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Miles

Title Loan Alternative for Miles, TX | Yendo Powered by Mastercard

Skip the Title Loans, Miles, Texas. Apply for Yendo instead.
In this article
Key takeaways about title loans in Miles, TX
Why you should reconsider getting a title loan
What's Yendo?

Key takeaways about title loans in Miles, TX

What is a title loan?

Title loans represent a form of short-term lending with high interest rates, typically used by people needing urgent cash for unexpected circumstances. The unique aspect of a title loan is its reliance on the borrower's car as security. If the loan is not repaid, the lender legally has the power to confiscate the vehicle. To secure a title loan, a prospective borrower generally undergoes an application process that involves submitting their car title, identification, and income evidence. Subsequently, the lender appraises the car's value to ascertain the loan amount, which is typically a percentage of the vehicle's total worth. It's crucial to note that the interest rates for title loans are usually steep, which renders this borrowing method quite expensive. Moreover, title loans carry considerable risks due to their collateral nature, as the borrower's car may be seized if the payments are not met on time. The potential loss of the vehicle should be weighed against the immediate cash necessity. Therefore, title loans should be treated with discretion and used as a last resort.

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Why you should reconsider getting a title loan

5 reasons you shouldn't get a title loan

  1. High-Interest Rates: Title loans are known for their exorbitant interest rates, which can often lead to borrowers paying much more than they originally borrowed. [1]
  2. Predatory Lending Practices: Some title loan companies are known for their predatory practices, including misleading terms and hidden fees. [2]
  3. Debt Trap: Due to the high interest rates and short repayment periods, many people struggle to repay their loan in full. This can lead to a cycle of taking out more loans to pay off the original one, creating a debt trap that can be difficult to escape. [3]
  4. Negative Impact on Credit Score: While some lenders might not check your credit score before issuing a title loan, failing to pay it back could negatively affect your credit score. [4]
  5. Expensive Solution for Temporary Problem: While a title loan might seem like a good solution for immediate financial needs, the long-term costs can far outweigh the immediate benefits. Other options, such as personal loans, credit card cash advances, or even borrowing from friends or family, may be less expensive in the long run.

[1] https://www.yendo.com/compare-yendo

[2] https://www.consumerfinance.gov/about-us/newsroom/cfpb-orders-titlemax-to-pay-a-10-million-penalty-for-unlawful-title-loans-and-overcharging-military-families/

[3] https://www.responsiblelending.org/research-publication/debt-trap-drives-fee-drain-payday-and-car-title-lenders-drain-nearly-3-billion

[4] https://www.myfico.com/credit-education/whats-in-your-credit-score

What's Yendo?

Yendo is the first credit card that's backed by the value of your car. The card can provide access to credit for those who might not be able to qualify for other credit cards. It's a real credit card, powered by Mastercard, that provides credit limits from $450 - $10,000, depending on your value of your car amongst other factors, that can provide people with access to ongoing funds. So, rather than having to re-apply for loans, for example, you can access funds up to your credit limit on an ongoing basis and, with responsible usage like on-time payments, build your credit too.

Features and benefits of Yendo:

  • Credit limit - access up to $10k in credit
  • App - the Yendo app lets you manage your account, wherever you are
  • Virtual card - access a portion of your credit limit prior to getting your physical card in the mail with the Yendo virtual card. Use your virtual card in addition to your physical card
  • Cash advances - ability to do cash advances on your card if you need to access money quickly
  • Access to revolving credit – you’ll have a revolving line of credit that opens up as you make payments‍
  • Credit reporting – all your account activity will be reported to the credit bureaus, giving you the perfect opportunity to build your credit

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about

Miles, Texas

Miles, Texas is a small community located in Runnels County, offering plenty of unique and budget-friendly things to do. From visiting the Miles Historical Museum to exploring the David Fisher Park, there's something for everyone in this small town. One of the most popular activities in Miles is visiting the Miles Historical Museum. This museum is home to a variety of exhibits, showcasing the history of the city. Admission is free, making it a budget-friendly option. For some outdoor adventure, visit the David Fisher Park. This park is a great spot for hiking, with plenty of scenic views along the way. It's free to access, making it a budget-friendly option for some exercise and fresh air. Overall, Miles has something for everyone, and there are plenty of unique and budget-friendly options to enjoy. So the next time you're in town, be sure to check out these activities and more. In addition to all these budget-friendly options, using the Yendo Vehicle Secured Credit Card is a great way to build your credit while exploring all that Miles has to offer.

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FAQs

Does Yendo build my credit?
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With responsible usage, Yendo can help build your credit. We report to Experian, Equifax and TransUnion.

What will my credit line be?
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Yendo Credit Cards have credit limits ranging from $450 up to $10,000. Your credit line depends on the make, model, mileage, and condition of your vehicle in addition to your ability to repay.

How many days do I have to repay?
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You have 25 days after the end of your monthly statement to make a payment. You can make payments at anytime, and you will need to make a minimum payment of 1% of your statement balance or $50 (the greater of). We're here to help, so if you do need assistance making your minimum monthly payment, please give us a call.

Can I get approved even if I have bad credit or no credit?
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You can get approved as long as you meet Yendo’s other approval criteria. Our mission is to offer affordable credit access to everyone.

How soon can I get my credit card?
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Most Yendo cardholders have access to their virtual credit card within an hour of completing their application and mailing their title. The virtual card can be used online or with Apple, Google, or Samsung pay. A physical card will be mailed to you and typically arrives in 3-7 days.'

If I miss a payment, do I lose my car?
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We will always work with you to try to establish a plan that works with your situation. However, as a lienholder, we can exercise our right to recover an outstanding balance, but this is our last option. Keep in mind that with Yendo, your minimum monthly payment can be more affordable compared to other alternatives like title loans.

If I sign up, when and how do I get my title back?
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You can get your title back at any time by paying off your balance and giving us a call to close your account. Once we verify that your balance is $0, Yendo will close your account and remove its lien from your title. We will then release the title to you within 10 days of payoff - please note that there may be some situations outside of Yendo's control, such as DMV processing timelines, that could extend this timeframe. Or you can keep your account open with a $0 balance and pay no interest, so you can have continued access to your credit card when or if you wish to use it.

What are my payment terms?
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While your official due date is 25 days after receipt of your previous monthly statement, you can pay off all or a portion of your balance in advance at any time. The best part? If you pay your statement balance on or before the due date every month, you’ll pay zero interest on purchases. In the event you don’t pay off your full balance, our minimum payment is 1% of your principal balance or $50, whichever is greater. Please note if you have interest or fees charged to your account, these will be added to your minimum payment due.

What is overlimit?
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If your balance exceeds your credit limit, your account is overlimit. You will need to make a payment that brings your balance below your credit limit and make at least a minimum payment to unblock your card.

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