Posts made in July 2018

Do You Qualify For A Title Loan?

What Are Title Loans?

A vehicle title loan lets you use your car or other big-ticket item, such as your motor home, as collateral to help you secure the loan. Alternately, you can use your truck; title loan companies accept a wide range of vehicles as collateral, from what you use to get to work each day to what you use on your time off for recreational purposes. In other words, you’re using something of value that you own to insure your loan. With auto title loans, you’re free to keep using your vehicle as long as you’re paying back the loan on time and you do not default.

Auto title loans are typically short-term loans. The amount you borrow has to be paid back within a relatively short period of time, usually within a year, and in some cases, as quickly as within 30 days. These types of loans tend to be used for emergencies, when you need funds quickly but you’re able to repay the full amount in the not-too-distant future.

How They Work

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You present the title of your vehicle to the lender, who holds it as a form of insurance until you finish paying back your loan. Once your loan is paid back in full and all the terms are met, your obligation to the lending company is fulfilled, and your title is returned to you.

It’s very important that you make your payments on time and closely follow the terms of your loan. If you fail to meet your obligations, the lending company will not return your vehicle title. In fact, after a period of non-payment on your part, the lender can take your vehicle and sell it to pay the balance of your debt and recover any losses. So, make sure to pay your monthly installments on time to avoid losing your car or other vehicle. As long as you’re fulfilling your end of the deal, the car is yours to use throughout the duration of the loan, and the title will be returned to you once you’ve repaid the loan amount, interest accrued, and any associated fees in full.

You can read more about how title loans work in our previously published post on this subject.

Do You Qualify?

In order to qualify for a title loan, the vehicle you’re planning to use as collateral has to be in your name and it must be free of any liens. Title loan companies would also like to see proof of monthly income to show that you’ll be able to pay back the loan within the agreed-upon terms. You’ll likely need to supply references who can attest to your character and ability to repay.

Other criteria varies from one state to the next, so your best bet is to contact Your Loan Depot to ask about the requirements here in Texas. What’s more, laws change periodically, possibly affecting whether or not you qualify, so check with us if you’re not sure.

During your application process, you’ll need to provide certain documents, including a valid government-issued I.D., your vehicle title, proof of residency, and recent pay stubs.

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How Much Money Can You Borrow?

In large part, this depends on the value of the vehicle you’re using as collateral. The more that your car, truck, or other vehicle is worth, the more money that you can borrow.

Other factors come into play, including your monthly income, to determine a cap on how much you can borrow based on your perceived ability to repay on time. Many applicants qualify for up to $5,000, although they may only need to borrow a fraction of this amount to meet their current financial needs. Since this is a short-term loan, it’s best to borrow only the amount you really need to avoid any hardships in paying it back.

Fill Out Your Title Loan Application

If you’re ready to apply for car title loans online, then take a few minutes to fill out our convenient application.

Your Loan Depot also has other fast-cash loans you may be interested in. We have offices throughout Texas, including Mansfield, Corsicana, and Stephenville. Once you qualify for a loan with us, we’ll let you know what documents you need to provide to complete the process. If you need money fast, don’t delay — apply today!

Your Step-by-step Guide to Getting Out of Debt

Take A Good Look At Your Finances

The first step is to assess your financial situation to see exactly where you are. Tally up everything, including how much you have in assets and savings, and how much you owe. This is your launching point, showing you what you have to work with, and what you need to pay down first.

Step 1: Add Up Your Total Debt

As part of your financial picture, make a list of all of your loans and other forms of debt. A spreadsheet is helpful for this step, but even creating a handwritten list is useful. On your list or spreadsheet, include the name of each institution, the amount of money owed, and the interest rate for each loan.

Step 2: Put Money Aside Every Month

Each time you get paid, put money aside. Create a savings account for the sole purpose of paying down loans. Use this account to make payments on what you owe, thus bringing down your balances. Make it a habit to pay down debt every month, even if it’s a small amount. This habit will serve you well your whole life.

