Managing daily financial chores of a house could be very difficult when its entire monthly budget gets highly disturbed because of the sudden rise in unpredictable and unplanned expenses. But the cash-strapped people with their own car in Frisco, Texas seem to have learnt the art of handling their overflowing expenditures, and even know how they can get themselves rid of the financial crisis by simply putting their car as collateral.
If you are also one of the cash-strapped residents of Frisco searching for an instant financial solution to deal with the unforeseen expenses, securing title loans in Frisco is the best way to choose when it comes to dealing with sudden arisen financial crunches. Title loans are specifically customized for you despite your bad credit score.
As the name itself suggests, title loans are primarily given to the borrower who owns a lien-free vehicle. So, you just need to have a clear title of your vehicle instead of the credit scores, which is given utmost importance by many traditional loan providers. The title loan companies in Frisco give this loan irrespective of your bad credit history.
In order to be eligible for title loans in Frisco you first need to be more than 18 years of age and have the necessary documents such as address proof certificate, a government-approved photo ID, driving license as well as an employment with regular income proof that shows your loan repayment ability. If your location is closer to the city try title loans in Houston. Some of the quick steps to get the fund transferred into your bank account include.
Typically, a borrower is provided with an average loan amount of $2500, but the amount can also be up to 10,000. To be specific, it is the shortest and quickest possible loan that hardly takes a few minutes to step into your pocket as compared to other traditional banks and credit unions.
That apart, there are just a few key points that you must know before applying for title loans in Frisco, Texas.
Frisco is among those 22 cities, which have passed ordinances that curb title loan in the manner it protects the interests of the consumers. These laws are passed to ensure that the cycle of debt is addressed and exploitation of the consumers is prevented. The Frisco title loan laws are enumerated as under:
i) Interest & Fees
The Texas Finance Code 342 and 393 governs all rates of interests and additional fees imposed on consumer loans in the state of Texas.
The lender interest rate cannot go beyond 10% annually.
Further, the cash advances are limited to $500 dollars for a two – week title loan.
The lender is required to distribute the repayments in such a manner that it does not exceed 50% of the borrower’s monthly income.
ii) Disclosure
The Texas Finance Code 393.221 – 223 mandates lenders to provide consumers absolute disclosure of the following:
They are further required to post the disclosure statement on their business site, as well.
iii) Licensing
For any lender to operate legally in the state of Texas, he/she is first required to obtain a license from the Texas Office of Consumer Credit.
According to Texas Finance Code 393.601-628, violation of the same can lead to permanent suspension.