Cash Solutions to Help You Pay for Back to School

It’s the time of year when parents rejoice about all the free time they are about to have as kids head back to school, but back-to-school season can also be a pretty stressful financial time for families. Whether you have one child or several who are heading back to classes this fall, now is not a good time for cash to be in short supply. The good news is that if you do find that you don’t have the money on hand to pay for all these things, there are solutions that will help you meet your financial obligations.

The Rising Cost of School

Public schools are paid for with property tax money for the most part, but like many public programs, they are often short on cash. What that means is that they often pass along fees to parents to help cover the cost of educating children and providing extracurricular activities. As your children prepare for school, you will likely need money to pay for things such as:

  • School uniforms or back-to-school clothing
  • Extracurricular activities
  • Sports programs
  • General fees
  • School supplies

Even families who try to save up for the inevitable back to school costs often find that it’s easier to save that money in theory than in reality. It can quickly vanish with an emergency room visit, a broken air conditioner, or an unexpected car repair.

Cash Loans vs. Credit Cards

In some cases you may have access to credit cards that can help carry you through the expense of going back to school, but for most people these cards are either unattainable if your credit is less than perfect, or you have one but the interest rates are so high that it’s not worth the risk of charging expenses that you may not be able to pay off before the bill comes due.

In these situations a short-term signature loan might be the ideal option. These loans allow you to borrow against your future earnings to cover the expenses you need today, and in many cases the fees are lower than the compound interest you would be stuck with on credit card charges. The approval process is quick, which means you won’t have to wait days or even weeks to get approved for a line of credit—all the while leaving your child without uniforms, left out of the sports teams, or unable to purchase necessary school supplies.

Back to school can be a fun time for kids and parents alike, but it’s important that you have options to help pay for the costs to avoid financial stress during this time of year. Find out what options are available today at Utah Money Center.

3 Reasons You Should Get a Title Loan

In today’s economy, many people find themselves living paycheck to paycheck and no way to financially prepare for an emergency if one should occur. If you are in a similar circumstance, you do have options available to you that can ease the financial burden. Title loans can be the answer to a crisis when you need money quickly. Here are three reasons that title loans could help you when you need it the most.

Inadequate Savings

Wage earners may not have retirement benefits or other savings plans through their employers. With expenses high and bank interest rates low, personal savings accounts are becoming a thing of the past. You want to have enough money saved to handle emergencies, but the reality is most people are not able to save enough to make a difference.

Low Credit Score

Everywhere you look, financial institutions are talking about the importance of good credit, yet they are less likely than ever to approve loans. If your credit score is not what you would like it to be, you may not qualify for traditional loans when you need access to funds. Improving your credit can take time which you may not have in a crunch.

No Loss of Transportation

If you own your car or other vehicle, you cannot afford to lose your asset and your way to work. With title loans, you do not have to sell your car in order to get the money you need. You provide your title to secure the loan, and then you are free to keep driving your car after your loan is approved and while you repay your debt

No Need to Panic

Utah Money Center offers title loans if you own your car, truck, motorcycle, and even ATV or snowmobile. You can gain peace of mind, knowing you have access to money in times of need without worrying about the hassle of applying and getting rejected for a bank loan. Qualifying for a title loan is fast and easy for most people, which means you can get back to your life even after an unexpected situation.

5 Myths About Quick Cash Loans

When an unexpected expense is thrown your way, you can rely on a quick cash loan to help you. These loans are designed to give clients a helping hand when they need one or a hassle-free option to traditional loans.

The Interest Rate Will Be Astronomical.

The key to a good interest rate is finding the right lender. Some institutions want to help you rebuild your credit and make regular payments. They’ll always give you great rates when you need them.

You Need Collateral.

Collateral is nice, but not absolutely necessary. Quick cash loans are designed for emergencies so you’ll just need an ID, steady employment and a social security number. In fact, the Utah Money Center rewards on-time payments with vanishing interest rates.

