summer, after Michael fell behind on the loan payments, the couple’s three-year-old Hyundai was repossessed.

“It had my child’s car seat in the back,” said Ms. Capone, of Olney, Md.

With their car gone, the couple had to sell most of their furniture and other belongings to a pawnshop so they could afford to pay for taxis to ferry Michael, a diabetic with a heart condition, to his frequent doctors’ appointments. The hardships caused by title loans are being cited as one of the big challenges facing poor and minority communities.

“It is a form of indenture,” said Robert Swearingen, a lawyer with Legal Services of Eastern Missouri, adding that “because of the threat of repossession, they can string you along for the rest of your life.”

Johanna Pimentel said she and both of her brothers had taken out multiple title loans.

“They are everywhere, like liquor stores,” she said.

Ms. Pimentel, 32, had moved her family out of Ferguson, Mo., to a higher-priced suburb of St. Louis that promised better schools. But after a divorce, her former husband moved out, and she had trouble paying her rent.

Ms. Pimentel took out a $3,461 title loan using her 2002 Suburban as collateral.

After falling behind, she woke up one morning last March to find that the car had been repossessed. Without it, she could not continue to run her day care business.

Pointing to such experiences, lawmakers in some states — regulating the industry largely falls to states — have called for stricter limits on title loans or outright bans.

In Virginia, lawmakers passed a bill in 2010 that institutes some restrictions on the practice, including preventing lenders from trying to collect money from customers once a car has been repossessed. That same year, Montana voters overwhelmingly backed a ballot initiative that capped rates on title loans at 36 percent.

But for every state where there has been a crackdown, there are more where the industry has mobilized to beat back regulations.

In Wisconsin, it took the title loan industry only one year to reverse a ban on the loans that had been put in place in 2010. In New Hampshire in 2008, state legislators enacted a law that put a 36 percent ceiling on the rates that title lenders could charge. Four years later, though, lobbyists for the industry won a repeal of the law.

“This is nothing but government-authorized loan sharking,” said Scott A. Surovell, a Virginia lawmaker who has proposed bills that would further rein in title lenders.

Even when there are restrictions, some lenders find creative ways to continue business as usual. In California, where the interest rates and fees that lenders can charge on loans for $2,500 or less are restricted, some lenders extend loans for just over that amount.

Sometimes the workarounds are more blatant.

The City of Austin allows title lenders to extend loans only for three months. But that did not stop Mr. Chicosky, the veteran who borrowed $4,000 for car repairs, from getting a loan for 24 months.

Last year, after applying for a loan at a Cash America store in Austin, Mr. Chicosky said, a store employee told him that he would have to fill out the paperwork and pick up his check in a nearby town. Mr. Chicosky’s lawyer, Amy Clark Kleinpeter, said the location switch appeared to be a way to get around the rules in Austin.

The lender offered a different explanation to Mr. Chicosky. “They told me that they didn’t have a printer at the Austin location that was big enough to print my check,” he said.

[…]

Rise in loans linked to cars is crushing the poor

The title lenders are seizing upon a broad retrenchment among banks, which have become wary of making loans to borrowers on the fringe of the financial system. Regulations passed after the financial crisis have made it much more expensive for banks to make loans to all but the safest borrowers.

Read MoreRegulators press banks for more on auto loan exposure

The title lenders are also benefiting as state authorities restrict payday loans, effectively pushing payday lenders out of many states. While title loans share many of the same features — in some cases carrying rates that eclipse those on payday loans — they have so far escaped a similar crackdown.

In 21 states, car title lending is expressly permitted, with title lenders charging interest of up to 300 percent a year. In most other states, lenders can make loans with cars as collateral, but at lower interest rates.

Seeing the regulatory landscape shift, some of the country’s largest payday lenders are switching gears. When Arizona effectively outlawed payday loans, ACE Cash Express registered its payday loan storefronts in the state as car title lenders, state records show.

Lenders made similar changes in Virginia, where lawmakers outlawed payday lending in 2010. But title lenders were untouched by that law and have expanded throughout the state, drawing business from Maryland.

The number of stores offering title loans in Virginia increased by 24 percent from 2012 to 2013, according to state records. Last year, the lenders made 177,775 loans, up roughly 612 percent from 2010, when the state banned payday lending.

In Tennessee, the number of title lending stores increased by about 22 percent from 2011 to 2013, reaching 1,017.

That is a small fraction of the industry’s overall size, state regulators say, because only a handful of states keep statistics. Legal aid offices in Arizona, California, Georgia, Missouri, Texas and Virginia report that they have experienced an influx of clients who have run into trouble with the loans.

