Posts made in August 2018

The Most Common Financial Emergencies Americans Face Part 2

There are so many potential financial emergencies you could find yourself faced with.

You never know when a financial emergency could come up, leaving you struggling to find the cash that you need. At Your Loan Depot in Stephenville, we know how devastating a financial emergency can be, and the last thing we want is for you to have to live on Ramen Noodles or hot dog water soup because your emergency left you unable to put food on the table. That’s why we’re here to provide you with fast cash loans when you need them most. In our last blog, we touched on several financial emergencies Americans face every day. Here are a few more:

#6. Vehicle Expenses

Unfortunately, in most American cities, public transportation is inadequate. This is especially true if you work a job with irregular hours or you live in a rural area. That means that many Americans rely heavily on their vehicle to get them around, and if an unexpected expense comes up with your vehicle, it can be difficult in more than one way. For instance, if your car were to break down and it needed an expensive repair to fix, or it is beyond repair and will require replacement, not only will you have to figure out how to get the money for the repair or replacement, but you’ll also have to figure out how to get around in the meantime.

#7. Unexpected Travel

When most people think of travel expenses, they imagine luxury vacations on the beach, but not all travel is planned, nor is it all enjoyable. In some cases, you may find yourself with the need to get travel across the state, the country or the world at a moment’s notice, like if a relative gave birth or got sick. Airfare is expensive enough when you have the luxury of planning in advance, but it can be downright debilitating if you find yourself having to buy a last-minute plane ticket due to a medical or family emergency.

#8. Surprising Tax Bill

The good news is that most of us don’t have to think about filing our taxes any time soon, but when the time comes, an unexpectedly high tax bill can leave you scrambling to cover all of your expenses, especially if you were expecting a refund and ended up with a bill instead. This is expected to be a larger than average problem in 2019. The new tax law that went into effect in 2018 has allowed more workers to see more income on their paychecks, but there is a concern that many employers may not be deducting enough, leaving many more people unexpectedly owing taxes.

#9. Emergency Pet Care

Some people may scoff at the idea of pet care being a financial emergency, but most people understand how important pets are to their families. In fact, most pets are important members of the family, just like everyone else! But, if you’ve ever had to take your pet to the emergency veterinarian during off-hours, like overnight or on the weekends, we don’t need to tell you how expensive it can be. And, even if your pet is able to go to your regular veterinarian, an emergency surgery or another emergency treatment could set you back thousands of dollars.

#10. Sudden Move

There are many possible reasons as to why you may need to move out of your house unexpectedly. Maybe you’re renting your home month to month, and your landlord decided that they’d rather sell it instead. Maybe there was a gas leak or another emergency that makes living in the home unsafe for the time being. Or, maybe you can no longer afford the mortgage or rent payment for some reason. Whatever the reason, an unexpected move can be incredibly expensive and stressful, leaving you to figure out how to make it work while still putting food on the table.

When you’re facing a financial emergency, let Your Loan Depot help you find the cash you need.

In this blog series, we touched on 10 common examples of financial emergencies, but there are many more possible emergencies you could find yourself facing. No matter what kind of financial emergency you’re faced with, though, you’ll find the fast cash loan you need in Stephenville with Your Loan Depot. Contact us today to get started.

The Most Common Financial Emergencies Americans Face

Unfortunately, Americans face financial emergencies every day.

No matter how predictable and routine your life may be, all it takes is one emergency to flip it on its head. The truth is that you never know what life will throw at you; all you can do is to be as prepared as possible. But, the unfortunate reality is that many Americans simply don’t have the savings to weather the financial ramifications of most emergencies. Stagnant wage growth, high rent and lots of debt make it almost impossible for many people to scrounge enough money together to save enough to cover even a $400 emergency. But, the good news is that Your Loan Depot is here to provide you with the emergency fast cash loans you need in Stephenville and throughout Texas. Here are a few of the many financial emergencies we can help you through:

#1. Job Loss

Regardless of whether you are the one who lost a job or your spouse or partner did, it can be devastating. For most of us, our jobs are our biggest source of income, and that income is not easy to replace. Your best bet in a situation like this is to secure another position right away, but that’s not always possible. Sometimes, a short-term loan, like a title loan, is a great option to help you make ends meet until you are able to start getting paychecks again.

