Title Loans in Addison, Texas
Although Addison, Texas and the Dallas Metro Area have one of the most booming economies in the country, this has often translated into much higher living expenses, especially for the working class. In fact, at $2,200 per month, the cost of an average, one-bedroom apartment in Addison, Texas ranks among the most expensive anywhere in the country. For people who are experiencing a cash shortfall, title loans in Addison, Texas may be the answer than can get them back on their feet.
A title loan is a form of secured debt that used the borrower’s car as collateral. This gives title loans a number of huge advantages that other forms of quick or instant lenders, such as those offering payday loans or pawn shops, cannot compete with. First, title loans require no credit check, whatsoever. This means that, even if you have a terrible credit history, such as one that includes a recent bankruptcy, you are still 100 percent eligible for a title loan.
A second major advantage of title loans is that they typically offer the borrower far larger amounts due to the loan being secured by a car. While a typical borrower at a payday lender will only be approved for around $300, most title loan borrowers with recent-model cars will be approved for loans in the $5,000 to $10,000 range. This is usually more than enough cash to help borrowers get through whatever hiccups life may have temporarily thrown their way.
Texas has a competitive title loan market
Title loans in Addison, Texas are often very favorable to the borrower. This means that the borrower will typically pay far lower rates than they would with other types of instant loans. The reason for this is the relatively loose regulations that Texas has enacted on the title loan industry, while still maintaining good protections for the consumer.
Unlike some other states, where title loans have been stifled due to over-regulation and heavy taxation, the Texas laws governing title loans are relatively simple and straightforward. This has created a highly competitive environment, where businesses have a strong interest in giving consumers the best possible deal.
Car title loans can get reverse mortgage amounts with payday loan risk
Addison and Carrollton TX title loans, like all title loans, require that the borrower allow a lien to be placed on the title to their automobile. But using an automobile as collateral can be a much safer bet than using one’s home.
Unfortunately, many banks make a great deal of money by taking possession of homes that were serving as collateral on loans. The reason for this is quite simple. Homes are constantly appreciating assets. On the contrary, cars are rapidly *depreciating* assets. In practice, this makes title loans fundamentally riskier for title loan companies, and it means that almost all title loan companies will go as far out of their way as possible to work with lenders before ultimately taking possession of a car that is collateral on a defaulting loan. Mortgage banks, on the other hand, are often salivating at the first opportunity to foreclose on a home.
Even so, a title loan can often put five-figure sums into the hands of borrowers. This is life-changing money that can help people get through those inevitable bumps in life’s road.
Getting a title loan is easy
For title loans and other online signature loans, all the borrower has to do is fill out a simple form. This usually takes less than five minutes and a quote will instantly be generated.