“The demand is there for people who are desperate for money,” said Jay Speer, the executive director of the Virginia Poverty Law Center.

Loopholes and Adversity

When Tiffany Capone suggested that her fiancé, Michael, take out a $10,000 TitleMax loan with a 119 percent interest rate, she figured it would be a temporary fix to pay the bills. But this summer, after Michael fell behind on the loan payments, the couple’s three-year-old Hyundai was repossessed.

“It had my child’s car seat in the back,” said Ms. Capone, of Olney, Md.

With their car gone, the couple had to sell most of their furniture and other belongings to a pawnshop so they could afford to pay for taxis to ferry Michael, a diabetic with a heart condition, to his frequent doctors’ appointments. The hardships caused by title loans are being cited as one of the big challenges facing poor and minority communities.

“It is a form of indenture,” said Robert Swearingen, a lawyer with Legal Services of Eastern Missouri, adding that “because of the threat of repossession, they can string you along for the rest of your life.”

Johanna Pimentel said she and both of her brothers had taken out multiple title loans.

“They are everywhere, like liquor stores,” she said.

Ms. Pimentel, 32, had moved her family out of Ferguson, Mo., to a higher-priced suburb of St. Louis that promised better schools. But after a divorce, her former husband moved out, and she had trouble paying her rent.

Ms. Pimentel took out a $3,461 title loan using her 2002 Suburban as collateral.

After falling behind, she woke up one morning last March to find that the car had been repossessed. Without it, she could not continue to run her day care business.

Pointing to such experiences, lawmakers in some states — regulating the industry largely falls to states — have called for stricter limits on title loans or outright bans.

In Virginia, lawmakers passed a bill in 2010 that institutes some restrictions on the practice, including preventing lenders from trying to collect money from customers once a car has been repossessed. That same year, Montana voters overwhelmingly backed a ballot initiative that capped rates on title loans at 36 percent.

But for every state where there has been a crackdown, there are more where the industry has mobilized to beat back regulations.

In Wisconsin, it took the title loan industry only one year to reverse a ban on the loans that had been put in place in 2010. In New Hampshire in 2008, state legislators enacted a law that put a 36 percent ceiling on the rates that title lenders could charge. Four years later, though, lobbyists for the industry won a repeal of the law.

“This is nothing but government-authorized loan sharking,” said Scott A. Surovell, a Virginia lawmaker who has proposed bills that would further rein in title lenders.

Even when there are restrictions, some lenders find creative ways to continue business as usual. In California, where the interest rates and fees that lenders can charge on loans for $2,500 or less are restricted, some lenders extend loans for just over that amount.

Sometimes the workarounds are more blatant.

The City of Austin allows title lenders to extend loans only for three months. But that did not stop Mr. Chicosky, the veteran who borrowed $4,000 for car repairs, from getting a loan for 24 months.

Last year, after applying for a loan at a Cash America store in Austin, Mr. Chicosky said, a store employee told him that he would have to fill out the paperwork and pick up his check in a nearby town. Mr. Chicosky’s lawyer, Amy Clark Kleinpeter, said the location switch appeared to be a way to get around the rules in Austin.

The lender offered a different explanation to Mr. Chicosky. “They told me that they didn’t have a printer at the Austin location that was big enough to print my check,” he said.

[…]

Can You Use Your Car to Get a Loan?

Dozens of options exist for consumers looking to borrow money, but some loans are much harder to access than others. The best and least expensive ways of borrowing money generally require the borrower to have a good credit history, and many people aren’t in that situation.

That’s where things like payday loans and auto title loans come in, some people say — that’s a controversial viewpoint, which I’ll explain later.

First, it’s important to go over the details of what auto title loans are.

What Is an Auto Title Loan?

In 21 states, if you own a car, you can probably get an auto title loan. (There are some auto title lenders who allow consumers to borrow against a vehicle if they have a certain percentage of equity, but those are uncommon.) You take your vehicle to an auto title lender — generally a storefront business — where the lender determines the value of the vehicle and offers you a loan for a certain percentage of that car’s value.

You give the lender the title as collateral for the loan, giving the lender the ability to repossess your car if you do not repay the loan. The average loan is $951 and is due in full, plus fees and interest, in 30 days, according to a report from the Center for Responsible Lending. Fees generally run $25 per $100 borrowed, so that’s $237.75 for the average $951 loan (plus interest).

Interest rates average 25% per month, or 300% APR. Eighteen of the 21 states with auto title lenders allow triple-digit APRs (Arizona, New Hampshire and Georgia do not). Those 21 states are Alabama, Arizona, California, Delaware, Georgia, Kansas, Louisiana, Idaho, Illinois, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia and Wisconsin.

