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?

Options for Getting a Personal Loan with Bad Credit in Texas

When your credit is less-than-perfect, you know it can be really tough to get money when you need it. Banks won't lend you money if you don't have excellent credit, and you may find it impossible to even qualify for an unsecured credit card. Just because your credit is bad, though, doesn't mean life won't throw emergencies your way. What do you do when you need to fix your car, pay medical bills or cover the rent or mortgage?

These are just some ways to obtain a personal loan in Texas if your credit could use some work, including payday loans and Texas car title loans.

Pawn Loans

There are dozens of pawn loans in San Antonio, Dallas and Houston. Pawn shops will give you a loan based on the value of collateral you bring into the shop, and one advantage is you can pawn just about anything and get a loan in under an hour. The downside? The pawn shop will hold your item until you pay back your loan in full, on time and with interest, which is usually very high. If you can't pay back your loan on time, the pawn shop will sell your belonging to someone else to cover what you owe.

Texas Car Title Loans

Dallas car title loans are also available to you and do not require a credit check. You can qualify for car title loans in Texas as long as you own your own car, truck or motorcycle free and clear, or have just a few payments left on a car loan. The amount of money you receive is based on your car's year, make, model, mileage and condition and this is one of the best options if you need a lot of money in a hurry. Depending on your vehicle's value, you can receive up to $15,000.

Unlike pawn loans and payday loans, Dallas car title loans are secured. This means your car serves as collateral and, if you default, your vehicle will be repossessed and sold. One big advantage is you continue driving your car while you make payments and get your title returned when the loan is paid off, so you never have to give up your vehicle if you keep up with the loan payments.

Texas Payday Loans

Payday loans can seem a lot like car title loans in Texas on the surface, as both are available with no credit check and give you money in under an hour. Payday loans, though, are usually for a much smaller amount of money (often around $500) and they're due in two weeks. That's because payday loans are not secured so lenders must limit their risk. Payday loans may be a good option if you don't need a lot of money or you don't own a car.

Peer-to-Peer Lending

Finally, peer-to-peer lending may be an option to you. This allows you to get a personal loan from an individual, not a bank, but your credit will still matter and determine how much you can receive and what sort of interest you will pay. Expect to get a high interest rate, and remember it may take awhile to find someone willing to lend the money and even to receive it, as these are not same-day loans.

Does My Credit Score Matter for Miami Car Title Loans?

Credit scores are not necessary to obtain Miami car title loans to get fast access to the cash you need. Did you know, however, that the credit score you are given can vary a great deal from what lenders even receive? There are three credit bureaus: Equifax, TransUnion and Experian. Each uses a different scoring method and different categories and the credit score you as the consumer and a lender receives may be off by a few different categories. Even worse, the credit score you can buy will be very different from the credit score your lender will use to determine if you qualify for a loan.

Car Title Loans in Miami are No Credit Check Loans

Miami car title loans are secured, short-term loans and there is no credit check required at all. This is a great option if you have no credit history or bad credit but you need money today. No credit loans are possible because your vehicle, not your credit, serves as collateral with car title loans. Miami lenders will allow you to borrow up to 80% of your car's value after it's appraised and inspected, with an amount that may be anywhere from $1,000 to $15,000.

Even better, the application and approval process is very fast, and title loan providers will not ask very many questions before granting your loan. To qualify, you must be at least 18 and own your car or truck outright with a clean title. You will also need a source of income to be approved for car title loans in Miami, whether it's a steady paycheck, alimony or child support, retirement income or unemployment income. The application generally takes less than five minutes to complete and it may be done entirely online.

The best part? You will keep driving your car or truck for the full term of the loan, and your car's title will be returned to you once you pay the loan back.

With the economy still recovering and millions of Americans facing financial problems combined with bad credit, it's wonderful to have this option if you need a reliable loan in a hurry. After all, credit scores are not very reliable and it's nearly impossible to manage your financial matters with faulty numbers in any other way. These incorrect numbers will tell other lenders you are ineligible for a loan and how much interest to charge you, and most lenders will not take collateral like a provider of car title loans. Miami currently has dozens of great lenders who will help you and not care about your credit.

Unfortunately, consumers have no real way of seeing the same number that creditors and lenders see, and lenders use these scores to rate us. Our credit scores affect everything from our ability to rent or buy a home or car, get credit and get car insurance, which means a no credit loan like a title loan can be a real blessing if you've been struggling financially.

