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19 Jun 2019   /   0 comments

Lowering Your Monthly Loan Payment

lower monthly payment

Who wouldn’t want a lower monthly payment? Depending on the type of loan, whether it is a personal loan, a mortgage, an auto loan, or a title loan, you’re probably thinking about how nice it would be to trim this huge cost from your budget and, in some cases, shorten the life of your loan. Here are several tips to help you achieve this, regardless of the type of loan you currently have:

Add One Extra Payment

One of the easiest ways to lower your monthly payment is to make at least one extra payment each year. If you are looking to save money on a short-term loan, consider making an extra payment every two weeks instead. Keep in mind that there may be penalties for which you are responsible if you pay off your loan ahead of schedule but generally speaking, you can lower your remaining balance as well as the amount of interest you pay each month.

Modify Your Loan

If you are going through a financial hardship that has left you struggling to make your payments on time, you might be eligible to lower your monthly payment, loan term,  interest rate, or principal balance in order to make the loan more affordable. However, keep in mind that not everyone qualifies for these programs and some types of modifications may require a certain credit score, but if you can change the loan, you will likely save a significant amount of money.


Finally, one of the most common ways to lower your monthly payment is through title loan refinancing at a lower interest rate. Reducing the rate can not only help to lower your monthly payment but also help you save on interest payments as well. However, there may be costs associated with refinancing, so make sure you are saving enough money to cover the refinancing fees. With rates at all-time lows, if you can do so and you haven’t already, consider refinancing for a lower monthly payment.


How to Get a Title Loan without a Bank Account

With a title loan, there are no strict requirements like there are with traditional loans. They are a flexible option compared to traditional lenders allowing for lower monthly payment. TFC Title Loans accepts people with bad credit or those who don’t have a bank account. We make retrieving a loan a lot more accessible for those who are in need of financial assistance. Without a great credit score or a bank account, obtaining a traditional loan could be extremely difficult and take weeks to finalize. TFC makes your loan process easier and obtainable.

Lower Monthly Payment


There is no hassle on a title loan, the requirements are simple documents that you are expected to have as a resident owing at least a car. Below are a few documents that you will need to access a title loan and reasons why you need them.


The Vehicle

Your vehicle is the major requirement, the vehicle along with its equity will be assessed by our expert staff to determine if it qualified to stand as collateral for the amount you requested for. The resale value of your car will determine how much you can get from us. However, you won’t need to park your car with us. Once we’ve determined the amount you qualify for and finalize the loan deal immediately, you can drive away your car.


Vehicle Title

Our offices are located in different cities in many states in the United State, you must ensure that your car is registered in the city where you are applying for the loan, the car must be free from any lien and you must have completed the payment of the car.


Proof of Identity

To prove that you are resident of the city where you are applying for the loan, you must provide your full address, contacting number, utility bill of the house as well as your identity card issued by the government such identity card include passport, driver’s license.


Proof of Auto Insurance

Since we are not requesting that you should park your car with us, we should at least be sure that we are secured during the loan period. Proof to show that you insured your vehicle is enough to put our mind at rest should the car involve in an accident during the loan period or in case of theft or other issues.


Proof of Income

Your source of income is important to us before we give you any loan, we must be sure that you are capable of refunding the money without any hassle. We don’t save you from a mess to put you into another mess so; we consider your source of income while determining your repayment option. For instance, if your income is $100 per month and we ask you to refund $150 per month, this might be difficult for you to do and you might end up losing your collateral.

We may demand that you provide a few references.


No Bank Account Required

Reading all the requirements above, you will understand that there is no appearance of any bank name or any bank documents. This is to prove that you do not need a bank account to get a title loan.

You don’t need a bank account to be approved for an auto title loan with TFC Title Loans. However, on a few occasions, you may be asked to provide your account information but we only as such is when you don’t have any other way to prove your income. In some cases when you’re self-employed or don’t have a traditional source of income, a bank account verifies that you do receive an income. Remember that we’ve earlier mentioned that this title loan is flexible, and we’ve also mentioned that we plan your repayment plan lower monthly payment taking into consideration your source of income. Obviously, you will understand better why we need to be ascertained of your income flow. If you have pay stubs or checks from your employment, then you don’t need to worry about providing a bank account.

