Category Archives: Personal Loans

Basics of Car Title Loans | loancheetah

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Car title loans can be a quick financial solution, but understanding their basics is crucial before you apply. Here’s a guide to help you grasp the essential aspects of car title loans, including the application process, repayment strategies, and potential alternatives.

What is a Car Title Loan?

A Car Title Loan is a type of secured loan where your vehicle’s title serves as collateral. This means you can borrow money based on the value of your car, even if you have bad credit. The amount you can borrow typically depends on your car’s value.

Car Title Loan Application Process

  1. Application: Start by filling out an application on a lender’s website, such as Loan Cheetah.
  2. Vehicle Assessment: The lender will evaluate your car to determine the loan amount.
  3. Approval and Funding: Once approved, you’ll receive the funds while continuing to drive your car.

Car Title Loan Repayment Strategies

  1. Understand Terms: Be clear about the loan terms and repayment schedule to avoid missed payments.
  2. Budget Wisely: Plan your budget to ensure you can meet the loan payments on time.
  3. Communicate with Lender: If you face difficulties, communicate with your lender to discuss possible solutions.

Car Title Loan Pros and Cons

Pros:

  • Quick access to cash.
  • Easier approval for those with bad credit.

Cons:

  • High-interest rates.
  • Risk of losing your car if you default on the loan.

Alternatives to Car Title Loans

If you’re hesitant about a car title loan, consider alternatives like personal loans, credit cards, or borrowing from friends and family. These options might offer lower interest rates and better terms.

Conclusion

Understanding the basics of car title loans helps you make informed decisions. For more information or to apply, visit Loan Cheetah.

 

How to Raise Your Credit Score and Lower Debt with a Personal Installment Loan

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Millions of Americans are currently suffering under massive amounts of debt. These men and women would often do anything to relieve their debt burden and start to get their debt paid off. One potential way to solve debt problems for millions of Americans is to take out a personal installment loan at low interest. Such an action simplifies the debt repayment process and may lead to significantly lower debt payments over a period of years.

What is a Personal Installment Loan?

A personal installment loan is a loan that an individual can secure from a bank or lending institution that they pay back over a period of time. This form of loan is simply an amount of money not directly connected to collateral or some form of title. Personal installment loans must be paid back in installments over a period of months or years. The loan agreement that an individual signs for this loan stipulates the payments, interest rate, and amortization of the loan.

Individuals must apply for this loan like they would any loan for a house or car. They must show that they have a basic amount of credit worthiness and may have to put up a piece of property as collateral. Their credit worthiness, reflected in their credit score, is critical for determining their terms and how much they will have to pay in interest.

How Can it Improve Your Credit Scenario?

A personal installment loan is helpful for a credit scenario for multiple reasons. One of the largest sources of costs from debt is the interest that is accrued. Compound interest often increases debt amounts much faster than an individual could think. Individuals with debts from a large number of sources often cannot easily wrap their heads around interest rates. They may not know which of their debts is costing them more money and which debts should be prioritized over others.

There is also a greater chance that an individual can miss a debt payment when debt is coming from multiple sources. Missing a debt payment could easily result in an individual’s credit score dropping further. Personal installment loans help solve both of these problems. A personal installment loan should be used to pay off all of the other debts that an individual has. Then, that individual can only focus on one monthly debt payment, one due date, and one relatively low interest rate.

What to Do

Anyone who is considering a personal installment loan should look at their finances and the extent of their debt problem. Then, they should look at the types of personal installment loans they are eligible for at what interest rates. Finally, individuals should start to contact institutions that offer personal installment loans and inquire about terms and contacts. Loan rates are critical to the calculations that an individual might make to determine whether or not a personal installment loan is right for them and their financial situation. If a personal installment loan makes sense, individuals should embrace them as soon as possible. Individuals should also seek the advice of a debt relief expert. This professional should be able to help them determine the impact that such a loan might have on their credit worthiness.

Final Thought

A personal installment loan will not solve every debt-related problem an individual might have. There are still interest payments and the principal of the debt that an individual has to pay off. But such a loan may certainly start the process of an individual getting a handle of their debts and reducing them instead of increasing them. In that way, a personal installment loan could be the first step of many towards a life free of debt.

