Title Loans in Lincoln, California
In its recent report, the Department of Business Oversight (DBO) revealed that the size of title loan market has more than doubled since 2011 in California. The number of car title loans grew 178.8% from 2011 to 2014, while the total principal increased 185.2% during the same period. And the total number of title loans soared 16.2% to 106,373 in 2014 over the previous year in California.
Looking at the above figures, it is quite apparent that the title loan industry has been witnessing phenomenal growth across the Californian cities. Lincoln is one of those cities in the state, where this type of loan industry enjoys overwhelming response from the people, specially those in financial pickles.
The residents of Lincoln profoundly claim that the title loan is the best borrowing option by virtue of its commitment to offer instant cash without any trouble. The most distinct feature of Lincoln title loan is its ability to give quick cash to even those who hardly get affordable loans from conventional lending sources in the wake of stringent lending norms that compel banks to reject a loan application on the basis of an applicant’s poor credit score. However, the title lenders in Lincoln are your true friends, who always stand by you during any financial emergency and show you the way to meet your various short-term requirements.
What is a Title Loan?
The concept of title loan is very simple to understand. When simply said, a title loan is a kind of secured loan that anyone can obtain by using the title of his/her vehicle as collateral for the loan amount. It is a short-term loan, which is decided and determined by evaluating the equity in your vehicle. Typically, you can acquire a minimum of $2500 in California title loan. The lender may raise the title loan quote up to $10,000 provided that your vehicle is in good condition.
Why to get Title Loans in Lincoln?
There may be several strong points behind the immense popularity of car title loans in Lincoln. Some of the perceptible reasons are highlighted below:
- No need to handover the keys of your vehicle and keep driving.
- Cash more than 50% value of your vehicle
- Hassle-free lending system
- All credit scores approved
- Easy repayment options
- All vehicles accepted
- Lower interest rates
- Refinancing option
- Fast approval
How to Get a Title Loan in Lincoln?
Nothing is so easy than acquiring a title loan in Lincoln. You neither have to stand in long queue nor need to go through the complicated paper works. All you need to do is just fill out an online application form available on lender’s website, and furnish all of your required personal information as well as details about your vehicle. Thereafter, the company would verify some documents, such as your government-issued photo ID, lien free vehicle title, address proof, age proof and monthly income proof. The lender will inspect your car and determine the maximum loan amount that could be given to you. If all documents are correct and authentic, and you say ‘Yes’ to the agreed loan amount then your loan application will be approved and the much-needed cash will be transferred into your pocket within just a few minutes.
Title Loan Laws in Lincoln, California
- The Office of the California Attorney General and the California Department of Corporations play a key role in maintaining and directing finance title loan laws in Lincoln.
- The Lincoln-based auto title loan companies are directed to operate their business pursuant to the Department of Business Oversight California Finance Lenders License.
- As per the California Interest Rates Laws, lenders in Lincoln are precluded from charging more than 10% annual rate of interest on loans considering the unpaid parity.
- A written agreement should be signed between the borrower and the title loan company for executing the loan. All the terms and conditions should be clearly mentioned in the agreement.
- According to the California Deceptive Trade Practices Laws, false advertisement or tampering with car’s odometer is prohibited.