How they work, cost, alternatives

  • Title loans use your car as collateral, which means the lender can repossess your car if you don’t pay.
  • Title loans often have to be repaid within 15 to 30 days and charge interest rates of around 300%.
  • Alternatives to title loans include credit cards, personal loans, side gigs, and local charities.

A title loan is a short-term, high-interest loan that uses your car title as collateral when you borrow money. This means the lender can repossess your car if you don’t repay your loan on time. Many title lenders don’t consider your credit history at all when making lending decisions.

If you’re in a bind, have poor credit, and need cash fast, a title loan might seem like an attractive option to get your money. But title loans have significant drawbacks. Title loans are risky because they charge high fees and you risk losing your car if you are late paying.

Title lenders typically target borrowers with low credit scores or minimal credit histories who cannot qualify for lower-cost loans elsewhere.

“In an ideal world, no one would take out a title loan,” says Evan Gorenflo, senior financial advisor with the personal finance app Albert. “It’s not something you typically associate with progress or a financial goal. Rather, it’s designed to help you through a desperate time.”

What is the cost of a title loan?

Title loans generally have interest rates equivalent to 200% to 300% APR. A title loan generally has a better interest rate than a payday loan, which can carry an APR of 400% or more. However, its rate is significantly higher than personal loans or credit cards, which typically have maximum APRs around 36%.

“Home loans are tricky because a lot of people rely on their car to make money,” says Gorenflo. “In that situation, you’re giving up your title as collateral. Sometimes you give them a second set of keys to your car, they put the GPS in your car in some cases, so you’re really making it easier for them to confiscate your car if you are unable to repay this amount.”

How much can you borrow with a title loan?

The range you will be able to borrow depends on your personal circumstances, but generally lenders will allow you to borrow between $100 and $10,000. The usual loan term is two weeks to one month, similar to how a payday loan works.

“There’s a limit to how much you can borrow,” says Gorenflo. “If your car is worth $10,000, they won’t let you borrow all that. Sometimes it’s 25% of your capital limit. Some lenders will actually ask you to own your car before giving you a title loan. Each lender will operate a little differently.

Advantages and disadvantages of title loans

What are the alternatives to title loans?

If you need money to pay for expenses such as utility bills, credit card payments, or rent, try contacting your creditors to set up repayment plans that don’t require you to take out a loan. You never know what options might be available to you unless you reach out and ask.

Other alternatives to title loans include asking friends for money, taking side gigs from ridesharing apps, or reaching out to local charities or religious organizations. If you qualify, you may want to take out a credit card or personal loan with a lower APR than a title loan. You will still borrow money, but it will cost you less in terms of interest.

“If you need money fast, if you need to make $200, you can do it in a weekend with Uber,” says Gorenflo. “Even if it’s a little more wear and tear on your car, if it saves you from taking out a loan at 300% interest, it could definitely be worth it.”

Hi-Way targets 30-40% growth in auto title loans

Tisco Financial Group’s microfinance arm, Hi-Way Co, has set an ambitious target for auto loan growth of 30-40% this year, driven by stronger demand for loans in line with the the country’s economic recovery.

Hi-Way, which provides auto title loans under the Somwang Ngern Sang Dai brand, aims to increase loans in this category by around 30 to 40 percent this year.

The strong loan growth target for 2022 will be supported by the resumption of economic activities, which will encourage demand for loans, said the company’s managing director, Supachai Boonsiri.

The company had a total loan portfolio of 17.9 billion baht in 2021, down 0.7% year-on-year, mainly due to the impact of the Delta variant of Covid-19 in the middle of the pandemic, particularly in the third quarter of last year. . However, the situation has been improving since the fourth quarter of 2021.

Tisco informed the Stock Exchange of Thailand that Somwang had total outstanding loans in the first quarter of this year of 18.45 billion baht, up 3% year-on-year. Somwang’s loan portfolio represents 57.4% of Tisco Bank’s total outstanding auto loans. Meanwhile, Tisco Bank’s total car title loan portfolio in the first quarter of this year stood at 32.16 billion baht, a year-on-year increase of 1.5%.

Mr. Supachai said the company has mainly focused on helping customers who have suffered from the impact of the pandemic by launching several financial relief programs based on their capacity in terms of debt payment. These programs have improved the company’s non-performing loan (NPL) situation.

“We believe the Thai economy and our NPL ratio bottomed out in the third quarter of last year and both have recovered since the fourth quarter of last year,” he said.

The company classified its NPL ratio at 3% in the third quarter of 2021, but since then the ratio has been declining. Therefore, the company expects to contain the distressed debt ratio to less than 3% throughout 2022.

While setting an ambitious loan growth target for 2022 amid heightened competition in the automotive title lending market, the company plans to achieve this growth target through its expertise in this business area. At the same time, there is more room to grow the loan product against a backdrop of positive demand nationwide. The demand for auto title loans is stronger than the demand for loans to buy new cars, Supachai said.

How online title loans can help you out of a financial crisis

If you’re like most people, you’ve probably had to deal with a financial pinch at some point in your life. This can be a very difficult situation to get out of, but there are options available to you.