You Only Qualify for Quick Cash in Emergencies.

If you are trying to buy a car, truck or other vehicle, you can still qualify for a quick cash loan. When you don’t want to go through a lengthy application process with your normal lender, you can gain quick access to the funds you need and get right on the road.

You’ll Always Have to Wait for Your Cash.

With Utah Money Center, you can be approved for your loan in just 10 minutes. A quick cash loan is exactly what it sounds like. It’s meant for those unpredictable moments when you have an unexpected expense.

Only Untrustworthy Lenders Do Fast Cash.

Many reputable lenders and banks have quick cash options for their clients. If you prefer to speak with a person instead of using an online application, try making an appointment with a lender.

If you want to speak with a lending professional, Utah Money Center has offices around the state or you can give them a call to speak with a lender. Get a free quote and learn what the next step to your loan is.

Answering Frequently Asked Questions About Title Loans & Credit

When it comes to your money, sometimes there can be some confusing information out there, and not being able to find the answers you need could affect your ability to get cash to help you get through emergency situations and times when your paycheck just won’t quite cover all the expenses you have in a month. Fortunately there are options available that can help you get that cash quickly, and it doesn’t mean you have to sell something valuable or pawn off your property. Title loans and credit could be an option, but before you seek out these types of loan, make sure you know all there is to know about them.

1: How does a car title loan work?

With car title loans, you use the equity you have in your vehicle as collateral to secure a loan. The good news is that you get to keep your vehicle and continue to drive it while you repay the loan, which means you won’t have to figure out how to get a ride to work every day. You simply give the lender the title to your vehicle and a set of keys, and then when the loan is repaid you’ll get those items back.

2: What happens if you don’t pay?

As with any loan, it’s important that you have a plan for repayment, otherwise your vehicle could be repossessed to pay outstanding debts. It’s important to talk to the lender about the interest rates and any fees or other costs associated with the loan so you’re fully aware of what you are signing up to repay before you sign over your car title.

3: How long does a car title loan last?

Most car title loans will range from 30 to 90 days, which means you can be free from your debt sooner than if you were to take out a traditional loan and pay for months or even years.

4: What if I have bad credit?

The great news with car title loans is that you generally don’t need to have a credit check, which means you can borrow even if you don’t have the best credit record. Generally these loans are not reported to credit bureaus, which means you don’t need to worry about a ding in your credit report when you take out the loan either.

5: Does my car need to be paid off?

While you don’t necessarily need to have your car paid off entirely, you will only be able to borrow against the equity you have in the vehicle, which means if you owe a significant portion of the car’s value to the bank or other lender still, there’s not much wiggle room for borrowing. Some car title lenders also won’t allow you to obtain a loan if you don’t have a certain portion of the vehicle paid off.

If you need to access cash quickly and don’t have any alternative options to get that cash, car title loans can be a way to get money right away without the hassle and time of getting a more traditional loan. Talk to a car title loan company such as Utah Money Center today to find out more.

Things to Know Before Borrowing From a Money Center

When you need financial assistance, there are a few different options that you can consider. When the bank will not approve you and you need to keep your paycheck, a money center is a great option. However, before you head to your nearest money center, there are a few things that you should know.

State Requirements and Restrictions

Loans in different states are governed by the individual state and therefore are administered according to specific rules. There are some states that do not allow certain loans, while other states place strict guidelines and stipulations on the use of such funds. It is important that you take time to understand what is and what is not allowed in your state so that you do not unintentionally engage in any illegal activity.

Lending Specifications

Along with state regulations, specific businesses have certain stipulations as well. Some common requirements for individuals seeking a loan include:

  • Working full 17:45:56
  • Being a U.S. citizen or legal alien
  • Residing in the state in which the funds are requested

Reasonable Request Amount

These loans can be helpful when obtained under the right pretenses; on the other hand, they can prove to be detrimental if not handled properly. Have a plan in place as far as how much you will need to borrow and ensure that it is truly a need and not just a want. Make sure that you not only borrow the money that you may need, but also take time to understand and account for the repayment guidelines. You will be bound by this contract, so it is critical that you understand it. As with any paperwork, do not sign the contract until you have read through it and fully understand it.