When You Should Consider A Short-Term Personal Loan

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Personal Loans: What You Need To Know Before Asking For One

Regardless of how hard working you may be, there will be times when you will be in dire need of cash fast. Whether that be for a medical bill or as capital for your upcoming business, you may need to turn into a loan agreement for help. In cases like these, you may want to apply for a short-term personal loan.

A personal loan is pretty much as what the name suggests. It is a loan you need to make for your own personal reasons. Banks, financial institutions or other loaning companies don’t necessarily need to divulge themselves into what that personal reason may be so it could be a loan for any reason you want.

Upon being qualified for a personal loan, you will get the entire sum of the cash upfront immediately. These short-term loans are commonly paid in an instalment, with a monthly basis being a standard across various outlets. It is one of the easiest loans you can get so you might be interested in getting one as soon as possible. Before you pick up your documents and ready your wallet, you need to understand when and why you should apply for a short-term personal loan. Consider these questions first.

Do You Need It For An Emergency?

Most people apply for personal loans because they have an emergency at hand. As we’ve said before, that could either be a medical bill or even for repairs to your house. If you really need fast cash and your payday is yet to come, then you should definitely consider getting a personal loan. While you can still get a personal loan to buy something you want, keep in mind that this is something that you will need to pay with interest so weigh your options about whether or not that pricey new gadget can wait.

Can You Afford The Payment?

On the topic of interests, personal loans generally have lower interest rates as compared to other loan types. Still, you should first determine whether or not you can pay the loan. No one would want a bad credit score under their name as this might affect a lot of things in your life. If you don’t have a secured job yet, try to avoid getting a personal loan as the payment day might bite you back even harder. If you really are strapped of cash and are without a job, then you should first try turning to family and friends.

Is Your Payday About To Arrive?

Those who are patient are rewarded with great things. Some people make personal loans even if their payday is fast approaching. While that is not illegal in any way, it’s not a wise choice as they are about to get money anyway so they should just wait for it instead. If you wait it out, you are freed from the burden of interest rates.

Don’t You Have Other Options?

Although personal loans have lower interest rates, these are still rates that can put a dent on your savings. Before you get a personal loan, make sure that you have weighed out all options first. Remember, you can try to secure a loan from family or friends. They might even not place any interest on that loan.

Benefits Of A Personal Loan

There are many reasons why you should get a personal loan but by answering these questions above first, you can make better financial decisions. Personal loans are still loans anyway. However, what’s great about these kinds of loans is that they have several advantages over others.

Fast Approval

Business loans and other types of loans often take days or even weeks to get approved. In some cases, you might not even need the money anymore when it arrives. This is where personal loans are different. Some personal loans can be approved in a single day. That means this is one of the fastest ways to secure cash if ever you are in dire need of some.

Personal loans get approved faster as most of them don’t have collateral. Institutions offering such loans don’t even have to appraise your property. This is what makes a personal loan the ideal way to get quick cash during emergencies. There are no other loan forms that provide faster approval rates than this.

Flexible Terms

A lot of people tend to avoid getting into loan agreements as they are afraid of what comes after they receive the money. What’s great about personal loans is that the terms are flexible. In most cases, you might not even feel as if you are paying off something. Aside from a wide selection of payment terms to choose from, the interest rates you come across are justifiable and light on your wallet.

Reasons Are Not Always Necessary

Many people get their loans approved as the lending institution didn’t feel like their reason for getting a loan is not justifiable enough. With personal loans, the reasons could be anything as we’ve stated before. Even if you are making a loan just to buy a new smartphone, the lending institution will still happily approve your application.

Requirements Are Easy

Another upside to personal loans is that the requirements you need to pass are often readily available. In most cases, lending institutions will just need a few IDs and proof of employment. The latter is what they’ll use as a guarantee that you can pay the money back. In other forms of loans, they’ll often do intensive background checks meaning you need to ready a ton of paperwork first. They are also more discerning when it comes to what they see in your records as even a small flaw could take you off of the approved list.

Personal loans have become a lifesaver for countless worldwide as it is one of the fastest ways you can secure cash. As with most financial decisions, you will need to think a personal loan thoroughly first. Hopefully, our guide provides you with all of the possible questions you need to answer before making a personal loan.

