The Many Uses for Title Loans in Forney
For residents of Forney and Mesquite car title loans offer a viable way to get cash quickly. That is one of the primary benefits of this type of loan. Another benefit is the many uses you can use that cash for.
When we talk with our clients, we often learn why they want to take out a title loan. Here are a few of the reasons we commonly hear:
- Paying for emergency repairs on their car
- Replacing a broken appliance
- Handling unexpected medical expenses
- Placing deposits on an apartment
- Handling moving expenses
- Finding cash for funeral expenses
Basically, when a person needs cash quickly a title loan is an ideal solution. Whatever need you have, it doesn't matter. All you need to have is a clear title to your vehicle and a valid state Id. Those items will let you get the loan quickly and get the cash in hand within a day.
Are Title Loans in Forney Secured or Unsecured?
There are two types of loans that you can get: secured and unsecured.
Unsecured loans are those that do not have a piece of collateral attached to them. Credit cards and personal loans are examples of this type of loan. If you default on the loan, the lender can sue you, but that entity would have no automatic claim on your car or home.
Secured loans are those that have a piece of collateral attached to them. A home mortgage is a good example of a secured loan. If you default on a mortgage loan, the lender can foreclose on the loan and take control of your home.
Title loans are secured loans. When you get a title loan, you turn over the title to your car to the lender. The lender holds it as collateral for the amount lent. When you pay back the loan, you get the title back immediately. If you don't pay off the loan, the lender can repossess the car and sell it to recoup the amount left on the loan.
How Title Loans Work in Texas
When it comes to tax deductible title loans, the state of Texas has put regulations in place. These regulations are there for your protection. Here are a few highlights you need to know:
- All title loan lenders must be registered with the state.
- Lenders cannot charge more than 10% for a title loan.
- There is no cap on the amount a lender can loan to a borrower.
- All borrowers must be 18 years or older.
- A title loan must be completely paid back within 180 days of the original loan.
While there is no cap on how much a lender can offer to a borrower, lenders will only offer an amount that is based on the fair market value of the vehicle. That way, if they have to repossess the vehicle, they can recoup the loan's outstanding balance by selling the vehicle.
How Easy Is It to Apply for a Title Loan?
It is very easy to apply for title loans in Forney. Just give us some basic information via the form on our website. Here is what you need to provide:
- Zip Code
- Phone Number
- Email Address
- Car Year, Make, Model, Style and Mileage
With that information, we can come back and give you a quick quote on how much you can get from a title loan lender. You are under no obligation when you get a quote. You will get a phone call from one of our lending specialists to talk about it more.
When you need a title loan, start here at Loan Cheetah.