Title Loans Union City, California
Sometimes things don’t go as planned. An example is when the weather turns bad, and your house sustains damage. Naturally, you pull out your homeowner insurance policy and make contact with an insurance agent. Unfortunately, you are told, your policy does not cover that. What? Are they serious? Yes. Many people are unaware that some types of damage, such as earthquakes and flooding, require special coverage or a completely separate insurance policy. The bottom line is that you have to come out of your pocket to pay for those non-covered damages. Where will you get that kind of money?
It’s easy to be discouraged in a time like this, but instead of focusing on the problem, focus on possible solutions. One solution is title loans in Union City.
Title Loans Union City
Title loans in Union City are personal loans offered to any adult over the age of 18 who owns a vehicle with a clear title and who has the ability to repay the loan. It’s quite simple, really. A title loan, also known as a pink slip loan, is granted based on the vehicle the applicant uses as security. The more valuable the car, the more loan money they are qualified to receive. Because their vehicle is used as collateral, credit checks for title loans in San Jose and Union City are unnecessary.
Title Loans Union City Application
Applications for title loans in Union City simply ask for the borrower’s name and contact information and details about the car, such as make, model and mileage. This gets the applicant a loan estimate, but the final offer comes in a follow up phone call with a Loan Cheetah representative. During a brief phone call, the rep and the borrower work out loan details, such as payment dates and the borrower’s source of income, which does not have to be from a job. The loan rep also take the time to answer any questions the borrower may have about the loan process.
California Legal Information
Title lenders are allowed to assess customers administrative and processing fees, and they are allowed to charge a small fee for late payments. Customers must be told about these fees or the possibility of being charged these fees before signing a loan contract. Lenders must also tell customers what annual percentage rate and interest payments are connected to their loan. Title loans over $2,500 have no maximum interest rate, but those under that amount have interest rates no higher than 30 percent annually.
Title loans are so much easier to get than a bank loan and often easier to get than borrowing money from someone you know. The bank wants all sorts of documents and good credit score. Without it, they likely won’t approve a loan. Friends and family are there for you when it counts, unless you need money. Some of them will lend you money sometimes, but many people really don’t like turning a friend or familial relationship into a lender-borrower relationship.
Loans terms are short because borrowers are dealing with a short term cash flow problem, but lenders understand that things change. Sometimes a short problem becomes a long one. When circumstances alter a borrower’s ability to repay a title loan, Loan Cheetah is willing to look at alternate options. Loans may need to be renewed or refinanced.
Contrary to what some believe, not all car title loan interest rates are excessively high. Rates are competitive and often lower than the rates of payday loans, which make title loans a more affordable lending option. Plus, Loan Cheetah can refinance title loans from other lenders and possibly offer the customer a better interest rate.