Clean Energy Loans Could Mean a Boom in the Economy

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Clean energy is the biggest and newest thing in our modern culture. With the fall of the coal mines and using coal for fuel, people have been looking for a way to create more energy through less evasive means that might clog up the atmosphere. So many changes have been made in the search for the things needed to bring clean energy into modern homes. There are many different forms of clean energy as well, meaning that everyone can be unique in their choices for clean energy.

Many homeowners are even looking for ways to fund their clean energy actions to help make their home more efficient and even cheaper in the long run. Just like when buying a car, obtaining a loan can help lift the stresses of coming up with the funds up front. Before you prepare to get your clean energy loan, you need to understand the process and how they could benefit the economy. Below is a little more information about the topic of clean energy loans and how they could create a boom in the economy.

What is a Clean Energy Loan?

Clean energy loans are a method of obtaining money to convert homes or buildings into more energy efficient places by using clean energy. If you don’t know what clean energy is, then keep reading. You’ve probably seen solar panels that are used to harness the energy from the sun to create light or other things in the home. This is the basis of clean energy. However, clean energy is not limited to solar power. In fact, clean energy can come from water, the wind, and even the heat outside. Clean energy comes from natural resources that don’t have to be mined to obtain.

A clean energy loan is similar to a regular loan, but it is used only for the purpose of increasing the clean energy technology which is innovative and exciting at the same time. Renovating your home to include clean energy technology can be expensive, especially if you are paying up front for the entire system. In this case, having a loan would help alleviate the pressures of the cost of this technology. If you take a look at Energy.gov, you will find more information about Title XVII which is the new program to help provide financial support to the clean energy projects around the world.

What are the Benefits of Clean Energy Loans?

The benefits of clean energy are not exactly hidden. In today’s culture, with the rise of everything clean and efficient, clean energy seems to be at the forefront. By doing away with the excessive use of coal, homes can be heated faster and for longer without problems. By using solar power to run homes, homeowners can save money just by swapping to a natural source. There are many benefits to the homeowner, but there are benefits for the globe as well.

With the use of natural resources that do not have to be mined, the atmosphere will no long change as quickly, and the soil might not be as quick to fall away. You’ve probably heard of global warming from all of the fuels in the air. Well, consider what clean energy would do to the atmosphere. The use of water energy might bring about more rain showers once the water cycle is moving faster again, and the droughts might become few and far between. Many of the benefits of clean energy will take years to be noticed, but each little change helps. The earth is not the only thing that will benefit from a clean energy change.

How Will the Economy be Changed?

The economy will also experience a change with the inclusion of clean energy into homes and businesses. One of the biggest changes that might happen to the economy is the creation of multiple new jobs. In fact, this change is already beginning to play out, and clean energy jobs have surpassed that of coal mining jobs across the country. If you take a look at Clean Technica, you will see just how well this clean energy project is creating so many new jobs for many people.

Another benefit of clean energy in the economy is an imminent boom. It has been noted that clean energy can bring about a boom in jobs, which will also bring about a boom in other things in the economy. It can also help homeowners save money in the long run, which can be beneficial to them by allowing them to buy more, which might increase demand and lower prices on other items in stores. All-in-all a change to clean energy is the best route to get the economy boom and change that many people are striving for.

How to Get a Clean Energy Loan

If you are prepared to get a clean energy loan to help transform your home into a more energy efficient living place, then there are certain steps you need to take. First, you need to find out if your local loan provider gives out loans of this type. Since clean energy loans are somewhat new, your provider might not be able to provide a loan for this sort of purchase. If you need to, you can contact American Savings Bank for your clean energy loan.

Just like when you are getting any loan, you will want to compare rates. To be more cost efficient, you will want the best rate available to you. Another thing to consider is the amount of loan that you can get. Since many places don’t yet recognize clean energy loans as valid, you will want to find a place that offers a clean energy loan in the amount that is going to fit your needs. If you want to completely redo your home with clean energy technology, then you will need a larger loan. If you are only going for a partial renovation, then a smaller loan amount might be a better option.

What Now?

Once you have decided which clean energy technology you wish to use and after you have gotten your clean energy loan, you might wonder what to do next. Just like when building a house or renovating, you will begin by speaking with the company that will install your new system. They will be able to explain how the process will work, what you will need to do to take care of your new system, and how it will connect to your home.