Borrowers may refinance (for a fee) their loans at the end of their 30-day loan period if they cannot afford the balance.

That’s the gist of it. Theoretically, it’s a simple process: Bring your car to the store with your driver’s license, vehicle title, spare key and possibly a recent paycheck stub. The lender determines the car’s wholesale value, lends you a portion of that value in cash, and you make an appointment to return in 30 days to repay the loan.

In reality, the process gets much more complicated from there.

Why Auto Title Loans Are Controversial

Some people think auto title loans are a useful tool, while others condemn the practice as predatory lending.

Tony Petkovich, head of global trading at PCM Capital Management, invests in auto title lenders and thinks the products serve a purpose for people who can’t get other types of loans and don’t have credit cards. He sees it as a valuable option for business owners or consumers who find themselves in a pinch and have no other ways of getting cash they need as soon as possible.

“The bottom line is this if you’re short on money, … and somebody tells you, ‘Look we’re going to let you make the deal happen, but we’re going to charge you a 35% interest rate,’ the bottom line you’re going to look at the benefit to you — you’re not going to care how much it costs,” Petkovich said. He’s referring to a 35% monthly interest rate, by the way.

That’s the thing: If you’re taking out an auto title loan in an emergency, you will pay for it. Even if you make the balloon payment at the end of 30 days, you’re looking at paying hundreds of dollars in fees and interest, in addition to the principal balance.

This is where things get pretty ugly in auto title lending: Most people don’t repay the loan within 30 days, and the cost of that initial loan skyrockets. The average car title loan borrower renews the loan eight times, so for the $951 average loan, that’s an extra $1,904 in total renewal fees and $2,142 in interest. This average person pays $3,093 to borrow $951, according to the Center for Responsible Lending’s 2013 report on the industry. The report is based on state-level data and bankruptcy court proceedings involving auto title loans.

“The normal customer who gets a car title loan ends up trapped in that loan,” said Chris Kukla, senior vice president of the Center for Responsible Lending. He said the typical outcome from these loans negates arguments for their existence.

“That’s always the comment they make is, ‘Where else are they going to go?'” Kukla said, referencing business owners and industry advocates. “It doesn’t justify a problem that traps people in debt. Is the credit they’re getting doing them any favors? Is it really helping them, or is it just creating another financial emergency? And what’s clear is car title loans create a financial emergency.”

If these sound a lot like the problems people highlight with payday lending, that’s because they are. Using the car as collateral sets these products apart (payday loans are also available in all 50 states). If you’re taking out an auto title loan, chances are your credit is already in bad shape, and defaulting on one of these loans will trash it further. (You can get your credit scores for free every month on Credit.com to see where you stand.) On top of that, you will lose your car and the lender will sell it. Should the proceeds of that sale not cover the amount you owe in principal, interest and fees, the lender could send a debt collector after you — that’s another hit to your battered credit. Add that to the fact that you’ve lost your car and quite possibly your only way of getting to work, the worst-case scenario of taking out an auto title loan is pretty horrifying.

Auto Title Loan Alternatives

There are many more reasons why you should not get an auto title loan than why you should. Still, that doesn’t necessarily help someone who desperately needs money and sees an auto title loan as the only viable option.

“Don’t. Just don’t,” Kukla said he would say to anyone considering an auto title loan. “There are going to be other options available, and some of them may not be as easy to do, but these lenders are going to try and promise that this is going to be a short-term loan, but everything we know is people walk in the door and end up trapped in worse situations. … Try every other option you have. Even if it (an auto title loan) is an option, it’s an option that’s going to destroy you. It’s not going to be a help.”

If you own your car, Kukla said you can try your local credit union for a product that is similar to an auto title loan in name only: Based on the value of your car, the credit union may lend you a percentage of that car’s value, but it’s more like taking out a new auto loan on your car, with installment payments and a lower interest rate.

More from Credit.com
What to Do If You Can’t Make Your Car PaymentsCan You Get a Car Loan With Bad Credit?The Lifetime Cost of Debt CalculatorLoansFinance […]

The Adverse Elements Of Payday Loans – Findsjob

FollowGet instant $ 800 vip cash loan phone number Nashville- Davidson Tennessee within one hour same day 10 electronically deposit. You can also apply urgent $100 summit group llc payday loans phone number Houston Texas no fax.

Monetary hardship is a very difficult thing to undergo, and if you are dealing with these conditions, you may want fast cash. For some consumers, a pay day loan can be the ideal solution. Keep reading for many beneficial information into payday cash loans, what you ought to look out for and how to make the best option.