In your time of need, you can truly benefit from visiting a money center. To guarantee that you have a smooth and beneficial experience, heed the aforementioned pointers. For more information, contact Utah Money Center.

3 Ways a Cash Advance Can Help You

Sometimes money gets tight, especially when you have unexpected expenses come up that you weren’t anticipating. There are a lot of people who are just barely able to get by between paychecks, which means that any expenses that are out of the ordinary can quickly cause overdrafts with your bank account. Rather than stress about how you are going to be able to pay for these emergency expenses while still paying all the bills every month, consider the advantages of a cash advance.

Cash advance options are available from short-term lenders, who can offer you a loan to help make ends meet until your next paycheck. Here’s why they can be advantageous.

Avoid Credit Card Fees

If you are thinking about getting a cash advance from your credit cards, you might want to think again. With most credit cards, getting cash means you will be charged astronomically high interest rates (much higher than your annual interest rate for normal purchases), and might have additional costs and fees on top of that. Generally cash advance rates on cards are about double what you would normally pay, which means they can be in the neighborhood of 25% to 30% interest.

Avoid Bank Overdraft Fees

Banks don’t like it when your account reaches zero, but if you find that you have something unexpected happen you might not have enough money in the account to carry over until your next payday. Letting your bank account go below zero means you have to pay high overdraft fees as well as returned check or returned charge fees on things that you tried to pay, but didn’t have the funds to cover. This can quickly add up to hundreds, even thousands of dollars in fees, which makes it even harder to get back on your feet financially. Cash advances will provide you with the money you need to keep in your bank account and avoid overdrafts.

Avoid Late Fees on Bills

If you’re worried about bank overdraft fees or don’t want to pay the high rates to get cash through your credit card, you may have considered just not paying your bills when they are due and you are short on cash. The problem with that strategy is that you will probably face late fees and other charges from your landlord, power company, gas company, and loan service centers.

Instead of worrying about all the fees and costs that can add up when you need access to extra cash before payday, talk to Utah Money Center to find out how a cash advance can provide you with money right now, plus set payments to make sure you get it paid back in a timely manner.

Keys to Building Better Credit with Title Loans

Your credit score is perhaps the single most important number in your financial life—one that can determine everything from your ability to purchase a home or car to your ability to get hired for a job. Unfortunately when you have bad credit, these things are harder to do, and they may come with stipulations like higher interest rates, which means higher payments. Some people believe that having a bad credit score now means you’re doomed to have it forever, but there are ways you can improve your score without suffering the negative consequences of not being able to borrow money if you need it.

Understanding Credit Scores

Your credit score is a number between 300 and 850 that tells creditors about whether or not they should take on the risk of lending money to you. Generally credit scores are divided into:

  • Bad = under 600
  • Poor/Fair = 600-679
  • Good = 680-719
  • Excellent = 720 and up

Keep in mind that each creditor evaluates credit scores a little differently, so those are just guidelines, and could be different depending on your lender. The bad news is that a poor credit score today won’t necessarily get better over time unless you actively work to improve it.

Improving Your Credit Score

The best ways to improve your credit score include:

  • Paying all of your bills on time
  • Making at least the minimum payment every month
  • Paying off debts and revolving credit
  • Reducing the number of times creditors check your credit report/score (which happens when you get a new credit card, purchase a car, get a loan, etc.)

Using Car Title Loans to Improve Credit

With a bad credit score it can be difficult to get approved for things like credit cards or unsecured loans, which makes it harder to do the things necessary to improve your score. Fortunately it’s not the only option available to you. Car title loans are secured loans that offer the opportunity to improve your credit score.

