Title Loans in Idaho Falls, Idaho
Idaho Falls is known for its thriving economy and often listed by several publications as one of the best places to live in. The city builds on the idea of diversification in every sphere, which has helped it maintain a strong economy and promising job market. One such significant diversification has taken place in the financial sphere to provide the residents an alternative source of lending during a financial emergency. All credits go to title loans in Idaho Falls, Idaho for this wonderful diversification.
A title loan is regarded as the most effective source of borrowing quick cash in Idaho. It helps the financially-challenged people in Idaho to minimize their dependence on traditional loan channels for instant cash. The traditional loan channels, including banks and credit unions, usually restrict the bad credit people in taking out easy loans.
The financially-crunched people had to face a lot of problems in arranging quick cash deal with any sudden arisen financial emergency. But the problem has been best resolved by the title lenders in the city where the primary objective of these new-age lenders is to provide fast cash to the people without checking their credit score.
What is a Title Loan?
A title loan is uniquely designed short-term cash solution. This is a type of secured loan that you can obtain by putting up the title of your vehicle as collateral to a lender. Also known as a car title loan or a vehicle title loan, a lender gives this loan by placing a lien on your vehicle title on a temporary basis. You can regain the vehicle title only when you have repaid the entire loaned amount, including its rate of interest. The size of the loan is decided considering the worth of your vehicle. The average size of Idaho Falls title loan is $2500, but you can get more provided your vehicle is in good condition.
Advantages of Vehicle Title Loans
- No verification of credit history
- Hassle-free approval process
- Flexible repayment options
- Competitive interest rates
- Refinancing facility
- Cash on same day
Follow Few Steps to Unlock Cash in Your Vehicle!
- Fill in the application form, either in store or online.
- Get a call from a loan expert to discuss details.
- Provide some of your basic documents.
- Let the lender inspect your vehicle
- Sign the agreement and get the cash.
Legal Provisions Relating to Title Loans in Idaho Falls, Idaho
- According to the Idaho Code Title 28 Chapter 46 § 501 to 509, a title lender must hold a valid license to run its lending activities in Idaho Falls.
- As per the law, there is no limit on the interest rate that lenders can charge on Idaho title loans.
- The loans bear a 30-day term, but renewals are allowed. From the third renewal, the borrower has to pay 10% of the principal with each renewal.
- As per Idaho Code Title 28 Chapter 9, the lender has to hand over the surplus amount to the borrower after the vehicle is sold.
- An Idaho Falls title lender is prohibited from extending a loan amount that exceeds the vehicle’s worth.
- The lender is also not allowed to give any type of loan without a clear title.