Title Loans Mountain View, California
California's high cost of living, and the particularly high cost of living in Mountain View, means that people often suffer from financial shortfalls that can make it hard to pay bills or cover emergency expenses. While it might seem like the only option consumers have is stress and anxiety, short-term title loans in San Jose and the surrounding areas makes it easy to overcome this hurdle and move beyond financial stress. Before applying, however, it's a good idea to get acquainted with what title loans are, how they work, and how they're impacted by California’s financial regulations.
Title Loans Mountain View: How Does a Title Loan Work?
Mountain View customers may not be familiar with title loans, but they're actually an exceedingly popular form of lending in California. In fact, title loan applications have experienced a year-over-year increase of 140 percent between 2014 and 2015. Borrowers who are considering a title loan should keep in mind how the loan works.
First and foremost, title loans use a borrower's vehicle to secure the loan balance and ensure repayment. This collateral also helps to determine the overall value of the loan, which is based on a combination of the borrower's income as well as their vehicle's make, model, year, and current mileage. Because the vehicle secures the loan, approval rates for title loan applications are very high in California and nationwide. In fact, most applications consider only the borrower's income and vehicle, and not their formal credit report.
Due to the way title loans are offered, they're a perfect fit for borrowers who need a short-term loan for emergency expenses. They're also a natural fit for those consumers who have poor credit records with official reporting agencies and simply need a second chance in order to get their finances back in order.
Title Loans Mountain View: The Application Process
When applying for a title loan at Loan Cheetah, borrowers will need to have a few things on hand to begin the online process. This information includes:
- Vehicle make, model, year, and mileage
- A clear title with no liens
- Personal contact information
- Employment and income information
- Personal references
- Bank account information
Once this information has been provided, the application can be submitted to a loan representative for processing. In the meantime, an instant estimate of the loan amount will be provided to the borrower while they wait for a final decision on acceptance. Once that decision has been made, a loan representative will get in touch to confirm final details and electronically transmit the funds to the borrower's bank accounts. The loan should be available for use the next business day.
Title Loans Mountain View: A Look at California Regulations
Like most states, California has extensive regulations that govern how and where title loans can be offered. These regulations also cap interest rates and fees, protecting consumers when they choose to borrow on a short-term basis and put an end to their financial struggles. Before applying for a car title loan online, keep the following regulations in mind:
- In California, most title loans are considered short-term loans; short-term loans in the state are subject to a maximum loan amount of $2,500. Any loan over $2,500 is considered a long-term loan.
- Borrowers must be informed that their car could be repossessed if they fail to make timely payments toward their loan balance.
- Title loans over $2,500 are not subject to caps on interest rates or fees; title loans less than $2,500 must charge an interest rate of no more than 17 percent per month.
- It's not possible to qualify for a title loan without a job; California law requires borrowers to be employed.
Great Benefits for California Borrowers
Title loans at Loan Cheetah offer borrowers a way to get back on their feet, financially. With short repayment periods, reasonable interest rates, and much higher approval rates than big banks, these loans are practically customized to meet the needs of borrowers with emergency expenses weighing them down. A quick online application and approval process also makes these loans a faster way to move beyond financial headaches. Get started with the application now and loan funds could be available in as little as one business day.