Title Loans Los Angeles, California
Many Los Angeles residents are having financial struggles in this economy. Emergencies then come along and offset the peaceful equilibrium. Cars break down. Household appliances go haywire. Loved ones have issues, and medical needs come up. The first thing a Los Angeles resident may try to do is ask his or her boss, family members or friends to borrow cash. The next step that person may take is contacting a traditional lender for help. Unfortunately, those methods rarely work out. Family members are quick to let their lack of funding be known. Traditional lenders are often discriminatory and slow at processing. Title loans Los Angeles advances can be the answer to some people’s prayers when they need money fast.
What Are Title Loans?
Title loans are short-term cash advances that are tied to the borrower’s cars. They are within a class of loans that consumers refer to as “quick cash” loans. The “quick cash” loan genre consists of loan types such as payday loans, installment loans, pawn loans and the like. They bear the name “quick cash” loans because people can usually get their cash within 24 hours. Many lenders provide their customers with the funds within only a few hours.
Why Title Loans Are So Popular
Title loans are extremely popular within the “quick cash” loan category. The reason for their popularity lies mostly in their life span. Payday loans usually last for about 14 days. Title loans in California give people more than double the amount of time payday lenders give their customers to repay advances. Some consumers feel that title loans are more flexible than other loan types are, as well.
Who Qualifies for Title Loans?
People who own vehicles can qualify for title loans as long as they are older than 18 years of age and have the appropriate documentation. Title loans are contracted loans, so minors cannot take them out. Title loan borrowers must own the vehicles that they offer to the lenders. They should not owe any monies to a finance company or any other party.
How Title Loans Work
Title lenders base their loans on the value of the borrower’s car. They provide funds to the consumer based on the value of the car. A title loan is a secured loan, which means that the lender wants to hold on to something to ensure that the consumer will repay the advance. That something that the lender wants to hold onto is the car’s title. The lender wants to place a lien on the vehicle that gives it a right to repossess the vehicle if the consumer does not repay the advance.
The borrower should not allow the lien information to deter him or her from taking an advance, however. Title lenders allow their borrowers to continue using their vehicles throughout the course of the loan’s life. Therefore, borrowers can still continue with their everyday lives and report to work, school and other places. The lender never desires to or intends to repossess a vehicle. It is a last resort only, and it mostly applies to people who do not even try to make arrangements with the lenders.
The title loan range is approximately $600 to $5,000. People who own newer vehicles are obviously privy to higher loans. Title lenders usually give their customers 30 days to repay the title advances. After the initial 30 days, the borrower must pay the title loan plus the interest and any fees that the lender applied to the cash advance. The person should call if any problems arise.
The title lender releases the lien on the vehicle just as soon as the borrower repays the cash advance. The borrower can then continue with his or her life and return if the need to borrow funds arises again.
How a Person Can Use Title Loans
The best thing about title loans California options is that people can use the cash advances for any purpose. The lender does not place any stipulations on what people do with their cash advances. Therefore, borrowers can use the funds that they receive from a title lender to fix their cars. They can use the funds that they receive from their title loans to repair parts of their homes. They can use the funds that they receive from their title loans to buy school or work wardrobes. Furthermore, they can use the funds to do fun things like going on vacations, going on long shopping sprees or taking the children to an amusement park. Another thing that consumers can do with their title loans is make a business investment or venture. A business-minded individual may want to start a franchise, for example. The lender does not regulate the use of the funds. It only regulates the specifics like the repayment dates and such.
How to Apply for Title Loans
The application process is a quick and painless process that starts online. The interested person must visit the lender’s website and start there. The online application form will ask the person for information about himself or herself. The individual will have to provide address and phone number details. The form will also ask for information about the person’s vehicle. Accuracy is crucial at this point because the lender derives the loan quote from this information. The consumer will have to complete information about the vehicle’s make, model, mileage, manufacturing date and the like. A representative will contact the person back with a tentative title loan quote. The consumer can choose to complete the loan process if he or she likes the offer that the lender presents to him or her.
The Process of Getting a Title Loan
The process of getting title loans Los Angeles advances start with that first step into the local branch. The customer should have some items with him or her for this process. First, the person must have the title of the vehicle in his or her hands. The lender will not process the loan unless the person has that title in hand. The reason that the borrower has to bring the title is so the lender can put the lien on it.
The borrower should have identification with him or her to process the cash advance appropriately. The lender will want to see documentation such as a U.S. passport, driver’s license, social security card or birth certificate. The lender will need to see something that establishes who the person borrowing the funds is. Another document that is important to have to complete the loan process is one that provides proof of address. Some examples of items that establish proof of address are bank statements, credit card bills and utility bills.
A borrower should have a list of personal references because some lenders do ask for them. They want to have the names and phone numbers of a few people who can say positive things about the applicant and how that person handles loans. Each title lender varies in this requirement. Some lenders ask for three references while others may ask for up to seven references. Lenders who ask for personal references usually call them while the borrower waits to finish processing the transaction.
Proof of income is something that a borrower may want to bring to the meeting to finish the transaction. Four pay stubs will show the lender how much money the person earns each month. Other examples of proof of income are disability stubs, unemployment statements and government assistance slips. Title lenders usually don’t hold so much weight in the person’s pay because they have collateral in the vehicle. However, they still want to ensure that their borrowers can repay the advances.
The lender checks the prospective borrower’s credentials and documentation and then draws up a contract upon approval of the loan. The borrower must read the entire contract and then agree to all the terms. Proof of the borrower’s agreement to the terms is in the signature that he or she provides. The lender provides the borrower with the funds as soon as that person turns in the signed contract. The borrower has 30 days from that point to repay the advance. once again, keeping in touch with the lender to establish any payment problems is of the utmost importance.
California Title Loan Regulations
Many states have regulations on their title loans because of predatory lending practices. The state of California does not yet place these regulations on its lenders. Lenders are allowed to charge whatever they like when it comes to loans such as payday loans and title loans. Borrowers should ensure that they deal with lenders who have an outstanding reputation and a good handle on customer service. Title loan experiences should be enjoyable for the lenders and the borrowers alike. Many of them go smoothly, and many borrowers are happy that they found a way to get through their tough situations.
The Many Benefits of California Title Loans
Title loans have three main advantages to them. The speed at which consumers can get them is the first advantage. The flexibility in the borrowed amounts is the second advantage. The potential to have future loans is the third advantage. Modern-day consumers know that they can come to a title lender and get the help they need for a wide variety of situations. An interested person can start the process of getting help today. The online form is quick and painless. The representative can provide a helpful quote within minutes.