#2. Increase in Cost of Living Expenses

If you rent your home or have a flex-rate mortgage, then a fluctuating economy could quickly leave you with a monthly payment that is much harder to make. Or, if say the cost of gas went up, you may find yourself with higher utility bills than you’re used to and you may not be able to afford them. No matter the case, an increase in your living expenses can be hard to cover, especially if you’re already on a tight budget.

#3. Medical Expenses

In the United States, one in five working-age Americans who have health insurance have trouble keeping up with their medical bills. The rates of uninsured Americans who have trouble paying their medical bills are even higher, at about 53 percent. Whether or not you have insurance, a large medical bill can be crippling. Unexpected bills, typically resulting from a sudden injury or illness, tend to be the most troublesome for Americans, but even medical bills that you expect, like the ones you get from long-term treatment, can make it difficult financially for many people.

#4. Natural Disasters

On August 25, 2017, Hurricane Harvey hit Texas, leaving behind $125 billion in damage and taking the lives of 88 people. The flooding from the hurricane alone forced about 39,000 people to evacuate their homes. Many of the victims of Harvey undoubtedly faced severe financial hardship, even if they had flood insurance. But, not every natural disaster has to be this extreme to put Americans in a difficult financial situation. Even something as simple as roof damage caused by hail or a flooded basement after a rainstorm can put a family in a dire financial situation.

#5. Household Repairs

When household emergencies happen, they can leave Americans with huge repair bills that can be difficult to afford. While some of these repairs may be able to wait a few months for you to save up the money, some of them require immediate attention. For example, if your hot water heater were to break, it’s not really something you can afford to live without. You need hot water for everything from doing the dishes to taking showers, and you’ll be looking at spending up to $900 for a new hot water heater, plus another $200 or so for installation. Considering that 40 percent of Americans don’t even have $400 set aside for an emergency, you can bet that $1,100 will be difficult to come up with.

When you need fast cash for a financial emergency, you need Your Loan Depot.

No matter what kind of financial emergency you’re facing, turn to Your Loan Depot. We offer payday loans and title loans that can help you get the money you need when you need it most. Best of all, we can work with almost anyone, even if you have a bad credit score.

Contact us today about applying for a fast cash loan in Stephenville, and stay tuned for our next blog to learn about more common financial emergencies Americans face.

¿Cuáles Son Mis Opciones Cuando Necesito Dinero?

Esto es algo que nos pasa a todos. Necesitamos dinero, pero no sabemos cómo conseguirlo. Siempre hay los gastos regulares que tenemos cada mes, pero de repente, nos aparece una emergencia, y necesitamos dinero urgentemente para poder pagar estos gastos inesperados.

Si necesitas dinero por cualquier razón y te encuentras preguntando, ¿cuáles son mis opciones?, lee este artículo sobre tus posibilidades.

Puedes Pedir Préstamo Del Banco

Si tienes una relación buena con tu banco, es posible que puedas conseguir un préstamo por la cantidad que necesites. Pero no todos tienen esa clase de conexión, y aunque la tengas, los bancos tienen que seguir sus modos de operación. Quizás no te pueden darte todo lo que precisas, o a lo mejor te quieren ayudar, pero no calificas para un préstamo. Los bancos
se vuelven cada vez más cuidadosos acerca de a quién le prestan dinero, así que esta opción no es realizable para todos.

Puedes Prestar Dinero De Familia

Hay gente que puede conseguir dinero de algún familiar sin problema. Si tienes un tío rico o una abuela con mucho dinero, quizás puedas pedirle dinero. Pero no todos tenemos esa suerte. Y además, a veces no es una idea buena pedir ayuda monetaria a la familia. Puede causar problemas o disgustos. La familia es demasiada importante para arriesgar alienar a alguien.

Puedes Trabajar Más Horas

Algunos pueden hacer esto. Dicen, “Necesito dinero, entonces voy a trabajar más horas.” Esto te puede resultar. ¿Pero qué si necesitas ese dinero ahora mismo? Tu jefe no te va a pagar hoy por trabajo que aún no has hecho. Seguramente tendrás que esperar unas semanas hasta que veas ese dinero.

Puedes Vender Algo Valioso

Si tienes cosas valiosas, como joyas, herramientas, o muebles finos, puedes venderlos y conseguir dinero de esta manera. El problema es que es difícil vendor algo a un precio justo, porque todo el mundo quiere una ganga. Además, algún día extrañarás lo que has tenido que vender al apurro.

