Millions of Americans today are giving up on traditional bank loans in favor of the more convenient title loans. It gained momentum right after its launch in the early 1990s, and Andrews Texas has seen an increase in the number of people taking out title loans. If you were to search for title loans in Humble, Texas, you would be surprised at how many lenders are specializing in title loans. Let us first look at what title loans are and how you can benefit.
These are short-term loans offered by loan companies, and they are closely related to other short-term loans such as payday loans. However, unlike many of the short-term loans in the market, title loans require that you use your vehicle's title as the collateral for the loan. The traditional lending institutions have only catered to the well off in Texas, but for more than two decades, these loans have had a positive impact on the American way of living especially for daily emergency situations.
Title loans lending institutions will give you the money you need despite having a poor credit score. The title of your vehicle, as well as the state your vehicle is in, will determine the amount you will receive. Many people always grapple with the question, how do I apply for Texas title loans near me?
The days of queuing for hours to get a loan are long gone. We as a lending company are a trailblazer in offering competitive title loans to our esteemed clients. Below are the requirements needed to apply for an online car title loan in Houston and its environs.
Upon completion and submission of the application form, you will get a call from one of our representatives, and they will offer you a free title loan estimate. They will also tell you when to come into our offices to get your vehicle inspected and awarding of the loan amount.
Texas is one of the states that have passed policies regulating the title loans lending sector. The state requires that each company to cap its interest rates at 10%, though the laws have not put a cap on the title amounts you can get. Despite the fact that title loans are short-term loans, a huge percentage, as much as 80%, use the loans on a long-term basis, and this is a result of rolling over the loans over past the payment date, commonly termed as title loan refinance.
Before you take out a title loan, ensure that you have a source of income that you can pay back the loan plus at the stipulated time. Title loan refinancing has left close to 60% of the borrowers in Texas borrowers paying as much as $27 in interest for every $100 borrowed.
Taking out title loans have its share of advantages over other types of loans available today. They include
Our title loans in Humble, representatives are on standby to provide you with the necessary support and information whenever you need a title loan.