More Crazy Money Quotes

crazy moneyA few years ago, I wrote a post on crazy money quotes. In other words, things people actually said regarding money that I found to be rather unusual, with each being an indication that the individual in question clearly viewed money differently than I do.

You can read that original post here, but I’ll list the 6 quotes below:

  • “You bought a USED house?”
  • “The best thing about guys is the free dinners you get”
  • “If we can’t pay for it all now, we’ll just make more money later and pay for it later”
  • “Hey, while you’re paying for college, I’m making $7.50 an hour!”
  • “I’d rather just stick money in CDs”.
  • “I invested EVERYTHING in the company’s stock, and recommend that you do the same”

Again, for context you can check out the post. But needless to say, there are some things people say and do with money that many of us personal finance enthusiasts simply view a lot differently.

Well, since it’s been a while, I thought I’d share another group of interesting things regarding money that I’ve heard people say in the last few years. Here are 5 more crazy money quotes:

1) “I’m planning to work until 70”

This was said by someone in his 40’s. Now, I realize that there are many people that simply need to work later in life, due to financial circumstances. Furthermore, there are quite a few people who simply want to work later in life due to the personal fulfillment they get from it. That’s cool.

But we simply don’t know what life will throw at us later in life. I think that someone younger planning to work until 70, for financial reasons, is a scary proposition!

Better approach: plan as if you’ll be unable to work when older, and be pleasantly surprised if you’re able to do so.

2) “Nobody in my family has had any major health issues, so I’m sure I’ll be fine”

This is thinking that is very similar to the idea of planning to work until 70. However, the context behind this comment was the idea that one can keep on spending without worry, because there will be no health issue to deal with later.   With little likelihood of a health issue, the premise is that there won’t be disruption is earning and no big cash outlay. I think it’s crazy to assume things like that.

Better approach: try your very best to keep healthy, but don’t take anything for granted!

3) “The house is practically uninhabitable. The kitchen is so old, and has laminate countertops!”

The person saying this was house hunting, and visited a home that was in a very nice neighborhood with outstanding schools. Probably a $500,000 home, actually. However, the kitchen was not “updated” with granite countertops, so it was apparently “uninhabitable”.

This goes along with the whole idea of buying a “dream house”. I’m not sure where that concept really fits with the lives of most of us. I happen to think that being able to meet current and future financial needs takes priority over upgrades, though if you can swing both then that’s great! If not, it’s a real departure from reality to consider a pricey home with an older kitchen uninhabitable!

Better approach: understand that while a home is to some degree an emotional purchase, it needs to be grounded in practicality and the broader financial picture.

4) “I’ll be paying for it (new SUV) for another 6 years”

I wrote about this before, and bring it up again here as it clearly made an impression on me. The lady who was cutting my hair, and probably not making a lot of money in her profession, told me excitedly about this new vehicle she had just bought. And, oh by the way, she had a 6-year loan on it.

You know, I felt bad for her. It seems like a lot of stress, making payments on an expensive vehicle for 6 years when your income isn’t high. This is why many folks really need some financial guidance.

Better approach: try to avoid taking on a loan for a car, and buy something within your means. If a loan is obtained, a short-term modest loan would be much better than a 6-year one!

5) “You don’t really need college these days, especially with how much it costs”

I do agree with the sentiment that college is extremely expensive. However, it’s simply necessary in many fields to have a degree, and in some fields a graduate degree is of course a must. In my observation, this is the case more than ever.  Balking at the cost and bypassing a college education entirely just seems like a bad idea. The kicker is that the person who said this original comment has a college degree herself.

Better approach: if younger, get at least an undergraduate degree (or make your kids do so) and really think about the ROI when choosing where to go and how much to pay. It really is an investment.

My Questions for You

What do you think of these money-related comments people make?

Which one really jumps out at you?

Have you heard anyone say anything about money that really made you shake your head in disbelief (or disagreement)?

The Right Way To Find A Forex Broker

You work hard for your money. As such, you should take the time to make sure you are using the best products and services for you, so that you can reach your financial dreams. These products and services include the right bank accounts, credit cards, mortgages and even investment and forex brokers. In fact, the importance of choosing the right broker for your money is paramount as this can have the largest impact on your finances going forward. This is why you need to take the time to compare forex brokers.