Usually do not always count on pay day loans to help make stops satisfy. Confident, these sorts of lending options are excellent when you find yourself in needy necessity of funds, prior to the next paycheck. Considering that most online payday loans cost you a lot for curiosity, you will turn out spending considerably more than necessary.

The easiest way to utilize a payday advance is to spend it way back in whole as soon as possible. The costs, fascination, along with other expenses related to these loans might cause substantial debts, which is just about impossible to get rid of. So when you are able spend the loan off of, get it done and you should not expand it.

Take into account online shopping for a payday loan, in the event you must take a single out. There are numerous websites offering them. If you want 1, you are currently small on money, why waste materials fuel driving a car all around searching for one that is available? You have the option for performing it all through your workplace.

Check the rates of interest prior to, you get a pay day loan, even though you require money horribly. Typically, these personal loans have ridiculously, high rates of interest. You need to compare distinct payday loans. Pick one with acceptable interest levels, or try to find another way of getting the funds you will need.

If you are planning via critical monetary problems, then payday loans are not a great choice for you personally. This type of loan is just for those people that, have accrued an abrupt expenditure that needs to be paid off straight away. Those who apply for these financial loans need to, have the ability to pay out them off of in two weeks. This is the time that many payday loan phrases will expire.

If you find on your own requiring a payday loan, it may be a smart idea to try to get two loan lenders to be competitive towards each other. Consider your provides from a loan provider to a different one. See if you can buy yourself a greater deal. You could potentially end up saving some money.

In the event you may need quick cash, and are considering payday loans, it is best to steer clear of taking out several personal loan at any given time. When it might be tempting to go to distinct lenders, it will likely be harder to pay back the lending options, in case you have a lot of them.

Prevent taking out a pay day loan unless of course it is definitely an unexpected emergency. The amount that you just spend in curiosity is quite huge on these kinds of personal loans, therefore it is not worth it in case you are getting one for an every day explanation. Obtain a bank personal loan if it is a thing that can hold out for some time.

Whenever you are filling out an application for any cash advance, it is best to try to find some form of producing which says your data will never be sold or distributed to any person. Some paycheck financing web sites can give information and facts away including your street address, sociable safety number, etc. so be sure you avoid these businesses.

Online payday loans can be a costly way of getting cash that you require. You should think about asking for an progress via your work chances are it will likely be much less pricey, and it can be much easier than you imagine. Just talk with your human being assets office to find the information, you will end up quite delighted you did.

If you locate on your own seeking to get a pay day loan be sure, you look around initial. Each and every business has diverse plans and charges, and through shopping around you can save yourself from your large frustration. Be sure you check with as many queries since you can prior to signing on to anything so do you know what can be expected.

Speedy money with number of strings affixed can be quite tempting, most particularly if are strapped for cash with charges turning up. With a little luck, this article has launched your vision to the various aspects of pay day loans, so you have become entirely aware of what they is capable of doing for you and the recent monetary predicament.

Related findjobs topics:

  1. What You Should Know Before You Get A Payday Loan
  2. Helpful Advice And Advice On Pay Day Loans
  3. Advantages And Disadvantages of The Best Payday Loans
  4. paydaycashadvanceniespodza.com funds progress payday loans on-line
  5. Problems Associated with Payday Loans

[…]

Announcing a New, Flexible Repayment Term, Low Rate Merchant Cash Advance Option Specifically Designed for Retail …

Thumbnail

Low Rate Merchant Cash Advance at BusinessCashAdvanceGURU.com

Small Business Working Capital at Low Rates, Care of Business Cash Advance Guru

Nationwide (PRWEB) July 24, 2014

For small businesses needing working capital, there’s now a low rate merchant cash advance available without hassle. This fast retail business cash advance loan comes with a low cost and flexible repayment terms. It’s an unsecured business loan and is the best poor credit merchant cash advance available on the market today.

Big banks are not lending working capital to small businesses, according to several recent news reports. The reason given is the wave of new federal lending and banking regulations stymieing the commercial loan market. Traditional lending institutions are in a precarious situation. Banks saddled with huge loan default losses, the result of the Great Recession. During the years 2008 through 2010 and even today, the trend of mortgage, auto loan, credit card, and small business loans defaults put banks hundreds of millions of dollars in the red.

Pressured by congressional members to make risky loans to prop-up the economy from 2004 through 2007, banks complied, only to take the devastating financial hit. The introduction of new legislation sought to curtail future risk, but only after the damage was inflicted.

