Title Loans Prattville, Alabama
In case you are not familiar with them, title loans offer borrowers a quick and easy way to get the loan funds that they need. In fact, when it comes to title loans Prattville and Montgomery, AL lenders typically offer loan funds to borrowers on the very same day that they apply for them, since the title loan quote is calculated instantly.
To take out title loans Prattville borrowers only need to have a regular source of income that they can use to pay back the loan, as well as a lien-free vehicle title in their name. The reason that the title is necessary is because it will act as collateral on the loan and protect the lender. However, after paying back their title loans Alabama residents will retain full use of their vehicles, and, what’s more, they can continue using their vehicles throughout the course of the loan; their vehicles, in fact, never even have to leave their sight.
While the ability to get cash quickly and to continue driving one’s vehicle throughout the course of the loan are definitely nice, these are not the only benefits of title loans; in fact, there are a great many others. One of the main ones is the fact that, if used responsibly, title loans can provide an excellent and simple way to rebuild even the worst of credit. Borrowers who repay their loans as agreed upon and on time will slowly bur surely rebuild their credit scores, which can open them up to new and better types of credit in the future.
What’s more is that if borrowers use their loan funds responsibly, they can actually get themselves into a much better financial situation overall, which can really help to improve their overall financial situation and pave the way to a better life and to more financial freedom.
Not Paying Back the Loan
While the ideal situation, of course, is that borrowers pay back their loans on time and as agreed upon, there are certain situations in which people find themselves having difficulty paying back their loans. If this happens to you, the first thing that you should be aware of is that title loan lenders, in most cases, are more than willing to work with borrowers. They are used to dealing with people who have financial struggles and are typically able to offer loan extensions, which give borrowers more time to pay.
If you do not pay back your loan and do not work something out with your lender, then there is a good chance that your account could be handed over to collections. Obviously, you should do everything within your power to avoid having your account go to collections, but, in the off-chance that it does, remember that you do have certain rights when it comes to debt collectors and how they must treat you as they attempt to collect on your debt.
Know Your Rights
As mentioned above, you do have a lot of rights when it comes to debt collection.Some of these rights include:
The right not to be contacted at unreasonable times, such as before 8am or after 9pm
The right to not be faced with unfounded threats, repeated calls (one right after the next), or profanity
The right not to be contacted at work, if you request not to be contacted
The right not to have your debt revealed to others
The right to always know that you are speaking with a debt collector who is attempting to collect on a debt.
If your rights are ever violated, be sure to report this to the Federal Trade Commission. However, remember that, if you are responsible with your title loan and make good decisions, things never have to reach this point, and you can just have a great experience all around with title loans.