Why You Need To Compare Brokers

Just like anything in life, you need to compare things to make sure you are getting what you really want. You do this for cars and houses, so you might as well do it for your forex accounts too. While there are many forex brokers out there, you want to find a forex broker review that does a detailed job at forex broker comparison.

So what does a detailed comparison look like? Be sure that it covers the basics – like account minimums and fees – to the bigger picture items like the platform the forex broker uses and how that broker is regulated.

You will also want to know if there are any bonuses for opening an account and very importantly, make sure that there are individual forex brokers reviews by users.

The Importance Of Reviews

The reason why forex broker reviews are so important is because you get the input from people who have used the service. Any company can make their product sound awesome, but by having a third-party use and rate them makes all of the difference.

The reviewer won’t hold back and will be sure to point out any flaws or shortcomings, and will even highlight things that make the service spectacular.

After reading through a forex brokers review, you will start to see a trend and can then make a better decision if said broker is right for what you need or if you are better off looking at other brokers.

Your Last Step

Once you read through the reviews and find a few forex brokers that meet your needs, your final step is to make sure they are regulated. There are all sorts of regulating firms that oversee forex brokers. You want to make sure that at the very least, the one you go with is regulated.

If you see that they are approved by a certain regulating agency, don’t just accept that as proof. Be sure to visit that agencies website to see what they are all about. Remember, it’s your money and no one cares about it as much as you do. The last thing you want to get suckered into a scam.

Remember, at the end of the day, you need to make sure you are doing what is in the best interest of you and your money. By taking the time to find the right forex broker for you and your needs, you only increase the possibility of success.

 

The Implications of Renting on Minimum Wage in a Major City

The following post is by Jennifer Riner of Zillow

Budgeting for an apartment on minimum wage isn’t easy, especially with rents continuing to rise in major U.S. cities. In fact, in most large metros, renters need to earn at least $24 per hour to afford a median-priced rental. So how do low-income leaseholders afford to live in the city?

First, many lower-income individuals spend far more than 30 percent of their incomes on rent. With extremely tight funds, living expenses like rent inherently consume large portions of total earnings. Further, the median rent price in any given city encompasses all neighborhoods, unit sizes and types of homes, with extreme variables manipulating general figures. Housing below the median rent price allows minimum-wage earners to rent – although options are often sparse.

Low-income individuals moving to major metros might be curious to know the percentage of income they must spend to afford the median rent. To calculate, assume single-income households work 2,000 hours per year and dual-income households work 4,000 per year based on a 40-hour work week and 50 weeks paid per year. Sometimes, median rent supersedes monthly income, in which case individual(s) must wait for new listings or look outside of city limits.

Chicago

The minimum wage in Chicago is $8.25, not far off from the federal rate of $7.25. With $8.25 per hour, a single-earning household makes about $16,500 per year or $1,375 per month. Assume a single-earner takes care of elderly relatives or young children and would therefore prefer a single-family home with easy wheelchair access or outdoor space for the kids. Given the median rent on a single-family home in Chicago is a whopping $1,700 per month, single-earning minimum wage households would have to budget 124 percent of their income toward rent – a clear impossibility.

While the city may price out single-earners, the suburbs welcome a wider range of budgets. Oak Lawn is a small community just southwest of Chicago. A 1-bed, 1-bath single-family property in Oak Lawn runs for $925 per month, costing a single-earner 67 percent of their monthly income. Although the portion of income spent on housing is still high, Oak Lawn has quality school options for children. Sward Elementary School, for example, is ranked 9 out of 10 by GreatSchools. Low-income families can afford rent without sacrificing their kids’ education.

Alternatively, dual-earner minimum wage households in Chicago make about $33,000 per year combined, or $2,750 per month. A young couple with this income searching for apartments in Chicago would be advised to only spend 30 percent, or $825 per month, on rent. Since the median rental price for 2-bedroom units is $1,550, minimum wage earners must spend 56 percent of their income on rent in the city, not allowing much room for lifestyle costs. While housing options for $825 per month exist, tenants should expect to sacrifice location and size at lower price points.

Denver

Although less populated than Chicago, the minimum wage in Denver is fairly comparable at $8.23 per hour. Using the same calculations as above and assuming an individual works about 2,000 hours per year, their total income equates to $16,460 per year, or $1,371.67 per month. Following the 30 percent rule, Denver singles should allocate $411.50 per month toward rent. Consider again a single-earner renting a single-family home. Similarly to Chicago, minimum wage workers in Denver cannot afford the median rent for a detached home in Denver – in fact, at $1,900 per month, the median rent for a detached house costs almost 140 percent of their total income. And although less expensive options within city limits aren’t impossible to find, school ratings tend to drop correspondingly.

