3 Key Factors to Consider When Taking a Car Title Loan

Pen and car title documents being handed by a salesmanA car title loan is a secured loan with the car’s title as the collateral. The lender becomes the temporary owner of the car until when you’ve paid back the loan entirely. Due to the easiness in applying for a car title loan, it gained some popularity, especially in Orem, Utah.

Nevertheless, before getting a title loan, you need to consider some factors to avoid finding yourself on the wrong side of the law. Here are the three most common factors:

What Payment Options Do You Have?

Before getting a title loan, know how the lender requires you to repay the amount. Is it by check or direct payment? Get to know the interest rate, the repayment period, and what will be your monthly installments as well. Of course, the longer the repayment period is, the lower the monthly payments.

Know the Application and Approval Process

The process of applying for a title loan is not a one-size-fits-all. Some lenders require online submission and verification of details, while others need your physical appearance or phone verification. However, an online title loan application saves you time and the much paperwork you would have done.

Know the Type of Cars the Lender

Before taking that car title loan, ensure that the lender accepts the type of your vehicle in exchange for the loan. Ask whether the lender will allow you to keep driving your car. Not all lenders allow that and those that do may still require you to put a car tracker on your vehicle so they can monitor it. Others will need to keep your car till you repay the loan fully.

While you might be taking it for granted since it’s available in Orem and other parts of Utah, not all states offer this kind of loan. The states that do have strict laws and regulations on this form of lending. Therefore, you need to be careful when applying.

Starting a Business: 3 Ideas for Raising Capital

Businessman counting his assets to invest as funding on a new businessBeing an entrepreneur these days mean that you have to be capable of thinking out of the box, especially when it comes to raising funds for your startup. Capital isn’t easy to find, and sometimes it takes more than just creativity and business intelligence to get the cash you need.

Depending on the kind of business you’d like to set up, there are different ways to come up with the money you need. It may be a combination of several of these suggestions:

Take out a loan

The amount of money you need will dictate where you can apply for a loan. You may try your bank, but that kind of loan — while possibly substantial — needs security with a collateral. You can also take out smaller loans for short-term needs. A cash loan, as Utah Money Center cites as an example, can be a real lifesaver if you need money right away. All you need to remember is you should be capable of paying it back within a short time.

Use your own money

It’s common for entrepreneurs to use their savings or whatever resources they have to fund their business initially. You may even use a zero-interest credit card to buy some of the things your business needs.

Borrow from your friends and family

This is perhaps the most traditional way to raise capital. Borrowing from family and friends has its upside. They are more likely to trust you and believe in your vision for the business. The downside is if you break your promise to pay them back, your personal relationship may suffer. It helps if they can loan you the money for at least a year, and you should initiate a binding contract regarding payments.

Any kind of business entails some risks and responsibilities. Many entrepreneurs struggle during the initial phase of their business, particularly with cash flow. You need a higher kind of resolve and dedication to succeed and to honor your loans.

Using Installment Loans to Obtain Financial Liquidity for Your Business

Installment Loan Small businesses are central to every nation’s economic growth and progress. The role they play in stimulating economic activity in small towns is vital to the success of industries and local development. Their creation of livelihood for locals and management of local resources should be supported by a kind of financing that achieves their business objectives.

In Ogden, installment loans offer terms that allow better management of cash flow that benefits entrepreneurs. With relatively large loanable amounts from Loans For Less and other loan providers, given at attractive rates and payment arrangements, small businesses can sustain their operations, thrive amidst crises, and achieve expansion plans.

Here is a guide to handling installment loans and maximizing the opportunities they provide:

Using Installment Loans

Installment loans allow for a scheduled repayment of the loan over the course of the agreed period. Such an arrangement gives entrepreneurs the liquidity they require on payment terms they can manage. A $10,000 loan at 6% interest payable in 60 months can be settled in installment payments of $193.33 per month.

Qualifying for a Loan

Installment loan creditors evaluate your eligibility through your income, credit score, payment history, and other existing loans. They consider your income stability and available collateral when evaluating your financial capacity.

Finding an Available Loan

There are several sources of information that offer a starting point when looking for loan providers. There are online resources that offer a comparison of terms across a wide selection of installment loans. Ask for personal recommendations from your banker or credit union if such a loan is accessible to you.

