Title Loans Dallas, Texas
Loans come in many different shapes and sizes. You can take a loan out over a long period, such as a mortgage, or a short term, such as a week or less. Loans can also be secured or unsecured. With an unsecured loan, the lender isn’t protected and is taking a calculated risk based on your credit history and other factors. With a secured loan, the lender is protected, and there is no risk or at least very little. An auto title loan is a secured, short-term loan available to adults 18 years or older who possess the physical title of a vehicle they own. The title is used as collateral.
Personal loans provided by banks, on the other hand, tend to be unsecured and long-term. Since the loan is a risk, the process can be long and complex and involve credit checks, background screening and so forth. Area banks, such as the Texas Bank and Trust on South Arkard Street and the Grand Bank of Texas on East Colorado Boulevard, usually want a term of at least three to six months in order to make their investment worthwhile. Banks favor large loan amounts as well. Although $100 title loans in Dallas are an option, personal loans from a bank will likely be $5,000 or more.
Title Loans Dallas: Getting Your Car Title Loan Online
You don’t even have to leave your home to get title loans in Dallas. In fact, you can do it all with Platinum Lending via the Web if you have the essential information handy. Here’s how:
- Go to the Platinum Lending website.
- Click the “Apply” menu option at the top of the screen.
- Enter the year, make, model and style of your car or truck.
- Fill in the estimated mileage or an odometer reading.
- The form will automatically forward to the next page. Enter your full name, phone number, email address and zip code.
- Check that you’ve agreed to the Terms and Condition.
- Click the blue “Submit” button to finish the application process.
Within seconds, Platinum Lending will provide you with a loan estimate. If you choose to continue, a loan specialist will contact you. He or she can answer any questions you may have about title loans in Dallas as well as walk you through the process of finalizing any type of car title loans online.
How Texas Regulates Title Loans Throughout the State
Title loans in Texas are governed by a set of regulations. These laws dictate the information a lender must give you, which includes full disclosure of interest rates, fees and total obligation. Texas licenses lenders as well, so you can be sure that your lender is licensed and monitored by the state. Texas also sets the maximum interest rate that you can be charged based on the prime interest rate. Beyond that, there aren’t many limitations, and you choose how many, how much and so forth without interference.
The Benefits of Car Title Loans vs. Other Loan Types
Taking out a loan against a car provides you a number of advantages over other personal loans. Most loans process in 15 minutes or less, and approval rates are very high. Credit checks aren’t necessary, which means that you can have bad credit or no credit. There’s no background screening or income verification. You can choose a loan amount and period that makes sense for you, and if you have the money early, you can go ahead and pay the loan off.