A young couple looking to rent in Denver making a combined income of $2,743.34 per month should keep their rent budget around or below $820 per month. However, the median 2-bedroom price in Denver is $1,850, which would take up 68 percent of their total income, a larger portion than renters in Chicago with similar lifestyles and the same housing needs face.

Philadelphia

Philly offers the highest minimum wage out of the three cities on this list. At $12 per hour, minimum wage earners can expect to accumulate $24,000 per year, or $2,000 per month. Single-earners seeking rentals in Philadelphia with extra space can rent single-family properties for $1,300 per month (median), which compromises about 65 percent of one minimum wage paycheck. Although rent still consumes the majority of income at this level, individuals in Philly at least have the option to rent single-family homes on one paycheck, unlike in Chicago and Denver.

Dual-earners in Philly are even better off while renting. Somewhat surprisingly, median rent prices for 2-bedroom units are equivalent to single-family homes. Dual-earner households earning $4,000 per month and spending $1,300 on rent use about 33 percent of their income on rent – the lowest portion spent out of each scenario in all three cities. Philadelphians in this situation have the ability to allocate funds toward lifestyle needs and future savings – a financially responsible move potentially leading to home ownership down the road.

Out of the aforementioned cities, Philadelphia is the most affordable for minimum wage earners, given the median price points of varying rentals and the mandated pay rate.

What is the Primary Reason You Save Money?

primary reason to saveWhy do you save?

It’s a simple question, but I think we would get very different answers if we sampled a large group of people. Some people think in terms of needs, some in terms of wants. Some are risk-takers, others are risk-averse. Plus, we each have our own life experiences and circumstances that shape how we view money and why (or why not) we choose to save.

This question came to mind as I got in a conversation with someone who enjoys traveling and likes to visit far flung places across the globe. Now, I have had this interest in the past, and would like to do so again in the future. However, with kids and other more important financial responsibilities, this won’t be a part of my regular lifestyle for quite some time. After all, there are other things to focus on!

But this person talked about saving for the next trip. As in, having the primary purpose for saving money in general being very specific to the interest in doing more traveling. Not for any other important aspect of life, but for globetrotting.

This got me thinking about the different reasons people might save money. I think we can divide these into two groups: Aspirational, and Fear-based.

Aspirational Reasons to Save

Here, the reasons for saving can be for fun things that bring personal happiness and satisfaction, or in some cases personal development. For example:

  • A “dream home”
  • Luxury car
  • Traveling the world
  • Early retirement

These aren’t based in worrying about anything. Rather, these are based on the idea that life is short so why not enjoy what we desire and not waste time thinking about the downside. Again, I’m talking about looking at these as the primary reason to save.

Fear-Based Reasons to Save

In this category, the reasons to save are more along the lines of worrying about not being able to take care of an important part of life. For example:

  • Retirement when unable to work
  • Health care issues
  • Elder-care or other family issues
  • “Just in case” an unforeseen issue arises

I’d characterize this mindset as more conservative in nature when it comes to money, though some (including someone I discussed this topic with) might consider it to be a “scared” approach to money.

My Primary Reason to Save Money

Again, the question here is: what is your primary reason to save money. In other words, what ranks highest among all the reasons to save, and what really motivates you to do so more than any of the other competing reasons.

For me, the primary reason to save, as I’ve thought about it, is to make sure that I don’t end up short of money when I’m older and unable to work. That visualization can really keep me going!

It’s not a dream of living in luxury, or having material things – though those would be nice outcomes and do enter my mind as secondary reasons! However, while those types of thoughts can also be motivating, I think more in terms of making sure my needs are met in the future. The last thing I want is a financial disaster when older and much less able to generate non-passive income. So, I’d say I have more of a fear-based approach to saving money.

What about you?

I’m curious to hear about what your primary purpose to save money is.

Of all the reasons you might save money, what is your #1 motivator?

It’s Easy to Be Frugal When You Don’t Have Money, But What About When You Do?

