Manor Resources, LLC Granted Consumer Finance Conventional License in Oregon

    SALT LAKE CITY, UT, October 20, 2014 /24-7PressRelease/ -- Manor Resources, LLC d/b/a TurboTitleLoan.com has been granted a Consumer Finance Conventional License from the State of Oregon Division of Finance & Corporate Securities. (License #0404-001-C) Licensed under their corporate name Manor Resources, LLC will offer online auto title loans with an interest rate of 3% per month (36% APR) giving Oregon residents the opportunity to access the equity in their paid-off vehicles at an affordable rate.

In an effort to discourage traditional auto title loans which typically carry triple digit interest rates, Oregon has capped interest rates on conventional consumer finance loans at 36%. This cap has discouraged a majority of lenders from offering their services in Oregon. Manor Resources, LLC made the decision to seek licensing and to operate in full compliance with state regulations in order to serve the residents of the Oregon.

Despite regulations prohibiting certain types of loans, Oregon residents with limited access to traditional lenders or with past credit issues are still seeking loans to cover their short-term financial needs. In some cases consumers use online lenders that represent themselves as Oregon companies but are neither based in the state nor licensed in Oregon. 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 36% APR is $200.92 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 $2,861.16.

Manor Resources, LLC will also allow Oregonians who have taken out a high interest title loan from out-of-state companies to refinance their current title loans at the company's lower rate. This will result in significant savings.

By fully complying with Oregon's lending laws, Manor Resources, LLC is committed to building a lending relationship with consumers. State licensing, in combination with an interest rate of 36% APR, a 100% online platform, full transparency, no store visits and no credit checks, means the company is offering Oregonians the most affordable, secure and reputable auto equity loan experience available.

"Our goal is to offer the people of Oregon a way to tap into money they've already earned at a reasonable rate. We've designed our product to be a solution to a financial situation, not an added stress, explained a Manor Resources, LLC/TurboTitleLoan.com spokesperson. "Our licensing should be a sign to Oregon consumers that we are working not only with the state but with them to deliver superior service."

About Manor Resources, LLC:

Manor Resources, LLC d/b/a TurboTitleLoan.com is a vehicle equity lender. The company is licensed to operate in 19 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.

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