Title Loans in Fremont, California
Have you heard of title loans online? If not, then you have been missing out, especially if you live in the Fremont area. The reason for this is because, when it comes to title loans Fremont, California really has a lot to offer. In fact, title loans Fremont has more great lenders than just about anywhere else.
To take out title loans California residents do not need to have great credit; in fact, this is pretty much the only type of loan available for which good credit is not a necessity. All you need to take out one of these loans is a lien-free vehicle title, which will act as collateral on the loan and a regular source of income- typically, however, there are no income limits – to prove that you have the means to pay back the loan as agreed upon.
Putting up your vehicle title as collateral does NOT mean that you will have to give up your vehicle once you take out the loan. All it means is that, if you do not pay back the loan, then you agree that your vehicle can be taken by the lender. However, this does not have to happen as long as you keep up your end of the bargain. And, even if you do run into problems with paying back the loan, you will be glad to know that most lenders are very willing to work with you and to extend the loan as needed, so you really have nothing to lose.
Know the Laws, Know Your Rights
To start off with, one of the most important things you can and should do BEFORE entering into a Fremont title loan agreement is to educate yourself on title loan laws in the state of California. By doing that, you will also educate yourself on your rights as a borrower and as a consumer, which will enable you to protect yourself from unscrupulous lenders.
The first and most important law to know is that, in order to legally do business, lenders absolutely have to be licensed. Working with a non-licensed lender is taking a huge and not-so-smart risk, so just don’t do it, no matter what!
Lenders who are licensed must abide by certain rules that have been put in place to protect you, the lender. Unlicensed lenders, on the other hand, are illegal lenders and have nothing to lose by cheating you!
Fortunately for you, California state law does limit the amount of interest that can be charged on your Fremont title loan. This protects you from being charged ridiculous and unfair interest rates, as explained above, that you go through a licensed and legal lender.
With that said, however, it is true that interest rates for title loans in Fremont can sometimes be a little higher than average. That is because title loans in Fremont are typically offered to high risk, low credit customers, so in order to protect themselves, lenders do need to charge somewhat high-interest rates. With that said, though, many lenders are actually quite reasonable in terms of the interest rates that they charge.
This means that it is up to you to find a lender with fair interest rates. The best way to do that is by checking out different lenders in your area. You can request a car title loan quotes from various lenders and then compare them to find the best possible interest rates.
Keep in mind, though, that interest rates are not the only thing you should consider when choosing a lender. Also, look for one with good service and that is fair and honest in all other ways as well to ensure a great experience from start to finish.