Anyone ever use those Title Loans? Your Experiences!

[dsnycrzy]

I wanted to see if this is worth it. I dont want to get in over my head.
TIA

 

[paladin]

Stay far, far away from any of these places!!!!!! The interest rates are VERY high (it varies by state but can be upwards of 350%!)(Yes, you read that correctly).

Here is an article about these loans - it is from 2008, but the information still applies. http://www.cnn.com/2008/LIVING/wayoflife/10/08/aa.car.title.loans/index.html.

Any of these places - title loans, pay day loans, etc. are BAD NEWS. Even if desperate for money, I would suggest finding some other way to get it. You said you didn't want to get in over your head - these places are designed to get people in over their heads. Sad, but true.

 

[beansmom]

^totally agree

 

[beansmom]

^totally agree

 

[r&kmommy]

I would sell my eggs and/or plasma before I ever considered a title loan/payday loan. They are basically legal loansharks. Run, don't walk, away from that idea...

 

[dsnycrzy]

Ok I'll erase that thought, believe it or not, it was for a quick trip to disney. As you can see from below, this will be the 1st year in 15 that I cant go due to moving to a new house I'll just look up a cute disney alcoholic beverage for each day in august and deal with it. Thanks Guys

 

[r&kmommy]

Ok I'll erase that thought, believe it or not, it was for a quick trip to disney. As you can see from below, this will be the 1st year in 15 that I cant go due to moving to a new house I'll just look up a cute disney alcoholic beverage for each day in august and deal with it. Thanks Guys

New House!

Adult Beverages!

Disney will always be there. Sucks to miss a year, but it's for a great reason!! And you certainly don't want to be dealing with broken legs and 400% interest just to go to the World, you wouldn't be able to have fun knowing what you had to do to get there!

Mmmmm now you got me craving a frozen mudslide

 

[dsnycrzy]

New House!

Adult Beverages!

Disney will always be there. Sucks to miss a year, but it's for a great reason!! And you certainly don't want to be dealing with broken legs and 400% interest just to go to the World, you wouldn't be able to have fun knowing what you had to do to get there!

Mmmmm now you got me craving a frozen mudslide

LOL Thanks

I even tried looking for a quick xmas trip but the amtrak rates are horrible and I dare not consider driving after last winter, so I am almost at my 365 day mark

 

[Cheshire Figment]

I was in college, and an accounting major, when Federal Reserve Regulation Z went into effect requiring that all loans indicate the APR on the paperwork. I had a part time job working in a small chain of pawn shops and liquor store combinations in the Fort Bliss area.

The boss asked me to calculate the APR on all amounts of loans from $1.00 up to $100.00, and then by $10 increments up to $250.

I based my calculation on the (wrong) assumption that the pledge would be redeemed in exactly 30 days. Based on the way our rates were set up, when the loan amount got up to $23.00 the APR got down to 200%. Since most pledges were redeemed in less than 30 days, the actual APRs were really much higher.

 

[beansmom]

i'm not raggin on ya but consider what happens IF for some reason you couldn't make your payments. No one's job is 100% safe anymore...those sharks WILL take ownership of your vehicle. How do you go to work then? It could be the beginning of a financial disaster tht would take months, if not years, to recover from. It is simply not worth it.

Most people don't get to go to disneyworld every year. Do the responsible thing and just plan for another time when you can afford to go on a CASH basis.

 

[beansmom]

btw, right now, in my front yard is a car OWNED by one of those places...my DS was stupid enough to take a title loan when he lost his job last year. It's broken down--unfixable==and we can't even get it towed away because the sharks own the title.

honestly, do not do it.

 

[bumbershoot]

Yay for the new house! Spend the weekend or week decorating with a Disney theme.

 

[dsnycrzy]

Yay for the new house! Spend the weekend or week decorating with a Disney theme.

I am convinced guys, thanks. I actually am doing the disney night themes from the family thread. Went to the dollar store to pick up stuff to do Princess and the frog and Lilo and Stitch. And I researched how to make different Martinis

I'll just obsessively plan for August 8th-23rd 2011 since a few of my teenage kids have invited a few of their friends (about4-6 total). They are all WDW virgins so I need to get things super planned. Thanks guys!

 

[Purseval]

These "sharks" as people like to call them are taking a risk by loaning money to people who don't qualify for loans from any respectable institution, whose friends and family run the other way when they see them coming and can't even qualify for a secured credit card. It's a market you esentially work yourself into by being consistently bad to everyone and everything that has given you a break in the past. That is why the interest rates are so high. If you can afford to knock them then you probably aren't in the demographic that keeps these people in business.

 

[bettymae1121]

I'd go to a loan shark before one of these places. The loan sharks are more forgiving...

I understand these lenders are taking a higher risk, but their policies are designed to keep poor and often uneducated people in a cycle of debt that is nearly impossible to climb out of. With title loans it's even worse, a person can easily lose their car and then have no way to get to work to earn money.

 

[Purseval]

I understand these lenders are taking a higher risk, but their policies are designed to keep poor and often uneducated people in a cycle of debt that is nearly impossible to climb out of. With title loans it's even worse, a person can easily lose their car and then have no way to get to work to earn money.

Oh, I see. those poor people are victims

 

[bettymae1121]

Oh, I see. those poor people are victims

I don't know if I'd use the word "victim" but the title/payday loan companies are absolutely taking gross advantage people's desperation and/or ignorance.

 

[Justsyd2]

Oh, I see. those poor people are victims

Statistically speaking, yes, they are. We studied this in psychology. The poor often have no where to turn, and so these places swoop in, and keep them caught in the cycle. It's also been proved that prices are HIGHER in poorer areas because people often don't have transportation to go to lower priced neighborhoods to shop. You can probably guess WHY some don't have transportation.

 

[bumbershoot]

OP, if you wish to, you can edit the title of your thread by clicking Edit, then Go Advanced. Might want to reflect that you're going to have a fabulous time in your new house and obsessively plan for 2011!

 

[creativemomnc]

my mom got one of those at Christmas time. Very hard to pay back b/c of interest.

April