People get into the saving, squirrely spirit because they don’t have a lot of money. At least that’s usually the case. They know what it’s like to live from hand to mouth, and they want to see that change some day. But at some point, the challenges of poverty give way to the comfort of living well beneath your means. As savings grow, so does a feeling of security and independence. It is here that many people start to see a plateau in their savings and investment plans. They start to get lax, as they aren’t scraping the bottom of the financial barrel at the end of each month. This is just human nature, but that doesn’t mean this isn’t avoidable. If you want to do more than be not-poor, you’ve got to get in the habit of living frugally, and keep it up for the rest of your life, no matter what happens.

This is especially difficult if you get money suddenly. This is typically called a windfall, and it can come in many forms. Maybe you called one of the places to sell annuity payments. Maybe you got a big inheritance from a relative. In times like these, your emotions are stirred. You feel great! All of a sudden you have this big, cushy financial buffer between you and the big bad world. But it’s here that people get themselves in trouble, living like they’re high-rollers when in fact they just had one big payday. It’s easy to blow a windfall quickly, and you’ve got to make sure you don’t do that. The best way is to plan ahead for unexpected earnings. You also want to keep the money saved and secret for awhile, so you can make sure you’ve got a good plan to put it to use, and so nosy neighbors don’t start fishing around for a handout.

Most of us will earn our money more gradually. This is a blessing in one way, because it lets you instill good financial habits within yourself. During the time that you are being frugal, squirreling away every spare dollar you can come across, it’s good to remember that this is the way that you want to live even when you’ve saved enough to retire on. There are plenty of ways to make the frugal life the most enjoyable life of all. It’s a great opportunity to acquire important skills, to be self-reliant if not totally financially independent. Spend this time learning to cook with simple ingredients. Learn to fix and alter your own clothes. Find times to work with your hands and pursue hobbies that challenge your skills and maybe make you a little extra money.

Saving money is hard, but it’s just as hard to make it last once you have it. Whether you gain your money all-at-once or a little at a time, you’ve got to make sure that you derive benefit from it for many years to come. So squirrel away, and make it a habit you keep for the rest of your life!

What the Future Holds for Credit Cards

Throughout its long history, currency has adapted to keep up with the times and remain relevant in ever-evolving economic climate. And the credit card has formed the backbone of our cashless society.

In the wake of ATM hacking activity and an increase in the number of cases involving identity theft, the demand for new solutions to curb malicious intent is at an all-time high. But it’s more than just the card itself that needs improved security features.

Thought must be given to the infrastructure that has allowed credit cards to become such a ubiquitous form of payment. In America, the credit card system is currently undergoing an unprecedented $33 billion upgrade to chip-based smart cards.

But will that be enough? Experts think not.

The Changing Face of Credit Cards

A recent CNNMoney article outlines the new ways credit cards are changing and identifies the efforts of Oberthur Technologies, a French secure technology company in reducing credit card fraud.

As one of the last lines of defense against such activity, the company’s new prototype will see the CVV code randomized every 40 to 60 minutes via an ink screen display powered by a miniature lithium battery.

Unfortunately, a significant barrier threatening the adoption of the dynamic CVV lies hidden in the price. To be viable, it must catch on with the major banks – and this may prove difficult to achieve.

A single card will be 8 to 16 times more expensive for banks to purchase when compared to the latest EMV or chip-ased cards – a tough sell after the current upgrade.

Another concern with an alternating CVV code is it doesn’t address the need for multiple levels of security, nor does it fit with people’s preference to conduct mobile transactions from their phone or tablet.

While mobile applications will undoubtedly make things easier for consumers in the short-to-medium term, the sector tends to be reactionary and therefore tends to focus more and more on the problems at hand.

Additional Security Layers Lead to Solutions

Ultimately, methods of payment are tied to locality. For instance, the act of paying for an item online is entirely different to the way consumers purchase products or services when they’re within a physical store.

As a result, two-step authentication approaches – which require buyers to enter a one-time randomly generated password – seem to be rather unwieldy in the real world. This means they may not see as much use in the U.S. as they do elsewhere.

This has prompted the development of interactive credit cards featuring built-in mini computers, LCD screens and keypads that are capable of generating temporary passwords. They fill the role of ATMs somewhat in that they can display the balance, transaction history and more.

Once again, it’s up to the major banks to adopt the technology in order to make it mainstream. At present, only a handful of banks across Europe, the U.S. and Asia are offering these credit cards to customers.

