Why Military Members Can't Get Texas Car Title Loans?

If you live in Texas and you're strapped for cash, you might be wondering if car title loans in Texas are a good option for you. These short-term loans are secured by your car's title and they're easy to qualify for. Lenders will not check your credit, so past credit issues will not bar you from getting the money you need to pay important bills, avoid late fees, get your car fixed or get through a tough situation.

Most people can qualify for Texas car title loans, as the basic qualifications include being over 18 and owning a car outright with a clean title. Still, not everyone will be able to take advantage of these convenient, fast loans and you may be denied for Dallas car title loans for a few reasons. If you are an active duty member of the military, or you are dependent upon someone in the military, federal legislation could be standing in your way from getting the loan you need today.

The Military Lending Act of 2007 is the primary obstacle for military members and their family who wish to apply for Texas car title loans. This legislation is a part of the National Defense Authorization Act of 2006, and it makes many changes to lending practices in the United States to members of the military. The Department of Defense released a report finding that 17% of military personnel use payday loans, and they determined this had a bad effect on morale, among other things. The legislation, once signed, required the APR for military borrowers to be no higher than 36%, and it also barred lenders from securing loans to military members with personal checks, wage allotments, debit authorizations and title loans.

This law banned the use of a car's title to secure any loan made to service members and their dependents, and it also prohibits lenders, including car title loan lenders, from renewing or rolling over a loan using the proceeds of a new loan granted by the same lender. The bottom line is this law means car title loans in Texas are not available to military members and dependents.

This can be rough, because everyone knows it's just not always possible to pull together the cash for an emergency, such as important car repairs, and family members don't always have the money to lend out. Dallas car title loans have always been a great option for borrowers to get the cash they need immediately to cover emergencies until their next payday. You'll find that one of the first questions lenders now ask is, "Are you an active military member, or are you dependent on someone in the U.S. military?" If you are, you will most likely be denied for the loan.

There's no doubt this legislation had the best of intentions, limiting predatory lending practices ot the military. An unfortunate side effect is it makes it harder for military families to get emergency cash when they need it, particularly if their credit is bad. Consumers with poor credit have few options when they need cash in a hurry and, what's worse, this legislation does not eliminate predatory practices all together. Lenders may still overcharge members of the military through payday loans, provided they restructure their loans only slightly.

The bottom line is car title loans in Texas have a bad reputation, but it's certainly not deserved. After all, many lenders provide interest rates that are lower than credit cards for bad credit, and where else can consumers turn when they need to pay their mortgage or credit card bills, put food on the table, keep their utilities from getting disconnected or repairing their car to get to work?

Why Military Members and Their Families are Ineligible for Ohio Car Title Loans?

If you live in the Columbus or Cincinnati area and find yourself having trouble making ends meet this month and no other way to borrow the money you need, you may have already thought about applying for Cincinnati car title loans. These short-term loans are easy to qualify for with no credit check and provide the money necessary to pay bills, fix a car and handle an emergency.

While most people qualify for Ohio car title loans, provided they are over 18 and own their own car with a clean title, not everyone qualifies. There are many reasons you may be denied for Columbus car title loans, but one of the biggest reasons is federal legislation that prevents active duty military members as well as their dependents from taking out a car title loan.

The Military Lending Act of 2007, which is a provision of the National Defense Authorization Act of 2006, made a number of changes to lending practices for U.S. military members. After a Department of Defense report found that 17% of military personnel used payday loans, this legislation required the annual interest rate for military borrowers to be capped at 36%. It also prohibits lenders from securing a loan with a personal check, debit authorization, wage allotment or a title to a car.

This law prohibits the use of a vehicle's title as security for any loan made to service members or their families, and it also prohibits lenders from renewing, refinancing or rolling over credit by using the proceeds of another credit granted by the same lender. What this means is Ohio car title loans are now inaccessible to military members and military families.

Unfortunately, it's not always possible to save up the money you need for an emergency, and friends and family may not always be able to loan you the money you need. Cincinnati car title loans have always been an excellent way to get the cash you need to cover you until next payday, but one of the first questions car title lenders now ask is, "Are you an active member of the military or are you dependent on someone in the military?" If you answer yes, you will probably be denied for a title loan in Ohio and anywhere else.

While this law certainly has great intentions by limiting predatory lending to members of the military, it also puts military families in a tough situation. Bad credit makes it nearly impossible to turn to a loan through any other means, although this law still allows predatory lending. Lenders are still passing through the cracks, overcharging military members with payday loans that have just a slightly different structure but the same high rates.

The truth is, Ohio car title loans have a bad reputation that is undeserved. Many have interest rates below that of a credit card, and they serve an important service, allowing families to avoid late fees on their mortgage or credit cards, pay off debt, put food on the table for their children, avoid disconnected utilities and get their car fixed so they can get to work.

What You Should Know About Columbus Car Title Loans?

Some people may wonder: Are Columbus car title loans available, are there advantages to car title loans, and  how does a person get one? Yes, car title loans in Columbus are available and simple to get. Since a title loan is a loan given to a person based on the equity and value of his or her car, the loans can be for as little as a few hundred dollars to as much as several thousand dollars. While there are some basic requirements, most Columbus car title loan companies work with the individual to help them get the most out of their loan. The nice thing is, that with few exceptions, almost everyone qualifies.