Benefitting from the Loan

An installment loan helps entrepreneurs achieve liquidity. With reasonable payment terms, it allows them to effectively manage the cash flow. It also offers an opportunity to improve credit score by fulfilling the monthly payments.

Avoiding Pitfalls

When applying for a loan, it’s important that all parties understand the specifics of the loan term. Discuss all applicable charges and fees, as well as the implications of refinancing. Clarify all questions you might have upon application, and sign the agreement only when you’re ready to fulfill the terms.

There are so many loan opportunities that provide entrepreneurs the capacity to achieve business success. It is a financing option that, if used effectively, can serve as a reliable financial solution for every business cycle, climate, or need.

When Prepaying Your Mortgage Makes Perfect Sense

Mortgage applicationEveryone who has a mortgage has their own way of counting down the months or even years until they finally pay off all they owe and own their home clear and free. But what if you can prepay your loan? Would you do it?

What is Mortgage Prepayment?

Majority of borrowers are intent on getting rid of their home loan that they pay additional money on top of their monthly mortgage payments. This is called mortgage prepayment, and it may aid in building home equity faster, save you thousands of dollars on interests, and may free you from mortgage debts sooner.

Should You Prepay Your Mortgage?

Prepaying your mortgage will take more than your good intentions. Time and discipline are both equally necessary. Some borrowers forego prepaying since the whole process takes too long for them. Some are not disciplined enough to save extra money each month that will go towards prepaying.

On the other hand, those who choose to prepay see the process as something that will help them settle their mortgage sooner so they do not have to worry about paying it off in the next several years. What it comes down to is figuring out what’s important — saving for today or saving for the future? However, there is no doubt that the biggest factor when deciding to prepay your mortgage is your personal financial goals and situation.

For this, you must evaluate your whole financial picture. Do you have life or health insurance coverage? Are you planning to fund your retirement plan if you have one? If there is something that you failed to cover, maybe you’ll be better off focusing on that first instead of making additional payments to your monthly mortgage dues. Once you have covered all the basics, you should then begin calculating the numbers and figuring out if you can afford to make prepayments.

It is important to note, however, that not all lenders will agree to prepayments. In some cases, you will likely encounter penalty fees for paying off your loan earlier than stated in your loan agreement, so check with your lender first so you know what your options are.

Radical Ways in Improving Credit Score

Credit scores are important nowadays considering how frequent people use their credit cards. It has become so pivotal that financial institutions use it to estimate someone’s capacity to pay their dues. Without it, applying for loans, insurance or even a simple mobile purchase would be much harder.

As such, people with sterling credit scores get benefits all because they are able to pay obligations in time. Note the word ‘sterling’ in that sentence. Only those with exceptional credit scores will be able to save tens of thousands of pounds in their lifetime. To those owning a bad credit, hope is not lost as there are countless ways to improve credit ratings.

While subtler solutions are more manageable, radical ideas produce above average or even remarkable recovery on credit scores. Therefore, GoCreditReport urges people try a couple of drastic measures to achieve a top rating.

Small Loans

credit cardsSmall purchases are universally workable but direct payment does nothing in improving credit scores. Instead, take a small loan that will go into the official record and pay it as promised. It will work wonders in enhancing credit scores though paying interest is an unwelcome addition.

New Credit Limits

More credit space could invite new debts but it is effective in pushing credit scores higher up the scale. Rather than opening new credit cards, consider increasing credit limits on existing credit cards. This way, the credit ceiling is little higher that makes debt management a little easier.


Credit reports are not always accurate. That is why saving receipts is a common practice for adults because it can help in correcting financial records. It might be small but rescoring works in correcting a misleading fact on their credit history.

In a matter of hours, a person can remove incorrect information on their report. It is a less radical approach, but an accurate credit report is still better than a wrong one.

Big Loans

To people living below their means, this is the perfect way to increase credit rating. Debt is a bad thing but it becomes less negative when someone has the means and financial space to pay it off. Remember that this approach is only for the sake of improving credit scores and should not be taken lightly.

There is no denying that credit reports are important as many people take on major purchases throughout their lives. That is why it is better to start improving it now than later. The work put in now can only provide much needed relief in the future.