Step 3: Pay Down Your Debt At Least Once A Month

While monthly payments are a must, you can make payments twice a month, or even weekly, to get out of debt more quickly. The more you get into the practice of paying back what you borrow, the faster you’ll get out of debt, and the better position you’ll be in for the next time you need a loan, whether for home remodeling, paying for school, getting a car, taking care of emergencies, or any other reason.

Step 4: Curb Spending

Take a close look at the money you spend. Before taking out your wallet and grabbing your credit card to make a purchase, ask yourself, “Do I really need this?” Chances are, you don’t. Save your money instead of spending it. You’ll have more available to pay down your debts.

Step 5: Look For Bargains

When you absolutely must purchase something, such as a new pair of shoes for work because your current ones have worn through, or a new water heater because your old one has stopped working, look for deals. Price around, find the sales, and use coupons. It never hurts to ask for a discount; the worst that can happen is you’ll get a “no,” but you may be in for a pleasant surprise when the vendor is willing to offer you ten, fifteen, or even twenty percent (or more) off on your purchase or on services rendered.

Step 6: Sell What You No Longer Need

There’s a good chance that, over the years, you’ve accumulated items you no longer need. If possible, scale down and sell your extras. If you have three cars, consider selling one that barely gets used. If you have expensive gym equipment or electronics you hardly use, think about selling. Then apply what you get from selling your wares to paying down your loans.

Step 7: Adopt Frugality For Life

Now that you’ve gotten into the habit of saving more, spending less, and paying down debt, keep going. This is a habit that will serve you well for life. Living more frugally will help your financial picture and put your mind at ease.

When You Need A Loan

As you pay down your loans and work your way to getting out of debt, there may be times when you urgently need money to pay for an unforeseen expense. Maybe you need to cover out-of-pocket expenses related to an emergency medical procedure for a loved one, or you find yourself having to pay for training that will make you more marketable. A short-term loan can help you pay for unexpected expenses even as you continue to pay off your overall debt.

Look to Your Loan Depot when you need cash quickly but don’t want to take out a huge loan. We have offices in Stephenville, Corsicana, Mansfield, and several other payday loan locations throughout Texas to serve you. Start by filling out our payday loan application to see how much you qualify for. Be sure to keep following the steps outlined above to get yourself out of debt, but rest assured that you can turn to Your Loan Depot when you need a short-term loan for unexpected expenses.

What Hurts Your Credit Score?

What’s Considered A Bad Score?

If your score is under 670, you’re in the fair range. Most lenders and other business organizations consider a score below 580 to be very poor. While it’s very challenging to get a loan with a bad score, it’s not impossible.

And A Good Score?

Anything about 800 is considered exceptional, but only about 20% of Americans are in this category. Generally speaking, a good score lies between 670 and 739, while anything between 740 and 799 is considered a very good score.

The More Obvious Things People Do That Hurts Their Credit Score

Any time you miss a payment on a loan, your credit score takes a hit. Missing a credit card payment not only incurs late fees and high interest rates, it also lowers your credit score. If your credit card payment is late by more than 30 days, pay it as soon as you can. Be aware, though, that any late payments can stay on your record for up to seven years. The best thing you can do to maintain a healthy score is to always make your credit card and loan payments on time.

Another obvious thing people do that lowers their credit scores is sharing an account with someone who’s not handling their finances responsibly. Here’s an example: You just got married, and your name is added to your spouse’s credit cards. You find out the hard way that they regularly max out their cards, and sometimes, they miss their payments. Even though you haven’t misused the account, your spouse has, and since your name is now on the card, you also take a hit to your score.

Some Surprising Things That Lower Your Score

Some people are surprised to discover that their score has dropped after they’ve refinanced a home or car loan. Refinancing a student loan can also hurt your credit score. So can canceling a credit card, or having no credit history to show potential lenders.

