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.

12 OYS: Payday loan users caught in vicious quick-cash, high interest cycle

Thumbnail

Related Links Americans for Financial Reform report

News 12 at 6 o’clock / Friday, Dec. 19, 2014

AUGUSTA, Ga. (WRDW) — Some folks rely on payday and title loans to get from one paycheck to the next.

For Christene McCullough, taking out a title loan has been one big nightmare.

“Some nights I lay there and I cry,” said McCullough. “It’s gotten to the point where it’s hard to pay it (loan) because bus transfers are like $50 a month.”

In June, after her SUV broke down, McCullough borrowed $1,500 from TitleMax to get the vehicle fixed. It is still in the shop.

So, now she borrows a friends car which helps. But being on disability and raising two children, she does not have the money to make her $220 a month payment to TitleMax, because she said the interest is too high.

“You’re paying like $189 in interest and whatever else you pay over, that’s what goes to the loan,” McCullough said.

“I will never do that again,” Darrell Mayfield said.

He took out a $400 payday loan during Christmas several years ago.

“It was a necessity. I needed the money,” McCullough said.

But he too ran into some hardship.

“I called and let them know that I was going to give them the money the next day,” McCullough said.

Which he said led to dozens of harassing phone calls and even worse.

“Once you miss a payment, the interest level just skyrockets,” McCullough said. To as much as 500 percent.

According to a new report by non profit Americans for Reform, the “debt trap is an essential element of the quick-fix lending industry, and with its “extremely high fees, many people end up paying far more in loan charges than they originally borrowed; and because of strong arm collection tactics, payments to these predatory lenders often take priority over rent, utilities and other necessities.”

“The ability to pay is difficult so they get caught in that thing of trying to pay them back,” Mayfield said.

The industry has spent millions on lobbying and campaign contributions to 50 members of congress, in what AFR calls an effort to “line the pockets of powerful Washington politicians.”

Meanwhile McCullough says she has learned an expensive lesson. “If you are trying to get a loan from a loan place, don’t do it, said McCullough.

We called and or emailed TitleMax, Advance America and several other title pawn and payday lenders, but have not heard back from any of them yet.

Americans for Financial Reform report.


Have information or an opinion about this story? Click here to contact the newsroom.


Copyright WRDW-TV News 12. All rights reserved. This material may not be republished without express written permission.

[…]

Man's ID is used to obtain $750 from a fast cash loan facility: Bainbridge Blotter

BAINBRIDGE TOWNSHIP, Ohio – Fraud, Abbey Road – Someone used a Bainbridge man’s information to obtain $750 from a fast cash loan facility. A second attempt was made at another facility, but was stopped.

JOAN RUSEK/SPECIAL TO SUN NEWS

The victim filed a report June 23. He believes this is related to an incident earlier this year when someone used his credit card numbers for fraudulent purposes.

Assist Fire Department, Geauga Lake Road – A shed caught on fire causing a tractor inside it to explode and set fire to stored fuel 1:43 p.m. June 23.
The shed was located next to a garage and pole barn, with the home 15-20 feet away. The garage siding was melting when officers arrived.

Traffic was halted at Pettibone Road and tanker trucks arrived from Auburn and Russell to assist Bainbridge firefighters. The fire was brought under control 20 minutes after the call was initiated, and the road was reopened at 2:55 p.m. No injuries were noted.

Information, Stafford Road – After purchasing $269 in steak and chicken from a door-to-door salesman, June 23, a woman saw that the meat was of poor quality. She stopped payment on the check she wrote and contacted police.

Theft, Elizabeth Lane – A South Riverside Drive male faces charges for stealing a man’s ATV from his shed sometime between June 17 and 19.

The ATV owner reported on June 19 that his $7,000 Honda ATV was taken from an unlocked shed. He said the keys were in the vehicle. He last saw the vehicle on June 17.

Officers traced the vehicle to the back of the South Riverside Drive property and obtained permission from the subject’s grandmother to search the premises. The ATV was found, identified and returned to the owner.

Information, Squires Road – After cell phones were stolen from her son and his friend 8:47 p.m. June 24 at Wildwater Kingdom, a woman contacted police and met officers at the gate. She told them she believed the phones and the culprit were still in the park.

Park security found the phones in a trash can.

Animal Complaint, Depot Street – A turtle in the road 4:41 p.m. June 22 stopped traffic until an officer arrived to remove it and guide it into a wooded area.