When it comes to the loan portion of your clean energy system, you can discuss with your provider what your rates are, how much your payments will be, and when they will be due each month. By getting all the information you can on both sides of the spectrum, you can make sure that you will be less likely to become confused about the way that your clean energy system works.

Clean energy is a new and exciting technological advancement that makes it easy to obtain energy through natural means. Instead of spending tons of money on other sources of energy, homeowners can now update their homes to function by using clean energy means such as solar power, water power, wind power, and more. Since incorporating clean energy can be expensive, many loan providers have made it easy to get the money you need to purchase and install a clean energy system.

Through clean energy loans, any homeowner can obtain the money they need to renovate their home to meet clean energy standards. Not only will this eventually benefit the earth, but it will also benefit the home owners themselves and the economy with a rise in jobs and savings in the average person’s bank account. By getting a clean energy loan yourself, you could contribute to the imminent rise of the economy, and you might even be helping save the world.

Google to Ban Payday Ads but Invests in LendUp

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Google Inc. as we now know it is a subsidiary Alphabet Inc. Google Ventures (now known as GV) is also a subsidiary of Alphabet Inc. Google and Google Ventures are individual entities which operate independently of each other.

The primary function of Google Ventures is to make money by investing capital into “companies that push the edge of what’s possible”. Their portfolio of over 300 cutting edge companies like Uber and Jett.

Google’s goal also to make money, just in a different way. Being the world’s largest search engine means that advertising space is at a premium. Smart investment in innovations such as Google Play, Android and Chrome haven’t hurt the company either.

Google Bans Payday Ads

Starting July 13, 2016, Google will no longer be allowing ads for payday loans. The company cites that this decision is because payday loans are “deceptive or harmful financial products” and “can result in unaffordable payment and high default rates for users.”

This ban will include ads for any loan where full repayment is due within a 60 day period and loans with an APR of 36% or higher. Why would Google invest in a company that by their own standards is predatory?

Why Google and the World at Large View Payday Lenders as Predators

Since the financial collapse of 2008, many lenders such as banks and credit card companies will not finance what they consider to be high-risk, subprime applicants. Many of these applicants are considered high risk due to poor credit or low income.

With traditional lenders not available to them in times of need, it leaves a door open for less scrupulous lenders to step in and take advantage. Often the borrowers fall into a “lending trap”- borrowing more money to cover what they owe and paying many times over the value of the original loan.

What is a Payday Loan?

Payday loans are short term loans that are usually for lesser amounts.

The three most common features of payday loans:

  • The loans are for smaller sums of money.
  • Typically the loans come due your next payday.
  • Lenders will either auto draft your checking account or a check must be written for the full balance (the principal plus interest) when the loan is issued so that the lender can deposit it when the loan comes due.

Features of loan vary by lender and local regulations. Payday loans or cash advances are often set up to be paid off in one lump-sum payment. However, interest-only payments are not uncommon. These are often called renewals or rollovers. Some payday lenders structure the loans so that the amount can be paid in smaller sums over a period of a few weeks or even a few months.

What is LendUp?

Flurish Inc., which was founded in 2011, by Sasha Orloff and Jacob Rosenberg. Google Ventures invested in Flurish Inc., which operates LendUp. The company touts itself as a better alternative to payday loans, but at first glance, it really does not look that different.

New customers can apply for a loan from $100 to $250 that will come due between seven and thirty days from the date of issue. The average initial rate is almost 180%. That is where the similarities seem to end.

Is LendUp Different than PayDay Lenders?

Customers have the opportunity to lower their rates with consistent on-time payments and completion of the courses they offer to educate consumers on credit usage. Where the initial rate can almost as high as 180%, the customer can work toward a rate as low as 29%. Also available (by invitation only) is a low limit unsecured credit card. Traditional payday loans do not offer these type of programs or incentives.

The completion of these courses and building a reliable credit history with the company not only allows customers a better rate, but it also offers them a chance to earn longer loan periods with a higher credit line.

Customers are rated in four categories:

  • Silver
  • Gold
  • Platinum
  • Prime

Silver level loans have the highest rate of interest, but they also give customers who traditional banks will not touch the opportunity to have funds available to them that they otherwise wouldn’t have.

Gold level loans have a slightly better rate than Silver level, but still have a fairly high rate of interest. It is the second step up the “Ladder”. Platinum level customers can have their good payment history reported to the credit reporting agencies and receive even better rates than the previous two loan levels.

