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ARE PAYDAY LOANS WORTH THE RISK?

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

Payday loans are meant to help people get the money they need as fast as possible so that they don’t experience financial jams that come with other loan types. But it is quite unfortunate that people now see payday loans as a scam just because of their high risk and some lenders use this form of loan to trap people in perpetual debt that never ends.

To be candid, payday loans can put someone in a cycle of debt especially if the money borrowed is not used judiciously or responsibly. For you to not fall, victim to payday loans, here are some tips that can be of good help;

  • Take out payday loans for emergency purposes only

The fact that payday loans are easy to get, doesn’t mean that you should consider getting one at every slight financial crunch you experience. Yes!! Payday loans are very easy to access but you must be sure that you have the capacity to manage it so that you don’t make your finances experience a further downturn. Before you apply for a payday loan, ask yourself if what you want to use the money for is that important. Is it a necessity or a luxury? If it is a necessity, then you can consider getting a payday loan in that case. But if it is not a necessity but a luxury, then you might just want to explore other means of getting the thing in a way that will not offset your finances.

Payday loans attract a very high APR and you can even incur more charges if you don’t pay up by your next payday. This way you will only add to the life of the loan and you just get trapped in there, thus creating a cycle of debt that keeps holding you down.

Payday loans should only be considered after you have tried other options available and you couldn’t get a headway.

  • Go through your loan terms and agreement diligently

Most times deals concerning payday loans are done and concluded online or over the phone. As a result of this, you might not be able to go through the terms thoroughly so you can ask adequate questions where necessary. Most times, borrowers are more concerned about knowing how much they can borrow, neglecting how much they have to pay monthly, and for how long the loan will last. It is very important that you crosscheck every line in your agreement and ask questions wherever you need clarity. This way you can be sure you are not signing an agreement that will get you trapped.

  • Do not borrow more than you need

In cases where your monthly paycheck is above the required threshold that your payday lender offers, it is likely that you will be offered a loan amount that is higher than the amount you want to borrow. If you don’t need as much money as your lender wants to approve for you, you can request a lower loan amount. Don’t see it as an opportunity to get more money. If you decide to take a loan amount higher than the actual amount you need, you might be putting yourself in trouble and you continue to go round in cycles of debt.

Before you apply for a loan, make sure you have a plan on the ground regarding how much you want, and how it will not affect your finances, and for how long you want to keep paying for the loan. This will help you to be the focus so that you don’t run into trouble or incur debts that will affect your monthly budget and finances.

How Car Title Loans at TFC Title Loans

Another option available aside from payday loans is title loans. TFC Title Loans is an auto title loan near me that offers borrowers quick cash loans while they use their car as collateral. Using your car as collateral doesn’t mean that you will not have access to drive your car around. You will still be able to drive your car around while you are paying off the loan.

What we will take into our possession is the title of your car. We will place a lien on the title. And as soon as you completely pay off the loan, we will lift the lien and release the title to you.

We do not carry out credit checks. Hence, those with bad credit or no credit history at all can qualify to get our loans. You only need a few documents such as proof of residence, an ID, car insurance, and the title of your car in your name to apply for our car title loan.

All applications can be started and concluded online. Immediately you submit your application online, one of our loan representatives will get in touch with you almost immediately.

 

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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