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Investment loans, for example, would turn into profits in the near future while bad loans would result in recurring debts, bad credit score and higher interest rates. Car title loans are some of the popular personal loans sourced from private lenders as opposed to traditional sources such as banks and cooperatives.

More often, lenders financing, car title loans would need the applicants to undergo some credit check. While this is a crucial stage in any lending business, the procedure sometimes spoils the only chance an applicant had in order to acquire the so-much-needed money. In the tight economy, car owners who opt for the car title loan usually have a poor credit score with the other lenders and the only way to obtain a loan is to use their car title as security.

Over the years, car owners wishing to obtain a car loan, often don’t want to go through the credit check process since it can worsen their credit score. This has resulted in a friendlier way of obtaining loans without risking their credit reputation. Certain lenders give title loans with no credit check where car owners have to submit a few documents for consideration. Some of the most important aspects used by such lenders to evaluate the applicant’s ability to repay the loan are the presence of a steady income stream and the vehicle’s value.

Listed below are some tips that can help you decide, if you want to get a title loan or not.

Is it a good or bad idea?

This is a simple question with a straightforward answer. It depends on your urgency and of course the condition you’re in. Everyone at some point in time undergoes some financial emergencies such as paying hospital bills, overdue debts, etc. Taking a reasonable instant loan you can get is probably a good idea and a solution to such financial constraints.

A car title loan with no credit check will come in handy if you’re in need of some quick cash without ruining the already-damaged credit reputation. Since banks and cooperatives won’t buy your idea of borrowing a loan with poor credit, the only good idea is the no credit check car title loans. Again, going for a loan to fund some luxuries is a bad idea. Car title loans may come with slightly higher interest rates and you don’t want to pay such interest after funding some mediocre causes.

Requirements for the no credit check car title loans

When you’ve found a car title lender giving no credit check car title loans; you’ll be required to have certain documents with you. These are:

When no lending company would listen to your stories, the only way out of financial shortages is to use the resources you already have with you. Your vehicle is an important asset during such times and you can use it to your own advantage. Regardless of the existing credit score, the no credit check car title loans give you a chance to redeem your hopes without having to beg for what you deserve.

Banks are increasingly using your data intelligently and effectively. Let’s find out how far they can go. Julius Abensur, Head of Industry and Financial Services at Relay42, explains.

Technology has advanced at a rapid pace in banking and our demands have changed, making our data – and banks using it properly to benefit us – more important than ever.

Through various utilities, facilities, transactions and experiences, banks have more opportunities to break down traditional barriers to offer us a more seamless experience across channels and outcomes, rather than products and functions. By using our data effectively, they can deliver us a unique journey, based around our personal interests and most frequently-used channels. The benefits to banks are clear; customers who are fully engaged bring an average of 37% more annual revenue to their primary bank than customers who are disengaged.

To achieve the levels of engagement and loyalty we now expect, banks need to ensure they are using our data wisely and responsibly in order to nurture our trust. If banks aren’t using our data to provide us with a better and more valuable user experience, it won’t be long before we stop sharing it altogether. This will only be made easier in light of regulations such as GDPR and PSD2, which are placing stricter rules on how banks use our information.

So how can banks use our data more effectively, while maintaining our trust?

Merging the real and digital worlds

Impending regulation changes are slowly pushing banks and disruptive fintech start-ups to collaborate, rather than compete, and this is opening up a whole new world of opportunities for us as customers. Banks possess a stronghold of customer data ripe for delivering personalised and useful experiences, and by partnering with fintechs who specialise in innovative, agile technologies, they can deliver true value.

For example, let’s say that a customer (we’ll call him Bill) has just paid for dinner at a restaurant with his friends, and they all want to split the cost and pay Bill back. By partnering with the right fintech and sharing customer data across platforms with a smart data platform, the bank can make this repayment process easier by enabling Bill to distribute payment requests through an online chat service via a single link. By using this link, Bill’s friends can then repay him instantly regardless of who they bank with.

By using data management technology to responsibly share data across different platforms, banks can launch intelligent customer experiences and solutions relatively quickly across both the real and the digital world. This offers clear advantages for customers, who can now use more intelligent services to increase convenience. And this is just the beginning.