[…]

Pay Off Your Car Loan Faster Using These 7 Tricks

When they’re purchasing a car, it’s almost second nature for many consumers to secure a loan without giving much thought to the interest that comes with them.

Don’t believe me? Think about the last time you secured an auto loan. Did you use an amortization calculator beforehand to determine how much you’d end up paying for the vehicle over the life of the loan? In some cases, you will find that the cost of the loan actually outweighs the benefit of owning the vehicle.

Fortunately, there are ways to escape the wrath of the auto loan interest monster. Here are a few simple options to consider:

1. Round up

Not only will you save in interest by rounding up to the nearest hundred when you pay your bill, but the car will be paid off faster.

To illustrate, let’s assume you purchase a car for $20,000 with an interest rate of 3.9 percent and term of 48 months. This yields a monthly payment of $450.69. However, rounding this figure up to $500 will shave five months off of the payment term.

2. Refinance

If you can secure a lower interest rate, refinancing may be worth a shot. However, don’t be fooled into thinking that you should take advantage of the lower monthly payments and extended terms to give your wallet a break, or you will end up paying more in interest.

3. Double up one month

Have you been stung by the luck bug and been gifted an unexpected sum? Use your newfound money, whether it be a tax refund, work bonus or inheritance, to make at least one extra payment for the year. You can also divide the monthly payment by 12 and remit this amount each month in additional to your usual amount to achieve the same result.

Using the same example from above, this method will shave three months off your payment term.

4. Cut costs

Do you find it difficult to scrape up extra funds to pay down the auto loan balance faster? Start by making cuts to variable expenses. Need a few ideas? Skip pampering sessions and dining out for a while or cut all the high-end entertainment. Also, set a grocery budget for the week and stick to it.

Still no luck? Try selling some of the items lying around your home that you no longer need.

5. Pay often

This will require stellar record keeping on your part, but if you frequently allocate residual income to the loan, you will knock interest out of the park. However, be sure to speak with the lender about any restrictions or penalties that may apply for early loan payoffs.

6. Never skip a payment

The skip-a-payment option is an enticing offer my credit union likes to make around the holiday season to help customers free up funds for gifts and travel expenses. But don’t fall for the trap, because you will have to make it up in the end. The lender simply extends the loan to account for the extra payment and accompanying interest.

7. Make biweekly payments

If permitted by your lender, make half the monthly payment each time you get paid to reduce the interest paid over the life of the loan. Reasoning? Well, there are 26 pay periods in the year, so you will end up making one extra payment for the year using this approach.

If you are in the market for a new or new-to-you car, you always have the option of stashing a nice sum of cash away so you can afford to make a handsome down payment. This will equate to a more affordable monthly payment from inception, and enable you to pay off the car faster with excess income.

This article was originally published on MoneyTalksNews.com as ‘Pay Off Your Car Loan Faster Using These 7 Tricks’.

More from Money Talks News

High Car Insurance? Low Credit Score May Be at FaultBuying a Car Is More Stressful Than Saying ‘I Do’These Cars Will Suck Your Wallet DryPersonal Finance – LifestyleInvesting Education […]

InstaLoan Experiences Continued Growth

Thumbnail

We aim to help as many people as we can with getting the financing they need, while making the entire process as convenient as possible.

Savannah, GA (PRWEB) March 11, 2014

InstaLoan, a subsidiary of TMX Finance, has continued its steady rate of growth now offering 130 store locations across Georgia and Florida. As one of the country’s fastest growing consumer finance companies, InstaLoan has plans to continue its expansion throughout the course of 2014. Since the beginning of the year, InstaLoan has opened more than ten locations in various markets, including Atlanta, Orlando, and Tampa. Additional locations are planned for Albany, Atlanta, Miami, Orlando, Tallahassee, Tampa, and West Palm Beach. Individuals in these areas will have the opportunity to get the cash they need through a variety of different loan options including: 1st lien loans, personal loans, and signature loans.

“Our steady rate of growth is a positive indicator that InstaLoan offers a much needed service,” said Linda McDonald, Vice President of Operations for InstaLoan. “We aim to help as many people as we can with getting the financing they need, while making the entire process as convenient as possible.”

InstaLoan offers a variety of different types of financial solutions, including: 1st lien loans, signature loans, and personal loans. To secure a short-term cash loan, an individual must have a government-issued ID and proof of income. Some loan products require a vehicle registered in the applicant’s name or loan documentation for the vehicle. Individuals with good, bad, and no credit can be approved for a short-term cash loan with InstaLoan. 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. and our stores can be reached by calling 855-849-LOAN. To learn more about the loan products offered by InstaLoan, click here.

