TurboTitleLoan.com Receives Licensing in Michigan; Will Operate as Manor Resources, LLC

    SALT LAKE CITY, UT, September 30, 2014 /24-7PressRelease/ -- TurboTitleLoan.com has been granted a license from the State of Michigan Department of Insurance and Financial Services - Office of Consumer Finance. This license allows the company to offer online auto equity loans. Licensed under their corporate name Manor Resources, LLC, TurboTitleLoan.com will offer their loans with interest rates of 25% APR, giving Michigan residents the opportunity to access the equity in their paid-off vehicles at an affordable rate.

Michigan prohibits auto title loans which typically carry triple digit interest rates. Currently, 29 states prohibit auto title lending or impose caps on interest rates. Michigan caps interest rates on consumer loans at 25% APR. This cap has discouraged a majority of lenders from offering their services in Michigan. TurboTitleLoan.com made the decision to seek licensing in order to serve the residents of Michigan.

Despite regulations prohibiting certain types of loans, Michigan residents with limited access to traditional lenders or with past credit issues are still searching out loans to cover their short-term financial needs. In some cases they are finding online lenders that represent themselves as Michigan companies and offer loans to Michigan residents but aren't licensed in Michigan. These companies are under no obligation to adhere to the interest rate cap, and as such charge much higher rates, in some cases over 200% APR.

Consumer savings with Manor Resources, LLC will be significant. For example, the monthly payment for a $2,000 loan from Manor Resources LLC, with a 12 month term at 25% APR is $190.09 compared to a payment of $439.35 based on a rate of 232% APR from a major competitor. Over the life of the loan, that is a savings of $2,991.12.

By fully complying with Michigan's lending laws, in combination with an interest rate of 25% APR, 100% online platform, full transparency, no store visits and no credit checks, Manor Resources LLC/TurboTitleLoan.com is offering Michigan consumers the most affordable, secure and reputable auto equity loan experience available.

"All we have in common with traditional title lenders is the word "title" in our name. Our goal is to offer the people of Michigan a way to tap into money they've already earned at a reasonable rate. We want to build a lending relationship that is fair to both sides." explained a Manor Resources LLC/TurboTitleLoan.com spokesperson. "Our licensing should be a sign to Michigan consumers that we are working not only with the state but with them to deliver superior service."

About Manor Resources, LLC:

Manor Resources, LLC/ TurboTitleLoan.com is a vehicle equity lender. The company is licensed to operate in 17 states. They have helped thousands of satisfied customers across the United States gain access to needed funds in a timely manner. Manor Resources, LLC/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.

# # #