What you need to know about Title Loans in Midlothian, TX
The FICO score and rating is one of the major deterrents to obtaining loans. The credit crunch of 2007/2008 forced lenders to employ more stringent measures in approving applicants for loans. Many people have been turned down due to low credit scores. In tough economic times, you do not have much money set aside for emergencies. However, financial emergencies such as paying for a medical procedure means that you require quick cash. If you are looking for an alternative to main stream loans, Title Loans Grand Prairie are a good option.
A title loan is credit that is taken out against a collateral, in this case, a car. The main qualification is ownership of a car. Title loans in Grand Prairie offer great deals on title loans. The major incentive is that the lender does not consider your FICO rating. The lender retains the title of the car, and you are free to continue using your car. You as the borrower have the option of repaying the loan in a single instalment. Credit access businesses offering title loans Midlothian also allow for repayment negotiations. In some cases, lenders can also offer a title loan with no insurance.
Get Midlothian title loans
The process of a title loan application is easy and straightforward. All we need from you is:
- Your contact information. This includes details such as your phone number and zip code.
- Car information such as year of manufacture, mileage and the make.
Our customer service agents will review your information and get back to you in the shortest time possible. While on our site, you are also free to make inquiries of title loans. Our agents will furnish you with all the information you need to apply for a title loan. We believe in transparency, and we will not surprise you with hidden charges later. We offer upfront and detailed information to help you make an informed decision.
Midlothian title loan regulations in Texas
Title loans are governed by state laws. Applicants of title loans Midlothian should be pleased to note that Texas has lenient laws when it comes to title loans. While there is an interest cap of 10 percent. The law does not limit the amount that you can obtain in the form of a title loan. It is also important to note that the law provides that credit access businesses can repossess the car to recover the loan amount. The lender does not have to obtain a court order to repossess the car. Lenders should however not damage any property or cause a disturbance when reclaiming the car. While there is this provision, most lenders in Texas are friendly. You can always negotiate a payment plan should you find that you are struggling to make payments.
Benefits of Midlothian title loans
Title loans are reliable. If you have an emergency, you can have the loan approved within the same day. The process of application is also simple and straightforward. You do not have to spend lots of time filling in forms. The details required on the form are also few as compared to bank loans.
Title loans are less expensive compared to other pay day loans. With pay day loans, the lenders assume more risk. This risk is transferred to the borrower. As such, pay day loans charge a higher interest. The risk is less in title loans. This is because the car acts as sufficient security. This makes it easier for the lender to charge a lower interest rate. In the case of default, the lender has the title, and he can sell the car to recover the loan amount. Title loans in Midlothian are therefore cheaper and easy to obtain.