InstaLoan has 130 locations throughout Georgia and Florida and plans to continue its growth this year. Click http://www.instaloan.com/store-locator/ to find a location near you.

About InstaLoan

Our history: InstaLoan, a subsidiary of TMX Finance, opened its first location in Macon, GA in 2006 under the EquityAuto Loan brand. Since then the company has grown to over 120 locations in Georgia and Florida.

What we offer: InstaLoan is one of the fastest growing consumer loan companies in the country. InstaLoan offers a variety of short-term lending solutions, including: 1st lien loans, signature loans, and personal loans, to individuals with all types of credit profiles. InstaLoan focuses on providing people with the cash they need by working with them to determine the best type of loan for their situation.


[…]

InstaLoan Tops 120 Store Locations

Thumbnail

We are here to help all types of individuals get the financing they need as quickly and easily as possible.

Savannah, GA (PRWEB) January 31, 2014

InstaLoan, a subsidiary of TMX Finance, has maintained a steady rate of growth since its inception. One of the nation’s fastest growing consumer finance companies, InstaLoan is currently operating more than 120 brick and mortar locations. Located throughout Georgia and Florida, the consumer loan company plans to expand its footprint during 2014, adding 21 locations by the end of 1st quarter. New InstaLoan locations are planned for Albany, Atlanta, Miami, Orlando, Tallahassee, Tampa, and West Palm Beach. Individuals in these areas will have an opportunity to get the cash they need through a variety of different loan options including: 1st lien loans, personal loans, and signature loans.

“Our consumer demand is positive proof that InstaLoan offers a much-needed service,” said Linda McDonald, Vice President of Operations for InstaLoan. “We are here to help all types of individuals get the financing they need as quickly and easily as possible.”

InstaLoan offers a variety of different types of financial solutions, including: 1st lien loans, signature loans, and personal loans. To secure a short-term cash loan, an individual must have a government-issued ID and proof of income. Some loan products require a vehicle registered in the applicant’s name or loan documentation for the vehicle. Individuals with good, bad, and no credit can be approved for a short-term cash loan with InstaLoan. 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. and our stores can be reached by calling 855-849-LOAN. To learn more about the loan products offered by InstaLoan, visit http://www.instaloan.com.

InstaLoan has more than 120 locations throughout Georgia and Florida and plans to continue its growth this year. Click http://www.instaloan.com/locations to find a location near you.

About InstaLoan

Our history: InstaLoan, a subsidiary of TMX Finance, opened its first location in Macon, GA in 2006 under the EquityAuto Loan brand. Since then the company has grown to over 120 locations in Georgia and Florida.

What we offer: InstaLoan is one of the fastest growing consumer loan companies in the country. InstaLoan offers a variety of short-term lending solutions, including: 1st lien loans, signature loans, and personal loans, to individuals with all types of credit profiles. InstaLoan focuses on providing people with the cash they need by working with them to determine the best type of loan for their situation.


[…]

Steer clear? auto loan refinancing

A lower car payment, what’s not to like?

It’s an enticing proposition, but refinancing an auto loan can often significantly increase the amount you have to pay over the life of a loan.

“The concept of lowering your monthly payments will often outweigh the financial sensibility of that decision,” said Jack Gillis, auto expert for the Consumer Federation of America.

And yet, a growing number of borrowers are electing to refinance their auto loan. Last year, auto loan refinance inquiries on LendingTree.com nearly doubled from a year earlier, according to the online lending service. Completed loans jumped 47 percent from the previous year.

But when might refinancing your auto loan be a smart move? Here are four factors to consider:

1. INTEREST RATES

Refinancing an auto loan enables you to pay off your lender and take on a new loan at a more favorable annual percentage rate, or APR.

That means that you generally wouldn’t consider refinancing unless you can get a lower APR. But there is an exception: If you want to lower your monthly payment and are willing to extend the repayment period for your loan. Of course, you will be paying more money over time.

Unlike mortgage loan refinancing, lenders generally don’t charge fees or closing costs to refinance an auto loan. That places a priority on shopping around for the best rate. In recent weeks, auto loan refinancing offers on LendingTree have been available for 1.99 percent for borrowers with the best credit scores.

Check lender websites or portals like Bankrate.com or LendingTree.com.

2. ESTIMATED SAVINGS

The most attractive outcome in any refinancing is to lower the amount of you will repay during the term of the loan.

