There are so many ways to take care of regular expenses. However, options may become very limited when an emergency occurs. One of the most effective methods you can use to take care of financial emergencies is title loans.
A title loan is a form of financing where the borrower uses an asset as collateral. The lender takes the asset provided and keeps it until the borrower repays the amount loaned to him in full. The most popular type of title loan in Plano is car title loan. In this loan, the lenders give cash for car titles. The lender keeps the title until the borrower repays the full amount loaned to him. The borrower must be the outright owner of the title provided and be a resident of Plano in order to qualify for a loan. The maximum amount a person can get depends on the vehicle provided as collateral. The amount usually does not exceed 25 percent of the total value of the vehicle. The most commonly used vehicles in car title loans are sedans, SUVs and vans. The repayment period does not exceed 30 days. However, the lender may extend this period based on a local agreement with the borrower.
How to Apply for Title Loans Plano
Unlike other traditional loans, you don’t have to go to any office to apply for a title loan. You can easily apply online through our website. You will be asked to fill out an application form with the details of the vehicle as well as your personal information. The details of the vehicle should include the year of manufacture, model, registration information and mileage. Personal information should include your full names, phone number and home address. Once you complete the application, you will receive a title loan estimate. We will also send one of our qualified loan officers to come and value the vehicle at your earliest convenience.
Regulations Governing Title Loans Plano
The regulations governing title loans in Plano are made by the Texas Department of Banking. The same regulations are applicable for those who deal with car title loans in Garland and other parts of Texas. The laws stipulate that anybody who offers title loans must make certain disclosures for borrowers. They must register with the Credit Access Business (CAB) under the Credit Services Organization Act to qualify for license. They must also be residents of the state, have a good criminal history and possess a valid driver’s license.
The law also places some restrictions on the borrowers. For example, it requires borrowers to repay their loans within six months. This means lenders can renew a 30-day original title loan five times before no more renewals are allowed. Borrowers must be residents of Plano and be at least 21 years old.
Benefits of Title Loans
Title loans are popular because they offer a quick alternative during financial emergencies. You simply fill out an application form online, and the loan will be out after a few hours. You can get a loan without necessarily being employed. Texas loans for unemployment are very popular and do not require any proof of income. Title loans do not consider your credit history when determining qualification, meaning you can still get a loan with a bad credit history.
The traditional 30-day repayment period associated with title loans makes them easier to manage. This repayment plan helps you avoid long and stressful debts. Another advantage of title loans is that you can still use the vehicle you have provided as collateral the way you want. The lender only keeps its title but does not put restrictions on how you use it.