Puedes Conseguir Un Préstamo Rápido

Otra opción es conseguir un préstamo rápido. Tienes dos alternativas; puedes conseguir un préstamo de título, o un préstamo de día de pago. Cada uno trabaja un poco diferente.

Con un préstamo de título, usas tu automóvil como garantía, o mejor dicho, el título de tu coche sirve para garantizar que pagarás tu préstamo a tiempo.

Con el préstamo de día de pago, puedes prestar dinero rápido y después pagarlo de vuelta cuando tu empleador te pague en el próximo día de pago.

Estas opciones no son para todos, pero si necesitas dinero para cubrir una emergencia, investiga si puedes calificar para un préstamo rápido.

Your Loan Depot Te Puede Ayudar

Nuestra compañía se especializa en préstamos rápidos para ayudar a la gente que se encuentra en una situación difícil. Si necesitas dinero ahora y no sabes cómo conseguirlo, llama a Your Loan Depot. Tenemos varias oficinas en Texas para poder ayudarte mejor. Nos puedes encontrar en Corsicana, Humble, Mansfield, Conroe, Stephenville, y otros lugares en nuestro estado de Texas.

Si quieres hablar sobre tus opciones para conseguir dinero en una emergencia, llámanos hoy.

The Myths About Title Loans Part 2

Don’t let the many myths about title loans hold you back from getting the fast cash you need in an emergency.

Whether you’ve dealt with a medical emergency that makes it difficult to work, you’ve just lost your job or you’re in the midst of dealing with a different kind of emergency, chances are, you’re going to need access to some cash, and quick. Luckily, with a title loan in Corsicana from Your Loan Depot, you’ll have the quick cash you need to bridge the gap between paychecks or until the time another source of income comes in. But, the downside is that many people don’t even attempt to take advantage of these kinds of loans because of the many myths surrounding them. That’s why, in our first post in this series, we debunked the top four myths about title loans. Keep reading to learn the truth about more myths:

Myth #5. A title company’s main goal is to acquire your vehicle.

Title loans companies have a bad reputation, and unfortunately, much of this bad reputation stems from false or unfair beliefs about the goals and practices of title loan companies. But, it’s important to know that, while there may be some unsavory players out there, if you’ve found the right title loan company, like Your Loan Depot, you’re working with a lender who just wants to help. Of course, like any company, a title loan company wants to make a profit, but at Your Loan Depot, our first priority is to help you get fast cash and pay off your loan on time. Defaulting on your vehicle is the only way to lose it with a title loan, and we’ll work with you throughout the process to help to prevent a default.

Myth #6. If you get a title loan, you’ll be in debt for the rest of your life.

This is another one of those myths that make title loan companies seem like the bad guy, but you’ll be glad to know that it’s simply not true. A title loan is not designed to put you in a cycle of debt for the rest of your life. It’s simply designed to get you the quick cash you need when you don’t have the time or the resources to go with a traditional loan. And, title loans are designed to be paid back quickly, allowing you to get through the life of the loan faster so that you can get back to your day-to-day life.

Myth #7. Anyone can qualify for a title loan.

As we mentioned in our last blog, when you put down the title of your vehicle as collateral, it provides the title loan company with an extra level of protection, which allows them to open up their requirements for loan approvals. This makes it possible for title loan companies to lend to a wider customer base, many of whom might not be able to meet the requirements of a standard loan from a bank or a credit union. It’s for this reason that title loans are ideal for people who have poor credit scores and cannot qualify for a traditional loan; however, this doesn’t mean that every single person who applies will be approved. Although the requirements are less stringent than traditional loans, and that title loans are easier to qualify for, they are still subject to approval, and you’ll still need to be able to prove that the payments of the loan will be affordable to you and that you’ll be able to pay them.

If you’re unsure about whether you will be approved or not for a title loan, it doesn’t hurt to apply.

When you need fast cash, you need Your Loan Depot.

We hope that this blog series has helped to set the record straight about some of the most common myths about title loans, but if you are still concerned or have additional questions, you can always feel free to stop by our Corsicana location or any one of other other locations in Texas. We’re happy to answer your questions and address your concerns, and our experts can also help you determine which loan will work best for you. Contact us today to take the first step toward getting the fast cash you need.