There are many different reasons a person may need a loan. It could be because of an unplanned event or emergency. Perhaps they lost their job or had unexpected doctor bills. Maybe they need the money to pay for a home repair. Or it could be that they have just over-spent and need to cover the everyday costs of living. Whatever the reason, when people need money, they often choose a title loan over a conventional bank loan. Here's why: Getting a title loan is often more convenient than getting a conventional loan. The process for getting car title loans in Columbus is generally the same no matter which company a person uses. First, a person applies either online, over the phone, or in person. Then, a specialist meets with the applicant to complete the application and verify details. After the loan is completed, the applicant receives his or her check. Often this process is completed the same day the person applies for the loan. Compared to conventional loans, the process is simple and quick.

Another advantage is that a person does not need to prove credit worthiness when applying for Columbus car title loans. When applying for a loan at a bank, most people must prove they have good credit. If a person has bad credit or no credit, the bank will most likely deny the loan. At title loan companies, they generally do not do a credit check. Even if a person is unemployed, he or she may still qualify for a loan.  Of course, they will need to show that they will be able to make the required payments, but his or her acceptance does not hinge on the fact that they are employed or whether or not their credit score is above 700. On the other hand, most title loan companies do report to the leading credit agencies. What this means is that a person trying to build his or her credit can so so by taking out a title loan.  Understandably, he or she must be responsible and make the payments on time to benefit in this way. Otherwise he or she may end up damaging their credit even further.

Lastly, when a person gets a car title loan, he or she has the freedom to use the money for whatever it is they want. They don't have to explain why they need the money or what they are going to use it for. Maybe it's for a vacation or to pay off other bills. It doesn't matter; no questions asked.  

So the next time you need some money, do as thousands of other Columbus residents have done, consider a title loan. You may find that it's just what you need, when you need it.

What is the Worst Case Scenario with Houston Car Title Loans?

Car title loans in Houston are actually a lot like payday loans, as both options offer a simple application and approval process to get you money same-day. When you apply for a payday loan, the lender will require personal information, such as job history and monthly income, but your credit will not be checked. Payday loans are unsecured, which means you don't need to give up any belongings as collateral against your loan. While this may be an advantage, it also means payday loans are a higher risk with a higher interest rate for a lower sum of money, which is usually between $150 and $1,000.

Despite the similarities, Houston car title loans are a bit different. Title lenders will still want to same information and they will not check your credit, but your vehicle is used as collateral against your loan. When you take out car title loans, Houston lenders will use the value and equity in your car as a basis for the loan. Your loan could be up to $15,000, depending on how much your car is worth. You will also need to give the lender your car's title until you pay back the balance.

Don't Make Houston Car Title Loans Long-Term!

It's true that lenders will allow you 1-3 months to pay back car title loans in Houston, and you can take even longer to pay back the balance by continually rolling your loan into a new one. Keep in mind the longer you take to pay off your balance, the more often you will need to roll it over. The more you extend the loan, the more interest and fees you will need to pay. As your balance grows, it will become even more challenging to pay off the balance for good.

The vast majority of title lenders will happily work with you if you let them know you're having trouble making your payments. Still, they have the right to take action if you default on your loan, which is even more likely if you don't try to work with them first. The consequences of falling behind on title loans is serious, and if you fail to make payments on car title loans in Houston, lenders may:

• Repossess your car without notice

• Require you to pay off the balance in full before they give the car back

• Sell your car at auction to recover their losses

• Sue you for the remaining balance after your car is sold

If this happens to you, remember that lenders cannot break into your home, nor can they physically threaten you. If you can't make your monthly payments and you're afraid of falling behind, you need to contact your lender as soon as possible. They will work with you to create a new agreement on your payment terms. Remember: lenders don't want to repossess your car! It's very expensive for them, and they probably won't even recover the full balance you owe.

If you're planning to apply for car title loans in Houston in the near future, make sure you can afford the loan ahead of time to avoid problems later on. Car title loans are certainly a great option and give you money when you need it, but they are not intended to be a long-term debt.

Understanding Car Title Loans

Life has unexpected bills that come out of nowhere. We aren't prepared so the money to pay these bills off will take some time to accumulate. If the time isn't there to make all the money then a decision to get the money quick is in order. Miami car title loans is the option we have to get the money we need right away.  The car title loans in Miami will save us from a small disaster.

It’s best to truly understand the terms and conditions about the Miami car title loans. These car title loans in Miami can only be used if we own the vehicle. No payments to the back or car dealership. The title must be ours. Taking the keys and the title to the company will be the first step in this very easy process.

Necessary paperwork will be filled out because this process is a short term loan with interest that will need to be paid off in time because if not then the car will be taken by the company. The interest rates can be on the high side but this is because the loan is so short and no credit checks are needed. This saves many of us with bad credit because we are still able to get the money we need to help out with other bills.

