Ever since TFC Title Loans first opened their doors in 1994, we have been working hard to improve our business model in any way we can to better the experience for our customers, who have always been our number one priority. We want to make the repayment process as simple and convenient as possible which is why we have just added an online automatic bill pay feature for making your monthly loan payments!
This new option for making payments on your title loan will be an addition to the several other ways we already have set up to pay down your loan:
And, now, you can make payments via ACH. All of our customers will be able to make payments through ACH via the phone with a representative or make a one-time payment as a guest online or enroll to be able to continue making regular/automatic payments online. Simply visit this site to make a guest payment or enroll for automatic withdrawals.
We know this addition will make the repayment process significantly more convenient for all of our loyal customers.
Cash Advance Loans
Cash advance loans are a short-term funding option perfect for dealing with financial emergencies where credit isn’t taken. People who have a line of credit with a company can borrow money. Just like if someone was buying items in a store, people are making a purchase with this line of credit. Instead of groceries or clothes, a person is taking out cash.
Different credit card companies have different rates and policies regarding cash advance loans. Some companies have the interest rate the same as if someone was using a card in a store. Other companies have higher interest rates linked to cash. Additionally, there are lenders who have fees linked to when cash is taken out on a line of credit. It’s always important to read the fine print.
Some people open credit cards just to get a cash advance loan. There are companies and cards focused on this type of lending. If a person has an existing line of credit, withdrawing money is probably possible just by making a quick call. This is a quick way to get cash without applying for loans and waiting days for an answer. A preexisting relationship with a credit card company makes this incredibly easy. Some people need only to walk up to an ATM, put on their card, and input their code.
Repayment policies vary by lender. Some groups have people repay the advance loan like any other purchase on the credit card. Other companies have people pay the cash advance separately from the rest of the credit balance. Lastly, there could be policies that say that the cash advance balance cannot be paid until the rest of the balance is paid down. Consumers should always ask about the companies’ policies before taking out money.
Consumers should know that unsecured loans like cash advances come with higher interest rates than traditional loans because the money is transferred quicker. Cash advance loans are perfect for people who need cash fast.
Types of Cash Advance Loan
Below are a few different types of cash advance loans:
There different types of cash advance loan but I will like to lay emphasis on the most common ones among them. Below are few ones that I will like to talk about:
Credit Card Cash Advances
Credit card cash advances as far as I am concerned is the most popular type of cash advances, it is must famous than any other type. It works principle based on borrowing on a line of credit through a credit card. You can withdraw cash at any ATM or on counter depending on the operating system of the credit card company. The hidden truth about this type is that it typically carry high-interest rate, higher than the normal rate on regular purchases. For instance, the average you will pay can be as high as 23.53% which about 8.54% higher than the average APR for purchases. Unlike other loans that can offer you a grace period, the interest of credit card cash advances begins to increase immediately.
Fees are usually attached to it, it could be a flat rate or percentage of the amount requested in advanced. Additional charges may also be included if you use an ATM to access the cash.
Credit card advances carry a balance from credit purchases as well as separate interest rates but your monthly due can be applicable to both credit purchases and interest rate. You can settle to pay only the minimum amount due but this will only go to the balance that carries the lower interest rate which obviously will be the rate for purchase. In this case, your cash advance balance will continue to increase for months.
Credit card cash advances will offer you quick and easy money but the interest rate is extremely high.
Merchant Cash Advances
Merchant cash advances refer to loan obtain from lending companies or banks. This type of loan is good for business people with less than perfect credit. This type of loan can be referred to as purchases of future credit card sales as the advances may be paid for with future credit card receipts or with funds received from transactions in an online account. Money received from an online account such as Payoneer and PayPal can play the role of business credit scores in this type of loan. This type of loan is completely different from a traditional bank loan as it is characterized by short payment terms which opposed the longer payment terms and larger monthly payment offered by traditional bank loans.
The word cash advance is synonymous with payday loans and both are used interwoven. This type of loan is issued by special payday lenders. It is a relatively small amount of money lent at a high rate of interest with the agreement that it will be repaid within the shortest period of time usually the borrower’s next payday. The amount of the loan is usually based on the regulation of the local state, the income of the borrower or his paycheck. Although it comes with fees which could be as high as $15 per $100 it is easy to acquire. Once the loan is approved, there is no any hassle, the lender will offer the borrower immediate cash and if the application is online, the lender will transfer the money into the borrower’s provided checking or savings account.
There is always room for an extension of payment time but this usually comes with additional interest and often time extension only last for 30 days from the previous payment date.
The process can be faster than any other type of loan, you just need to write a postdated check of the amount you want to borrow along with the lender charges and the lender will offer you the cash and cash the check on your payday. Some of the lenders have advanced to the extent that they can make you sign an agreement of automatic repayment from your bank accounts. Proof of income and means of identification will be requested during the loan process since no collateral is involved.
Important Notice about Cash Advances
As is the case with any loan, you must examine your finances to determine the best route for you. While learning to budget is ideal, it doesn’t help to hear it when the rent is due and your car suddenly won’t start. Cash advance loans should only be used in extreme emergencies, and while it’s probably not in your best interest to rely on them regularly, they can come in extremely handy if you find yourself facing a serious cash crisis.
Also, it’s important to note that most credit card issuers won’t allow you to take out the entire amount of your credit limit in a cash advance loan. For most people, cash advances are maxed out at a few hundred dollars. While you can’t rely on your credit card to provide you with thousands of dollars in emergencies. Obviously, there may be a need for another alternative that can offer you sufficient money to cover any kind of emergency should the need arise and that’s where title loan stand.