The Convenience of Car Title Loans

Needing some spare cash on hand to give yourself a breather isn't a bad choice. Especially now in today's economy. Relieving some of the stress from every day expenses to holiday spending money can be at the tip of your fingers with Columbus car title loans. These loans are easy to achieve with little to no credit at all.

Car title loans in Columbus will work with you if you have a vehicle and the title to that vehicle. They will crunch some numbers to see how much your vehicle is worth, how low of an interest rate they are able to lock down for you and how much they are willing to loan you based upon these numbers. The Columbus car title loans company has many options to offer you because they will have your vehicle as collateral and get you the best deal to relieve some of your worries. No questions asked about what the money is for but will get you the money that your car is worth.

Car title loans in Columbus can keep their interest rates fairly low compared to regular banks because they will keep your vehicle's title and a spare set of keys. If you are unable to pay your loan pack within the allotted time then they will come repossess you vehicle. They help you by keeping the interest rate low so that you are able to make your payments and make them on time to ensure that you will be receiving your car's title loan back.

There is no need to worry about credit checks because these companies don't need to work with your credit score by any means. They figure that having your vehicle on a leash will mean that their money is secured to be paid back. The answer to your application can be ready is as little as a few minutes or even a few hours. No biting your nails for a few days to get your answer or your money.

There are many reasons why you will need this extra money. Having money on hand for anything that might come up, a family vacation for a few days or making sure your family has a nice Christmas and the kids get the gifts that they asked Santa for. It will be quick, easy and painless and you will still be able to use your vehicle to get around town. You can always pay the loan off in less days then what you have originally set up for and that will make things easier day by day as well.

Keep your vehicle in tip top shape and do some research to find the best deal around.

Avoiding the Worst Case Scenario with Your Texas Car Title Loans

Texas car title loans work in many ways like payday loans. Both loans provide a fast, simple application and approval process to get you the money you need in a hurry. With payday loans, your lender will need personal information like your income, but they will not check your credit. Payday loans are short-term, unsecured loans, so you do not have to provide anything as collateral. This means they come at a much higher risk to your lender with a higher interest rate for a lower amount of money, which is usually between $150 and $1,000 in the state of Texas.

While payday loans and Dallas may seem alike on the surface, they are very different animals. With Texas car title loans, lenders will still need the same information and not perform a credit check, but these loans require the use of your car or truck as collateral to secure your loan. When you apply for car title loans, San Antonio lenders will look at the value and equity in your vehicle and use this to determine your maximum loan amount. Your loan amount will likely be much higher than that of a payday loan because it's secured, so you may get anywhere from $1,000 to $15,000. You will also need to give the lender your title until you pay off your loan.

Dallas Car Title Loans Are Not a Long Term Option

While your title loan provider will give you anywhere from one to three months to pay back your initial loan, you have the option of rolling your loan into a new one if you can't pay the balance back in full on time. You should avoid rolling over your balance at all costs, though, as this will mean you take longer to pay off your loan for additional interest charges, and extra fees to roll it over. As your balance gets higher, it will be even harder to pay it off and get your title back. This is why you should only borrow what you know you can afford to pay back!

Keep in mind most lenders will work with you to rearrange your payment agreement, but you need to call them as soon as you realize you're having problems. If you don't contact them and stick your head in the sand, defaulting on your loan, you will only make things worse and the lender will have the right to repossess your car with no notice, require you to pay the full balance before you get your car back, sell your car at auction and sue you for the remaining balance after your vehicle is sold.

The bottom line is Texas car title loans are a great resource, but they need to be used responsibly. Lenders do not want to repossess your car because it costs a lot of money and they rarely recover what you owe. Only borrow what you can afford to repay on time and always contact your lender if you're having trouble making minimum payments.

Smart Ways to Use Title Loans in Ohio

According to Car Title Loans of Ohio, title loans have a bad reputation in the United States that isn't necessarily fair. While borrowers do risk losing their vehicle and must pay high interest charges, title loans are risky for lenders as well, and they provide emergency loans to people who cannot obtain a loan from a bank or credit union. 

The lender even points out there are some ways title loans can save borrowers money, and shares three of these methods below. 

