Fast Facts about Title Loans in Lamesa

Here are some fun facts about title loans Lubbock and Lamesa residents need to know:

Did you know that you can get a title loan with bad credit? The loan is based on the value of the car, not on how good your credit score is.

Did you know that you can get a title loan in less than a day? In fact, many loans are completed within a few hours. Just fill out the online form, make a quick phone call and stop by to sign paperwork.

Did you know that you can use the money from a title loan for any purpose? Most traditional lenders want to know why you want the money. We don't. You are welcome to talk with us and tell us what is going on, but there it is not mandatory.

Did you know that you can drive your car, even when the loan is active? That is a fact many car owners don't know. The lender keeps your title as collateral, but you can use your car like you normally would.

Title Loans in Lamesa: How Easy Is It to Apply?

Applying for title loans could not be more easy. Fill out a quick form, take a phone call and sign some paperwork. The online form will ask for information on the car and some identifying information on you.

• For the car: year, make, model, style and mileage
• For you: name, zip code, phone number and email address

After you submit that information, you will get back a quote on how much the lender is willing to let you borrow. The quoted amount is based on the information you provided on the car and its fair market value.

You will receive a call from one of our loan reps. That person will talk over the loan details with you. You can ask questions and we are happy to answer them. When you want to get the loan, stop by one of our convenient locations to finish the paperwork. Just remember to bring your id and the title to the car. With those items, plus your signature, you can walk away with the cash you need.

Are Title Loans Secured or Unsecured?

This is a common question for borrowers.

Unsecured loans have no collateral secured to the loan. Online signature loans and credit cards are examples of unsecured loans. If the borrower defaults, the lender has no fixed asset to repossess and sell to get the loan balance paid off.

A title loan is actually a secured loan. The car is what secures the loan. By turning over the title to the vehicle, the borrower is allowing the lender to secure the loan with the car. Now, when the loan is paid off, the lender will send the title back to the borrower immediately.

The Laws about Title Loans in Texas

Lenders and borrowers must follow the laws surrounding title loans in the state of Texas. For title loans in Lamesa, the following laws must be followed:

• The borrower must be 18 years old or more.
• The borrower must be the owner of the car.
• The lender must be licensed in the state as a title loan provider.
• The loan must be for a period of 180 days or less.
• The lender cannot charge more than 10% interest.
• There is no cap on the amount a lender can offer as a loan amount.