It gives consumers access to cash within one business day, and the company provides detailed information about rates and policies online so consumers can make informed decisions. Founded in 1997, Speedy Cash is now an international company specializing in short-term lending and financing. In Nevada, Washington and Oregon, they do business as Rapid Cash, and in Canada they operate as Cash Money. TitleMax was founded in 1998 and has about 1,150 stores in 17 states.
They offer title loans for cars and motorcycles along with personal loans. About 3,000 people per day obtain loans from TitleMax.
Implications of Nonpayment. Financial Implications вЂ The cost associated with short term loans of up to 500 what credit score for personal loan range from 15 to 40, and these costs may climb even higher for loans that are greater than 500 in value.
Before you sign your agreement, you should check these fees carefully. Similarly, there may also be charges applied for nonsufficient funds. As an example, if your 100 loan is 15 days past due, you may be assessed a charge that is equal to 10 of the principle balance as well as a 25 nonsufficient funds fee. Many of the lenders in our network stick with in-house debt collection practices rather than selling your debt to an outside collection agency, and they will never sue you or threaten criminal charges against you.
Your lender may attempt to collect your debt via email, postal mail, telephone, or text message, and they may offer you a settlement so that you can repay your debt over time. All of our lenders are required to adhere to the Fair Debt Collection Practices Act which protects you from harassment. You can contact your lender for more information about its specific policies. Impact on Credit Score.
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