A Revolution in Payment Terminals

Forward-thinking from financial institutions has resulted in the health care industry implementing new payment paradigms that provide a “future-proofed” payment terminal for medical facilities. It amends the fragmented experience many hospitals are forced to offer their patients.

Perhaps what needs to happen is a transition from outdated EFPOS facilities – regardless of whether they’re updated or not – to an entirely new payment paradigm.

The bench-top technology encrypts information sent between the bank and the terminal to allow for more secure transactions. This solution suggests that the credit card is here to stay.

Only with the benefit of hindsight will it become clear which way the world will lean, but when $33 billion is spent on overhauling an essentially effective way of paying for things, it’s difficult to see any future without plastic.

Anum Yoon is a personal finance blogger who started and maintains Current on Currency. You can sign up for her newsletter here.

6 Personal Safety Apps for Your Kids in College

Because of the huge number of crimes committed on campuses, the need for personal safety apps is increasing. The concern for parents and students is justified, but there are ways to help them. Despite the presence of police officers near campuses, safety is still a major concern and mobile apps can help fill this gap. If you are the parent of one or more students, you should consider these personal safety apps for your kids in college:

1. Guardly

Guardly is a personal safety app for students and works on iOS, Android and Blackberry devices. This application allows students to instantly connect with their friends and family members in emergency situations. All students have to do is tap a few times for dialing and sending an alert. Their location will be tracked in real time. Another way to use the app is by sending photos that have been captured to authorities or mobile contacts. Downloading the application is free, but there is a monthly subscription.

2. Smart24x7 Campus

24×7 is an application that has different purposes, as it can be used for the personal safety of kids, seniors, women, college students, employees and other people. The section dedicated to students is called 24×7 Campus. The application is available on Google Play, Windows Phone, App Store and App World. It can give students instant access to police or administration. With this app, students can get prompt medical support whenever they need it.

3. OnWatch

With this Android and iPhone application, friends and authorities can be immediately alerted in case of an emergency. The app has six functions: call 911 and friends, call 911, call campus police, watch my back, contact friends and I’m here. Watch my back allows students to set a timed alert that can be deactivated with a passcode. The free options are call 911, call campus police and I’m here.

4. MyForce

MyForce is a subscription based personal safety app for iPhone, Android and Blackberry. Whenever a student feels danger, an alert can be sent with just a few taps. A discreet alarm can be activated by pushing the red button of the app. After the alarm is activated, the software will record the call and will track the student’s location. The mobile operator will consider this an emergency situation and will call 911. This application can be great when students are walking home during the night through desolate areas.

5. EmergenSee

EmergenSee is an award winning personal safety application that can be downloaded from iTunes and Google Play. It uses live video streaming, along with GPS and audio data for ensuring personal safety. When the student or someone nearby is in danger, a few taps will help them to send the streaming data to friends and family members, but also to Professional Monitoring Centers. The application provides 24/7 professional monitoring.

6. Circle of 6

Circle of 6 is an application for iPhone and Android that has the purpose of helping students get out of dangerous situations. Students can include the phone numbers of up to six friends, classmates, or family members. When danger occurs, a mass message can be sent. There is a car icon that can be pressed for sending a text message, while the location of the student is tracked. If the phone icon is pressed, a special message is sent to all the numbers that have been inserted into the application. The app also allows students to call 911 if there is a true emergency.

Find more college related articles at http://easyscholarshipsnow.com.

No Tengo Dinero: How to Visit Spain on a Budget

We’ve all seen this scenario before: You’ve been planning a trip to Europe for years and you finally settle on one European country that has it all: Spain. Vibrant mega-cities, wonderful beaches, great food and warm people make this country on the coast of the Mediterranean a must see for any pale skinned North American.

After all the research and planning, you’re finally ready to set the wheels in motion. But there’ a problem: a financial miscalculation has wiped out half of your vacation funds! Bummer! Is this the end? No, not by a long-shot if you know how to travel on a budget. You need to regroup, breathe, and follow these tips to salvage your much anticipated trip.

1.     Book a flight in advance

Scour the internet for cheap flights by booking months in advance. It doesn’t necessarily have to be a cheap airline, because the cheap ones are known to have a ton of hidden charges. You can also book a flight and land anywhere in Europe and just take a cheap local flight going to Spain. Use Skyscanner or Vayama to compare flights from different carriers.

