Manor Resources, LLC Granted Licensing in Colorado

    SALT LAKE CITY, UT, October 20, 2014 /24-7PressRelease/ -- Manor Resources, LLC d/b/a TurboTitleLoan.com has been granted a Supervised Lender's License from the State of Colorado Department of Law under the Uniform Consumer Credit Code. (License # 992215) This license allows the company to offer online auto equity loans. Manor Resources, LLC, will offer their loans with an interest rate of 1.75% per month, (21% APR), giving Colorado residents the opportunity to access the equity in their paid-off vehicles at an affordable rate.

Colorado prohibits traditional auto title loans which typically carry triple digit interest rates. Currently, 29 states prohibit auto title lending or impose caps on interest rates. Colorado caps interest rates on "supervised consumer loans" at 21% APR. This cap has discouraged a majority of auto title lenders from offering their services in Colorado. TurboTitleLoan.com made the decision to seek licensing in order to better serve the people of Colorado.

Despite regulations prohibiting certain types of loans, Colorado residents with limited access to traditional lenders or with past credit issues are still searching out loans to cover their short-term financial needs. Some residents drive to neighboring states that offer car title loans at high interest rates. In other cases consumers use online lenders that represent themselves as Colorado companies but are not based in the state nor licensed in Colorado. 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 21% APR is $186.23 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 $3,037.44.

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

By fully complying with Colorado's lending laws, Manor Resources, LLC is committed to building a lending relationship with consumers. State licensing, in combination with an interest rate of 21% APR, a 100% online platform, full transparency, no store visits and no credit checks, means the company is offering Coloradans the most affordable, secure and reputable auto equity loan experience available.

"The only similarity between our company and traditional auto title lenders is having "title" in our name. Our goal is to offer the people of Colorado 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 Colorado 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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