Too Many Credit Cards

Yet another reason for lowering credit scores is applying for too many credit cards. Maybe you’ve done this yourself — you’ve received a number of attractive credit card offers in the mail, and you’ve decided to apply for them. Unfortunately, you’ve just hurt your credit score. Or perhaps you’re remodeling your home, and you’ve decided to apply for credit at the home improvement and furniture stores you’ve been shopping at. The problem with doing that, though, is that your score will drop, and lenders may wonder why you’re so desperate for credit. Spend wisely; if you have exceptional credit, applying for store credit won’t hurt you much, but if you’re teetering between fair and poor, you could be hurting your financial prospects without even realizing it.

Loans For People with Poor Credit

If you have bad credit, can you still get a loan in Texas? Yes, in most cases, you can. If you need to get a loan, even with bad credit, contact Your Loan Depot. We have offices in Corsicana, Stephenville, Mansfield, and several other Texas locations to serve you.

Are you asking yourself, “Where can I get a loan with bad credit?” If so, then look no further than Your Loan Depot. We work hard to get you the money you need now. Contact us today, and one of our friendly representatives will work diligently to help you get the loan amount you need. Don’t wait; reach out to our offices in Mansfield, Corsicana, Stephenville, or one of our other Texas locations, and start finding the best loans for bad credit, even while you’re working to improve your credit score.

Fill out our online application today. Your Loan Depot is here to help you.

6 Expert Tips For Rebuilding Your Credit

When you have bad credit, it can be hard to qualify for loans, rent or buy homes, or even get hired by a new employer. It also can be hard on your emotional health and negatively affect your relationships. If you find yourself asking, “Where can I get a loan with bad credit?”, we hope you’ll think of us. However, while you can qualify for a bad credit loan with us in Texas, we also want to help you improve your credit score and financial future. In our blog today, we will provide you with helpful tips and expert advice for when you’re trying to rebuild your credit.

Not sure what’s affecting your credit score in the first place or how your credit score works? Check out our blog post on what’s impacting that respected number.

1. Find out your credit score

First things first, right? You won’t be able to improve your credit report unless you first know what it is and what your goal is. Here’s what your number means:

  • 300-619: poor or bad credit score
  • 620-679: average credit score
  • 680-739: good credit score
  • 740-800: excellent credit score

Even if you’re in the average range, many lenders are wary and will either charge higher interest rates or not give you a loan. When you have an excellent credit score — as you can imagine — more opportunities will be available to you.

When you find out your credit score and check your credit report, see what specifically is affecting your credit score: Late payments? Missed payments? Your debt utilization ratio? Whatever it is, make that your focus.

You’re allowed to order a free report from each of the three credit bureaus in one year, so order one today to get started.

2. Catch up on payments

Your payment history is responsible for 35 percent of your credit score. In other words, being behind on payments is the biggest influencer on your credit score. You most likely can’t pay everything at once, but don’t worry — contact your creditors, work out a payment plan, and start paying what you can.

When you’re going through this process, you need to be ruthless. Pinch pennies wherever you can, make a plan of attack, and keep to it. When it seems overwhelming or ineffective, look at all you’ve paid over the last couple of months and envision how nice it will feel when you’re no longer in debt.

3. Pay bills on time

Even if you can’t pay the entire amount all at once, make sure you pay the minimum amount possible at the very least. This even includes non-credit bills such as utility or rent payments. These late payments can be reported to the three credit bureaus and negatively impact your payment history as well.

If you have a difficult time remembering to pay bills, set up automatic withdrawals or reminders so you don’t miss any payments.  

4. Chip away at your debt

This is similar to the last tip, and just as important if you want to get out of debt and really improve your bad credit score. Your credit utilization ratio comes in right behind your payment history in order of impact on credit score — 30 percent of your credit score is determined by your credit utilization. For example, let’s say you have a credit availability of $10,000. If you have used $8,000 of that, then your credit utilization is 80 percent.

