A car title loan, also known as a title loan, is a loan in which you, the borrower, put your car title up as collateral in order to obtain a loan. Continue reading
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Is a postdated check legal?
A postdated check is a check in which the issuance of funds cannot be accessed until a date in the future. These are checks that are written in advance to be used for a future date. It is usually the intent that someone will not cash the check until on or after the date that the check is dated. Continue reading
What is interest?
Anytime you borrow money from a lender an interest rate is applied. It is basically the fee to borrow money or assets from a lender. Many people choose to borrow money in order to buy products they need or a‘now’ instead of ‘later’. Therefore, interest is the price paid for the use of borrowed money. Interest is typically paid to the lender as a percentage of the amount owed. Thus, 10% interest on $100 is $10. The percentage of the principal that is paid as a fee over a certain period of time (typically one month or year) is called the interest rate. Continue reading
What is a credit report?
A credit report is a detailed record of your complete credit history; it details every single relevant credit inquiry and statement for your entire life time. Your credit report is maintained by companies known as credit reporting agencies or credit bureaus. The three most famous credit bureaus are Experian, Trans Union and Equifax. Creditors and other money or product lenders use your credit report and your credit score to determine your risk as a borrower – if you have a poor credit score or a poor credit history, the lender will not allow you to borrow money from their establishment because they deem you as too high risk. You are allowed one free credit report from each of the reporting agencies once per year by Federal law. Continue reading
What is private mediation?
A private mediation is defined as the art of negotiating differences between two parties. These meetings are typically conducted by an impartial third party group and are used to resolve differences via an unbiased perspective. Continue reading
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