Title Loans in Waco, Texas
The city of Waco, Texas is located in McLennan County, between Austin and Dallas. More than half of the population in the city is White American, followed by African Americans, Hispanics, Latinos, Asians and Native Americans. Dr. Pepper is headquartered in the city and so is the popular fixer upper company, HGTV. The city has seen noticeable revitalization, all thanks to HGTV. Baylor University is located in Waco, Texas and boasts its 15,000 college student attendance, all from 89 countries. Learn more about the city of Waco, Texas.
Obtaining a Texas Title Loan
To obtain a title loan in Texas to solve your financial problems, you don’t need to submit a huge amount of paperwork. Your vehicle stands security for you as long as it is free of liens. The application is quick, probably on taking a few minutes to complete. Once finished, you will be contacted by a representative of the title lender with details on the type of paperwork is required. No credit is required and so if you currently have bad credit, you don’t have to be concerned about that part of it. However, you will have to prove that you are getting an income, whether it is through a job or through benefits from the state or employer such as unemployment benefits, disability benefits, worker’s comp or retirement benefits. The lender is not concerned whether your vehicle is an economy car, SUV or truck – as long as your name is on the title. Loan approval can be as little as 30 minutes and as much as 48 hours. So, the process to obtain cash is fast title loans in Waco.
Certificate of Title
The Waco title loan lender will need the original copy of your certificate of title. The title should have your legal name. It should include the make, model and year of the vehicle. It should have the vehicle identification number (VIN), the type of body, the serial number, odometer reading when you bought the vehicle and any other pertinent information required by the DMV. The lender will use this information to verify that you are the sole owner of the vehicle.
Title Loan Laws
Texas operates on a usury law as it relates to title loans. The lender works from the model created by credit services organization (CSO). This model includes the borrower, the title loan lender and the credit access business (CAB), which is the same CSO entity. The CAB is responsible for maintaining the records of the arranged or received loan. The CAB also must maintain record of the borrower’s personal information and the actual loan amount that was issued. The CAB also has to keep a record of the income paperwork that the borrower used to get the loan. Copies of all written contract agreement proving the issuance of the title loan should be kept by the CAB as well. The Texas Legislature made amendments to the usury law by adding that the CAB has to provide the borrower with proper notices and disclosure requirements.
Repossession agents are allowed to confiscate a motor vehicle used as collateral for a loan, if the borrower has defaulted on the loan. However, according to Texas repossession laws, the repo agent is not allowed to breach the peace during the repossession. A vehicle can be repossessed once a payment is missed and it is just a day late. It is the borrower’s responsibility to keep track of payment dates so that there are no missed or late payments. However, most lenders will use their discretion and notify you of the late or missed payment. That is why, before the potential of repossession, the borrower should contact the lender.
Nell Carter who acted as a housekeeper in the television show, ‘Gimme a Break’ had to file bankruptcy due to financial troubles. Natalie Cole, daughter of Nat King Cole and singer herself also filed bankruptcy when financial issues plagued her.