Owing a large percentage of your available credit will count against you on your credit report. For this reason, you’ll want to pay down your remaining debt as quickly as possible. Have a garage sale, find a second job, cut back on expenses — whatever it takes!

5. Avoid closing or opening credit card accounts

The age of your credit account is responsible for about 15 percent of your credit score. While you’re trying to improve your score, avoid altering the age of accounts whenever possible. If you have to close one because of how late you are on payments, then there’s no way to avoid it. However, keep all the same credit accounts whenever it’s in your control.

6. Be patient

Just as you most likely didn’t get yourself into this situation in one day, you won’t be able to get out of this situation in just one day either. It could take 60-90 days (or longer) before you even start to see your credit score improve, and depending on how much debt you have it could be years before you see the credit score of your dreams.

As you follow all of these tips though and practice good financial habits, you can be confident that you’ll one day see a credit score above 700. And even if it takes years before you get there, at least you’ll save thousands of dollars in interest in the process.

If you’re not quite there yet, then that’s OK. When you need a loan but have bad credit, Your Loan Depot can still help. We have some of the best loans for bad credit in Rosenberg, Tomball, Mansfield, Humble, Conroe, and our other Texas locations. We’re happy to provide loans for people with poor credit and help them get back on their feet again. When a financial emergency hits, your credit score won’t wait for you. Let us help — get a loan with bad credit today!

Your Guide To Paying Off A Payday Loan

There are plenty of financial emergencies in the U.S. that can warrant applying for a payday loan, but many people are afraid to do so because paying one of these loans can be intimidating. When all of your other resources are exhausted though, a payday loan may be your best option. Instead of being confused or unprepared later on, do research beforehand and make sure you’re committing to a payday loan repayment plan you can handle.

For payday loans in Texas, reach out to Your Loan Depot. We’re a Top Rated Local for payday loans in Texas, and we’re eager to help you improve your financial situation. We aim to not only be your loan provider, but also to provide you with the resources you need to succeed. Read our blog today for tips and tricks for paying off a payday loan.

4 Ways To Get More Money

When you’re in the market for a payday loan, you’ve likely had something come up that limits your cash. You may truly only need money until the next payday, but why not save up some extra money while you’re at it and be prepared for if something else comes up?

  1. Cut your expenses. Make a plan of how much money you have coming in and how much money you have going out. From there, plan out to the last tiny detail! Do you really need that subscription? Are you even using that gym membership? Are you spending too much eating out? By analyzing every expense and cutting costs, you’ll be surprised how much extra money you could have in a month. This extra cash could go toward paying off your payday loan; if you keep it up, then it could go toward your rainy day fund so you don’t have to take out a loan in the future.
  2. Have a garage sale. After you fill out a payday loan application, take a serious look at everything you have. Do you really need it? Sell all of your unused stuff on Craigslist or host a garage sale. By getting cash from neighbors, friends, and strangers for all of your unwanted products, you’ll have more money to quickly pay off your payday loan.
  3. Get another job. Because you qualified for a payday loan, you already have a job. What’s stopping you from taking another part-time job though? This will depend on your family and home situation, but you could make a serious dent in your debt by taking a part-time job — even if it were just on the weekends. It may seem too stressful initially, but imagine the decreased stress you’ll experience in just a few months from working hard and saving up more money!
  4. Change your withholding pay. You love the tax benefits and the ease of conscience you get from consistently putting money away into your 401(k) or another program your company has set up for you. However, when you’re trying to pay off a payday loan you want all the extra money you can get. Fill out a new W4 and adjust so you get more from your paycheck each week. You can always adjust it again later when you have some more money in your savings account.

3 Ways To Plan For Your Loan Payments

Everything above talked about ways to save just a little more money so you can pay your payday loan off with minimal stress and risk. Now, let’s talk about ways you can handle and research for the payday loan itself.

