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Managing finances is one of the largest struggles many people undergo in their lives, and it’s totally natural that we all make mistakes or find ourselves in tough situations from time to time. At Utah Money Center, our title and signature loans are perfect for situations where you’re a bit down on your luck and need a brief bit of financial flexibility.

Certain financial mistakes are more serious than others, and there are some that might take you past the point where a title or signature loan can dig you out of this hole by itself. Here are a few of these mistakes, and how to avoid them well in advance.

Underestimating Retirement

Retirement is what many people work toward for their entire careers, but in many cases, people simply underestimate the true costs of properly building for retirement. Many in the Baby Boomer generation are beginning to feel this pinch already. Cost of living tends to continuously increase, a factor many people don’t plan for, and inflation and other financial elements contribute also. Meeting with a financial planner is advisable for avoiding these kinds of issues years down the road.

Overspending

Perhaps the simplest mistake many people make with their finances is spending too much. Even some people with high-paying occupations wildly exceed reasonable spending limits, and before they know it, they find themselves in dire financial straits. Making a simple list of expenses and income can go a long way to solving these kinds of issues.

No Emergency Funds

We can’t always predict what kind of major financial or life events might take place, and it pays to be prepared for these. If you simply live paycheck to paycheck and never attempt to save for emergencies, you could find yourself in huge trouble if something big comes up. It’s advisable to keep three to six months of living expenses in a savings account for unexpected events.

Insurance Skimping

You may think these are small considerations if you own a car or home, but not having the proper insurance can be a huge mistake. What if someone gets injured on your property, and you don’t have proper liability insurance? What if, God forbid, you die prematurely and leave your family without the proper funds because you didn’t have life insurance? It’s never anyone’s favorite thing to get, but insurance is absolutely necessary from a financial standpoint.

To learn more about major financial mistakes to avoid, or to find out about our title and signature loans, speak to the pros at Utah Money Center today.

Our finances aren’t always predictable, and there will be times where someone looking to pay off a car title loan will run into issues. At Utah Money Center, we understand that these kinds of things can be hard to predict, and we’re here to help however we can.

What are some tactics you can take to get lower payments for a title loan? Let’s take a look at a few simple strategies.

Partial Payments

Particularly if you’ve already made a couple payments on time and are building a good reputation with your lender, partial payments will generally be an option. It’s easily workable to set a new due date for the rest of a partial payment – this is perfect for folks who will still have the repayment amount, but may not have the entire thing until later than they had planned. It’s also great for people whose payment schedules at work may have recently changed.

Prepayment

Many lenders also have no prepayment penalties, which means that if you’re in a flush period but expect that a drier stretch may be upcoming, you can put down that chunk of money on your account with no penalties. This saves you interest and gets you out ahead for the leaner months.

Due Date Changes

If you’re willing and to pay the interest balance, changing your due date is typically easy enough. This will allow many people to make on-time payments that will eliminate additional interest building up on the account, and many lenders don’t even require a full minimum payment to change the due date.

Refinancing

If your payments are too high for your given situation, most lenders will allow a simple refinance to a smaller payment amount. This will involve extending the term of the loan out further, but particularly for customers who have built up a bit of trust with their lender, it’s generally a workable arrangement that can benefit both parties.

Interested in learning more about some of the ways you can lower title loan payments, or looking at your options when it comes to title loans? Speak to the brokers at Utah Money Center today.

Lending and borrowing money are hand-in-hand actions that require bits of trust and faith from both parties, and for borrowers, finding reputable lenders who won’t betray this trust is important. At Utah Money Center, we have a fantastic reputation as a fair, honest lender for simple, fast title loans and other personal loans.

When you’re looking around for such a loan, what are the factors you should be considering in a lender? Let’s take a look.

Licensing and Insurance

Laws here will differ from state to state, but lenders must be fully licensed and insured in the field for you to even consider them. There are guidelines in place to keep your rights protected, and to govern loan processing times. Look for a company that has these current licenses within your state and municipality.

