Basics for Title Loans Ruston Borrowers
Title loans go by a few different names, including auto title loans, vehicle title loans, pink slip loans and car title loans. This is a type of secured loan that ties your vehicle to the amount you borrow. If you default on your loan, the lender can legally take ownership of that vehicle. Most lenders though would prefer working out a new payment plan with you and helping you catch up with your loan. With a title loan, you can still use your car for work, shopping or picking the kids up from school. The lender will hold your title and give you back the title after you make your last payment.
With title loans Ruston locals have cash on hand for everything they need. This small town is home to around 20,000 people but has a convenient location near some of the top cities in the state. You might want some extra cash before heading off on a romantic weekend getaway to Shreveport or when heading to a neighboring city with your kids in tow. There are also plenty of fun things you can do in Ruston too, including a tour of Civil War sites or a visit to the restored historic firehouse. A title loan gives you all the cash you need for your future adventures.
Application Requirements for Title Loans Ruston Borrowers
Getting a loan against car title is a two-step process. The first step, also known as the pre-approval process, takes place entirely online. Title loans Ruston applicants fill out a short form with the make, model, style/trim and estimated mileage of their vehicles. You can borrow against a car, truck, SUV or even your motorcycle. A second form asks for your contact details, which a representative will use to contact you that same day or the following day.
To get one of these loans, you must have a valid photo ID like a driver’s license or passport, an income source, a clean title to your vehicle and both the routing and account number for your bank account. Platinum Lending also requires that those applying for title loans in Shreveport have proof of the vehicle’s registration and proof that they have insurance. As long as you meet those requirements and have the necessary proof, you qualify for title loans in Ruston.
Laws on Title Loans in Louisiana
Taking out a vehicle title loan is an easy way to get cash without the troubles associated with a bank loan. Before you apply in person or online though, take a look at the laws in your state. Most states have title lending laws in place to protect citizens from harsh or predatory lending practices. Louisiana has some restrictive laws in place that keep borrowers from getting in over their heads. Most lenders offer lower loans with shorter repayment terms to help consumers while still following state laws.
Benefits of Louisiana Auto Title Loans
There is no limit to the benefits of taking out a title loan. These loans use your vehicle as collateral and are available to almost anyone with a source of income and a clean title. With the auto title loan estimate that you get online, you can avoid any hidden surprises too, including monthly payments that are higher than you expected or steep penalties for making late payments. Once you complete the pre-approval process online, you can complete all other necessary steps the following business day. To get a title loan in as little as two business days or less, fill out the loan application available on the Platinum Lending website.