When Texas residents need to borrow money, they usually try to get a bank loan.
But banks, in today’s volatile financial climate, have stiffened their borrowing requirements.
Other lenders will grant consumer loans to people who are unable to qualify for bank loans. These, though, come with higher interest rates. Payday lenders are loaning money to people who are denied for a bank or other consumer loans.
Payday loans have an interest rate of nearly 300 percent, and payday loans must be paid off within two weeks.
If a borrower wants to extend paying off a payday loan balance for another two weeks, he or she can pay the loan fees and interest to roll the loan over for 14 more days. Many payday loan borrowers find themselves in an unending cycle of interest payments and fees, but never able to pay off the balance.
Car Title Loan Benefits
A better way for Fort Worth residents to borrow money is with a car title loan from VIP Title Loans.
Approval is fast, borrowers can keep their car, and there is no credit check whatsoever.
Now people with blemished credit histories, bankruptcies, tax liens or foreclosures can qualify for a car title loan.
Qualifying for a Car Title Loan
A potential car title loan borrower simply goes to one of VIP Title Loans‘s seven locations in and around Fort Worth, Texas. They will need to bring their vehicle in for inspection, proof of income and employment, and their clear car title. If the car is not paid off, VIP Title Loans will pay off the balance and roll this amount into the car title loan, thereby saving the borrower money.
Based on the Value of the Car
The reason that VIP Title Loans never runs a credit report on their borrowers is that the amount of equity in their auto is what determines the amount of the loan.
The borrower’s credit doesn’t matter. In thirty munites, a borrower can walk out of VIP Title Loans with the cash from an approved loan.
A borrower can take one to two years to pay off a car title loan at VIP. Interest is at 6 percent, which is unbelievably lower than the competition. A loan from another car title lender for a one-year $4,000 loan has a payout amount of $10,000 and other lenders with a payback of $10,000.
This is because their loans are paid off and renewed monthly.