Title Loans in Lavon, TX
You should be aware of the fact that it's easier than you think to get a loan when you need it. Many consumers out there make the incorrect assumption that they can't be approved for a car title loan because their credit is not very good.
This is not true.
In fact, approval may be quite easy with title loans in Lavon. If you own a vehicle, you may be eligible for this convenient type of loan.
Learning how title loans in Lavon work
Consumers benefit a great deal from the fact that these loans are so simple and convenient. This means that it's incredibly easy to fill out the application and submit it. After doing this, all you've got to do is wait for a response.
Going into things, you might want to know exactly what information you're going to need to provide in the application. There are a few basic factors that are likely to be requested on any Lavon title loan application. These include the following:
- Your identification details- You'll have to provide details about your identification like your age, name, and address.
- Your vehicle details- The need to enter vehicle details is something that's very distinct about applications for title loans. The vehicle is an important factor in the application. Its value determines how much collateral the vehicle is worth and, in turn, how much you can borrow.
- Your employment situation- The application may ask whether or not you're employed and who you're working for.
Upon completing the application, you will submit it and wait for a response. If you are offered a loan, you can analyze the details of the loan offer and decide whether the deal is acceptable for you in your unique situation.
Texas law in relation to title loans in Lavon, TX
One of the first things that any prospective borrower needs to know is that these loans are regulated by the state. Title loan laws therefore differ depending on what state you're in. For title loans in Garland and title loans anywhere in Texas, loans will have to adhere to a few regulations.
Texas law does not limit the amount of title loans. However, it does limit the interest rate and the loan term. In Texas, the interest rate charge on these loans can't exceed 10 percent. This helps to save Texas consumers money. Also, the loan term on these loans is limited to 180 days.
Understanding the important factors about these loans
- These kind of loans are secured (collateral loan) - A title loan is unique in that it is a secured loan that relies on the borrower's vehicle to provide security as a form of collateral.
- These loans are possible even with a title lien- Some prospective applicants for title loans in Lavon, TX might make the incorrect assumption that it's impossible to be approved for a loan because they are still making payments on a vehicle loan and therein a lien on their title. However, applicants can still be approved if they can show an adequate amount of equity in the vehicle.
- These loans are flexible- Repayment is flexible and the lender generally will work with the borrower to find a good solution for paying back the loan.
- These loans are distinct from other alternative loan products- People often connect payday loans with title loans, but these two types of loan are different from one another. One involves collateral in the form of a vehicle title. Payday loans require the borrower to sign over an incoming paycheck.