A bank account isn’t required to receive your funds or pay your loan. When you are approved and have signed your loan agreement, TFC will provide you your money in your hand. We don’t need to wire it to an account in order for you to receive it. When you have a lower monthly payment for your loan, there are many different ways to pay your balance. If you prefer to pay with prepaid cards or cash, you can:

  • Pay over the phone
  • lower monthly payment
  • Pay online with your customer login
  • Visit a TFC location and pay


How to Apply Without a Bank Account

Although a bank account is great and offers numerous advantages much more than the few we mentioned, it doesn’t stop you from enjoying the full benefit of a title loan when the need arises. As long as you have a vehicle with a clear and free title, you can apply for an auto title loan. By using the title of your car as collateral, your credit score or bank account access does not matter to TFC. It doesn’t affect your qualification or loan amount. We base your loan and the approval on your car value and your ability to repay the loan, then lower monthly payment. You could get anywhere from $2,500 to $50,000 with the title of your car. Then, you can have anywhere from 24 to 36 months to pay off your loan.



TFC has streamlined its application process to make it quicker and easier for you to apply. With our application, you could have your funds in as little as one business day. To start, all you have to do is apply online or call TFC to have a representative help you. Once you’ve submitted the application, a TFC representative will call you to discuss your loan amount, the terms, and to collect all your required documents. After your documents have been received and approved, you head over to the nearest TFC store or signing location to sign your loan agreement and collect your money.



To prepare you for the documents you will need, we’ve provided a list for you. Then, you’ll be prepared for the call from your representative and you can get your money as quick as possible. As earlier mentioned, the following documents will be needed to approve your loan:

  •    Original vehicle title
  •    Proof of identification
  •    Proof of residence
  •    Proof of vehicle insurance
  •    4 references (name, phone number, and relationship). It’s important for you to know that it’s much different from guarantor that will be requested from unsecured traditional loans. With them, when you failed to pay, you put your guarantors in trouble but with us, references are just people that when we contact, they know information about you.
  •    Pictures of the vehicle (four sides, VIN plate, and odometer)
  •    Proof of income/ability to repay the loan

Now you have all the information you need to apply for an auto title loan with TFC. Before you apply, we will like to let you know the few benefits you will enjoy when you apply for an auto title loan with us.



The aim of every business person is profit but TFC Title Loans belongs to the categories of few companies that put humanity first before profit. TFC Title Loans isn’t just a loan company established for just profit sake; our core intention is to help as many people as we can in their difficult time. Our popularity in the loan business can be accredited to our low-interest rates, flexible loan, the simple application process, unbeatable terms, great customer service, and long-term repayment plans.  

Easy Application

A car title loan with TFC Title Loans application process is simple; you can apply on our website by filling the submitting the short application form and you can also walk into any of our offices near you to fill the application form. Check our locations to know our closest office to you.


Great Customer Service

Great customer service is one of the reasons why we are rated far above our competitors. Our staffs are well trained and they render the best of services to our clients. They are always available in person and on phone to answer your calls. They treat each customer as personable Furthermore, they are always discreet about customers’ information and they treated them confidentially as much as they can. Customer satisfaction is our utmost priority. We evaluate every situation and will make the best recommendation to make sure our customers don’t put themselves in a position to lose their collateral.


High Amounts

How much you can get through a car title loan depends on the value of your car, however, most lenders will try as much as possible to be on a safer side so most of them will borrow you 30 to 50% of your car resale value. At TFC Title Loans, we are completely different; we usually take a high financial risk to satisfy our customers. We will offer you up to 85% of your car value as oppose 30-50% offered by other companies and you can get up to $50,000 depending on the value of your car.


Keep and Drive Your Vehicle

While your car is used as collateral for a loan, you are still in possession of it and can use it without any restriction. TFC Title Loans offers you a loan without creating any havoc to your lifestyle.


No Hidden Fees, No Prepayment Penalties

We don’t take advantage of our customers; we work in accordance with the law that guides car title loan in every state where our offices exist. We make sure our customer read and understand what they are signing before signing any loan contract with us. Every detail of the loan will be included in the drafted loan deal and no any additional payment will be requested outside what they signed as long as they keep to the loan terms and conditions which majorly repayment at the appropriate time. This is how you lower monthly payment.


You Only Pay the Interest for The Time the Money Is Borrowed

This is one of the reasons why we are different; a lower monthly payment is possible. If you are able to return all the money in a time lesser than the agreed time, you only pay the interest for the time the money is borrowed.


Now, you can try and apply and see if you qualify for a title loan!

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