The Myths About Title Loans

There are many myths surrounding title loans.

If you’re facing a financial emergency of any sort, a title loan may be the right fast-cash loan you need to make ends meet. However, there are a lot of myths out there about title loans that prevent people who could truly benefit from them from ever applying. At Your Loan Depot, we know just how valuable a title loan in Corsicana can be when you’re in a financial bind, and that’s why we’ve set out to reveal the truth about the most common title loan myths.

Myth #1. You’ll have to give up your car for the term of the loan.

Many people believe that, in order to qualify for a title loan, they will need to give up their actual vehicle as collateral for the term of the loan. But the reality is that, when you apply for a title loan, your title is handed over to secure the loan, not your actual vehicle. At Your Loan Depot, we understand that you have to be able to get around, and we will not require you to give up your vehicle. The only way you could end up having to give up your vehicle is if you default on the loan, but rest assured that we’ll work with you to prevent that from happening if you believe you are at risk of defaulting.

Myth #2. You have to have a good credit score to qualify.

With the vast majority of other loan types, you’d need at least a decent credit score to qualify, but luckily, that’s not the case for title loans from Your Loan Depot. Your vehicle’s title give us the collateral we need, which gives us more freedom to offer credit to those who have less than stellar credit. That’s not to say that every single individual who applies for a loan will be approved, but we have the unique ability to lend to people, even if they have a bad credit score. If you need cash, but your credit score is holding you back, don’t hesitate to apply for a title loan with Your Loan Depot.

Myth #3. Title loans have egregiously high interest rates.

Title loans aren’t like regular loans, which are approved based on your credit score, financial history, income, etc. When you put your vehicle’s title down as collateral, you’re providing the title loan company an extra level of protection that allows them to widen the parameters of the loan approval process, allowing people who wouldn’t traditionally be able to get a loan to actually secure the money they need. Because title loans have wider parameters for approval, they do typically have higher interest rates than normal loans, but that’s not the whole story. Title loans are designed to be short-term loans that are paid off quickly, which means that you won’t pay nearly as much in interest over the life of the loan. Plus, there are many factors that determine your interest rate, including the collateral you put down and how much the loan is for.

Myth #4. You have to own a car in order to get a title loan.

Need fast cash for a financial emergency but you don’t own a car? Don’t give up hope, because you might still be able to get the loan you need. At Your Loan Depot, not only do we accept titles for cars and trucks, but we also accept titles for mobile homes. And, if you don’t have a title for a car, truck or mobile home, you may be able to find the cash you need with a payday loan.

Are you in need of a title loan in Corsicana?

If so, look no further than Your Loan Depot. We’re proud to be your go-to title and payday loan company, and we’re confident that we can help you find the cash you need when you need it most. Be sure to stop in at our store in Corsicana, or any one of our other Texas locations, to apply today. You can also apply online!

Would you like to learn the truth about more common myths about title loans? If so, make sure that you stay tuned for our next blog!

How Is Your Credit Score Calculated?

Your credit score reflects the health of your credit history, with a higher number being better. Anything above 700 is good. If your score is below 580, many lending companies will not give you a loan. Before you can improve your score, you need to have a better idea of how it’s calculated.

Primary Considerations That Go Into Your Score

The first thing you need to know is that there are three major bureaus that calculate your credit score. They are Equifax, TransUnion, and Experian. Don’t be surprised to find that each of these companies has calculated a different score for you; that’s because each company uses its own model for determining your score. But there are several key components that go in regardless of the model used, components that you actually have a great deal of control over.

The main considerations are:

  • Credit Card Accounts: How many different credit card accounts do you have? Don’t just consider your main cards, like Discover or Visa. Factor in all the store credit cards you’ve acquired as well. When it comes to your credit score, having too many cards can be harmful.
  • Current Loans: Do you have many loans that will take a long time to pay back? If you have mortgages, student loans, car loans, and others, you’ll want to try to pay at least some of them down significantly to improve your credit score.
  • Payment History: Do youmake your payments on time? If you’ve never missed a payment, your score is likely pretty good.

 

Some Additional Important Factors

Another consideration is the length of your credit history. If you’ve just opened your first credit card account, you won’t have much of a credit history yet. But don’t worry — in a few months or so, your history will build and your score will reflect your credit picture more accurately.

