Sugar Land, Texas residents may need a little cash to get by from one week to the next. They may need cash to buy groceries, fill up their gas tanks with fuel, go on vacation and so forth. Title loans can assist a person with every one of those needs and more. Consumers prefer title loans to payday loans because of their structure. Interested persons can contact a local Houston title loans lender and request a title loan in Sugar Land. Borrowers can obtain loans of up to $5,000 in most cases.
A car title loan is a short-term cash loan that the lender provides to people who own automobiles. The lenders base the value of their title loans on the value of the borrower’s car. The lifespan of a title loan lasts about 30 days, and the lender charges interest plus a finance charge. Title loans are secured loans, which means that the lender uses the title of the vehicles to secure the loans. Title loans got their names from that aspect of the loan. The borrower allows the lender to place a lien on the vehicle in good faith. The lender’s intention is not to repossess the vehicle. The lien is simply a manner of security. The borrower should keep in touch if any problems arise that would cause the payment to be late.
Lenders have made the loan process extremely simple so that no prospective borrower will be deterred. The application is online, and it takes only about three to five minutes to complete. The applicant will have to answer a few questions about the vehicle and himself or herself. The person will have to enter details about the mileage, year, make and model of the vehicle.
A representative will contact the prospective borrower with a loan offer or title loan quote. The consumer will review the quote and decide whether it is sufficient. If the consumer likes the quote, then he or she will visit the nearest facility to finish the transaction. The lender will draw up a contract and ask the consumer to sign the contract. The lender can disburse the funds as soon as the consumer signs the contract. The consumer can go on to spend the money anyway he or he desires.
State regulations are put in place to protect every lender’s integrity and every consumer’s safety. The regulations for Texas customers state that a lender cannot stretch the loan out for more than 180 days. There is no cap on the amount that a lender can offer a consumer for a Texas title loan. Also, there is a cap of 10 percent for the interest rate that a Texas title lender can charge. There is no cap on the finance charges, however. The state requires that a lender obtain a clear title before issuing a loan to any person.
Consumers prefer title loans to other loans in the same class first because of their many conveniences. First, a 30 day loan life is much longer than the loan of other products in the same class. Secondly, title loans are quick and painless. Thirdly, the amount that a consumer can get is much higher for title loans than it is for some other loan items. Payday loans, for example, are usually in the range of $100 to $1,500 while title loans can get into the several thousands. Interested consumers should apply for title loans Sugar Land assistance today by contacting a nearby lender.