2.     AirBnB, Hostels and Couchsurfing

If you have no qualms about sleeping in someone else’s house or sharing sleeping quarters with complete strangers, you can skip the hotel and look for good deals online. AirBnB will help you locate locals willing to rent out a room in their homes for a fee. Some of the locals would even show you around town, so no need to pay for Spanish translation services or a guide.

Couchsurfing can help you find locals willing to let you sleep on their couch or mattress at no charge. Just make sure you treat your hosts with respect and try to get to know them. It’s also a good idea to bring your hosts a gift for letting you spend your vacation in their home.

Hostels do the job if you’re on vacation to party. Although AirBnB and Couchsurfing are considerably cheaper, it’s a little bit of a problem to your hosts if you love to come home late and hammered from all night drinking, so hostels maybe the right choice for you if you’re there to party.

3.     Take the Train, Bus and Subway

When you’re in Spain’s big cities such as Barcelona and Madrid, the subway is a cheap and indispensible way to travel. Taking the train on the other hand, is usually more expensive than taking the bus, so be sure to check the local fares first before hopping on.

4.     Eat like a Local

Spaniards are heavy lunch eaters. They have a small breakfast, a humungous lunch and a normal dinner because dinners in Spain are more expensive than lunch. It’s a legal requirement in Spain to offer a Menu del Dia or a complete meal of soup, salad, main course, side dish and dessert – all for one price. This is the most economical way to eat in these parts, so don’t eat a heavy breakfast! You can get away with eating a cheap and light dinner because of all the food debauchery you did for lunch.

5.     Visit Museums for free

Many of Spain’s museums have “free” days where you can visit without paying anything. You can also consider getting a discount card if you’re hell bent on seeing all the priceless art on display.

6.     Drinking in Granada

If you find yourself I Granada, don’t forget to drink up! Every alcoholic beverage you order in Granada will be served with Tapas, or small portions of appetizers. You can get your fill with just a few orders of beer. Eating for free never tasted this good!

See you in Spain

There you have it, tips on how to save a fortune on travel costs and see Spain on a budget. Don’t forget to book your flight early in advance and take advantage of early bird promos. AirBnB and Couchsurfing are also great ways to save money while meeting new people and possibly making lifelong friends in the process.

Salud!

How to Apply and Be Approved for Title Loans Online

Auto title loansYour vehicle is likely to be hugely important in your life. It allows you to get from A to B, to work and to school. It is also a financial asset and if you need money fast, you could use it as collateral to get some money. For many, this is a better option than selling it, as this would mean you can no longer use your vehicle for anything. Using your vehicle as collateral is done through a title loan and you can apply for title loans online. But how do you apply, and how do you get approved? Let’s take a look at the process.

Step 1 – Find a Loan Company

This will take you the longest of all. You need to find a company that offers good rates and has an excellent reputation. There are a few searches you can do to make sure you’re not becoming a victim of some sort of financial scam. Unfortunately, while the industry is regulated, it is still too easy for companies to trick customers out of their money.

Step 2 – Compare Rates and Loans

One of the most important things to look for is the most affordable loan interest rate. Whenever you borrow money, you will have to pay back that amount (the loan principal), as well as interest. Interest is how lenders make their money. These rates vary from one provider to another. However, they are often very high with title loans and you need to find the one that is the most affordable. Generally speaking, the worse your credit rating is, the higher your rate will be as well.

Step 3 – Make Sure You Meet the Minimum Requirements

Exact requirements for title loans vary from one company to the next. However, commonly, you will have to prove that:

  • You are the registered owner of a clear title.
  • You are over 18.
  • You have a regular source of income.
  • You are a permanent and legal resident of this country.
  • You have a bank account.

Step 4 – Apply for the Loan

When you apply online, you will usually have to provide a number of details that will enable the company to check your credentials. Sometimes, you will have to fax a few pieces of paperwork as well, but this is becoming increasingly uncommon.

Step 5 – Receive the Money

In most cases with title loans, you will receive the money within 24 hours of applying. Some even guarantee same day payments. Once received, you can spend the money in any way you see fit, which is also a difference with other loans, where you often have to indicate what you will be using it for.

Step 6 – Pay the Money Back

Finally, you will have to meet your repayments. With title loans, you absolutely cannot default on your payments, because your vehicle will immediately be repossessed. This is also why you should only apply for one of these loans if you are sure that you can pay it back.