One such option is an online title loan. In this blog post, we will explain how PaydayChampion Online Securities Lending work and how they can help you out of a financial crisis. Keep reading to find out more!

How to Get a Title Loan Online in Under 24 Hours

If you’re in dire financial straits and need cash fast, an online title loan might be a great option for you. Online title loans are a type of secured loan where you use your car as collateral to get the loan.

This means that if you fail to repay the loan, the lender can repossess your car. However, online title lending is different from traditional title lending in several ways.

First of all, online title loans are much easier to obtain. You can usually get approved for an online title loan in less than 24 hours, and you can even get the money deposited into your bank account the same day!

Another advantage of online title loans is that they generally have much lower interest rates than traditional title loans. This means you’ll save money in the long run by taking out a title loan online.

Finally, online title lending is much more convenient than traditional title lending. You can apply for a title loan online from the comfort of your own home, and you don’t even have to leave your house to get the money!

Compare and contrast online title lending with traditional lending

If you are considering taking out a loan, it is important to compare and contrast the different types of loans available to you. Online title loans and traditional loans are the two options you may be considering. Here is a comparison of the two:

  • Online title loans are much easier to obtain than traditional loans. You can usually get approved for an online title loan in less than 24 hours.
  • Online title loans generally have much lower interest rates than traditional loans. This means you’ll save money in the long run by taking out a title loan online.
  • Online title loans are much more convenient than traditional loans. You can apply for a title loan online from the comfort of your own home, and you don’t even have to leave your house to get the money!

As you can see, there are a few key differences between online title lending and traditional lending. If you’re in dire financial straits and need cash fast, an online title loan might be a great option for you!

How Online Title Loans Can Help You Get Approved Fast

One of the biggest benefits of online title loans is that they can help you get approved fast.

In most cases, you can get approved for an online title loan in less than 24 hours. This means you won’t have to wait days or weeks to get the money you need. Simply complete our online application and you could have the money deposited into your bank account in as little as 24 hours!

Another advantage of online title loans is that they generally have much lower interest rates than traditional loans. This means you’ll save money in the long run by taking out a title loan online.

How to Get a Title Loan Online Without Getting Scammed

When considering a title loan online, it’s important to do your research to make sure you’re getting the best deal possible. There are plenty of lenders out there who will try to take advantage of you if you’re not careful.

Here are some tips from PaydayChampion’s Mirek Saunders to help you avoid getting scammed when taking out a title loan online:

  • Do your research: There are many lenders that offer title loans online. You need to do your research to find the lender that offers the best rates and terms.
  • Read the fine print: Before accepting a loan, be sure to read and understand the terms and conditions. This way you will know exactly what you are getting into.
  • Beware of hidden fees: Some lenders will try to sneak in hidden fees. Be sure to find out about all fees before accepting a loan.

If you follow these tips, you can be sure you’ll get the best possible deal on your online title loan.

How to Use an Online Title Loan to Improve Your Credit Score

One of the best ways to use an online title loan is to improve your credit score. If you make your payments on time, every time, you will see a significant improvement in your credit score. This will help you in the future when you need to take out a loan for a major purchase.

Another way to use an online title loan to improve your credit score is to use it to consolidate your debt.

If you have multiple debts with high interest rates, you can consolidate them into one low interest loan. This will save you money in the long run and help you get out of debt faster.

Apply now:

To apply for a title loan online, simply complete an online application at https://www.paydaychampion.com/. It only takes a few minutes and you will get a decision in less than 24 hours!

So what are you waiting for? If you need cash fast, an online title loan might be the perfect solution for you.

Apply for a title loan online today! Don’t wait any longer, apply now!

Scooter’s Bike Shop owner, Scooter Landes, has been sharing the joy of cycling for over 45 years in Souderton, Montgomery County

SOUDERTON BOROUGH, Pa. (WPVI) — Scooter Landes says it was a cross-country bike ride that helped him understand life after college.

“I had a lot of time to think about six weeks on the bike,” he said. “It was an adventure.”

He opened Scooter’s Bike Shop in 1975 in Souderton, Pennsylvania.

Landes says he’s been cycling his whole life and enjoyed it, so he wanted to share that feeling of joy with others.

“Making people aware of the joys and benefits of cycling is a big part of getting into this industry,” he said.

Landes says that in addition to being a fun activity, biking also has many benefits.

“It’s a low-impact aerobic activity that people can do late in life,” he said.

He says cycling is also great for those with the environment in mind as “it’s a green activity”.

The company has evolved over the past few decades and Landes has a bike for everyone and every aspect of riding.

“We carry a full line of Specialized and Cannondale bikes,” he said. “Everything from road bikes to kids’ bikes to family bikes – hybrids.”

He says hybrids are good for riding on paved surfaces or gravel trails.

And the latest craze – e-bikes, which are pedal-assist e-bikes.

“It’s probably the fastest growing segment of the business right now,” says Landes.

He says Class 3 e-bikes can go up to 28 miles per hour but are completely quiet, making them a popular choice.

Landes says electric bikes are attracting more and more people to cycling.

