Title Loans in Plainview, Texas
Title loans are a type of short-term loan that allows anyone who owns their car to sign over the title to a lender in exchange for a quick cash loan. Most title loans Lubbock companies require their borrowers to repay the loan within a 30-day period. However, many companies also allow rollovers, or extensions, so that the borrower has extra time to pay the loan off if they cannot pay it back in the initial 30 days. When you are short on money, you may first decide to go to your bank to get a loan from them. However, a bank loan can take months to clear, especially if you are waiting on a refinance or an equity loan. A title loan takes just a day or so to go through, so you can have the money you need much quicker. These types of loans are especially helpful when you have an emergency arise and don’t have the cash to take care of it, but you own your car and can use it to your advantage for a loan.
How to Apply for Title Loans Plainview
It’s important to understand the terms and conditions that go with title loans Plainview. You must be at least 18 years of age or older in order to enter into a loan agreement in the state of Texas. You will need to own the vehicle you wish to use as collateral and have the hard copy title in hand to it. Platinum Lending simply holds the title to your vehicle while you enjoy the perks of the loan.
Best of all, you don’t have to have a good credit score in order to be eligible for an auto title loan estimate. Title loans for bad credit do not check your credit history or even do a background check. So even if you have been dealing with a low credit score, bounced checks or even a vehicle repossession, you will still be eligible when you apply, as long as you meet the few simple bits of criteria. Title loans in Lubbock are also available if you are currently unemployed. As soon as the paperwork is filled out and signed, you will receive a title loan estimate almost immediately. From there you will get the cash for your vehicle within day in most cases.
Simply provide the following information:
- Contact information
- Zip code
- Make/model of the vehicle
Any type of vehicle is eligible for a loan. The current Blue Book value will be used to determine how much you can receive in cash.
Laws in Texas
Borrowers must be 18 to apply for a title loan Plainview. No motor homes that are being used as a residence will be allowed to be used as collateral. All parties must have a written agreement stating the fees and terms of the loan agreement. All Texas title loan companies may only provide a loan up to 70% of the current value of the vehicle as well as 3% of the borrower’s yearly income. A hard copy of the title must be handed over as collateral for the duration of the loan.
Borrowing from a title loan company is perfect when you have money issues that you needed solved right away. Most borrowers use their loans for overdue rent or mortgages, utility bills, hospital or doctor’s bills, prescription costs, car repairs and home repairs. These loans are less expensive than taking out a cash advance on a credit card and usually easier than borrowing from family and friends. As a borrower, you never have to disclose the purpose of your title loans Plainview.