Maybe you didn’t shop around when you went car shopping and feel you could have negotiated a lower interest rate. Or perhaps your credit score has improved significantly since you took out your auto loan, so you are now able to qualify for a lower interest rate. Refinancing could trim your finance charges.

Paying off your original loan when you refinance could help boost your credit score, as the loan would show up in your credit history as paid off.

Lenders and financial information sites often have online calculators that can help you estimate whether a new loan will save you money, such as: http://apne.ws/1ebKdr7

Many free financial apps are also available for smartphone and tablet users.

3. TERM OF LOAN

Prolonging the life of a car loan also can be risky because — unlike real estate which can appreciate — cars lose their value over time. Extending the loan term means that you will owe more on the vehicle than it’s worth for a longer period.

“This is a terrible position to be in if the car gets stolen or gets in a serious accident or you desperately need to sell,” said Gillis.

One rule of thumb: If you have less than two years left on your loan, avoid refinancing. “If it’s a cash-flow issue, it’s a consideration, but I wouldn’t do it,” said Rick Finch, general manager of LendingTree’s auto segment.

4. LENDER LIMITATIONS

Banks often cap both the amount they will lend and the repayment period for a refinancing. They may also limit the kinds of vehicles that are eligible.

Some lenders won’t refinance loans on motorcycles or recreational vehicles, for example. And typically, lenders will only refinance vehicles that are no older than seven years.

LoansInvesting Education […]

State-Line Title Loan Announces Site Redesign for Improved Customer Experience

Seminole, AL (PRWEB) December 31, 2013

Customer service is integral to the overall success of the company at State-Line Title Loan. In keeping with priorities, State-Line Title Loan has completely redesigned their website with user experience in mind. The new site incorporates responsive design along with new informational modules for the ultimate in efficient online customer service.

For so many Americans driving a car is more than a luxury; it is a necessity. State-Line Title Loan aims to help vehicle owners that need cash but are unable to give up their vehicle. With a simple application, customers can continue to drive their vehicle – be it a car, truck, RV, motorcycle, boat, or even heavy machinery – while State-Line Title Loan holds the title. For many, it is a win-win scenario.

The company was adamant about the redesign of the website because it means easier access for their customers. The responsive design elements mean that the site is fully functional from a desktop computer, or a tablet or mobile device.

The new State-Line Title Loan also features quick access to information about the title loan process and about the company. This means customers can feel safe and informed when making the decision to seek a vehicle title loan. Users can even apply for a title loan directly from the website, or contact the office for personal service.

“We feel this redesign is a huge step for our online presence,” says State-Line Title Loan founder Robert Taylor. “By improving the web experience for our customers, we know that we will be able to reach, and help, even more people across the Southeast.”

Users can access the new site today, and apply for a loan online, by visiting statelinetitleloan.com.

ABOUT STATE LINE TITLE LOAN:
State-Line Title Loan offers cash loans on vehicle title from any state, including older vehicles without a credit check. Located in Seminole, Alabama, State-Line Title Loan is a locally owned and operated business committed to finding a way to help any customer with a loan while allowing them to continue using the car. All transactions are always confidential.

CONTACT:
State – Line Title Loan
32440 US Hwy 90
Seminole, AL 36574
(251) 202-7906


[…]

InstaLoan Opens Third Marietta, GA Location

Thumbnail

Opening this additional location in Marietta will allow us to better serve the residents of the community.

Marietta, GA (PRWEB) November 30, 2013

InstaLoan, a subsidiary of TMX Finance, opened another location Marietta, GA on Tuesday, October 15, 2013. Individuals in this area can now get the short-term cash they need with a customized loan by visiting InstaLoan. It is located at 2145 Roswell Road, Suite 10, Marietta, GA 30062 in the East Lake Shopping Center. 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. and the store can be reached by calling (678) 996-8998.

“Opening this additional location in Marietta will allow us to better serve the residents of the community,” said Linda McDonald, Vice President of Operations for InstaLoan. “We encourage those who may be in need of instant cash loans to contact the friendly team at our new branch.”

InstaLoan offers a variety of different financial solutions, including: 1st lien loans, signature loans, and personal loans. To secure a short-term cash loan, an individual must have a government-issued ID and proof of income. Some loan products require a vehicle registered in the applicant’s name or loan documentation for the vehicle. Individuals with good, bad, and no credit can be approved for a short-term cash loan with InstaLoan. To learn more about the loan products offered by InstaLoan, visit http://www.instaloan.com.

InstaLoan has more than 60 locations in the Greater Atlanta Area and more than 115 locations throughout Georgia and Florida. Click http://www.instaloan.com/locations to find a location near you.