Company Stability

Unfortunately, there are some shady dealers in this field you need to keep an eye out for. Many companies are working on limited capital, and may fluctuate in and out of business depending on how a few deals go. You want a company with a long, clean history of lending, with the financial backing to secure your loan strongly.

Loan Thresholds

Different lenders will go about things differently with regard to how much they’re willing to loan out, both for your individual situation and overall. If you find a reputable lender with a high enough threshold, you’ll never have to worry about taking alternative routes, such as using multiple lenders to source enough cash.

Qualification Guidelines

Lenders will also have varying qualification guidelines – some ask for specific forms of income, expenses or credit, but most don’t for these kinds of loans. Depending on your specific needs, look for t right kind of lender here as well.

Interested in learning more about the right kind of lender, or want more information on any of our car title loans? Speak to the brokers at Utah Money Center today.

For those new to certain financial areas, certain terms can be a bit confusing. One such example is the difference between a personal or signature loan and a line of credit – both options can add funds to your financial profile, but they’re very different things in some of their finer details.

At Utah Money Center, we’re here to help with personal and signature loans anytime you’re in need. Here are some basics on the differences between signature loans and a line of credit.

Amount

The first difference here is in the amounts that are allowed under these different formats. The minimum for most personal loans is $3,000, but for most lines of credit, it’s higher, usually $5,000. Maximums for lines of credit will generally stretch longer, but this is for a practical reason – lines of credit can stretch much further into the future than a signature loan, which is relatively short-term. The max you can borrow in a personal loan will depend on factors like your personal finances and your credit score.

Interest Rates

With a personal loan, you’ll often have the ability to choose between a fixed or variable interest rate, which can matter for many people. With a line of credit, you do not have this option and only variable rates are allowed.

Disbursement

A personal loan is paid to you directly and immediately, in a single lump sum as soon as the loan is approved. By contrast, a line of credit is reusable – once you’ve been approved, you can continue using it and paying it down into the future.

Repayment Options

You pay a combination of principal and interest with a personal loan, and you’ll be allowed to choose between weekly, bi-weekly and monthly payment approaches. With a line of credit, you only pay interest on the amounts you use, rather than the entire line. In both cases, there can be penalties for not paying the full amounts back by the end of a term.

Secured Vs. Unsecured

Secured loans are backed by collateral, with higher borrowing amounts and lower interest rates. Unsecured loans can be approved more quickly, but amounts will be lower and rates will go up. Both personal loans and lines of credit can typically swing either way here.

Want to learn more about the differences between a signature loan and a line of credit, or interested in our cash and car title loans? Speak to the brokers at Utah Money Center today.

There are many kinds of loans out there, and one of the simplest and most straightforward is a car title loan? At Utah Money Center, we have many options to get you a quick title loan for that little bit of financial flexibility you need.
What are some of the key reasons why title loans can be preferable to many other formats? There are a few specific situations. Here are a few.

Bad Credit Score

Some people might be ashamed at having a bad credit score, but don’t get down on yourself if this is the case. Things happen, and life throws a lot of curveballs that can be tough to plan for financially. It’s not uncommon for people to have bad credit history, and it’s not some terrible reflection on you.

It is, however, often a good time for a car title loan to be used. If you’re on the way toward a more stable financial situation but just need a little bit more flexibility to get you over the top, a title loan can be perfect.

Car Needs Repairs

Issues with the car itself can signal some of the best potential opportunities for title loans. If you’re in a situation where delaying a repair might lead to further issues, and you have no other outlet to cover these repairs, it makes sense to put your car itself up as collateral. If the only alternative is being forced not to use your car, and paying for alternative sources of transportation, use a car title loan to handle repairs instead.

Emergencies

Probably the most common use of title loans is for unexpected emergencies. Maybe it’s a medical situation, or a large unforeseen expense in a variety of areas – whatever it is, there are few options available to get you money quicker and more easily than through a title loan.
Want to learn more about any of our car title loan programs? Speak to the brokers at Utah Money Center today.

