Title Loans in Plano, TX
Most of us experience financial difficulties at some point in our lives. This is not uncommon, but fortunately it can be remedied more easily than you thought with the help of a convenient loan. Don't make the dangerous assumption that it's impossible for you to get a loan because you don't have a strong credit history. In fact, a loan is quite possible as long as you have a vehicle that you can offer as collateral on the loan in question.
The ins and outs of title loans in Plano
A title loan is a loan that involves offering a vehicle as collateral. As long as you have a vehicle that is titled in your name, you can take out this type of loan. The process starts when you fill out and submit an application. You can actually complete this application very quickly. One of the big details you'll have to keep in mind to provide on this type of application is what type of vehicle you have. Details about the loan that you need to enter include its make, model, and mileage. Once you've entered these details, you can submit the application.
A response to your application will come quickly. If you can take out a loan, you will receive a detailed offer that will explain all the terms of the loan in question, including the amount you can borrow and how much you'll have to pay for the loan in fees and interest. After you get this offer, you can put some thought into whether or not you want to take the loan out. If you desire the loan, you'll need to send in your vehicle title in order to get the loan funds. Once you do this and get the loan funds, you start making payments until the loan is paid off. Then, you get your title back.
Title loans in Plano: This is how state law affects them
Texas law places some limits on these loans that you should be aware of. Every state has unique laws related to title loans Garland and elsewhere in the country. If you are a Texas resident, you should be interested in Texas laws.
In Texas, there is no limit on the amount of title loans in Plano and everywhere else. There are a few limits, however, that you should be aware of. There are limits placed on the interest rate that's permitted on these loans. This limit is an interest rate limit of 10 percent. It's also important to know that there is a limit of 180 days on the length of the loan term that's allowed.
A bit more information to know about
- Title loans are not payday loans- There are some important distinctions between title loans in Plano and other alternative loan products like payday loans. Title loans generally offer more freedom than other loan types. For example, when it comes to payday loans, title loans offer more freedom because they don't require you to use your next incoming paycheck on a payment necessarily.
- Title loans are secured loans- This type of loan is secured by collateral. In this case, the collateral is the vehicle.
- Title loans don't depend on a title not having any liens on it- It's possible for an applicant to be approved for title loans in Plano despite a lien on the title if there is equity in the vehicle.
- Title loans offer the benefit of flexible repayment schemes- Borrowers enjoy flexibility when it comes to this type of loan.