Title Loans in Cypress, California
If you are looking for a way to get cash quickly, whether for an emergency or any other reason, you should know that title loans in Cypress are a wonderful option you may have at your disposal. In order to qualify for title loans Cypress, California residents must have a lien-free vehicle title in their names, as well as a regular source of income to pay back the loan. These two things, however, are the only eligibility requirements, and the borrower’s credit is not considered when determining loan eligibility.
The reason that, when it comes to title loans Cypress and Los Angeles residents do not need good credit, is because of the collateral involved. The vehicle title is put up to secure the loan and protect the lender, which is why it is not necessary for the borrower’s credit to even be checked.
However, before taking out Cypress title loans, California residents are advised to educate themselves on the laws surrounding these loans and to fully understand the agreement they are entering into and the responsibilities involved.
What You Need to Know About Repossession
One of the most important things to understand about the responsibility involved in title loans Cypress is that, if you do not pay back the loan as agreed upon, you do subject yourself to the possibility of having your vehicle permanently repossessed. Under California repossession law, lenders are well within their rights to repossess your vehicle if you fail to make your loan payment as agreed upon.
The good news in all of this is that most lenders do not want to repossess their borrowers’ vehicles. In most cases, they would much rather have the loan payments that the borrower agreed to. For this reason and also because a Cypress title loan lenders are used to dealing with people who have have financial struggles, most lenders are very willing to work with their clients and will extend the loan if necessary, giving the borrower more time to pay.
Of course, a loan extension cannot happen if borrowers do not communicate with their lenders, so borrowers are advised to contact their lenders as soon as they realize they may have trouble paying back their loans as agreed upon.
Working out an agreement with the lender is the best way to avoid repossession and to ensure that the loan gets paid off successfully.
A Loan in Collections
Another thing that prospective borrowers should understand is that, if they fail to pay off their online title loans, their accounts may go over to collections, which would mean that a debt collector would begin handling the case. Just as borrowers can avoid repossession by communicating with their lenders, they can avoid collections by doing the same.
If, however, an account does go into collections, borrowers should be aware that, even if they are in the wrong in terms of their debt, they do still have some rights that pertain to how they should be treated by debt collectors.
Some of the rights that borrowers have against the unfair collection of debts include the following:
- The right to only be contacted during reasonable times, defined as not before 8 in the morning and not after 9 at night
- The right to not have their debts revealed to outside parties/ their references
- The right to request not to be contacted at work and to have that request honored
- The right to request proof that the debt exists and that it exists in the amount the debt collector claims
- The right to not be threatened
- The right to not be subjected to profanity
- The right to always have full disclosure that they are speaking with a debt collector
All borrowers are encouraged to make themselves fully aware of their responsibilities and also their rights before entering into a Cypress title loan agreement, as this will help them to make smart decisions and have a positive experience with the title loans Cypress process.