Title Loans Bridgeville, Delaware
Title loans in Delaware might seem complicated, but they are actually the simplest, most straightforward method of getting money quick that you will find. Title loans are nothing more than a type of short term collateral loan. Using your car’s ownership papers as collateral, they can get you cash in as little as 24 hours.
When you get a title loan, you are not getting the same kind of loan that you would with a bank. These are generally much shorter term, lasting from around one to three months. They get cash to you fast so that you can cover any immediate financial needs, and then they give you some breathing room before you have to repay.
All you need to get your Bridgeville title loan is a clear car title that doesn’t have any liens against it. You keep the car, itself, while you borrow. All your lender needs is a copy of the car’s title as a means of securing the amount you borrow.
Rules and Regulations for Bridgeville, DE Title Loans
Like any industry, title loans have some rules guiding them. These regulations are put in place mostly to help borrowers feel comfortable when they get a title loan and to help lenders put forth best practices for their borrowers.
In Delaware, the regulations set down by the state pertain mostly to licensing and transparent operations. First off, lenders should be licensed through the Office of the State Bank Commissioner. Checking with them is a good place to start when you are looking for a lender, so that you know you are working with someone who is recognized by and compliant with the state.
All lenders must also make clear their pricing and policies before a borrower signs onto a loan. Any trustworthy title lender will present a borrower with a copy of their loan agreement before they commit themselves to a loan. That loan agreement should contain seven disclosures as set down by the state:
- The loan is for short-term cash, not to take care of long term financial problems
- Borrowers are not compelled to complete a loan agreement simply because they received a disclosure
- If you sign the title loan agreement, the lender will obtain a security interest in your car, and if you cannot meet the terms of the loan agreement, the lender can take possession of your vehicle
- If the lender takes possession of your car, you may lose equity in it
- You have the right to rescind the title loan agreement at no cost and for any reason within the first business day following the day you receive the loan funds
- You have the right to receive information about credit counseling from the Office of the State Bank Commissioner
- You may file a complaint with the Office of the State Bank Commissioner if you believe your lender has violated the law regarding your title loan.
The Delaware Financial Code has the full language regarding these disclosures, and should be consulted for additional information regarding what your loan agreement should say. If you think you have worked with a lender that does not comply with this code, let the Office of the State Bank Commissioner, along with the Consumer Financial Protection Bureau, know immediately.
If you want to avoid the hassle of finding a compliant lender all on your own, just give us a call. We have been working with the title loans Bridgeville residents trust for years and we can pair you with a lender that will get you the best loan possible in a matter of minutes. We’ve already done the hard work; all you have to do is call and get your title loan without any stress or struggle.