Car Title Loans El Paso, Texas
In times when you need cash fast an emergency loan can be lifeline, but finding one quickly through traditional financial institutions like banks can be stressful and time consuming. There’s another option, though; using title loans El Paso borrowers can get a loan fast, often with money in their accounts in as little as 24 hours, and all that’s required is a car.
Title loans are personal loans that use a debt-free car as collateral. Borrowers allow their lender to hang onto the title as security during the life of the loan, and in return they are able to get cash fast when they need it most. Title loans are short-term loans, so they can’t replace bank loans for taking care of long-term financial problems. However, whether it’s because of an emergency or simply because life asked a little more of you than you could give in the moment, collateral loans like car title loans are a practical solution to get you to your next paycheck.
Using title loans, Texas borrowers have covered everything from unexpected medical bills to education costs and home repairs. The loans are short, often lasting two months or less, and help distribute those unexpected costs either by fronting money until next payday or splitting them across a couple of paychecks.
Borrower’s Rights and Loan Regulation
Like with all things, there is a right way and a wrong way to do title loans. The State of Texas has set down some regulations to ensure lenders are doing things the right way. These include:
- Lenders must be licensed with the Texas Office of Consumer Credit Commissioner
- Lenders must be compliant with Chapter 342 of the Texas Finance Code
- Interest rates cannot exceed what is allowed by the Finance Code
- Rates may vary depending upon type of lending license
If you want some help breaking down just what is required of lenders in Texas, give our office a call. Our team knows Texas loans inside and out, and we will take the time to break them down for you until you are completely comfortable in local loan regulations. We can also help set you up with a complaint lender in a matter of seconds so that you won’t ever have to sweat the legal stuff and you will still get to pick from the title loans El Paso borrowers trust most.
If, however, you find yourself dealing with a non-compliant lender, it’s best to stop any interaction you have with them and file a report directly with local law enforcement. Chief of Police for El Paso: Greg Allen Non-Emergency Phone Number for the El Paso Police Department: (915) 832-4400 If you suspect your lender of any illegal activity, they should also be immediately reported to the Consumer Financial Protection Bureau for further investigation. Dallas area title lenders work with the city as new ordinance are passed to help protect consumers and keep predatory lenders out of the industry . Check out what the city of Dallas and Dallas loan companies are doing to strengthen local lending laws. El Paso ordinance that help keep lending practices fair are proving effective across the city. Learn more about what regulations the city set down and how lenders are working with them to bring consumers safer, more responsible short term personal loans. Title Loan News In Texas