These loans use your vehicle as collateral, you get to keep the vehicle and use it while you repay the loan, and it remains in your home. As you making on-time payments, it can boost your credit score. Be sure to work with a reputable lender that will structure your loan with affordable monthly payments, and that your loan can be repaid in a reasonable amount of time.

Other Options for Credit Score Improvement

Not all car title loans are reported to credit bureaus (the agencies that keep track of your credit and calculate a credit score), in which case they would not help improve your credit score on their own. However, if you use the money from your car title loan to repay other debts and loans, this can free up some of your available credit and improve your credit score from the lender’s perspective. Ask about whether the loan will be reported to credit bureaus before you decide if you want the loan.

Remember that it can take quite a bit of time to fix your credit, but the best way to do it is to show lenders that you are trustworthy and can make payments on time. A car title loan is one option available to you if you have trouble getting other loans and want to improve your credit.

A Better Alternative to Payday Loans

A Better Alternative to Payday Loans

We would all love to have a nice, robust savings account that could help us make it through just about any emergency, but the reality for most people is that we are working to make it from one paycheck to the next and surprise expenses can be a real drain on our finances. Unfortunately when those surprises expenses do come most people are unaware of option to get cash quickly and turn to one of the most expensive options available: the payday loan.

The High Cost of Payday Loans

A small, short-term loan is exactly what you need to get through an emergency, but payday loan costs can really add up over time. The process involves writing a post-dated check, or signing an agreement to have an amount withdrawn from your bank account after you get your next paycheck before you walk away with cash in hand.

The problem is these loans often come with high fees, and you may find that when the next pay period rolls around you don’t have enough cash to cover your previous debt plus future expenses, and have to roll over the loan (for an additional fee), or take out another loan. In fact, the average borrower takes out eight payday loans every year, which is about one every six weeks, with average interest costs over $500 annually.

A Better Alternative

The best alternative to a payday loan is a more traditional installment loan that comes with fixed monthly payments, and an interest rate much lower than payday loan fees. These loans provide a clear outline of exactly what you will be paying, and how long it will take to pay off the debt.

While you can go to a bank or credit union for a personal loan, the process can take several days, or even weeks, which doesn’t work if you need cash quickly. You may also need to put up some type of collateral to get an affordable interest rate on that kind of loan.

Signature loans are another option for people who need cash today but cannot get it through a traditional bank, and don’t want to get a payday loan. These short-term loans offer several benefits, including:

  • A quick application and approval process
  • Cash available in as little as 15 minutes
  • No checking account required to qualify
  • Lower interest rates and fees than payday loans
  • Only your signature is needed—no proof of assets

These loans are ideal when you need to cover short-term emergency expenses or avoid excessive overdraft fees from the bank. Most loans will require proof that you are currently employed, that you reside in the state where you get the loan, and that you have a valid ID and social security number. After that all it takes is a few minutes to approve the loan and get the cash you need.

Don’t fall victim to the debt trap of payday loans—find out how a signature loan could help you get back on your feet after a financial emergency today.

4 Things to Do Before Getting a Title Loan

Most people will experience a time when they need some additional cash and are unable to get it through the more “traditional” lenders, such as banks or credit cards. When that does happen it’s important to know what options are available to help you secure the money you need to pay those emergency bills or make ends meet at the end of the month. One option that many people have discovered is a title loan in Utah. Before you go out and get a title loan, though, here are four things you should do first.

1: Identify What You Need

Getting into any kind of unnecessary debt is a bad idea, so before you go out and get a loan for the maximum amount you would be qualified to get based on the value of your car or other vehicle, it’s best to sit down and determine how much you will need. This allows you to avoid taking out a larger loan than you require, which would add to the debt you have to repay and could put you in a difficult financial situation down the road.