  1. Automate the debt payment. Are you tempted to spend money if you have it? If self-discipline with money isn’t really your thing, consider setting up automatic payments to repay the loan. Visit your bank and automate the debt repayment to go directly to your lender as soon as it reaches your bank account. Many lenders can even help you set up these automated payments, so just ask them if that’s something you’re interested in.
  2. Ask for an extended payment plan. This isn’t always an option, but it’s always good to check if you know that you’ll have a hard time repaying your loan. An extended payment plan (EPP) typically allows for four extra pay periods before you pay back the loan. Payday loan companies will sometimes agree to this if they see you’re serious and responsible about repayment.
  3. Check for prepayment penalties. Some payday loan locations will penalize you for paying off your debt early. Though you may want to pay it all off as soon as you have the cash to do so, the charges against this could be detrimental. Do your research beforehand so that you can avoid these additional costs later — sometimes paying it off early and paying the penalty will still save you money instead of paying the additional interest, so it’s definitely beneficial to look into this.  

Your Loan Depot has 10 payday loan locations in Texas so we can best help you in your time of financial need. Whether you’re looking for payday loans in Bryan, Stephenville, Pearland, Corsicana, Houston, or in another Texas city, reach out to us. Our payday loans are for up to $1000. If you need more money than that, consider a title loan.

We also offer payday loans online, but we have service in both Spanish and English when you come into one of our locations. Contact us today to get started!

Las Emergencias Financieras Más Comunes Para Las Personas En Los EEUU

Desafortunadamente, la vida está llena de problemas incómodos y, frecuentemente, caros. Sí, es posible planear para los malos tiempos. Pero cuando viene la próxima emergencia y no tienes efectivo en tu cuento de ahorros, ¿qué puedes hacer? A veces, simplemente necesitas efectivo rápidamente. Si has experimentado o estás experimentando algunas de las emergencias financieras en este blog, debes intentar a obtener un préstamo rápido a través de Your Loan Depot en Texas. Estamos aquí para ayudarte a mejorar tu vida.

Emergencias Médicas

Si tienes el seguro de salud o no, las emergencias médicas todavía están caras y pueden agotar tu cuenta de ahorros y tu cuenta corriente. Además, hay algunas emergencias financieras — como cirugía para el perro — que no damos pensamientos a y no estamos listos para nada.

  • Tu o tu ser amado. Cuando planeas por una emergencia, no significa que va a pasar. Simplemente significa que tendrás el dinero necesario si algo sí pase. Por supuesto, nunca sabes lo que la emergencia financiera será, cuando la pasará, o cuánto te costará. Si has sido ahorrando, algo pasa, y no tienes bastante dinero, un préstamo de día de pago o un préstamo por título de carro pueden ayudarte a pagar la diferencia.
  • Tus dientes. Cuidas tus dientes y vas al dentista cada año, pero ¿qué pasa cuando necesitas una endodoncia o tienes un diente astillado? Esta es una situación costoso y común, y muchas personas no planean por una situacion asi.
  • Tu mascota. Las mascotas son miembros de nuestras familias, ¿verdad? Pero si una mascota está herida o necesita un cirugía y no tienes las finanzas necesarias, puede ser una situación incómoda.

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Cambios De Trabajos

Si tú cambias o pierdas el trabajo, o tu cónyuge también tiene un cambio, tendrás muchas emociones intensos. Si tienes el trabajo de tus sueños al otro lado del país, probablemente estás emocionado. Si pierdas el empleo, probablemente sientas abatido. Sin embargo, con ambas situaciones hay razón para ser ansioso sobre tus finanzas.