These Miami car title loans are only to be used for a small amount and that can be paid back within a month or two. Your vehicle is what will determine the amount of money that can be borrowed but of course only borrowing what is needed is always the best policy to follow. Payment arrangements will be set up and of course paying any extra amount possible will allow the title of the car to be given back in a shorter time period.

Many people have needed to take out car title loans in Miami to help pay off medical bills, the remaining balance of their credit cards if the interest is cheaper and to help with a family vacation for the kids. It’s nice to go on a vacation knowing that there is money available then having to postpone the vacation or worry constantly about money when trying to relax on vacation.

Do research with different Miami car title loans companies. See what the interest rate is between the different companies and how long they will set up a loan for.  Check to see what your vehicle is worth before taking it to them. Make sure your vehicle can get you the money you need to relieve the stress of those unexpected bills that need to be paid off sooner rather than later.

Title Loans Houston Explains How Car Title Loan Interest Works in Texas

Title Loans Houston, which provides car title loans to residents in Texas, explains how interest is calculated on title loans. According to the lender, this is one area that most confuses borrowers, and it may lead some to borrow more than they can afford to repay.

The lender also points out that many are surprised to learn that these loans offer rates that are comparable to credit card rates, which may be surprising considering the reputation these short-term, bad credit loans have obtained.

Most car title lenders in Texas offer pre-calculated interest rates, which are determined based on the resale value of the car. This interest is simple interest, which is a percentage of the principal amount, unlike compound interest, which is interest not only on the original balance but also on interest previously earned. The lender does point out that this interest rate may change if the loan is refinanced for a larger amount.

Title Loans Houston recommends using a simple online interest calculator to look at the total cost of the loan, which requires only the principal amount (the amount borrowed) the interest rate and the length of the loan. The faster the loan is paid back, the lower the total cost in most cases.

In Houston, car title loans often have interest rates that are up to half the APR of payday loans. While the APR may be shocking, it's important to remember that this is the interest rate if the loan is spread out over 12 full months, while title loans are meant to be a short-term loan for two to six weeks. State law requires stating an APR, it is not necessarily the best indication of the cost of the interest.

Title loans often have a flat fee per $100 borrowed, so the typical cost for a $500 loan for two weeks may just be $55. As Title Loans Houston points out, this cost can be lower than the cost of late fees, bounced checks, disconnection or reconnection fees from utility companies or a default APR on a credit card after a missed payment.

Title Loans Houston recommends consumers do their research before taking out a title loan. The industry is competitive, so it's possible to find a much lower rate by shopping around. Consumers should also borrow only what is necessary and affordable to repay to avoid the consequences of defaulting, as their vehicle may be repossessed.

When used responsibly, title loans can help consumers get through a difficult time and even save money, depending on their circumstances.

Title Loans Houston provides title loans to Houston residents between $500 and $15,000, depending on the vehicle's make, model, year, mileage and condition. Houston residents can learn more and apply online. 

We provide affordable, short-term car title loans in Houston with flexible repayment terms and reasonable interest rates. They offer a quick, easy lending process with phone or online applications accepted and same-day delivery of cash up to $5,000.

Things You Didn't Know About Houston Car Title Loans

If you have bad credit, you probably already know that banks won't lend you money. When an emergency comes up, you may feel pretty panicked and desperate, wondering how you'll come up with money you just don't have. Unfortunately, many people write off car title loans in Houston because they buy into the negative publicity. There are actually many advantages to title loans and, while they're not right for everyone, they can be just the thing to save you in an emergency. Here are some things you may not have realized about title loans in Texas.

1. You Keep Your Car

Many people mistakenly believe that Houston car title loans work just like payday loans, which require handing over your property to secure your loan. The truth is, you continue driving your car while you pay back your title loan, and your car's title is returned to you once you pay off the loan. As long as you don't default, you will never have to give up your car for a minute.

2. Houston Car Title Loans Can Save You Money! 

While title loans do have high interest rates, they can actually save you a lot of money, depending on how they're used. It goes without saying that you won't save money if you plan to get a title loan to pay for a vacation, but you certainly can save a bundle if you're getting the loan to cover checks that are going to bounce or make payments on other loans or accounts.

Consider this: utility companies typically charge late fees, and hefty reconnection fees up to $100 if your service is disconnected. Banks charge up to $40 for each bounced check, and credit card companies and lenders charge late fees up to $40 if you're late on your payment. If you miss a credit card payment or car loan payment, your APR may also skyrocket, costing you hundreds or thousands more over the life of your loan! In cases like these, turning to car title loans in Houston to borrow the money you need can actually be a smart decision.

3. You Can Get More Money

Did you know you can usually get a bigger loan with a car title loan than you could with a payday loan or pawn loan? That's because the amount of your loan is based on the equity in your vehicle. Many people are surprised when they find out how much  lender is willing to offer them, but remember to only borrow what you need to make sure you can afford to repay it.

4. You Probably Qualify

It's actually really easy to qualify for car title loans. Houston lenders will not even check your credit, so bad credit will not hold you back from getting the money you need today. To qualify, you must own your own vehicle outright with no loan, or with very little left on an existing loan. You must also be over 18. If you meet this qualifications, chances are you can get an emergency loan to help you get through a tough time!