2: Understand the Repayment Terms

The next step is to make sure you clearly understand the repayment terms, and check that those terms fit with your own ability to repay the loan. Some title loans can be temporary, and might work in a situation where you know you have an influx of cash coming soon but need access to that money before it will arrive, while others will allow you to pay over a period of time, which would work better for someone who might need to pay a portion of the loan back out of each of the next several paychecks. You also want to make sure you understand how interest is calculated, how much that will add to your total obligation, and any fees that you might encounter, such as early repayment fees.

3: Set Up a Clear Repayment Schedule

One of the most important things about taking out a loan is being able to repay it. If you are unable to meet the payment requirements, it can cause a lot of financial trouble for you down the road. Instead, make sure that you have a clear repayment schedule and that you stick to it (as much as possible) to avoid additional fees, extra interest, and added costs for your title loan.

4: Get Your Paperwork Together

Title loans are easy to get, and offer an option that will allow you to access the cash you need quickly (usually in less than 24 hours), but they do require some paperwork. Getting it together before you go to apply for the loan can streamline the process. You may need some or all of the following:

  • A clear title for your vehicle that includes your name
  • A form of identification (driver’s license, passport, government photo ID, etc.)
  • Proof of income that would allow you to repay the loan
  • Title loan application
  • Banking information (such as a routing number and account number)

Utah Money Center wants to make sure that you have options when you need cash quickly, but before you show up to get a title loan, make sure you’ve taken these four steps so you’re prepared with the right paperwork and the right information to get the loan you need.

How Do Title Loans Work?

If you live in the U.S., chances are you have heard a commercial on the radio, or seen one on television, from companies that provide title loans. For those who have never gotten a title loan before, though, the details of how this type of lending works might be a little bit unclear. Here’s a quick overview to help you better understand it.

The Basics

Lenders who offer title loans make small loans (usually under $10,000) over a short period of time. These differ significantly from auto loans, which are designed to help you purchase a vehicle, and usually last for five or more years. The title loan is one that uses a vehicle that you already own as collateral, in exchange for immediate cash. You will provide the lender with the title to your vehicle, and they will examine the value of the vehicle, any current outstanding debt obligations you might have on the car, truck, motorcycle, or other vehicle, and then determine how much they are willing to lend and how long you have to repay the loan.

How to Apply

Most lenders want to make the process of obtaining a title loan simple and hassle-free. Since these are often for small amounts, and shorter durations than a traditional bank loan, borrowers can use them when they have an immediate need for cash and won’t have to wait to hear back from a bank, which could take several days or weeks.

To apply for a title loan, simple take the title of your vehicle to a lender like Utah Money Center that provides these loans. You will likely need to fill out a short application (in some cases you can do this online before you arrive at the loan center), and also will need to show photo identification.

The lender may also need to see photos of the interior and exterior of the vehicle, or will want to examine the vehicle in person prior to determining the title loan value. If the car has significant body damage, or is not in good running condition, it will be more difficult to use it for collateral in a title loan.

What You Should Know Before Applying

One of the benefits of a title loan is that you don’t have to sell your car to get the cash, and most lenders will allow you to continue driving the vehicle during the repayment period. It’s important to understand all aspects of the loan contract, though, to avoid violating it and finding yourself without a car.

If you have bad credit or a history of bankruptcy, there are still plenty of options for you. In fact, title loans can be a great option because they can actually help you build credit in the process.

You also don’t have to have the title physically in your hand in order to get the loan, as long as you can prove that you own your vehicle. It’s important to note that if you are still making payments to the bank for a loan on your car, you will not be able to use it for a title loan. The car also must be in your name.

Finally, make sure you fully understand the contract, the terms, and the repayment process. At Utah Money Center our loan processors will review the entire contract and discuss payment options, including interest-only or principal and interest payments, so you understand your obligations. Missing a payment or failing to repay the loan in the time specified in the contract could result in you losing your car, so it’s important to know these details.