Posts tagged with "Your Loan Depot"

These Are The Most Common Financial Emergencies Americans Face

Unfortunately, life is full of uncomfortable — and often expensive — emergencies. Sure, planning for a rainy day is possible. But what about when the emergency hits and your savings account is depleted? Sometimes, you just need cash fast. If you’ve gone through or are going through any of the financial emergencies below, consider getting a fast cash loan through Your Loan Depot in Texas. We’re here to help you get back on your feet.

Medical Emergencies

Whether you have health insurance or not, medical emergencies are still expensive and can put a damper on both your savings and checking accounts. Additionally, there are some medical emergencies, like the family dog needing surgery, that are so far off our radar that we really don’t plan for them.

  • You or your loved one. Planning for a medical emergency doesn’t mean it’ll happen. It simply means you’ll have the money to deal with it if it does happen. Of course, you never know what the medical emergency will be, when it’ll happen, or how much it’ll cost. If you’ve been saving and something happens and you don’t have enough, a payday loan or title loan can help supplement the difference.
  • Your teeth. You take care of your teeth and go to the dentist for annual checkups, but what about when you need an expensive root canal or accidentally chip your tooth? This is an often-overlooked scenario that could be costly.
  • Your pet. Our pets are our family, right? But if a pet is injured or needs a surgery and your finances are tight, it can be an uncomfortable situation.

Changes In Jobs

If you or your spouse changes or loses a job, you’ll be dealing with a lot of emotions. If you’re getting your dream job across the country, you’re likely excited. If you lost your job or got laid off, you’re most likely feeling dejected. With both of these situations, however, there’s reason to be anxious about your finances.

  • You lost your job. Whether you had notice or were completely surprised with the change, this is a huge strain on finances. If you don’t have a job lined up immediately afterward and you don’t have much in savings, a payday loan or title loan can make all the difference.
  • Your spouse lost his or her job. When you and your partner decided to be together, you decided to help each other through the thick and the thin. If you’ve been living with two incomes and one is suddenly lost, the effects could be devastating. Hopefully, you were saving all or some of the second income in case of an emergency like this. If not, consider getting the cash you need through a payday or title loan company until you can start paying bills again.
  • You’re getting a new job. This could result in a sudden move across the country or simply across town. Either way, it could be expensive. Your new company will likely cover some expenses, but not all. You’ll also be taking time off of work to get everything done that you need to for the move, which means less time you’re working and earning money.

Unexpected Repairs

Part of the responsibility that comes with owning a home or a car is being able to pay for repairs. Unfortunately, not many of us plan for either of these situations. Whether an accident that was or wasn’t your fault, a natural disaster, or a crack in your foundation caused the need for repairs, your insurance most likely won’t cover the whole bill. Many Americans go into more debt because they don’t have enough money in their savings for unforeseen, but necessary, repairs.

Unexpected Travel

You don’t want to seem morbid, but you also need to be prepared for unexpected travel, which often occurs because of death. If your friend or family member is dying or you need to attend a funeral, it’ll be expensive. Flying is expensive even if you plan ahead! When you buy a plane ticket to visit your hospitalized family member, you’re likely not planning in advance. In a situation like this where you need cash fast, you could opt for a payday loan. Don’t let your finances keep you from being with your friends or family in a time of need.

Unexpected Financial Changes

Everything we’ve talked about thus far involves emergencies that will cost you money. But what about when there’s a change in something you already owe or earn? Will you have enough in savings to make up for it?

  • Large tax bill. You may not know how much you’ll owe in taxes, but not saving up for tax season could be detrimental. You’ll want to make sure you have enough to cover them.
  • Loan payment increases unexpectedly. Do you have a loan, such as a mortgage or a student loan, that you regularly make payments on? If your repayment plan is based on your income or on interest rates, you could see your payments increase significantly.
  • A commission-based job. If you have a commission-based job, then your paychecks will vary from month to month. Perhaps you’re out of the office for a few days or you don’t make as many sales as you typically do. If this happens and your paycheck doesn’t cover your monthly bills, a fast cash loan could help.
  • Frozen account or reduced credit line. If you don’t have sufficient funds in your account or if a debt collector collects on a past-due debt, your bank can freeze your account or reduce your credit line without warning.

Planning for any of these events isn’t necessarily fun. But by planning ahead and having money for a rainy day, you can save yourself a lot of stress and have financial peace. If you’re not quite there yet, don’t worry. Many people face these financial emergencies without much in their savings accounts. Get a fast cash loan through Your Loan Depot in Texas, get through the emergency, pay your loan back, and then start saving for the next time an emergency comes up.

How Do Title Loans Work?

When you’re in a tight financial situation, it can be hard not to feel alone, anxious, and desperate. At Your Loan Depot in Texas, we’re here to provide you with car title loans and payday loans that can help you can get back on your feet. No matter the financial emergency you’re experiencing, we hope we can help. From our blog, you already know the benefits of using a payday loan in a financial emergency. Because there’s a lot of confusion about title loans, in our blog today we’re going to briefly and simply explain what a title loan is.

What is a title loan?

In a car title loan, you use your vehicle title as collateral in order to get the loan and you pay the lender a fee. You must own the vehicle and have its lien-free title in order to do so. If you were to get a title loan, you would temporarily surrender your vehicle title (this could be to your car, truck, ATV, RV, or boat). Once you repay the loan, the vehicle title is returned to you. Your vehicle is never out of your possession. This is important to note, so that you know you can still get to work and other activities even though you used a car title loan. If you default on your payments, the lender is legally permitted to repossess the vehicle and sell it in order to repay the outstanding debt.

