Title Loan in Logan, Utah
People dwelling in Utah are financially sound and lead a prosperous life. However, the financial scenario is not same across the state. For instance, life in Logan, a small town in Utah, is not very thriving. Here, per capita income of people is comparatively lower than the national and state average income.
With rising cost of living and falling per capita income, people in this tinsel town feel helpless when challenged by any all of a sudden financial emergency. But thanks to the advent of title loans in Logan, Utah, which has now completely changed the financial landscape in this Utahan city.
The financially-challenged people in the town can now raise quick cash to deal with any of their sudden arisen financial crisis. At present, the title loan enjoys legal status in Utah and the state government has introduced a slew of measures for the protection of customers interests. This is the reason why; the residents of Logan don’t get hesitant to take out a title loan in the Ogden area to tackle any kind of financial crunch.
What is a Title Loan Mean?
Title loan is the easiest way to raise fast cash to fulfil a range of short-term financial requirements, such as covering an urgent medical bill or bearing home renovation cost or funding your kids’ education etc. It is a secured loan, for which the lender keeps the title of your vehicle as collateral for the loan amount. Therefore, this loan is also known as a vehicle title loan or a car title loan. Usually, the loan is given for short duration, say for 30 days. But you can have it renewed after paying certain percentage of the principal amount. The average size of a title loan in Logan is $2500. Moreover, the amount can be raised up to $10,000 depending on the value of your vehicle.
Why to Choose Title Loan in Logan?
Despite the presence of a large of number of banks and other conventional lenders in Logan, Utah, the smart residents of the town prefer accessing and reaching title lenders for quick cash. It is mainly due to the fact that the title lenders are always ready to offer money without checking credit history. In case of conventional loans, you must be having a good credit score; otherwise you may have to pay a higher rate of interest for the loan. That apart, title loans in Logan bring with it many other significant benefits such as:
You can enjoy your normal ride in the vehicle whose title is submitted as collateral
You can repay the loan as per your convenient and take back the title submitted as collateral
Title lenders provide the cash in as little as in 30 minutes
People with bad credit are also eligible to get title loan
Title loan is easily available
How to Apply for a Title Loan?
There are two ways to apply for title loan estimate in Logan. But if you want to apply online, just fill out the online loan application, and if you want to apply personally, you can directly visit the office, and apply for title loan there. However, in both the cases, you need to submit the following documents:
- Age proof document to prove that you are 18 years old
- Government issued photo identity card
- Lien-free title of a vehicle
- Monthly income proof
- Residential proof
It is to be noted, you need to submit the above-mentioned documents along with the application form. The amount, you will receive, is determined on the basis of the value of your car.
After verifying all documents and determining the loan amount, a customer care rep of the company would confirm if your loan application has been approved or not, and what is the loan amount you would receive. Following that an agreement would be signed between you and the lender. Thereafter you will get the cash in your hand.
Title Loans Laws Applicable in Logan, Utah
- With a view to conduct title loans lending business in Logan, it is essential to abide by the “Title Lending Registration Act”. According to the Act, a title lender is not allowed to operate a mobile store to extend a title loan.
- Title lenders must have their license renewed every year before or on December 31, otherwise the license will expire.
- The state law urges a title lender in Logan to verify the loan repaying ability of a borrower before extending a title loan.
- In Logan, a transaction is not considered as valid until a borrower and a lender enter a written contract.
- As per the Title Lending Registration Act, a borrower can renew a title loan by reaching out an agreement with the lender. Moreover, as per the Act, a Logan-based title loan company has no authority to abuse a borrower for any reason and it should respect the privacy of the customers.
- In Logan, a title lender cannot provide multiple loans on any vehicle at the same time.