Small businesses are adversely impacted by such events, having to provide years worth of financial documentation and tax returns, along with substantial collateral. Nearly perfect personal and company credit no longer guarantees commercial funding approval. Qualification standards are now out of reach for the majority of small businesses. Business loan application denial rates are near historic highs though banks continue to hoard billions of dollars in their reserves to weather federally mandated stress tests.

Alternative lenders are now stepping up to fill the commercial financing void, offering great and affordable loan products without a credit file review. This low cost, flexible repayment loan options are available by applying online. There are no application fees or hidden costs associated with these products. Companies can apply for and receive between $5,000 and $500,000 and be approved in just 24 hours. Funds are directly deposited in three to five business days and may be used for any purpose.

Current approval rates stand at 98 percent and monthly payments are based on a percentage of the loan amount rather than a fixed sum.

BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

About Business Cash Advance Guru
http://www.BusinessCashAdvanceGuru.com is a division authorized by TieTechnology, LLC. Business Cash Advance Guru’s merchant cash advance division specializes in helping small business owners realize their dreams. That’s why we created our merchant cash advance program in 2003, and continue to be a merchant cash advance leader in the industry, offering the most flexible payment options and the lowest interest rates and in the business.

About TieTechnology, LLC
http://www.tietechnology.com specializes in small business service based solutions for businesses. Services provided by TieTechnology LLC, include: merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to customer service excellence and their offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services and their specialized divisions, see the following links and descriptions.
fast retail business cash advance


[…]

Announcing a New Source for Reliable, Low Cost Retail Business Cash Advance Loans, Thanks to Alternative Lender …

Thumbnail

Retail Business Cash Advances Available

Available Low Cost Retail Business Cash Advance Loans, Thanks to Alternative Lender, BusinessCashAdvanceGuru.com

Nationwide (PRWEB) July 22, 2014

There’s never been a more straightforward and easy qualification retail business cash advance available to small businesses. With these merchant account cash advance loans, companies can access working capital without a credit check. Competitive merchant cash advance rates are available through this bad credit quick business cash advance program.

The five largest banks in the nation, recently surveyed by news media, state new federal regulations are the primary reason for the high percentage of small business loan rejections. Citing Frank-Dodd, along with previously enacted compliance laws, financing institutions deny commercial loan applications at historical levels. Banks undergo several “stress tests” each year, a result of the economic meltdown which gripped the nation beginning in mid 2008. Now, those same institutions hold billions of dollars in their reserves.

Small business owners with near perfect personal credit files and high company credit scores are routinely denied financing. Banks now require more than good credit. Small business loan approval requires substantial collateral and full disclosure of all personal and company assets and liabilities. In addition, applicant businesses must provide years of tax returns and scores of financial documents for verification. Personal guarantee notes are common and lengthy applications make funding complex.

Banks assert that hundreds of millions of dollars in defaulted consumer loans, ranging from lines of credit to mortgages, to auto loans, require heavier application scrutiny. Traditional banks are not providing access to working capital, still reeling from such large losses. Under pressure from congressional members to offer more financing options, banks are resisting.

However, innovative alternative lenders are filling the void. With new technology and easier lending standards, low cost loans are available without a credit check. No collateral is required, and there are no application fees. Application approvals stand at 98 percent and approval notification comes in just 24 hours. Funds are made available through direct deposit in three to five business days. Funds can be used for any purpose and rates are competitive. Payments are based on a percentage, rather than a fixed dollar amount. Loan amounts range from $5,000 up to $500,000.

BusinessCashAdvanceGuru.com expanded nationwide services are now available in the following geographical areas:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin, and Wyoming.

About Business Cash Advance Guru

http://www.BusinessCashAdvanceGuru.com is a division authorized by TieTechnology, LLC. Business Cash Advance Guru’s merchant cash advance division specializes in helping small business owners realize their dreams. That’s why we created our merchant cash advance program in 2003, and continue to be a merchant cash advance leader in the industry, offering the most flexible payment options and the lowest interest rates and in the business.

About TieTechnology, LLC

http://www.tietechnology.com specializes in small business service based solutions for businesses. Services provided by TieTechnology LLC, include: merchant credit card processing, business service telecommunications, and web based visibility marketing. The advantages of doing business with TieTechnology is their commitment to customer service excellence and their offering of one stop solutions to all business to business service product needs for the customers’ convenience. To learn more about their wide assortment of business services and their specialized divisions, see the following links and descriptions.


[…]

How to compete for a home without cash

Thumbnail

Real estate

How to compete for a home without cash

Emily Heffter Zillow

2 hours ago

Facebook Share on Facebook Reddit Pinterest Email

As cash buyers continue to inundate recovering markets, it’s easy to feel like the underdog if your offer includes a pre-approval letter for a mortgage.