  • The amount of money you’re able to borrow will depend on the title loan company and what your vehicle is worth.
  • These are generally short-term loans, meaning that they’re scheduled to be repaid in less than one year and often as quickly as 30 days.
  • Auto title loans typically carry higher interest rates than other credit options.
  • Title loan applications can be quick — at times taking as few as 15 minutes — because lenders don’t always check your credit score or history and primarily considers the condition and value of the proposed vehicle.

How do you pay it off?

Payment terms and options will vary by state, product, and case. Before you hand over your title, make sure that you’re comfortable with the established regulations and that you’ll be able to pay it off on time. You can accrue interest and other fees the longer you wait to pay it off, so be aware of what you’re getting into from the start and make a plan of action. You don’t want to be out of cash and a vehicle a year from now.

Your Loan Depot

When you have unexpected events or need extra cash for a special event, don’t hesitate to work with us. At all of our locations throughout Texas, our title loan services will allow you to borrow up to $10,000 based on your collateral.

  • After you repay your loan in full, your vehicle title will be immediately returned to you.
  • We offer a 72-hour cancellation period if, for any reason, you decide the auto title loan isn’t for you.
  • We require vehicles to be in working condition before we agree to lend you money.
  • We offer a 30-day payback policy.
  • All loans are subject to approval and not all applicants will qualify.
  • We’re licensed by the Texas Office of Consumer Credit Commissioner.

At Your Loan Depot, we specialize in personal relationships. Whenever a need arises, we hope you’ll think of us for payday loans and car title loans. We aim to be a title loan company you can trust. Call, email, or visit any of our locations today to ask questions about and fill out a title loan application. Eliminate stress from your life and get cash now.

The Pros of Using a Payday Loan in Financial Emergencies

A financial emergency is always more than just a financial emergency. It’s something that affects other parts of your life. And money could help. Right now. You don’t get a payday loan every day or every paycheck. But they are there when you need them. Here are some of the pros of getting a payday loan in financial emergencies.

1. They can get you off the hook for an even more expensive problem

There are some emergencies where if you don’t find a way to come up with the funds, it could cost you (or a loved one) a whole lot more than just the amount of money you need to find right now.

  • A loved one is sick and needs an expensive medication that could save their life.
  • You need to bail someone out of jail or they’ll lose their job.
  • Your car breaks down and if you can’t fix it, you won’t have a way to get to work.

Payday loans may not be cheap, but they can be cheaper than some of the bigger problems that life wants to throw your way.

2. They are fast

Compared to the alternative of getting a conventional loan from a bank, a payday loan is super fast. Walk in with your paycheck, walk out with a loan. When you go the bank route, you have to fill out a bunch of paperwork, prove that you have assets and collateral to back up the loan, and have a convincing reason why you’ll be motivated to pay it back in installments. The process may take days while the bank underwrites you, and at the end of all that, they could tell you that you’re denied. Some emergencies won’t wait that long.

3. The only thing at risk is your paycheck

For many bank loans, in order to get the loan, the bank will not lend you anything unless they can guarantee that they’ll have a way to get the money back. They may put a lien on your car, and if you don’t pay back the debt, you lose your car. Same thing for getting fast money by putting your stuff in a pawn shop. You could lose your stuff for a lot less than you paid for it.

With a payday loan, the only thing at risk is your paycheck. You can always make more money. Only you can tell how big a risk this is to you. Many people do live from paycheck to paycheck and can’t afford to lose even one paycheck. However, some emergencies are bigger than the risk of losing a small sum of money today, and if you can’t pay the sum back on the very next paycheck, you can pay the finance charge again to roll over your loan to the next check.

4. They are convenient

A payday loan is a convenient way to get some fast cash and pay it back when you have the chance. Payday loans are convenient because they are built on the opposite principle of most loans. Most loans are built around whether or not the borrower has the ability to repay (while still paying for all their other expenses). If the lender concludes that you’re not able to repay, they won’t lend you anything. Payday loans are the opposite; they are built on the lender’s ability to collect, and since you’ve written them a check that they won’t cash until your payday, they know that they will be able to collect. This leaves the burden on you to determine whether you’ll be able to pay back the loan, but in exchange, you get the convenience of a fast loan that’s easy to obtain.

5. You don’t have to have good credit

Payday loans are an option for people who have no credit or a very low credit score. If your credit history is poor or nonexistent, but you have a stable income and an active checking account in good standing, you’ll typically be able to get approved for a payday loan easily.

6. You can’t get in thousands of dollars of debt

If you’re afraid of debt, you’re not alone. However, there are other ways that you can get in far more debt than with payday loans. The way payday loans work, you get a finite amount of money on a short-term basis. The amount of money you get is typically smaller than the total amount of your next paycheck minus a financing fee. This is still a lot of money (after all, you worked for a whole week or two of your life to earn that money), but it’s a finite amount that is reachable for more people to pay back.

Compare this to opening a credit card where you get a credit limit of thousands of dollars. If you have trouble keeping your spending within what you can afford to pay off each month, a credit card can be an even bigger trap, as you’ll be in debt for years, racking up hundreds of dollars in interest and paying almost twice as much as the original price by the time you finish paying it off. The credit card companies know that many people will spend up to the credit limit and then carry a balance at or near the credit limit for years. They’ll sometimes even raise the credit limit once you reach your current one, ensuring that you’ll continue to pay them interest for many years to come.

7. There are few requirements to get a payday loan

If you need cash fast, you don’t need someone who is going to ask you a hundred questions and make you bring bushels of paperwork to the office before they’ll issue you a loan. Just bring the proof that you’ll be paid and that you have a stable job history, and then write a personal check to your payday loan company. In most cases, you’ll be approved for your payday loan and you can go on your way and do your business.

Get your payday loan in Texas today

Stop by one of our locations in Texas today for your payday loan, or apply online.