TurboTitleLoan.com Changes Business Model to Comply with Military Lending Act

    SALT LAKE CITY, UT, September 12, 2014 /24-7PressRelease/ -- TurboTitleLoan.com has implemented a new business model that places them in full compliance with the Military Lending Act of 2007. By lowering their interest rates to 16-36% APR depending on the state of residence, the company is now able to offer active military members, reservists and their families quick access to needed funds. This alternative source of funding will prove beneficial to members of the Armed Services who may have been subjected to less than ideal loan alternatives in the past.

The Military Lending Act of 2007 was designed to protect military members and their families from predatory lenders by setting a cap on interest rates at 36%, prohibiting wage allotments, forbidding prepayment penalties and more. Some lenders have used "loopholes" to get around the Act, charging military members high interest rates and setting allotment payments.

The online auto title loan product that TurboTitleLoan.com will make available to military members will meet all Military Lending Act guidelines. The interest rate is state specific and ranges from 16-36% APR. There will be no allotment payments or rollovers. The borrower will retain their legal rights in matters of dispute and all information regarding rate and payment obligations will be communicated both orally and in writing. Loan terms are 12 or 24 months and the loan amount is determined by the wholesale value of the vehicle.

These provisions, combined with their 100% online platform, no store visits and easy to navigate website, allow TurboTitleLoan.com to offer members of the military the most affordable and reputable auto title loan product available.

"We work to ensure that our loans don't put undue stress on any of our clients. We especially want that to be true for members of our military. These men and women deserve access to equity they've worked for without having to worry about being taken advantage of," said a TurboTitleLoan.com spokesperson.

About TurboTitleLoan.com:

TurboTitleLoan.com is a vehicle equity lender. They have helped thousands of satisfied customers across the United States gain access to needed funds in a timely manner. TurboTitleLoan.com revolutionized the auto title loan industry by moving the entire loan process onto their secure online platform. Transparency, security, affordability and customer service are the cornerstones of their business.

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