Typically title loans are an easy way to obtain cash for unexpected expenses or even to ease you through between pay days. Most title loans can be applied for and completed in one or two days making it a great way to get cash in a hurry. There are some states that will not allow you to obtain a title loan; fortunately title loans in Weslaco, Texas are permitted and are easy to obtain.
Requirements for obtaining car title loans:
Title loans in Texas are considered CSO’s (credit service organizations) and as such they are regulated by Financial and Administrative codes. All CSO’s must register with the Texas Secretary of State and the process requires proof of security; this shows that the company has the financial ability to conduct business. However, the Secretary of State is not authorized to regulate the company’s business practices or become involved with a dispute. Once a registration application has been processed and approved it is valid for one year and it can be renewed. This process is the same for title loans in McAllen and Weslaco.
In addition to registering with the Secretary of State companies that are considered “credit access businesses” (this includes title loans) are required to obtain an additional license by applying through the Consumer Credit Commissioner’s office. This is mainly to ensure that the business provides all details (payment schedule, fee schedule and finance charges) to the customer up front.
Perhaps one of the biggest advantages of a title loan is the fact that it is a simple process allowing you to get your money very quickly; usually the same day you visit them.
The application process is much easier than going to a bank or credit union; they will normally run a credit report and base their decision on your credit rating. Title loan companies very rarely run a credit check. They will loan you an amount, usually slightly lower than the car value, in case you are unable to pay they will be able to cover the loan amount if the vehicle is sold.
If for some reason you are not able to completely pay off the note right away many companies will offer you a rollover or renewal allowing you to pay over a longer period of time.
In addition to being a simple and immediate process title loans in Weslaco will also allow you to keep using the vehicle even while you are still paying on it. They will have a lien recorded on the title and once you pay it off they will promptly remove the lien and give you the title back.
Obviously, if you need money right away without all the extra problems with processing a loan then a title loan is the way to go.