Whether it’s a car title loan or a signature, loan, we’ve got you covered for your quick cash needs at Utah Money Center. Our brokers will help you find the perfect fit for you, plus advise you on any important hoops to jump through during the application process.

These loans are simpler than most other kinds, but that doesn’t meant there aren’t a few traps you can fall into. Here are a few mistakes to avoid as you shop and apply for title or signature loans.

Thin Net

A common mistake many people make is not casting a wide enough net in their search for loan options. We know we offer the best rates at Utah Money Center, but chances are our competition makes those same guarantees – and only your own research can truly tell you which situation is best for you. Don’t just apply at your local neighborhood bank – both credit unions and online services like ours are often able to offer better rates because we’ve automated many of our processes.

Taking the First Offer

There’s often some wiggle room on interest rates and terms, and you should be willing to negotiate during this process. Don’t be ridiculous, of course – there are limits to how fa this can stretch.

Borrowing Too Much

Asking for more money than you really need is a recipe for disaster. Interest on these kinds of loans is significant, and this is because of their short-term nature. That makes the penalties if you don’t pay in full and on time more severe, including the potential loss of your vehicle. While this fast avenue to cash may seem tantalizing, don’t take it further than your direct needs.

Rushing

When it comes time to get a contract signed and get your cash, don’t rush through the details. Make sure you’re 100 percent clear on the terms of the loan, including maximum debt and interest amount. Understand the penalties if you miss or skip payments, and the length of the loan – plus whether you’ll be allowed to roll it over, and how many times this will be allowed.

For more information on car loans or signature loans, speak to our brokers at Utah Money Center today.

Whether you’re looking for a car title loan or any other type of personal or signature loan, one factor that’s going to remain vital is your credit score. This measure, usually using three different scores from some of the largest credit bureaus, can help determine everything from the types of loans you’re approved for to the rates you’ll find yourself paying in interest.

At Utah Money Center, we can help people in varying credit ranges get the best possible loan available. Here are some tips for keeping your credit score high.

Don’t Miss Payments

One of the easiest ways to lower your credit score in a hurry is to miss payments, both for credit cards themselves or for many other kinds of bills. Every time this happens, your score will be dented. Staying organized and planning payments in advance is therefore vital – and it’s easier than ever in today’s modern times with online banking available. Stay up to date on your line of credit and the limits you’ve set for yourself, and you should be in good shape.

Spending Limits

Setting these precise limits can be confusing for some people, so here’s a simple “20-10” rule: Never allow credit debt to rise above 20 percent of your yearly post-tax income, and never use more than 10 percent of your monthly income to pay off credit debts. If you can be even stricter than this, do it. The more flexibility, the better.

Emergency Funds

If you’re in an emergency situation and your only funds available are via credit, your credit score could be in for a long term dent. Try to keep at least 15 percent or more of your available credit open for these situations, and if possible, try to keep separate emergency funds so you don’t have to rely on credit if something unexpected happens.

Interested in learning more about credit score, or finding out about our signature and personal loans? Contact the brokers at Utah Money Center today for more information.

At Utah Money Center, our car title loans are one of the quickest and simplest ways to get you cash. Whether it’s for an emergency or one-time payment, our title loan programs will get you in and out with a bit more flexibility than you had before.

Unfortunately, we can’t offer our services if there are issues with the title of your car itself. Here are a few of the most common such issues, and how you can avoid running into them.

Title Fraud

One of the most common negative issues in the used car industry is title fraud. This is when the previous owner of the car, or a dealer looking to shadily add some profits to their ledger, will clean the title history of a car. This hides issues that may have taken place in the past, including major repairs and big issues that may threaten the long term lifespan of the car.

Title fraud is expressly illegal, but many people still attempt it. To avoid running into title fraud, make sure to only deal with reputable vendors and do the proper due diligence.

Lost Title

Many people forget that the title of a car is a physical document, and it needs to stay safe and secure. You can run into proof of ownership issues if you don’t have it, and a title loan is impossible without one. If you can’t locate your tile, your state’s motor vehicle office will be able to get you a new one (this can be a hassle in many cases).

