How Are Title Loans Paid Back?

pexels-photo-52587If you are currently considering a title loan then you may be curious “ how are title loans paid back?” Here, at TFC Title Loans, we want to detail all the ways in which you can pay title loans back so you can pick the one that is absolutely best for you. We are strong believers in consumer education and lender transparency so we want to make it as easy for you as possible to get the information you need. It is for this exact reason that we have been building out and expanding our website to include these resource articles to answer each and every question you could come up concerning title loans.

TFC Title Loans has been around since 1994, making us the oldest title loan lender in the state of California. We have nearly 25 years of experience under our belts and that has helped us to perfect the lending process along with the repayment process so it all goes as smoothly as possible. We know that all of our customers have different unique circumstance that make certain payment methods unrealistic which is why we have been regularly coming up with new ways to pay down your auto title loan. The most recent option that we have introduced is a new online automatic payment method. With this new option, you will never make a late payment again.

This new option allows you to 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. However, this is only the most recent addition. There are still many other ways to pay off your title loan.

Ways to Pay Off Your TFC Title Loan

There are numerous convenient ways for you to make payments on your title loan. We continue working on new enhancements to our payment structure so this list may continue getting longer over time. For now, these are the available options we have:

  • Mail in your payments just like you do with your rent check or your utility check. That way you won’t forget.
  • Online single or automatic payment through ACH.
  • Pay over the phone with a card by talking with one of our friendly loan agents.
  • You can make your loan payment in person at one of our numerous locations with cash, card, or check!
  • You can pay at a local MoneyGram center or use MoneyGram online. The standard fee for making a payment through MoneyGram is $9.95 and MoneyGram’s online service has a $600 limit per transaction.
  • We also accept payments via Western Union to make it as convenient for you as possible.

 

How to Pay Off Your Loan Quickly

When you receive your loan from us, it’s always a really good idea to start strategizing on how you will go about paying down your title loan. If you make thorough plans, then you are more likely to stay on track. We charge absolutely no prepayment penalties so you can pay off the loan as quickly as you’d like.

  • Make sure to calculate the monthly loan payments into your budget so you always have enough money left over to make the scheduled payment. If you are not already budgeting, it would be a great idea to start now.
  • Give us a call to check in on a regular basis. This will make you feel more secure and less worried. An open communication line with your lender will make it easier for you to reach out to us if you need help.
  • When you have extra resources available, try to pay more than the monthly requirement. By doing this you will decrease the interest you will need to pay on the loan.
  • Make sure to stay up to date with all of your billing statements so you can keep track of how much is paid and how much is still to be paid. By doing this you will also ensure that you always know when your next payment is due.
  • If you want to be really ambitious, then you could calculate the interest on your own and make a personalized payment plan to pay the title loan off earlier then the scheduled date. That way you could follow your own schedule rather than ours and avoid a lot of interest.
  • Research new ways to make extra income on the side; such as driving for Uber or making passive income.
  • If ever you have questions concerning your payments, call us right away so nothing gets lost in translation.

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