Just got an email from another one of you who visit www.boostmypaycheck.com. It’s a good story so I wanted to share it with you:
“Hi,
I saw that you have been sharing some stories from your readers who have had some recent experience with loans. I wanted to share a recent experience I had with one of the car title loan companies you had recommended on your site. It was the car title loan lender in California called Fast Payday Loans. I live in the Sacramento area and was doing some research and came across your blog. You see, I am 27 and have been dating my soon to be wife for three years. We both work hard and wanted to put off our wedding plans until we were more settled in out careers. Well, unbenoanst to my future wife, I was recently given a promotion at my job with a significant pay interest. I was so excited and wanted to tell my wife, but I figured why not compound good news with more good news! So I decided to go buy a ring and propose to her at the same time that I told her about the promotion. That is when I looked online at car title loan lenders and found Fast Payday Loans. The promotion wasn’t effective for another 2 weeks so I needed the extra cash immediately. I filled out the online application (it was really easy as you had said) and they called be back in the next hour. I went down there and after 25 minutes I had the money I needed to get the ring my soon to be wife had always wanted. Oh, and by the way, she said yes! The wedding is next July. So thanks for the recommendation!!”
Now that is a good story…
If you read my first post at www.boostmypaycheck.com, you will remember that I recommended a car title loan company in Arizona. I like the idea of giving out links to various sites in different states so I think I’ll stick to state-specific recommendations. Since I started out in Arizona, I’m gonna stay on the west coast and give you a link to a great site for those of you in California. And yes, before you ask, you can find locations for this car title loan site all over the state. From Fresno to Sacramento and even to Citrus Heights- if you need a car title loan in California, you should visit Fast Payday Loans. Don’t get confused by the name. They give loans for both payday and car titles. I did an experiment to see what their customer service was like. I gave them a call and told them I was interested in a car title loan for my 2004 Toyota Corolla. What I am going to recommend anytime you take out any kind of loan is to ASK AS MANY QUESTIONS AS YOU CAN! I wanted to see how tolerant and patient the person on the other end of the line would be. Here are some of the questions I asked and some of the questions you should ask as well:
1) What is the interest rate on the loan?
2) How does your repayment plan work?
3) What happens if I miss a payment?
4) Say I decided to take out $1000.00 and was approved, could you give me an idea of what my payments would be and for how long I would make these payments?
I suggest that before you take out a loan, you take a few minutes to brainstorm and research. Think of any possible scenarios that might come up. Look at your situation. Do you have stable employment? Are you going to have the money to pay back the installments? These are just a few of the questions I can think of. The woman at the other end of the line was extremely helpful. She was extremely honest and told me that if you miss your first payment that you can have a difficult time getting extensions, but after that they would work with you and that “our goal is not to take your car.” She gave me the breakdown on minimum payments and even suggested that I pay as much as I can on each payment because it lowers the total interest accumulated.
A car title loan is ideal for many reasons. The first being that regardless of your credit, you can qualify for a loan.
- Now it doesn’t literally fall from the sky, but a car title loan is a good way to get cash when you need it…
Another reason is that the loan process is simple and quick. Once you take your car to the loan agency, you can get cash in your hand in as little as 15 minutes. The APR for a car title loan is usually significantly higher than most other types of loans, but that is because these loans are meant for the short term. You shouldn’t expect to make payments for more than 6 months. This should serve 2 purposes. One- you won’t take out too much. Two- you get through the loan term fairly quickly. Unlike a credit card, where people make payments for years, your debt is eliminated in a much shorter period. The reality is that most of us face financial crisis or events in our lives where we need some quick cash and we can’t or don’t want to go to family and friends. You should know that you have options. Because a car title loan has its own unique process compared to other types of loans, it is an option you might want to consider. If you are realistic with what you borrow, it can really save you some stress and aggravation.