In some places — especially in the Midwest and Florida — more than half of sales in the first quarter of 2014 were closed with cash, according to a recent Zillow analysis.

Lynne Sladky / AP

In cash-rich markets such as Miami, would-be home buyers without a lot of money should consider these tips to seal a deal.

“Cash is always the deal-sealer and the best way to get deals,” said Joe Spake, a longtime real estate agent in Memphis, Tennessee, where nearly half of first-quarter sales were all-cash. “Just, not a whole lot of people have it, especially in the regular-people realm. The average working person is going to have to get a mortgage.”

Across the country, cash buyers are on the decline, but in some markets you’re still very likely to be pitted against one. We asked agents in the country’s most cash-rich markets for advice for buyers who want to stay competitive without cash.

The bottom line is the bottom line

Cash buyers come in looking for a deep discount, said Tony Baroni, an agent in Tampa, Florida, which trails only Miami in the percentage of homes purchased with cash.

“At the end of the day, all the seller cares about is how much money they’ll get,” Baroni said. “Some sellers don’t care if it’s cash or financed.”

Tucson, Arizona, agent Spirit Messingham has seen buyers get intimidated when they go up against all-cash offers.

“What I tell people … is that most sellers don’t care if I give them a bag of dirty old cash or if I give them a loan from a local lender,” he said.

Get a solid loan

If you can’t write a fat check, get pre-approved and know how much you can put down on a home before you start shopping, agents said. Spake believes it’s worth seeking out a local lender. The seller or listing agent might even recognize the lender’s name — or at least the bank’s name — and that could give you an edge.

Plus, Spake said: “I can go to that person’s office and stand on his desk if I have to.”

How much do you want it?

Cash buyers are often investors, so they’re looking for a great deal. If a competing buyer is shopping for a home, it’s sentimental. The home might be worth more to them than the asking price.

“When we go up against a cash buyer, you need to act decisively,” Messingham said. “How badly do you want it? Because it’s not just an investment. It’s not like we’re trying to buy Apple [stock] at a 52-week low. This is going to be your home.”

Lyn Miller, an agent in Miami, agreed: “Sometimes you’ve got to offer over the asking price to get them.”

Keep it simple

One major advantage of cash is simplicity. Relying on the loan process adds a level of complexity to the deal. To compensate for that, agents said it’s important to make your offer straightforward and simple.

Baroni recommends short inspection periods and lots of earnest money.

In Memphis, a popular market for investors, Spake tells his buyers not to ask for anything they don’t really need.

“The bottom line for me is to make the cleanest deal for the seller possible,” he said. “I want them to pick me, and I don’t want them to have a lot of hidden paragraphs” in the offer.

Personalize it

Baroni took a chance recently and delivered an offer with a photo of his buyer and a letter explaining the buyer’s story. The offer came in $5,000 lower than the highest offer on the table, but the seller picked his client anyway.

A human angle is something investors often can’t bring to the table, and it can sometimes seal the deal just as well as a briefcase full of George Washingtons.

More from Zillow:

Metros Where Cash Buyers Dominate the Market

10 Markets Where Borrowers Have the Edge

15 Cities Where Renting Rules

Emily Heffter, a reporter and writer for Zillow Blog, covers celebrity real estate, unusual properties and other real estate topics. Read more of her work here.

© 2006-2014 Zillow Inc., All Rights Reserved

Tags:

Home, Real estate Share on FacebookTalk about it […]

Federal regulators set sights on Tennessee's payday lending industry

Image 201208_CFPB_rich-cordray-hires_t240.jpg

CFPB Director Richard Corday

enlarge photo

REGULATORS SET SIGHTS ON TENNESSEE

What: Field hearing on payday lending

Where: Country Music Hall of Fame, Nashville

When: 11 a.m. central time

WHAT IS A PAYDAY LOAN?

• Payday loans were developed to provide small loans to consumers to meet a short-term need.

• Consumers who take out these loans are usually required to repay them from their next paycheck.

• According to reports from industry analysts, about 12 million American adults are currently choosing to borrow money through payday loans.

• Such loans, which are not secured through a car or a home like normal loans, often carry annual percentage rates approaching 400 percent.

WHO’S INVOLVED

Richard Cordray, director of the CFPB

Bob Cooper, attorney general of Tennessee

D. Lynn DeVault, board member of Check into Cash

Jamie Fulmer, senior vice president for public affairs, Access America

Oneshia Herring, legislative counsel, Center for Responsible Lending

Source: Consumer Financial Protection Bureau

Federal regulators and Tennessee Attorney General Bob Cooper will meet with the public, payday lending officials and consumer advocates in Nashville today as part of a push to further regulate the payday lending industry and cut back on so-called “debt traps” that mire consumers in a cycle of poverty.