Connecting with other industries

When it comes to delivering truly beneficial experiences, banks need to be looking beyond the industry they serve. We all have a vast range of interests that can be capitalised upon through the sophisticated use of data, and this can be achieved by connecting with other industries.

Take the travel industry, for instance. As seamless partnerships between payment providers, booking interfaces and airlines become ubiquitous, travel and financial services leaders need to take a sideways glance to carefully choose trusted partners, value propositions and technology.

To translate this into a practical example: Let’s revisit Bill. Bill has a Global Travel Plus credit card, which is issued by his bank and connected to a global airline, granting him rewards and discounts when he travels. The bank has also created a service called the Travel Plus app, which offers relevant recommendations related to Bill’s journeys and behaviours, and is orchestrated by the bank’s customer journey technology.

Through intelligent cross-pollination of insights and data, the bank can deliver a suite of offers based on Bill’s loyalty and customer value, including frequent flyer points and hotel discounts. Then, through contextual retargeting, Bill’s bank can send financially-related recommendations for his next trip to Barcelona, from the best insurance rates to lock-in forward Euro rates. This kind of data-driven personalisation is what we now crave, and simply would not be possible without banks connecting with other platforms and industries.

Stitching data intelligently

Data is undoubtedly the key to delivering the innovative, highly personalised banking experience that we are all seeking. For banks, the benefits are clear - customer retention is around 14% higher for companies that effectively apply big data and analytics to deal with velocity.

However, if banks are to achieve this then they need to make sure they use our data intelligently. As we have explored, using data management technology can go a long way to effectively stick data together to create a single customer view — the foundations for orchestrating right customer experiences — for the right people. Additionally, partnering with companies both inside and outside of the financial sector can open up new opportunities for next-generation loyalty and engagement.

The ‘TDX Group Consumer Debt Report 2017’ from the UK’s leading provider of data and technology-driven debt solutions for businesses, reveals that over a quarter (28%) of Brits fear they may not be able to keep up with repayments on their personal debt.

The online survey, conducted by YouGov, also found that unsecured debt now tops average monthly earnings¹, with more than one in four (28%) owing in excess of £2,000. Almost half in debt (49%) owe money to more than one organisation. In addition, one in four (25%) are concerned they could lose their job, while almost one in five (18%) are worried their pay might fall back.

With little to no savings buffer, many (43%) are planning to cope by changing job or taking on a second job. This makes it harder than ever for creditors to gain a comprehensive view of their customers’ financial circumstances in order to responsibly recover money owed.

Although less than one in 10 (8%) would seek help from a company/lender they owe money to if they needed financial help, the report revealed that consumers are looking for businesses to be supportive and offer practical solutions to any financial difficulties they encounter, such as a reduction in repayment costs (cited by 41% of people surveyed), a reduction or break in interest being added to their debt (37%) or a part write-off of their debt (29%).

The cost of getting it wrong could be substantial to businesses with 46% of consumers saying they would not deal with a company again if it provided poor service at a time they were suffering financial difficulties, or if they failed to provide solutions that might help improve their situation. A third (33%) would share such bad experiences by advising friends and family to steer clear of a company that behaved in such a way.

Richard Haymes, Head of Financial Difficulties at TDX Group, said: “Our research shows that creditors need to act now to plan for a spike in problem debt. Many individuals are growing anxious about their ability to stay on top of their personal finances and some have already begun to run into trouble. We can expect to see an increasing number of ‘new’ customers entering collections and recoveries who are unused to dealing with arrears.

“We’re also seeing a change in the mix of creditors who are owed money, reflecting a growth in non-traditional credit default. Over time, this will change the payment hierarchy, and with the profile and payment decisions of those who owe money changing, the need to understand the customer is more critical than ever.

“In the coming months it will be major issues like the fallout from the General Election and Brexit, rather than micro industry challenges, that will have the most impact on collections and recoveries. The key focus will be to maintain flexibility around strategy and suppliers, while also building capacity to deal with an overall increase in delinquency and default. Companies must respond now to limit their exposure to rising bad debt levels.”

(Source: TDX Group)

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