Hard times are not only happening in Port Arthur, Texas, but in cities across the country. It can be hard for families to make it financially in between paychecks. However, title loans Port Arthur companies provide a solution for families who need extra money during the month.
A title loan is a fast way to get cash that uses a car title for approval. The title must be free and clean, which means no liens. The amount you can borrow depends on the value of your vehicle and your income. Loan amounts can vary from $100 to $10,0000.
When you need a few hundred dollars in a hurry, there are not a lot of people who are going to give you that type of cash. Family and friends are not always willing to loan that much money at one time. Besides, they have their own family to support financially. You can ask a bank for a loan, but you need good credit and have to wait for approval.
Title loans Texas lenders are in the business of loaning money. They are not going to ask why you need the money. If you have a working vehicle with a title, then you can get money for an emergency.
If you want to sign up for a title loan, then you have to apply on the lender’s website for a free title loan quote. You much submit a short online application to get approved. The application asks for information about your vehicle and basic personal information. This information may include:
The entire application process takes less than 30 minutes. After completing the application, you are given an approval amount. A loan agent will review your information and give you call at a later time.
Texas has usury laws that prevents lenders from charging more than 10 percent interest. Auto title loans are designed to be paid back within 30 days. However, some borrowers need more time to completely pay back the lender.
Texas is trying to address this problem to prevent residents from ending up in a cycle of debt. The state has established an ordinance that ensures short-term loans are repaid. This ordinance allows the loan to only rollover three times or has to be paid back within four installments.
With each installment or rollover, the loan principal should decrease by 25 percent. The point is to limit the amount of money that the borrower has to pay back.
Port Arthur residents can benefit from Beaumont title loans in a variety of ways. If you need money fast, then you can get approved within one to two days. It does not take much time because the process is easy. A title loans Port Arthur lender looks at your vehicle to check the condition. Your vehicle needs to be in working condition to get approved for the lowest loan.
If you have a motorcycle, truck, car or van, then you can get approved. A credit check is not required because the loan is based on collateral. After you are approved, you can leave with your cash and car. The lender gets to hold on to your title and a set of keys, but you can still drive your vehicle. You can still drive to where you need to go and it does not affect your lifestyle.