An Arizona Program May Help Pay Off Car Title Loans in Phoenix
A new program in will help people pay off car title loans, according to the June 2017 article in A Z Business Magazine. People wanting help to pay off car title loans must meet the program’s eligibility requirements. A car title loan is an alternative to a traditional loan relying on a credit score to obtain funding. A borrower places his or her car’s title as collateral. In exchange for the title as collateral, the borrower receives the money he or she needs.
How the Program Seeks to Help Phoenix Residents
The program called “Lend a Hand” was created by four community-focused organizations in Maricopa County. These organizations are:
- The Arizona Community Foundation
- The Phoenix IDA
- Take Charge America
- MariSol Federal Credit Union
Phoenix Borrowers Need to Complete an Application
The program requires a title loan borrower to download an application from the Take Charge America website. The next step in the process involves scheduling a confidential, free credit counseling session with Take Charge America to create a budget and a plan of action to increase savings and decrease debts.
The MarSoi Federal Credit Union will review the title car borrower’s information to make sure he or she is eligible for the program. If approved, the credit union will pay off about $2,000 on the outstanding title loan.
The rest of the loan will be converted into a lower-interest loan with different payment terms. In addition, the credit union will help the title car borrower create a savings account. However, the borrower will have to make an initial deposit of $25 into the account and deposit $10 every month that he or se has the converted title loan.
The goal of the program is to make car title borrowers financially sound and teach them more about saving money. Funding for the program is limited. People wanting help and live in the Maricopa County will have to contact Take Charge America or call 1-877-822-2410.
Paying off Title Loans in Phoenix
Paying off a title loan may sound like a hard task, but it does not have to be if the borrower knows what he or she is doing. In fact, many borrowers employ ways to pay off their title loans quickly, such as:
- Paying the interest on the title loan
- Making multiple payments to cut and decrease interest
- Borrowing only as much as they can repay
- Making payments on time or before time
Contact Cash-N-Go for any Type of Financial Assistance You Need in Phoenix
We hope you are able to receive funding from the program if you need assistance to pay off car title loans. We understand that sometimes hard times get a little tougher. We also provide a way to get rid of your old car title loan and get a new loan with lower interest and payments by refinancing your current title loan. Contact us if you need assistance with paying an existing car title loan.
Also, if you need a short-term or installment loan, we can help you, too. We are family owned and operated and dedicated to getting you through your financial crisis. Contact us today for help.