Commission will address a proposed resolution aimed at regulating money ... Brownsville Herald
The City Commission will address a proposed resolution aimed at regulating money-lending practices that result in high interest rates and fees for consumers.
The practices commonly referred to as payday loans, check cashing and car-title loans result in consumers’ checking accounts being "held hostage," according to a proposed resolution.
The City Commission will consider the resolution at its regular meeting today. A public hearing also will be held on the issue.
The proposal, which does not apply to established and regulated financial institutions, calls for placing a six-month moratorium on permitting new money-lending enterprises that advance loans via varying modes.
The commission’s regular meeting starts at 6 p.m. at City Hall, 1001 E. Elizabeth St.
According to the resolution, these practices, "may be detrimental to numerous individuals including the elderly, the economically disadvantaged, and military service members and other citizens of Brownsville who use these practices as a way of overcoming immediate needs for cash."
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payday, car title and cash loan....?
Hi guys, l'm planing to open a cash, car title and pay day loan, I need some information before I do any thing....
1- What kind of license's do I need?
2- How much capital does it require to open 2 office.
3- What type of programs/software do I need to make/process clients profile and set the %rates??
Please help me out there are so many other questions but these are the 3 most important things which are kicking me right now.
Thanks.
I used to work for a pay day loan place. The first thing I would urge you to remember is that with title loans you have to be prepared to reposes cars when people defult and also you have to have a way to sell those cars to get your money back maybe there is a local used car dealership that you could work out some deal with them for them to buy the cars. I personally think payday loans are easier one because you are making sure that you are dealing with people who are employed. I live in IL and there are alot of laws about how much you can loan and for how long the loan can be kept out before having to be repaid but there is very good money involved because the intrest rates are high. I think one of the most important things is to build a good customer base. Over 90% of our customers came back more than once and most of them on a very regular basis. The license's needed vary state to states so you need to check into your particular state. I would think that you would need somewhere between fifteen to twenty thousand to start out avalible to loan not including everything else you need like office supplies and things like that but you should start to make your money back much quicker than other places. I would think that you would need a simple data base program and filing system for your customers information, but alot of that will have to do with your state and local laws considering what info you are required to keep on file. The intrest rates are most likely another matter the the local laws set in your area. I would encourage you to go into several local payday and title loan places ask general questions just pretend like you are intrested in a loan it will help you to get a good idea about a lot of things. If you have other questions feel free to email me I would be happy to answer any other questions I can.
I was looking for the number for title loan for cash in des moines, iowa?
It"s the place that you can get a advance loan and use your car title. Like fast cash companies.
yellowpages.com
click the state, county, city you want. Should bring up info.
Where can I go to get a fast cash loan using my car title as collateral in the Deltona FL area (or Orlando)?
Most pawn shops have a pay day check advance system.
will my bank give me a secured loan with my car title?
I have terrible credit and I need a loan. I have a paid off newer nice car bought with cash. Do banks give small loans with the secured car title? I don't want a to go to a title place becuase i have heard bad things about them. I also have an auto loan i am paying on in good dtanding for 7 months now
Do you have a bank that you have used for years? Then they might but the bottom line your credit score is going to hurt.
If you do get the loan the interest rate will reflect the credit score.
Good luck
Most of the good banks will not lend money using the car as collateral since a car depreciates through time. Couple that with your bad credit rating I would have serious doubts.
If you want to rehabilitate your credit take the hit with the Title lender and make sure you pay on time with no exceptions.
Have an car title loan with outrages interest. Is there a company that can buy my loan at cheaper rate?
I hocked the title to my truck for some fast cash. But the balance plus outrages interest is due in 30 days. Is there a finance co. that buys theses types of loans for a lower interest rate and monthly payments.
the only other option would be go to your local bank,,and have them buy it out,,they would be cheaper than a title loan is,,any time you need money it would be cheaper to go to a bank,,or find a friend who would pay it off,,and pay them back,,that would beat what your paying now,good luck with it,,i hope this help,s.
These MAY be prohibitive.
How safe are those cash loan places that give you money against the title of your car???
they are safe sure, but an absolute last resort because if you are in that bad of a situation you are going to lose your car anyway.
Any opinions on Cash Loans on Car Titles in Dallas, TX?
Don't ever borrow money on your car. Period. Not for anything. I lost my car that way once. I lost a $6500 car for a $1000 loan. I would not do it again for anything!!
Car title loan advice?
I am in a financial bind right now and need some cash to stay alive, my light and water are gonna get cut off in about 10 days and i need money to move but my car is the only thing i really have i am working 2 jobs and need the car. can anyone tell me what their experience with car title loans was like. thanks.
i think its a bad idea. I never done the car title loans before but I heard they charge a huge interest rate. i would go to your bank and get a loan from them--it might be cheaper. Or even a credit union. If you direct deposit your money then can take a small amount out for repayment. I would look into other loan companies before the car title people, you may get a better interest rate if you shop around.
can i get extra cash back on a car loan if the seller is asking less than blue book?
car is worth $12,000 and seller is asking $9,000. I'd like to get a little back for taxes, title, registration, etc. can the bank cut a check to the seller, and a check to me? I know they can put a lien for the whole value of the car (100% loan to value), but can the money go elsewhere as well?
also, can there be a little extra in my pocket at the end?
The easiest way would be if you know and TRUST the seller, you can get the bank to give you a loan for 12k made out to the seller, and get the seller to give you 3k back. If you don't trust the seller, you can always ask the bank, for a full loan amount and that give you the balance. You are in a sense taking out a equity loan on the value of the car. However banks are pretty sticky about these things so you would need to have an excellent credit score for them to even consider this.
Car title loans in iowa?
my friend has an outstanding past due car title loan in iowa from one of those rip off car title for cash places. She owes them over $2500 dollars for $1000 back when she got the loan. I am not sure how these work in iowa since they have been banned. She wanted to get a duplicate title and sell the car so she wouldnt have to pay them back. Is this possible? Can she get a duplicate title before they try to repo the car and sell it? is there any laws against them repocessing the car since it has since been banned.
They probably submitted a lien to the state. Especially since she is behind on the loan.This will be recorded on the title so the car cannot be sold to anyone unless the debt is satisfied first so they can release the title. So getting a duplicate title does nothing. Your paper work from the loan co should tell you if and when they can repo it.............UJN
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Va. bill cracks down on car title, payday lenders - Forbes
Bristol Herald CourierVa. bill cracks down on car title, payday lenders He and his wife, Iris Nelson, 26, took out a $1200 car title loan against their 1999 Dodge Caravan in March thinking they could pay it back quickly. Virginia, Box in Payday Loans at Your Peril Payday Loans Don’t Lead to Bankruptcy, Clemson Study Shows
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Protesters Target Payday, Car Title Loans in Virginia - Personal Money Store Blog Protesters Target Payday, Car Title Loans in Virginia The protesters are saying that payday loan and car title lenders are using “a loophole” by offering open end loans. However, these businesses are simply |
Protest Spotlights Payday Loan ‘Loopholes' - Rocktown Weekly
Rocktown WeeklyProtest Spotlights Payday Loan ‘Loopholes' "Car title loans are an unfair service for our neighbors in the Valley and across the state," said Liz Riggin, 21, a JMU senior from Fairfax and an intern
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