Title Loans in Corona, California
With cost of living in the Californian city of Corona recording higher than the national average in the US, the smart residents here consider title loan as an effective financial tool to get rid of temporary financial challenges. Despite the presence of several financial institutions, such as micro lending agencies, banks and community development organizations in the city, people often depend upon the title lenders when it comes to generating hassle-free emergency loans. They are aware of the fact that the traditional financial institutions verify credit history and go through a very lengthy approval process, leaving an individual into uncertainty if his/her loan will be sanctioned or not.
What Does Title Loan Actually Mean
As the loan name includes the word 'Title', the loan uses clear title of a vehicle as a collateral. An auto title loan is also called as pink-slip loan, title pawn or title pledge. It is a short-term loan granted for 15 or 30 days, however the terms and conditions vary from state to state. Title loan companies are ready to offer $2, 500 to $10, 000 based on the value of the car. An individual with bad credits can also seek for title loan. Title loan companies give more priority to an individual, rather than his/her credit history. It hardly takes more than 30 minutes to handover the cash to a loan seeker.
How to Apply for a Title Loan?
One can apply online for a title loan estimate or directly visit a title loan storefronts to get the loan. For online application, one just needs to fill out an online form with his/her required details such as name, address, contact numbers, e-mail address, vehicle make, model and amount required. An associate from title loan in California company, who you have approached to, would get back to you.
Requirements to Qualify for a Title Loan
- Age proof document- Title loan is given to those who have attained the minimum age of 18 years.
- Vehicle title- Since vehicle title is used as collateral, title must be submitted to the lender.
- Proof of monthly income to ensure that the borrower is able to repay the amount
- Bank documents in case an individual opts for automated repayment mode.
- Driver's license
Things To Be Considered Before Taking A Title Loan
- Before selecting a title loan company, don’t forget to make sure that the lender provides the loan pursuant to Department of Business Oversight California Finance Lenders Law License.
- Properly read through the loan terms. Ensure that a car lender must give in written the loan terms before signing the agreement.
- A lender must follow the Federal Truth In Lending Act and must disclose the cost of the loan.
- A lender must tell in advance the charges associated with the auto title loans.
- Be careful about "add-ons" which can raise the cost of the loan.
Title Loan Laws in Corona, California
- State law of California does not put cap on the interest rates for a title loan of $2, 500 or above.
- The Title Loan Laws In California offer expansive protection to borrowers who take loan from licensed organizations in the state.
- The law gives authority to the borrowers to have full disclosure in its contract of all interest charges, the Annual Percentage Rate of the loan and all fees.
- The final agreement should be written in the language in which negotiation was done.
- The law requires lenders to deal with the borrowers fairly and honestly.
- Lenders must inform the borrowers about the interest he/she will pay.
The California Attorney General's Office and the California Department of Corporations are responsible for uploading and directing finance lending laws in the city. In case of any deceptive act from a lender then the borrowers can contact at 1-866-275-2677. The borrowers can also register their complaints at Corona police station, located at :
- 730 Public Safety Way, Corona, CA 92880, United States
- Phone:+1 951-736-2330
Thus, the title loan in Los Angeles is gaining popularity all over the US as well as in Corona, California, by virtue of its flexibility and fast operation. So don't feel depressed during financial crisis or when you are financially straits; you can use your vehicle to get fast cash.