The best interest rates are achieved at the Prime level. Not only are the interest rates lower than all of the previous levels, but good payment history is reported to the credit reporting agencies.

As the customer progresses into the higher classifications, not only will the interest rate drop, but good payment history can be reported to the credit bureaus. Typical payday lenders do not offer this.

If Google Bans Payday Ads, How Will This Effect Their Investment in LendUp?

According to a recent article in The Huffington Post, the new Head of Government Affairs for the company commends Google for a step in the right direction. In a similar op-ed piece, “Google is Right to Ban Short-term Loan Ads, But I Won’t Stop Offering Short-term Loans. Here’s Why….” co-founder Sasha Orloff also stands behind Google’s decision to ban the ads. He states that they are working the same problem from two different ends.

“Does it feel good to be lumped in with the industry? Well, not exactly. But the marketing of these products has to change to better protect consumers from deceptive practices, illegal products and identity theft.

If effectively enforced, Google’s ban will push the payday loan marketing competition away from ads and toward natural search, where safer alternatives with quality content can shine.”

Mr. Orloff states. He goes on to say, “We’re proud of our work, and we’re very happy to take the fight to a more reputable arena.”

It seems that Google Ventures believes enough in the mission and goals of the brave little startup to invest.

And while it may seem that Google Inc. has dealt its sister company a devastating blow, in reality it may be one of the most genius marketing schemes ever.

Not only are they eliminating advertising for the competition, but by creating a press worthy controversy they managed to get lots of free advertising themselves!

Personal Loans vs. Credit Cards

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You’ve found yourself in a delicate money situation that requires assistance.  After weighing the options, among the numerous options that exist in the world, you’ve narrowed your findings down to two solid options.  You must decide between the credit card and the personal loan?  And even after making a list of pros and cons, you’re still uncertain as to which one will offer you the financial relief you desire.

Making money matters worse is not the objective here.  Under financial duress, it’s best to think logically, stay calm, and evaluate the situation with plenty of time.  In most cases, it’s always best to seek an expert.

Why Do You Need Money?

First things first, we must understand you need for greed, eh hem, money.  This will help narrow down the decision.

If you need money for a short-term financing, something like a large purchase or bill/service, the credit card might suit you better.  Why?  Because credit cards are best suited for purchases when they come with bonus or reward programs; often times, customers accumulate points for large purchases and then use those points to their benefit.  If you are part of a rewards program and the purchase is large but not exorbitant, then the credit card would be the best option for you.  Be sure that you are, in fact, part of a rewards program and if you’re not, inquire with your credit card how you could be affiliated.

If you are looking to purchase something larger, say a house or a car, or if you need a large sum of money to start a business or for surgery, then the personal loan will be the wiser choice.  Why?  Because with large venture comes slower payback times and personal loans are known to have more amicable interest rates than credit cards.  Since a large loan will take longer to pay, your best bet is to select a loan that won’t gouge you in APRs.

Secured or Unsecured?

Most, if not all, credit cards are unsecured loans meaning that they are not supported by any collateral.  However, personal loans can be either secured or unsecured; you will have to inquire about this at the time of the borrowing and make sure that you meet the personal loan requirements are receiving a fair interest rate that should be based on your credit score.

For some of you this won’t matter much, but it should be part of the discussion when it comes to going for credit or obtaining a loan.

Terms and Revolving Credit

Credit cards do not have terms which means you are given a spending limit and each month you pay back on that limit along with an interest rate.  These ongoing payments keep your account active and give you a good credit reputation.  The credit is revolving which means you will always have a certain limit available to you.

Personal loans have terms that are defined by the lending agency or office and usually start at one year and can go up to seven years.  These ongoing payments continue until the balance returns to zero.  Personal loans are not revolving credit because the amount borrowed decreases as the monthly payments are collected.

Decided?

So when it comes to borrowing, there are some questions to ask in order to arrive at the safest most plausible financial decision for you, your lifestyle, and your borrowing needs.  Take your time, don’t rush –when venture is involved it’s best not to be too adventurous.  When it comes to making decisions the wise person doesn’t jump the gun.  After all, you don’t want to make a mistake that requires bigger borrowing limits down the line.