These days, it's not always easy to get a loan when you need one. Unfortunately, a lot of lenders out there are making it increasingly difficult to get an approval. Economic hardships over the past ten years have put a lot of consumers in the position of having poor credit
Thankfully, a new industry has been developing to serve consumers who might have trouble being approved for a traditional loan. This is the alternative lending industry. One common project associated with this industry is the title loan. Title loans Bonham are available for those who may not have good credit but own a vehicle that they can use as collateral on a loan.
With a title loan, the borrower's vehicle is held as collateral on the loan and secures the loan. While this type of loan is somewhat unique in comparison to the many traditional loans out there, it does begin with an application like many types of loan. The prospective borrower will need to fill out this application. Information that is needed includes the prospective borrower's identity, employment, and vehicle information. Of all this information, the vehicle information is perhaps most important because the borrower's vehicle will be held as collateral for the loan. On the application, it will be necessary to enter the vehicle make, model, and mileage.
Once the application is submitted, the applicant will quickly know whether he or she will be accepted or rejected. If it's possible to offer a loan, a loan offer will be sent that the prospective borrower can peruse and evaluate. If he or she chooses, the loan can be finalized by sending in the vehicle title and a signed loan agreement. The last step is to pay off the loan and get the title back.
Lots of folks also worry that their credit scores won’t be high enough to be approved for loans. However, credit isn’t even a consideration when applying for vehicle title loans. Our loans are secured using the paper car title to your vehicle. So, credit information isn’t needed and is never checked.
State laws regulate title loans Bonham, and those who borrow in Texas should familiarize themselves with Texas laws related to this type of loan.
Title loans in Texas do not have any maximum limit in terms of how much they can be offered for. However, there are limits on the interest rates and terms of this type of loan in Texas. In Texas, the interest cap is 10 percent and the maximum loan life will be 180 days.
Contact us with questions about title loans and we'll be happy to explain the benefits they offer and how you can apply. Get title loan in Dallas with us and you can work your way back to great financial health! Learn more about title loans today and start the application process ASAP.