  • Perdiste tu trabajo. Si sabías antes o estabas sorprendido con el cambio, habrá estrés en tus finanzas. Si no tienes un trabajo nuevo para inmediatamente después y no tienes mucho dinero en ahorros, un préstamo de día de pago o un prestamo de titulo de auto pueden ayudarte muchísimo.
  • Tu cónyuge perdió su trabajo. Cuando tú y tu cónyuge decidieron estar juntos, cometieron ayudar el otro durante los tiempos malos y buenos. Si has tenido dos ingresos y de repente uno está perdido, los efectos pueden ser tremendos. Con suerte, estabas ahorrando todo o parte del ingreso segundo en caso de una emergencia así. Pero si ustedes no lo hicieron, pueden obtener dinero urgente a través de un préstamo de una compañía de préstamos.
  • Tienes un trabajo nuevo. El resultado podría ser una mudanza al otro parte del país o simplemente al otro parte de tu ciudad. Sea como sea, podría estar costoso. Muchas veces, la compañía nueva te ayudará con algunos gastos, pero no con todos. También necesitarás tiempo sin trabajar para hacer todo lo necesario para la mudanza, que significa menos tiempo que estás trabajando y ganando dinero.

Reparaciones Inesperadas

Parte de la responsabilidad que lleva con ser dueño de una casa o una coche es poder pagar para las reparaciones. Desafortunadamente, muchos de nosotros no planeamos por estas situaciones. Si un accidente que fue tu culpa o no, un desastre natural, o una grieta en la fundación de casa causa la necesidad de tener reparaciones, muchas veces el seguro no pagará todo. Muchas personas en los EEUU acumulan mas deuda porque no tienen dinero suficiente en los ahorros para las reparaciones.

Viajes Inesperadas

No quieres estar morboso, pero también necesitas estar preparado para viaje inesperada, que típicamente ocurre a causa de la muerte. Si tu amigo o un miembro de tu familia está muriendo o necesitas ir a un funeral, estará caro. Volando está costoso, incluso si planeas en avanzo. Cuando compras un billete de avión para visitar a su primo, tio, o más en el hospital, probablemente no tienes mucho tiempo. En una situación así cuando necesitas dinero urgente, podría usar un préstamo de día de pago. No permitas que las finanzas te impiden de estar con tus amigos o tu familia durante un tiempo de necesidad.

Cambios Financieros Inesperados

Todo de que ya hemos hablado involucra las emergencias en que tienes que pagar dinero. ¿Pero qué pasa cuando hay un cambio en algo que ya debes o ganas? ¿Tendrás lo suficiente en ahorros para ajustar para la diferencia?

  • Una cuenta grande de impuestos. Es difícil saber cuánto debes en impuestos, pero si no ahorras dinero en avanzo, quizás no tendrás el efectivo necesario para pagarlo.
  • Se aumenta inesperadamente tu pago de préstamo. ¿Tienes un préstamo, como de hipoteca o de estudiante, que pagas regularmente? Si tu plan de devolución está basado en tu ingreso o en ratos de interés, podrías ver un aumento grande en tus pagos.
  • Ganas comisión en tu trabajo. Si tienes un trabajo en que ganas comisión, tus sueldos pueden variar mes a mes. Quizás no estás en la oficina por unas días o no vendes tanto como típicamente vendes. Si algo pasa y tu cheque de pago no está suficiente para tus cuentas mensuales, un préstamo rápido de efectivo podría ayudarte.
  • Una cuenta congelada o un línea de crédito reducido. Si no tienes los fondos necesarios en tu cuenta o si la coleccionista de deudas colecta una deuda vencida, tu banco puede congelar tu cuenta o reducir tu línea de crédito sin aviso.

Planear por estos eventos típicamente no es divertido. Pero si planeas con anticipación, puedes estar salvado de estrés y tener la paz financiera. Si todavía no estás allí, no te preocupes. Muchas personas tienen estas emergencias financieras sin mucho en las cuentas de ahorros. Obtiene un préstamo de efectivo rápido a través de Your Loan Depot en Texas, sobrevive tu emergencia, devuelve tu préstamo, y empiece a ahorrar para la próxima vez que venga un emergencia.