Title loans are one of the most effective alternatives during financial emergencies. Unfortunately, not many people in Denison and the whole of Texas know about these loans. Others know about them but are afraid to apply because they are made to believe that title loans attract high interests and are difficult to finance. This is completely untrue. Most title loans have cheaper rates and are easy to repay.
The most popular type of title loan in Denison is car title loan. In this type of loan, you use the title of your car as collateral in exchange for a given amount of money. The lender keeps the title for a specific period of time until you repay the loan in full. In case you fail to repay the loan as greed, the lender has the right to repossess the car and use it to recover the amount given out. The repayment period depends on the agreement between you and the lender. In most cases, the period does not exceed 30 days. The maximum amount you can get is 25 percent of the total value of the car. For instance, if the value is $800,000, you are eligible for a loan not exceeding $20,000.
There are two main ways to apply for title loans in Denison. You can walk to the lending company’s premises, or you can visit their website. These two options yield the same results. However, applying online saves you time and money. When applying for online title loans, you will be asked to fill out the car’s information as well as your personal details. The car’s information should include the status of insurance coverage, vehicle registration, mileage and year of manufacture. The personal details should include your full names, phone number and addresses to at least two valid references. Upon completion, you will receive a loan estimate. The company will also send one of their representatives to your home to examine and value the car.
Title loans are legal in Texas, but due to the rising concerns of rogue lenders, the state has put in place regulations to protect the interests of the borrowers. For example, the laws require every lender to disclose all the information regarding the loan to the borrowers. This includes the disclosures of additional fees and interest rates. They must also highlight and explain the fees borrowers will pay when they renew loans. The laws prohibit lenders from repossessing the borrower’s vehicle earlier than seven days from the time he defaulted. All lenders must have a valid trading license and be residents of the state. Those who need a title loan in McKinney must be 21 years or older and have a valid driver’s license. They must also be the outright owners of the car provided as collateral and be willing to sign over its title to the lender.
One main advantage of title loans in Denison is that they offer a perfect alternative to get quick cash. This can really help you sort out financial emergencies quickly. The application process is far much faster than the traditional payday loans. As long you meet all the requirements, you can get a title loan within a few hours.
Title loans do not require your credit history when determining qualifications. You can get fast title loans Texas even with a bad credit history. The 30-day repayment period makes title loans very convenient for those who don’t want to be in debt for long. Not to mention, you can still use the car for your own errands while servicing the loan.
If you have been wondering, "How can I get title loan near me?" then, this post is the perfect answer for you. All you need is to apply online, and the lending company will do the rest.