Checking Alternatives to Title Loans
Car title loans are not an only way you can get quick money quickly. There are many other ways out to title loans that can be less costly than the car title loan. Let us check alternatives to title loans here:
Look in “payday alternative” loan
Alternative to costly payday loans, federal credit unions provide “payday alternative” loans. To quality, you will have to be the member for one month in order to qualify for this type of loan, and pay back your loan in 1 to 6 months times.
Negotiate your debt
Suppose you want the loan that will help to pay off your increasing credit card debt, then you must contact the credit card companies and see if you may find any solution there. In a few scenarios, you can negotiate the settlement option.
Important Tips for the Borrowers
The car title loans are a bit problematic, particularly if the rate of interest is very high. However, before taking the car title loan, you need to consider less costly options. Make sure you explore various consumer loans, cash advances, credit cards, and loans from your friends and family.
Suppose you take out the car title loan, ensure you know the terms rightly. You need to ask about Annual Percentage Rate and fees that will accompany this loan. Lastly ensure that you make the payments on/before its due date.
Or, the lender may add extra fees to your balance, and you will lose your vehicle. In case you get a little late with payment and interest charges accumulates, loan will wind up costing much more than its initial sticker rate.