loans

Should you consider a PayDayLoan or a Title Loan?

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Everyone needs some cash at times, whether it’s for emergencies or just to have some fun. If you don’t have a good credit score though, most banks won’t give you the time of day. If this applies to you, consider a title loan on your car.

A Title Loan Is…

Many people have heard of a title loan, but don’t know what it really is. With a title loan, you are getting a loan using your car as collateral. You might point out that you need your car, but that is not a problem. Working with Texas auto title loans, you get to keep your car, as long as you pay off your loan. The car is just collateral in the rare case that you don’t make your payments.

My favorite thing about eTitleLoan is their mobile loan agents. Sure, you might need money, but driving to a loan store, doing the paperwork, etc., takes time, and often more time than you have on a lunch break. This is even more important in the case of an emergency need for cash.

With eTitleLoan though, you just give them a call, and they send their loan agents to you. Not only that, but they will tell you right on the phone everything that you need to have with you to process the loan. None of this garbage where you think you’re getting the loan, but end up not having all the paperwork they need so they just send you on your way, still broke.

Obviously no one wants to need emergency cash, but if that day comes, definitely consider giving eTitleLoan a call. Their whole business model, with their mobile loan agents, makes the process as easy as possible, and gets you the cash you need quickly. I highly recommend it.

John In Houston

(Note: Of course, if you don’t keep up payments on your title loan, you may risk losing your car! Now that might be even more inconvenient than not having a little cash! And don’t forget to check the interest rates! Some of these loans have high interest rates, much higher than typical bank loans.)

New Advertiser Shout Out: AnyCredit Car Finance and Urgent CashLoan

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I’d like to welcome two new advertisers to the blog: “AnyCredit Car Finance” and “Urgent CashLoans” both companies which provide financing for diverse applicants in the UK and US markets respectively.

#1: AnyCredit Car Finance recently joined InvestorBlogger Dot Com by purchasing advertising from us.

anycreditfinance

AnyCreditFinance provides “Car loans to suit you”, as advertised on its website, for the UK market. Their products include car loans, payment protection and car insurance. It might be worth checking them out before you purchase your car, at the very least to see how well their deals compare with other deals you can find. On the website front, it’s a nicely laid out website, with good graphics, a nice web 2.0 feel, and quite responsive servers. It would be nice to see features that encourage drivers and car purchasers to come back: forums, a blog perhaps, and social web* awareness.

(ed. added ‘web’ to clarify the meaning).

#2: UrgentCashLoan has been with us for a few weeks now.

urgent cashloan

UrgentCashLoan is a website that aims to provide payday loans online to US markets for those who need such a service. They differentiate themselves from other more informal lending by saying “visiting your local pawn shop or borrowing money from friends and family”. Such payday services are becoming increasingly common online, so it’s clear that there is a ready market for such services, whatever one thinks. Despite the high interest rates, the loans are usually for short periods. UrgentCashLoan provides services from a number of related companies.

Disclaimer: InvestorBlogger has received compensation from these companies for advertising, but does not intend to provide readers with advice particular to your own situation. Before you use any companies mentioned in our postings, consider your own situation carefully. You should also find an independent financial adviser to discuss the details of any loan, investment, credit card decisions, etc. that you make.

Keep tabs on your budget: send yourself notes, SMS, even email!

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In this regular feature, InvestorBlogger will publish stories and experiences that we all face everyday. This story is especially useful for those considering first time mortgages, especially those with extra frills (like credit cards, extra loans, 100%+ financing…),

When I bought my house, my mortgage company offered me a credit card that seemed like a very good deal. They would apply 1% of my purchases to my mortgage principal when that one percent reached $25. I accepted the card and I paid off the entire balance every month but found myself getting into a bit of trouble after about four months.

I paid off the balance each month and incurred no interest, but I was beginning to spend more. That end table was great and less than fifty dollars. A garden hose for next summer was on sale. I could replace my cheap microwave at 60% off and help pay down my mortgage.

One month the bill came in and I was glad I was sitting down. I’d gone from buying essentials to just buying and believe me, that was a very tough month to live through! Now I subtract charges from my checking balance, writing the amount in red. No more surprises when I treat the card as a debit card. I keep a better eye on expenses and don’t overspend. I’m still paying down my mortgage from my everyday purchases—just a little more sensibly.

Thanks

Shopper

InvestorBlogger writes:

However you pay when you out shopping, it’s always good advice to keep a track of the expenses that you incur. A little note in your notebook, an SMS, or a message on your answer machine/in your email-box… all of these are good reminders in case you threw away the credit card receipt. Of course, you shouldn’t throw them away, either. But this way you can double check your purchasing, and keep tabs on whether you are exceeding your budget or not.

More importantly, though, tying other financial products to your mortgage may not always be a good idea. Additional lines of credit, such as personal loans, 2nd home loans, credit cards, etc., may increase the loading of loans on you, increase the rates that you may for such loans, and may (as the writer found out) make repayments even more difficult on the primary mortgage, as well as other outstandings.