Title loans in El Cajon, California
If you are like many other families in El Cajon, California, finding it hard to pay for your expenses, then you may feel the need of quick cash to deal with all such financial emergencies. Though you can find a number of fast cash options in El Cajon, starting from payday loan centers to cash for gold and personal loan operators, none of them is able to provide the kind of ease that you get by securing title loans in El Cajon, California.
The popularity of title loans in this city has increased to such an extent that cash-strapped people from all walks of life and income group now consider it the most effective, efficient and viable option to deal with any sudden arisen financial crisis. A title loan is specifically designed for the financially-strait people. It works as an instant financial relief during a financial emergency. However, in order to benefit from this loan facility, you must own a lien-free vehicle so that it can be kept as collateral with the lender.
What is a title loan?
An El Cajon title loan is a secured type of loan, which is made available only to the one who owns a vehicle with its clear title (lien-free). The most interesting part of this quick funds is that you can secure it despite your bad credit history. The lenders of title loans neither run a credit report nor want to know what is your credit score, rather they offer you a loan on the basis of your vehicle.
Remember, keeping your vehicle as collateral with the lender never means that you are deprived of your driving rights instead you continue to drive your vehicle all through the loan period. A title loan is so useful that you can use it not only to pay off your everyday expenses, but also the mounting pending bills that are waiting to be due to the dearth of money in your pocket. Some key highlights of title loans in El Cajon are as follows:
- You need not fill out reams of paperwork and leap through legal hoops.
- Title loans El Cajon are far more efficient than traditional bank loans.
- You don’t need to worry about credit ratings.
- You can get in less than 30 minutes.
- You get to keep your car!
What you need to secure title loans?
In order to secure title loans in El Cajon, certain documents must be submitted to the lender. In the absence of these documents, you will not be allowed to take out the title loans.
- Your vehicle’s title (“pink slip”)
- Your valid driver’s license
- Proof of your insurance
- Proof of your address
How To Get A Title Loan?
Securing title loans in El Cajon, California is much more easy than the traditional banks or credit unions. For this, you just need to follow the below steps and complete the process as directed:
- Fill out the loan application with required details related to you and your vehicle.
- Submit documents such as ID proof, your income proof, your car title (free of any liens).
- Get a free title loan quote for your vehicle after its evaluation.
- Sign the contract.
- Obtain fast cash.
When you are done with the application process, one of the title loan experts from the company starts evaluating your vehicle and determine the loan amount on the basis of your vehicle evaluation.
Title Loans Laws Applicable in El Cajon, California
Carrying out title loan operations are legal in the state of California, however; there is a systematic way of approaching this business. The lenders are required to function as per the California Finance Lenders Law and the rights of the consumers are protected by several regulations under the California Code of regulations.
Following are a few important excerpts from the legal acts:
(i) License required
According to the clauses contained in Division 9 of the California Financial Code, a lender is required to obtain a license before carrying out any lending activities.
The clauses prohibit the following acts:
- Misleading or misrepresentations of loan related schemes
- Fraudulent or deceptive acts in connection with the loans
- Criminal remedies for violations of the law
(ii) Limited interest rates
According to the California’s usury laws, the lenders are prohibited from charging more than 10% every year on title loans California offered to a borrower. More information about the breakdown of the maximum interest rate is available in Article 15 of the California Constitution.
(iii) Absolute truth
The California Civil Code under the federal Truth Lending Act mandates the lender to provide absolute disclosure in all the details involved in the loan scheme. This has to be provided to the consumer in a written format and only after this information is provided, should the contract be sanctioned.
Where to complain when defrauded?
If you are subject to face mistreatment from any lender, you may simply contact:
Chief of police, El Cajon
100 Civic Center Way
El Cajon, CA 92020