A representative from American Car Title Loans explains that most borrowers seem to turn to this loan option to save money by avoiding late payments on other bills. He pointed out that utility companies typically charge both a disconnection and reconnection fee if the service is turned off, as well as late fees. These fees can easily top $100, even if the bill amount is less than $150. 

In this case, consumers can save a substantial amount of money by borrowing just $150 with a title loan for one or two weeks to avoid late fees, utility disconnection and reconnection fees that go with it. The typical interest charges for a loan of this amount is minimal. 

Consumers may also use title loans to put cash in their bank account to cover checks that have been written in the last few days. According to Bankrate.com, the average bounced check fee is more than $27, and this is just the amount the consumer has to pay the bank; the consumer may also be on the hook for another $25 or so to the company that deposited the check. 

Bounced checks have become more frequent thanks to electronic check clearing today, which means banks don't need to take the time to process a physical check but instead use a digital check. Checks can now clear a bank account in hours, not days. 

Consumers who realize they have written checks to local businesses or mailed checks to another lender may obtain a title loan in Ohio and have money in their bank account in under one hour to cover these checks and avoid substantial fees. 

Finally, Car Title Loans points out that some consumers may save money by using a title loan to consolidate debt from credit cards and even a small car loan balance. This will not save every consumer money, as it depends on the interest charges currently being paid to the companies, the difference between the old minimum payments and the new minimum payment and how long they take to pay off the title loan. 

It also comes with risk, as the lender points out. Still, consumers should do the math to see if a title loan can save them money by consolidating several smaller credit card and car loan balances into one new loan. 

American Car Title Loans provides title loans to residents in Ohio. All Car Title Loans serves the entire state of Ohio and specializes in online title loans. Their lending process begins with a short online application, followed by a follow-up phone call for verification and a meeting with a mobile loan agent at a convenient location to complete the loan and deliver the cash same-day. They have four locations, including locations in Columbus, Cleveland and Cincinnati.

A Look at Legislation on Dallas Car Title Loans

Back in 2011, the city of Dallas passed legislation that directly impacted car title loans. Dallas passed these laws to protect consumers' rights, so it's important to understand how this legislation impacts you if you're thinking of turning to one of these short-term loans. With the passage of these lending practices for car title loan and payday loan businesses, Dallas became the first city in Texas to produce such laws.

These laws against Dallas car title loans were backed by many organizations, including the Anti-Poverty Coalition of Greater Texas, the United Way of Greater Dallas, Catholic Charities, the Friendship West Baptist Church and many others, all of which came together with the belief that interest rates up to 500% were simply too much. 

Texas car title loans received a reputation for creating cycles of debt for consumers who turned to these loans. After all, when you turn to a title loan, you are placing your vehicle at risk for repossession, and this may be one of your most precious possessions and something you need to work. What's more, interest rates can be a bit confusing and there is no ability to make a partial payment in most cases. Consumers who can't pay back the initial loan on time typically roll over their initial loan into a new one at the same interest rate with the balance remaining untouched. If you can't pay the loan back in full, your car will be repossessed and sold.

The bills passed by Dallas were designed to enforce the industry and require lenders to register with the Office of Consumer Credit and pay a licensing fee to go toward the Texas Financial Education Endowment. These laws also require lenders to report consumer transaction data and post an OCCC helpline number and even offer restitution for consumers who were financially injured by a CSO violation.

There is also now a zoning ordinance that forbids providers of payday loans and Dallas car title loans to operate within 1,500 feet from a similar business, within 300 feet of a residential district and within 500 feet of an expressway.

It is certainly true that unregulated and unlicensed lenders may diminish property values, make crime more prevalent and cause further financial grief to consumers who are already struggling. That's why it's so important to seek out a reputable lender, but it does not mean that the industry as a whole preys on individuals or that car title loans in Texas are an unnecessary service.

Are Car Title Loans Really a Bad Idea?

The truth is, car title loans in Texas are a necessary service. If you have bad credit, you cannot obtain a loan from a traditional lender. If you're facing a sudden emergency, like a broken down car or an inability to put food on the table, you may need cash in a hurry to help you get through until payday.

Consumers must learn to be wise about finances and read and understand the information presented before signing any documents. If you cannot afford the cost of a car title loan, it is not going to be a healthy solution to your problem. If you can, however, afford the loan and simply need money to get you through a tough spot, title loans can be a smart choice if used responsibly.