Richard Cordray, director of the newly-created Consumer Financial Protection Bureau, will release a study — purportedly the most in-depth analysis to date — showing that four out of five payday loans are rolled over or renewed every 14 days. In many instances, borrowers end up paying more in fees than the amount of money they originally borrowed.

The study is drawn from a 12-month period covering more than 12 million loan transactions. Under Cordray, the CFPB began supervising the payday lending market in January 2012 and started accepting complaints from borrowers in November 2013.

In his prepared remarks for today’s hearing, Cordray said he chose Tennessee for this particular field hearing “because of the prevalence of payday lenders both here and in many of the neighboring states.”

Cordray said that roughly half of all loans are made to borrowers in loan sequences lasting ten or more loans in a row.

“From this finding, one could readily conclude that the business model of the payday industry depends on people becoming stuck in these loans for the long term, since almost half their business comes from people who are basically paying high-cost rent on the amount of their original loan,” Corday said in his remarks.

Regulatory agencies often release such studies ahead of new rules clamping down on groups of businesses.

“As we look ahead to our next steps, I will frankly say that we are now in the late stages of our considerations about how we can formulate new rules to bring needed reforms to this market,” Cordray said. “So we intend to make sure that consumers who can afford to take out small-dollar loans can get the credit they need without jeopardizing or undermining their financial futures. But we also need to recognize that loan products which routinely lead consumers into debt traps should have no place in their lives.”

In addition to regulators and consumer advocates, the hearing will also include members of the payday loan industry, such as Cleveland, Tenn.-based Check into Cash.

Check Into Cash is the nation’s largest privately held payday lender with more than 1,200 offices nationwide offering payday, title and other consumer loans, along with check cashing services. Allan Jones, the company’s founder and CEO, calls his company “a happy business” that “fills a real consumer need” for short-term cash. On a typical Friday, more than 75,000 Americans are in one of Jones’ stores paying on a loan or borrowing more money.

“We’ve been in business for over 20 years and we haven’t had any consumers, to my knowledge, ever complain about our business,” Jones said. “Our consumers love us and so-called consumer groups hate us. Consumer groups want us to spend more time thinking about our consumers. Well, that’s all we’ve ever done — we talk with them, we listen to them and we give them the services they want and need.”

Contact Ellis Smith at esmith@timesfreepress.com or at 757-6315.

[…]

Pay Day Loans Houston – Next Day Cash Advance. Sign Up & Fast …

Image 13.jpg


>> Pay Day Loans Houston – Cash $1000 in your hand in Fast Time. Fast and Secure Application. Apply for Cash.

Pay Day Loans Houston

Payday advances will continue to be a nifty little service to workers who happen to result in a financial fix prior to a next payday. Compared to other short-term credit options, payday loan is fast, convenient and economically cheaper. Forget all the hype about higher APR’s and cycle of debt.

Pay Day Loans Houston Payday loan will continue to be an ingenious plan to workers who eventually finish up in a financial fix before the next pay day. Compared to other short-run credit options, payday loan is fast, convenient and economically cheaper. Forget all the hype about higher APR’s and cycle of debt.

Payday Loan in Overnight. Get up to $1000 a little as today. Few Minutes Approval. Get Fast Now.

Pay Day Loans Houston

Usually nearly all cash advance organizations charge about $20 for you to $30 per $100 of funding move forward. In order that there won’t be any ambiguities, demand that the final pay day loan volume is spelled out inside money. This will help you understand what you have to pay, once your cash advance is due.

No sooner you apply for these financing options, the cash will be deposited into your money. Payday Cash Loans would be the temporary immediate loans by which the first is given cash for the emergency uses. Such loans are extremely useful to people to be able to face their temporary financial meltdown.

Payday Loan Online Application at Pay Day Loans Houston

Pay Day Loans Houston

Pay Day Loans Houston. Online payday cash advance loan and a great deal of other loans are already introduced in the business of cash lending. These payday loans are solution to each of the problems of your customer. Everybody benefits from an internet payday cash advance loan – using one hand, customers have the advantage of instant cash and also on the other hand, loan companies benefit by getting their cash back also as interest in the form of fees and APRs. Pay Day Loans Houston. Benefits Of An Payday Loan Payday loans bring many benefits. Earlier, people avoided choosing loans because there counseled me done manually as well as a great deal of documentation was required. Pay Day Loans Houston.

