Title Loans in Temple, Texas from Loan CheetahTitle Loans Temple: What Makes Title Loans an Effective Option
Title loans are personal loans that are secured with a vehicle title. Being secured means that the lender takes on very little risk, which means usual loan factors, such as credit history, simply don’t matter. In order to take out such a loan, you must be 18 years of age or older and possess the title for a car, truck or motorcycle that you own in full. Practically any vehicle with a valid title has value, which means that even a salvage car title loan is an option. Note that the title itself is used as collateral, which means that you keep the vehicle for getting to work, running errands and so forth.
Title loans in Temple are an excellent option when you need cash in hand fast. The same cannot always be said for traditional bank loans. Consider that Extraco Banks won’t even give you a personal loan unless you meet their necessary credit score and employment requirements, which exclude many. With a title loan, you can borrow a small amount, choose a short term and even repay the loan early. A financial institution like First State Bank may require a minimum amount of $5,000 or more, require a loan term of 90 or even 180 days and put penalties in place should you repay too soon.
Title Loans Temple: Getting the Title Loan You Need Online
Getting title loans in Temple is fast and simple, and while there are a number of local options, you can start that process online right here with Loan Cheetah. You’ll just need some basic information to get started, including:
- Vehicle year and make
- Model and any style designation
- Estimated mileage or an odometer reading
- Your full name and zip code
- Phone number and email address
Once you’ve submitted that information via the brief form on the Loan Cheetah homepage, the website will provide you a loan estimate. Quotes for title loans in Temple usually take just seconds, and if you choose to continue, the process usually takes just 10 minutes or so. You’ll even have a loan specialist available to you to guide you through the process and answer any questions that you may have. Many people can even finalize their title loans without ever having to leave their homes.
How Texas Regulates Title Loans
Title loans in Austin and throughout the great state of Texas are governed by a series of regulations intended to provide consumer protection. Texas does not limit the borrower in terms of how much you can borrow or how often you can take out a loan. It does limit the lender. It caps interest rates at 10 percent and dictates that no title loan be for a period longer than 180 days. Texas does not restrict the fees that lenders can charge, but it does require them to state this amount up front and in writing.
The Advantages of a Title Loan
So why choose title loans in Temple over other loan options? While there are other short-term loan options, such as payday loans, title loans are generally more cost-effective since they’re secured. While bank loans are an option as well, they usually require a hassle. With a title loan, it doesn’t matter what your credit score is. You can have bad credit or no credit at all. Lenders don’t perform background screens and the like, and there’s no need to prove employment or income, which makes an unemployed title loan a fantastic option to get you through to that first payday with your new job.