Title Loans Millsboro, Delaware
Getting help with your finances means finding both short and long term solutions. In the short term, online car title loans can help you find money quick to give you some immediate relief while you seek longer term financial solutions.
Title loans are a type of short term collateral loans that are meant to get you cash fast. In fact, many borrowers have their loan money in hand in as little as 24 hours. These loans don’t last as long as something like a bank loan would. Generally, they will span from about 30 to 90 days, depending on your specific loan, and they may come with limited options to roll the loan over.
The point of the title loan is not to create long term financial solutions, but to provide immediate relief while you seek long term help. Whether it’s due to unexpected bill or expenses, a less than perfect credit score, or simply the need for cash now, a title loan can help you when you feel you have no other options. All you need is a clear car title to get started.
How Title Loans Work In Millsboro, DE
Title lending is completely safe and legal in the State of Delaware. In fact, many title lenders have been in the state for years and actively work with the Office of the State Bank Commissioner to make sure they are developing practices that protect their borrowers.
Like any industry, though, a few people try to fake their way into borrower’s wallets. In the lending industry, these faulty lenders are known as loan sharks. To help borrowers feel more confident in their choice to get a title loan and to help them stay away from these predatory loan sharks, the state has set down a series of seven disclosures that every title lender must present to every borrower.
- Title loans are meant for short term cash and not for long term financial problems
- No borrower is compelled to complete the loan agreement simply because they received these disclosures
- If a borrower signs a title loan agreement, the lender will gain a security interest in the borrower’s car, and may take possession of the vehicle if the borrower cannot meet the obligations of the agreement
- If the lender takes possession of a borrower’s car, the borrower may lose equity in the vehicle
- Borrowers may rescind title loan agreements for any reason and at no cost at any time up to the end of business the day following the day in which loan money was disbursed
- Borrowers have the right to receive information about credit counseling from the Office of the State Bank Commissioner
- A borrower may file a complaint with the Office of the State Bank Commissioner if they believe a lender has violated the law regarding their title loan
Full text for these disclosures can be found in the Delaware Code. All reputable lenders will abide by these as regular points of practice, and will take the time to ensure that borrowers have a solid understanding of what their title loan means and what expectations come with that. If, however, you think you have worked with a lender that has not abided by state regulation, report them to the Office of the State Bank Commissioner and the Consumer Financial Protection Bureau immediately.
If you want help finding the title loans Delaware borrowers know they can trust, just give our office a call. We have years of experience working with the most reputable title lenders in Millsboro and across the state. With just one short phone call a member of our team can set you up with one of the title loans Millsboro borrowers have come to love and trust with their financial futures.