Improper Transfer

Improper transfers usually trace back to issues with paperwork or other details, but they may make an entire vehicle transaction void in some cases. Again, this is where dealing with a reputable vendor is so important – if both sides are willing to negotiate in good faith, improper transfer issues can be easily corrected. If not, a court battle may be necessary.

To find out more about our title or signature loans, speak to the brokers at Utah Money Center today.

Every loan process has bits of complexity and detail, even signature and title loans which are generally considered a bit simpler than many other kinds of loans. At Utah Money Center, our brokers are here to help walk you through any of the semantics you may not have been aware of.

Starting out with a basic body of knowledge is always a boon to your chances of finding the best car title loan for your situation. At the top of that pyramid is terminology – knowing the industry terms and keywords is a great way to make sure you can hold your ground in negotiations. Here are some of the simplest loan terms to stay on top of:

Principal/Interest

These terms refer to the monetary amounts in a loan. The principal is the amount you originally borrowed from a lender, and the interest is amount of extra money it costs you to borrow this money over a period of time. Interest rates are generally determined by a combination of factors, including annual percentage rate (APR).

Collateral

The agency lending you the money needs something to cover them in case you’re unable to pay back the terms of the loan, and this is collateral. In the case of a car title loan, collateral is the vehicle itself. You aren’t usually actually required to give the car up until the loan is repaid, but you’re entering an agreement where the lender will own your car if you don’t meet the terms.

Lien

A lien is the document that makes the collateral the legal property of the lender. Once the terms of the loan have been repaid, the lien ends.

Defaulting

Anytime you break the loan agreement, this is called defaulting. In some cases this just mean being late on a payment or forgetting one, but in some others it also means a full-on stoppage of payment. Default is a very bad word in a loan situation, and if possible, you want to avoid these occasions at all costs.

Balloon Payments

When you’re nearing the end of a loan, one or two payments might be larger. This is because you’re paying both interest and any remaining balance on the principal amount. You can often avoid balloon payments with proper planning.

Want to learn more about this, or any element of our title loan and signature loan services? Speak to the expert brokers at Utah Money Center.

A car title loan uses your vehicle as collateral against the amount you’re borrowing, and this naturally makes the value of your car one of the most important factors in the process. Every extra dollar of listed value you can add to your car is a dollar you can get in fast cash on a title loan.

We’ve seen every car situation possible at Utah Money Center, and we want to help put you in a situation to get the best loan possible. What are some things you can do to maximize the value of your vehicle before putting it up against a loan?

Maintenance

Nothing can lower the value of your car more quickly than a car that’s lacking on basic maintenance items. Would you want to buy a used car that needed multiple pricy repairs virtually as soon as you drove it off the used car lot? No, and these kind of undesirables lower your value in a loan as well.

If you have a trusted mechanic, or better yet a friend or loved one with a high level of car knowledge, you can ask their advice about maintenance calls you should make before you gauge your car’s value. Plus, anything you can do to get a great deal on a necessary repair could turn into extra cash in your pocket from your loan.

Keep Receipts

For any maintenance you do perform, even from years prior, keep the documentation handy. Uncertainty on your car’s upkeep over the years will cause many lenders to lower your loan amount. Keep detailed and lengthy records.

Tire Upkeep

Tires count as maintenance, but it’s so common for people to treat them as a completely separate entity that we’re doing so here as well. They’re part of the car, and because of the relative variability of tire pricing, you could come out on the bad end if you force the lender to factor a needed tire replacement into a deduction from your loan – they’ll likely default to the higher end of the pricing structure.

Appearance

Even if they’re low-cost fixes, doing everything you can to make your vehicle sparkle and appear outwardly beautiful can go a long way. Get dents or chips fixed, and try to keep the interior as fresh as possible. Smaller details than outward appearance have made a real impact on car loan value in the past, to be sure.

Want to learn more about title loans, signature loans or any of our other services? Our experts at Utah Money Center are standing by today.