Related Posts

> Pay Day Advance Mitchell Sd – Up to $1000 Cash Loans. Sign Up & Fast Decision. 24/7 Instant Approval. Get Cash Today.” />>> Pay Day Advance Mitchell Sd – Up to $1000 Cash Loans. Sign Up & Fast Decision. 24/7 Instant Approval. Get Cash Today.> Make Money Fast Online – Next Day Fast Loan. Sign Up & Fast Decision. Withdraw Your Cash. Apply Online Tonight.” />>> Make Money Fast Online – Next Day Fast Loan. Sign Up & Fast Decision. Withdraw Your Cash. Apply Online Tonight.> Pay Day Lenders – Look for Fast Cash Up to $1000 Online. Sign Up & Fast Decision. 90 Second Approval. Get Now.” />>> Pay Day Lenders – Look for Fast Cash Up to $1000 Online. Sign Up & Fast Decision. 90 Second Approval. Get Now.> Home Loan Amount – Looking for $1000 Payday Advance. Sign Up & Fast Decision. Withdraw Your Cash in 60 Minutes. Get Money Now.” />>> Home Loan Amount – Looking for $1000 Payday Advance. Sign Up & Fast Decision. Withdraw Your Cash in 60 Minutes. Get Money Now.> Tennessee Cash Advance Womens Lender – Next Day Fast Loan. Sign Up & Fast Decision. 1 Hour Approval. Apply Loan Now.” />>> Tennessee Cash Advance Womens Lender – Next Day Fast Loan. Sign Up & Fast Decision. 1 Hour Approval. Apply Loan Now.> Free Loan Payday Now – Get Cash Advance up to $1000. Sign Up & Fast Decision. Instant Approval. Get Quicken Loan Now.” />>> Free Loan Payday Now – Get Cash Advance up to $1000. Sign Up & Fast Decision. Instant Approval. Get Quicken Loan Now. […]

BBB: Payday loans | FOX2now.com

(KTVI) – Many cash-strapped consumers may find themselves in need of a loan this holiday season. Chris Thetford, with the Better Business Bureau (BBB), talked with Elliot Weiler, advising consumers to be aware that many payday lenders charge high interest rates, set unaffordable payment terms and use high-pressure collection tactics that can make these debts impossible to pay off.

A 2013 study by the Consumer Financial Protection Bureau shows that payday loans’ interest rates averaged 339 percent. In Missouri, payday loans averaged more than 400 percent, according to state finance officials, and some rates exceeded 1,000 percent.

Payday lenders tend to target people whose credit may not be good enough to obtain a credit card or bank loan and who therefore rely on advance short-term loans to get by. What most borrowers don’t realize is that the high interest rates on these loans can trap them in a debt cycle that forces them to renew the loan repeatedly, paying associated fees every two weeks until they can finally save enough to pay off the principal and get out of debt.

Before you decide to take out a payday loan, consider alternatives such as small bank loans, credit counseling and credit cards. For those without these options, BBB offers the following tips:

Start with trust. Check out a lender’s BBB Business Review to see its rating, history of complaints and other information. Never pay an upfront fee. Some short-term lenders ask for a post-dated check to cover the amount you borrowed plus interest and fees. However, if any lender asks for those fees in cash before giving you any money, walk away – especially if it’s an online lender asking for money via wire transfer. Charging undisclosed upfront fees is illegal, and cash sent by wire cannot be traced. Limit the amount you borrow. Only borrow what you know you can pay off with your first paycheck. Most companies will allow you to roll over the balance for several weeks or months, but they tack on fees each time you roll it over. This can result in you owing several times what you borrowed in the first place. Read the fine print. Pay close attention to fees and consequences of nonpayment. Will the company allow you to make arrangements if you cannot pay? Keep your documentation. Many consumers said they started receiving calls from collections agencies years after they paid off a payday loan. Some of these calls were simple errors; others were attempts by scammers to collect a debt that is not owed. Protect yourself by having documentation that all loans were paid in full. Know where to turn. If you feel a lender has committed fraud or taken advantage of you, file a complaint with BBB, the FTC and the Missouri or Illinois Attorney General, depending on where you live.

A BBB study of the payday loan industry found that Missouri laws were among the most favorable to the industry. The number of payday lending outlets in Missouri was second only to Tennessee.

For more advice on being a savvy consumer this holiday season or to BBB Business Reviews and Charity Reviews by calling (314) 645-3300 or by going online to www.bbb.org.

To see a BBB video on holiday scams, go to: http://youtu.be/YwjvtyTF-o0

[…]