Posted 22 weeks ago (December 15, 2011 at 10:00 AM) in Responsible Borrowing
Most people, at some point in their lives, feel the weight of financial burdens pressing them to do things they’d rather not or know they should not do. People with flawed credit often look to less reputable lending opportunities, including title pawn loans, but we aim to arm you with information - and options.
The allure of a title pawn personal or car loan is understandable. When you’re struggling for cash and have something valuable to use as collateral, it might seem to make sense to borrow against the asset you do have to be able to get your hands on the funds you need.
We hope that we can convince you otherwise, and here’s why: the truth about title pawn loans is that they are often schemes to trap a borrower into debt they cannot easily pay back.
Here’s how it happens: Let’s say you go to a title pawn lender and offer them the title to your vehicle in exchange for a loan. If you do not pay back your loan, they legally take possession of your car. They may offer you a terribly high interest rate – but! They coat that with sugar by saying that you can skate by each month with a minimum payment that covers interest.
Sounds great, doesn’t it? A minimum monthly payment, the cash you need, and you’ll get your car back just as soon as you pay it off…except that you’re giving away money each month without touching your principle interest, which means they keep charging you a high interest rate on the highest possible amount of money.
That’s no way to live if you’re already hard up for cash. Title pawn loans are a sure way to pay more than you need to, put your valuable assets at risk, and possibly find yourself stuck in an ugly debt cycle.
At Sterling Finance Company, it’s our mission to help people when they need it, but to do so ethically and transparently so that the debt you take on is never more than you can afford to get efficiently out of. We don’t just help you borrow money; we help you plan to pay it back within your budget and on affordable terms so that you can move on with your life.
Plus, we have competitively low interest rates that keep your money in your pocket over the life of the loan!
It’s important to us that you know you have options other than title pawn personal or car loans. Personal loans from SFC often do not require collateral or a spotless credit history, either. We explore your unique financial situation so that we can consider factors beyond your credit score and find the right lending solution for you.
We hope you’ll take the time to explore all of your options before making an informed decision. If you have any questions or concerns about title pawn loans, personal loans, consolidation loans, or other lending opportunities, we encourage you to contact us.
Also, because we understand the urgency driving your financial decisions when you absolutely need cash right away, we offer you the ability to apply for a personal loan online to get the process started as quickly as possible. We believe in helping people navigate the world of lending and are here when you need us!