Another factor that affects your score is whether or not your credit cards are maxed out. Lenders want to see that you are able to pay your balances, at least the minimum that’s due each month. Also, if too many different agencies are inquiring about your credit all at once, your score can go down, at least temporarily.

What Can Hurt Your Credit Score

Of course, missing payments is a biggie. Late payments stay on your credit reports for years. Also, watch the spending and repayment habits of anyone who shares your account, such as a spouse. If they’re handling their credit cards irresponsibly, their scores will drop — and so will yours.

Read our previous post, What Hurts Your Credit Score, to find out what else can cause your score to drop.

Ways To Boost Your Score

You’ll be happy to know that there are many ways to increase your credit score. We can’t stress this enough: pay as much of your balance as you can every month, and make sure that all of your payments are received on time. Start to do this consistently, and watch your score improve steadily.

Another way to boost your score is to curb your spending to give you a chance to catch up with payments and reduce your balance. In addition, stop applying for every credit card offer that comes your way; each new credit card application brings your score down.

When You Need Money Fast

When you need cash quickly, such as for an emergency, but your credit score is keeping banks from lending you money, consider a payday loan. This type of loan is considered short-term, and it’s designed to get you through unforeseen circumstances until your next paycheck comes in.

Payday Loans In Texas

At Your Loan Depot, we specialize in fast-cash loans that help people with good credit, bad credit, and everything in between access funds quickly for emergencies and unexpected expenses. Our payday loans and title loans can be just what you need to pay for an emergency now, which can be a big help in between paychecks.

Fill out our payday loan application online to get started. If you have any questions, give us a call. The courteous representatives at Your Loan Depot will answer your questions and explain any terms you may not understand. We are here to help you through whatever financial emergencies you may encounter. We have several payday loan locations throughout Texas to serve you, including our offices in Stephenville, Corsica, Mansfield, and Houston. Get in touch with us today!

Most Americans Don’t Have The Savings To Cover An Emergency — Do You?

The Unexpected Emergencies In Life

Emergencies come up when we least expect them and they can take many different forms. They include sudden illnesses that requires immediate medical attention, or we may incur high costs associated with a trip to the emergency room and overnight stays at a hospital to care for injuries following an accident.

An unexpected emergency can be the heat suddenly going off on the coldest day of the year on the weekend when most HVAC businesses are closed. The charges for a specialist coming in on a Sunday afternoon on short notice to get your heating system working again will add up quickly.

There are many other possible emergencies we can experience, and sometimes we may even go through multiple emergencies in a single month, depleting our savings and setting us back financially.

The Money In Your Savings Account May Not Be Enough

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Medical bills can easily run into the thousands of dollars, exceeding what many Americans have at any given time in their savings accounts. According to a recent story in MarketWatch, most Americans don’t even have $1,000 in savings. In fact, about 62% of Americans have less than this amount in their savings account.

If you don’t have health insurance, a medical emergency can cost you way more than what you have in savings. Even if you do have adequate health insurance, your out-of-pocket expenses may still exceed what you have saved up.

Other emergencies can drain your savings too. If your car engine suddenly dies, auto mechanic repair costs can easily run into the thousands of dollars. A new water heater can cost over $900. If at the same time that you need that new water heater, your child suddenly develops a painful toothache and requires emergency dental services, your unexpected expenses for the month can quickly rise above your current savings.

When You Need Money Fast

There may be few options for you when you need money fast and you don’t have enough savings to cover your unexpected expenses. You can pay with a credit card, but your interest rate may be very high, or your limit may prevent you from covering the entire cost. And if you have bad credit, you may not even be able to use a credit card when you need it the most.

You can borrow from family members, but they may be experiencing their own financial hardships. Besides, borrowing from family can sometimes lead to strained relationships and other issues that you’ll want to avoid.

Another option is to take out a loan. At Your Loan Depot, we have programs in place to help you get the cash you need fast to pay for unforeseen expenses. We specialize in payday loans and title loans that can get cash into your hands quickly to cover emergencies.

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Fast-Cash Loans In Texas

If you live in Texas, you’re in luck — Your Loan Depot has several locations to serve you. Get in touch with the office nearest you, whether it’s in Mansfield, Corsicana, Houston, Stephenville, or any other one of our convenient locations. Our fast-cash loans for Texas residents are easy to qualify for, and our knowledgeable staff is ready to answer whatever questions you may have. Apply today!