“It brings people out who normally wouldn’t,” he said. “It takes the wind and the hills out of the equation.”

He says the appeal of an e-bike is that the rider still has to pedal, but it extends their range.

The store also carries a variety of accessories, both for repair and safety, to ensure riders are properly equipped before hitting the road.

His son, Zach, also works in the store with him.

Landes says it’s special to be able to have this kind of relationship with his son.

“We do a lot of repairs,” he said. “We have three repair stations.”

After being in business for over 45 years, Landes says it’s all about the customers – “treating people well and giving them good products and good service at a fair price.”

He says he feels blessed to have been able to do this to earn a living in his hometown.

“It was good,” he said.

For more information:
Bike shop for scooters

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Justin Bieber has designed a Vespa scooter for all your summer rides

Singing sensation Justin Bieber and classic scooter company Vespa are ready to roll into the sunset together. Bieber fell in love with scooters after riding one “somewhere in Europe” and decided to unleash his creative flow by designing one himself.

The Bieb-mobile — Bieber went for a slick monochrome aesthetic for his Vespa Sprint, adorning the scooter in an all-over hue of white. Black accents contrast on the wheels, knobs and hardware, but Bieber was intentional with the white-on-white theme. Always the cool guy, he also added flames to the body above the rear wheel as the embodiment of his “creative drive, drive and vigor,” according to the press release.

The collaborative scooter has as much technology as it does glamour. Deployed with conventional 50, 125, and 150cc engines, each achieves top speeds of 40, 60, and 70 mph, respectively. The handlebar is equipped with its traditional rectangular headlight and supports a full color multi-functional TFT and LED display. Riders can connect and sync their smartphones – you know, to listen to Bieber’s greatest hits – and the scooter’s other capabilities are upgraded to comply with the latest environmental regulations.

And since you can’t ride a Bieber Vespa without looking good, the singer also designed accessories to go along with the two-wheeler. The capsule follows a similar monochromatic theme and includes a pair of riding gloves, a bag, and a flame-adorned helmet.

Scootermania — The Italian brand has also lent its slick bikes to other collaborators in the past. Dior contributed its luxurious oblique pattern design to the Model 946 in 2020and sneaker designer Sean Wotherspoon created a Vespa Primavera in 2021.

Bieber fans who want to take their merchandise collections to the next level can pre-order the scooter from April 18 on the Vespa website. You don’t need to reside in rural Italy either, as the 50cc and 150cc iterations will be available in the US for around $5,000 and $6,550, respectively. Bieber has come a long way since his $20,000 Ducati Superbike Relay at 18 years old; a Vespa partnership seems like the best way for him to get back on his two wheels.

Justin Bieber has designed his own white-hot Vespa scooter, and you can buy one

Vespas have become a popular ride for some of Hollywood’s biggest names. Everyone from Hugh Jackman to Andrew Garfield have been spotted cruising around town in the Italian two-wheelers. In fact, megawatt pop star Justin Bieber loves scooters so much he just designed one himself – and the results are, well, fire.

simply nicknamed the Justin Bieber x Vespa, the limited-edition bike was conceptualized and designed by the Canadian singer himself. Biebs’ creation is essentially VespaThe popular Sprint model from with a striking all-white monochromatic colourway. Adding a touch of attitude, the scooter also sports white-hot flames on the chassis reminiscent of old-school hot rods.

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Elsewhere, the bike features Vespa’s signature rectangular headlight and 12-inch wheels. And because it’s 2022, the scooter also offers a multifunctional display that syncs with smartphones, lets you play your favorite Bieber hits or adjust the LEDs.

Close up of the Justin Bieber x <a class=Vespa scooter. – Credit: Vespa” src=”https://s.yimg.com/ny/api/res/1.2/tid9lSAKRNCMHGUlzv1KdA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTM5Nw–/https://s.yimg.com/uu/api/res/1.2/Y0h9jPbE81Q6CMqr59s8UA–~B/aD01NjM7dz0xMDAwO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/robb_report_967/01ed4abdf992ca9af60ec0782580a568″/>

Close up of the Justin Bieber x Vespa scooter. – Credit: Vespa

Vespa

In terms of power, the scooter will be available with the classic Vespa 50cc, 125cc or 150cc engines which each deliver a top speed of 40mph, 60mph and 70mph, respectively.

“The first time I rode a Vespa was somewhere in Europe, probably London or Paris,” Bieber said in a statement. “I just remember seeing a Vespa and saying ‘I want to drive one’.”

To make sure you ride in style, the “Love Yourself” singer also designed a few matching accessories, including a pair of gloves, a bag and an all-white helmet emblazoned with the white flames.

Of course, Bieber isn’t the first to reinvent the Italian icon. In 2020, Dior unveiled a luxury plug on the classic scooter. Streetwear designer Sean Wotherspoon also penned a version of the Vespa Primavera for stylish hypebeasts.

The Justin Bieber x Vespa will only be produced until the end of this year, so better move fast. You can pre-order the scooter via the Vespa website starting April 20, 2022. The 125cc model will not be sold in the United States, but you can get the 50cc edition for $4,999 or the 150cc version for $6,549.

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