About InstaLoan

Our history: InstaLoan, a subsidiary of TMX Finance, opened its first location in Macon, GA in 2006 under the EquityAuto Loan brand. Since then the company has grown to over 115 locations in Georgia and Florida.

What we offer: InstaLoan is one of the fastest growing consumer loan companies in the country. InstaLoan offers a variety of short-term lending solutions, including: 1st lien loans, signature loans, and personal loans, to individuals with all types of credit profiles. InstaLoan focuses on providing people with the cash they need by working with them to determine the best type of loan for their situation.


[…]

Payday Loan Alternatives | Payday Loan Business

Image payday-loans-72.jpg

You see them everywhere. The joke used to be a church on every corner. Instead, perhaps a sign of the times, we now seem to have a cash loan place on every corner. Interestingly, many states have enacted regulations prohibiting payday loan places from operating in their states. Let’s be real here. If you have financial problems, going to a payday loan place is not an option for you. These establishments were never meant to solve long-term financial problems. If, however, you just need a little cash to tide you over until your next payday, then these places are a definite option, hence the term payday loan. This article will give the reader some basic facts about short term funding, as opposed to title loans, and what to expect from a cash advance loan.

The biggest reason people have issue with these short term loan establishments is the interest rate these places charge. It is a valid concern. Most payday loan interest rates are 456 percent for a 2 week period. That amount sounds staggering. The amount is usually the equivalent of $17.50 per $100 financed. So, if you borrowed $500, as many people do, it would cost you $87.50. If you repaid the loan in two weeks, however, which is supposed to be the point of a payday loan, this amount, though high, is not impossible, especially for people who have little to no other options. If, however, you take out payday loans, knowing that in two weeks you will have just as little money as you do now and have little hope of repaying them back, you will run into trouble. For this reason, other options are a good idea, such as contacted a credit counseling institution like Money Management International, as payday loans will not help you.

While most people are approved for a quick cash loan instantly, there are documents you are expected to bring with you to become qualified. Otherwise, it is likely that you will be turned away until you can produce such paperwork. Typically, payday loan places are going to ask you to bring your last two paystubs, a bank statement, two forms of identification, and a personal check, which will be held until your payday. What might be required does vary according to state.

Usually, the payday establishment will require that you fill out an application, giving not only your contact information, but also three references, and verification of employment and income. Some establishments might also ask about your vehicle and acquire vehicle information from you. The information you provide is usually processed on the spot and a decision is rendered about money you may borrow. How much money you are permitted to borrow will be determined by your income information and may range from $100 to $500 dollars, though some establishments might offer as much as $1000.

Most people opt to visit a payday loans establishment because of the convenience of borrow a bit of money to help them get through a budget tight spot. Though they may not be right for everyone, if the arrangement is a temporary one, these places are an option for most consumers.

[…]

Car Title Loan Company Opens Location in Dallas, TX

Thumbnail

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

Dallas, TX (PRWEB) September 18, 2013

TitleBucks, one of the country’s premier title loan companies, opened its third location in the Greater Dallas, TX Area on Wednesday, July 31, 2013. The new location, along with TitleBucks stores across the Southeast, Southwest, and Midwest, offer individuals with little, no, or even bad credit the opportunity to get a cash loan based on collateral, not credit history.

The new store is located at 4220 LBJ Freeway, Dallas, TX 75244. 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 (972) 701-0127.

“Getting a title loan with TitleBucks 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. “We encourage individuals who may be in need of instant cash loans to contact the friendly team at our new branch.”

About Car Title Loans

A car title loan is a quick way for individuals to obtain the cash they need using their car title, not their credit history. To secure a car title loan with TitleBucks in the state of Texas, an individual must have a clear, or lien-free, car title, a government-issued ID and proof of income. With these items an individual can obtain a car title loan up to $5,000 while still being able to drive their vehicle. Vehicle insurance is not required, there are no credit checks and most loans can be processed in as little as 30 minutes.

About TitleBucks

TitleBucks, a subsidiary of TMX Finance, provides financial products to people without access to traditional credit alternatives. TitleBucks has been a trusted consumer lender for over 14 years, helping thousands of people in getting cash when they need it. Since its inception in 1998, TitleBucks has grown to over 175 stores, spanning 9 states across the Southeast, Southwest, and Midwest, and provides car title loans to hundreds of people each day. In some instances, TitleBucks acts as a Credit Access Business and assists customers in obtaining loans through a third party.

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


[…]