An auto title loan is very popular in Texas because the state legislature has not imposed any cap on the title lenders in offering maximum loan amount.
The title loan companies are expanding rapidly in Fort Worth, the fifth largest city in Texas, in recent years because people want to stay away from the lengthy process of traditional banking. The city lenders are ready to lend you according to your requirement without investigating about your past credit history.
There is nothing to worry about interest rate since the lenders in this beautiful city can not charge more than 10% interest, as per the norms of the Consumer Federation of America. The auto title loan is truly a great option to bail you out from the financial crisis.
What You Should Know About Title Loans
Texas title loans are a wonderful financial service, which provides you emergency loan during your financial crisis just by keeping the title of your registered vehicle. However, it does not restrict you from using your vehicle for the period when the title of your car is submitted with the lender. It is a short-term secured loan that can help you meet several suddenly arisen expense such as renovating your house, paying your hospital or medical emergency bills or paying house rent and many more such expenses that can arise anytime in anybody’s life.
Requirements to Qualify for Fort Worth Title Loans
If you are 18 years or above then just take the following documents to the nearest title lender in Fort Worth, Texas and collect the cash within just a few minutes. You can start online to get a title loan estimate, first, and then call to have a loan specialist help you finish the process –
- Identity proof with photograph
- Lien free title of your vehicle
- Proof of monthly income
- Age proof document
- Residential proof
Legal Measures Related to Title Loan in Fort Worth, Texas
The auto title lenders in Fort Worth, Texas do not require to follow any strict regulation to run their business. Since the state government is very much liberal with them it becomes quite easy and hassle-free to lend and borrow money for both lenders and borrowers alike. Following are the legal rights of the borrowers that auto title loan law safeguards.
- Texas state law has mandated that no title lender in Texas can charge more than 10% interest from borrowers.
- Contracts for credit services cannot be more than 180 days.
- Lender must maintain secrecy about the information shared by borrowers at the time of taking out a loan.
- A written agreement must be signed between both a lender and a borrower.
- All kinds of fees and charges related to the title loans in Fort Worth, Texas should be clearly defined to borrower beforehand.
- The auto title lenders in Texas must be licensed under Chapter 342 of the Texas Finance Code.
In case, a consumer finds that a lender is making unfair use of his/her rights and exploiting him/her then he/she can contact the Texas Department of Banking for proper guidance.
One can also contact the highly efficient city police.
Public Safety Training Complex
Fort Worth Police Department
505 W. Felix
Fort Worth, TX 76115
Police Department (Main Line) 817-392-4000
So, if you are a resident of Fort Worth, Texas, facing a financial crunch, but unable to get due to bad credit history, title loans in Fort Worth, Texas is the best way to get rid of all that and cater to your all your financial emergency.