Financial Tips for Teens

Do you have teens or young adults in your household? Have you talked with them concerning financial and asset management? Perhaps you have wondered how your teens will handle their money once they leave you to go off to college or move out on their own to go to work. Once your child is a young adult between the ages of 14 – 18, it will be a great time to begin teaching them how to take control of their money.

One of the best activities, as recommended by experts, is to get your teen thinking. For example, simply sitting down with your teen and getting them thinking about their future and how will they deal with emergency situations in the event you are not around. Ask your teen, “Say you are living on your own and an emergency arises, such as an unforeseen vehicle breakdown, and you need to raise $1,000 quickly; what strategies would you use to raise the money on your own?” Is a Car Title Loan a viable option to them?

Another example is to show them real world exercises concerning living on their own. Find out what their plans are after high school and then have them go through the very tasks they would have to perform if today was their last day of high school. For instance, if their plan is go to college and live off campus, have them go to apartments.com and look for actual apartments. Help them price out the apartment with electricity, phone bill, and transportation costs. How will they pay for their expenses while doing their schoolwork? Based on the total cost of the expenses, have them type out a plan and budget so they understand how much money he or she will need in order to continue to live comfortably.

The third thing is to help them to find a mentor. Someone who is perhaps a celebrity blogger or someone respected in the financial mentorship community. Your teen will be able to follow this mentor’s blog and get financial advice on an ongoing basis. What’s more important is that financial advice tends to change to match the economy surrounding your teen. What may have been good advice a decade ago, may not suit your teen today.

Finally, giving your teen the power to earn money now through chores or schoolwork will help them to learn the value of earning cash. Let them learn how to manage their own funds. Also, the experts recommend letting your child make their own mistakes with their money so they start learning from a young age with small items rather than making a large mistake in adulthood.

In conclusion, once your child turns between 12 – 14, it will be time to start talking to them and planting seed in their mind of money management.

Title Loans vs Bank Loans

A title loan is a fast, safe and easy way for individuals who own their car with a lien free title to get cash using their car as collateral. It allows people to obtain funds using assets (their car) to solve short-term financial needs. The process is usually simple and requires a minimal amount of time to obtain a loan.

Let’s take a look at some comparisons between title loans v. traditional bank loans…

Application Process

Bank – usually a lengthy application requiring many documents, references, etc.

Title Loan – simple, one page application, minimal paperwork

Timeframe to Receive Funds

Bank – can take weeks, even months, sometimes up to 90days

Title Loan – same day, usually less than 1 hour!

Credit Check

Bank – lengthy credit check, often going back 7-10 years

Title Loan – absolutely NO CREDIT CHECK

Repayment

Bank – when an individual pays off a loan early, banks lose interest income…to offset this, many banks will charge a “pre-payment” penalty

Title Loan – no pre-payment penalty, in fact, paying a title loan off early may help to build a positive relationship with the lender which may allow individuals to qualify for another loan later on

These are just a few of the many differences between an auto title loan and a traditional bank loan. Recent economic conditions and credit markets have made it more difficult than ever to obtain a loan from a bank. Title loans are a great way for every day, hardworking Americans to get access to cash when they need it most.

As with any financial product or service, anyone considering borrowing money should do so responsibly. We encourage individuals to consider all available financial options and work closely with financial institutions to determine affordable repayment terms. For more information on short-term financial services please visit http://chicagotitle.loan

Choosing the Right Auto Title Lender

If you look at auto title loans in Chicago, you’ll be surprised that at this point, these loans are excellent investment for the person taking the loan. Most of the time, people under financial strain opt for this loan as it is quick to get approved and provides instant cash without needs for a credit check. If you are contemplating taking this loan, you might be unable to pay your rent or need money for medical expenses but whatever the reason maybe, it is true that auto title loans can be the right source of instant cash.

Depending upon your vehicle’s value, you can get about 50% of the vehicle’s value. Though there are companies that offer up to $3500- $5000, it completely depends upon the car or vehicle you are putting as collateral. However, the loan amounts differ as per the company that you approach and have their own percentage of the estimated value that they give as loans. So if you have an expensive car, you’ll get approved for more but if it is an old car, you’ll get less. Basically the lender looks at the condition of your vehicle, the way it is maintained and checks the mileage.

Looking at the pros and cons of a Chicago Car Title Loan

For the borrower the benefits are many. The advantages outweigh the disadvantages of loan for borrower despite the higher than usual interest rate that they have to pay usually because the loans are not disbursed after credit checks. Regardless of your financial situation and FICO score, no auto title lender looks at these factors when you are approved. That is because these are secure, collateral loan with no-risk to the lender in most situations. As you have to turn over the title deed in the name of the lender, but you get to keep and drive it around. Some of the lenders get a GPS system installed in the vehicle that has been kept as collateral to ensure that they are aware of the location of the vehicle at all times.

To successfully pay off the loan, you need to be calculating the repayment amount that you will need. And even if you are offered more than what you need, don’t take the extra money because you’ll be paying interest on it unnecessarily. It is best to take only the amount that is needed.

It is best to work with licensed lenders that have ethical policies. You need to find a lender that provides you all the details of the title loan that you intend taking.