Financial institutions have earned their fair share of notoriety for denying loans to disadvantaged sections of society such as those with poor or strained credit reports and low scores, and the tightening of norms has made the situation worse. But when an emergency looms and finances are strained car title loans in san diego are proving to be the ideal panacea for every crisis that strikes the domestic world.
Short term lending was till recently in the grip of unscrupulous loan sharks and pawnbrokers and pay day lenders that were charging rates often exceeding 300%. But car title loans in san diego have turned the tables offering short term finance packaged with attractive rates and flexible payment programs.
The new generation of cash loans for title are levying not more than 20% APR and these loans are far superior to even bank loans that are inflexible and rigid. There are many factors that have come into play that have improved the popularity of car title loans.
- Bankers often take a dim view of a poor credit record and are unwilling to take the risk of lending to people that are perceived as a poor financial risk, whereas car title loans in san diego welcome poor credit customers as diligently as they welcome good credit customers, and all people are extended a level playing field for availing much needed finance.
- Banks make a fetish of examining the financial statements of consumers and make no bones about scrutinizing the past financial dealings of consumers in order to form a clear view of their financial status. In contrast car title loans in san diego are in a position to extend finance without going into the past financial performance of consumers. Customers do not feel harassed and their privacy is protected by car title lenders.
- In car title loans only a charge is created on the vehicle in the records of the DMV and that is considered as sufficient to extend finance; no background checks are necessary and no other financial records are insisted upon.
- Banks often insist on taking on more collateral security such as a home or other property, whereas with a car title loans in san diego all that you have to submit as security is the charge on your vehicle, and moreover one gets to retain one’s car keys and use the car during the tenure of the loan. Hence car title loans are safer and more secure for the borrower than bank loans.
- Bank loans typically run repayment programs running into a number of years; often three years or more and this creates an additional repayment burden for consumers by way of interest alone. Car title loans can be repaid in a shorter timeframe and do not pose any threat to the borrower.
- If a borrower defaults on a bank loan the chances are that he stands to forfeit his home or more valuable security, but in car equity loans the chances of forfeiting a car is very small as the quantum of loan is smaller and can be repaid without strain.
It can be stated without the shred of doubt that car title loans in san diego offer a win-win situation for people as the relationship between borrower and lender is not coercive and terms and conditions of the loan are more favorable to the borrower.
There are many other factors that favor car title loans in san diego as the following assessment will reveal:
- The humble car title loan offers a flexible repayment program and can be matched to the repaying capacity of the borrower, whether high or low.
- Few people realize that banks end up taking back a huge chunk as interest over a longer repayment period, whereas car title loans keep loan repayment periods shorter and simpler, and do not burden the borrower.
- Banks tend to encourage long term lending with heavy collateral security whereas car title loans keep tenures shorter and security simpler such as the charge on one’s vehicle.
If you happen to be facing an emergency situation you will need money quickly. For satisfying your immediate requirement for cash the best place to get car title loans in san diego is http://bigcartitleloanssandiego.com/. The company enjoys an awesome reputation for providing cash loans for title within 15 minutes for any client fulfilling simple eligibility norms, and loans are extended regardless of poor credit.
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