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Know Your Rights In Title Loan Repossession

No wonder during tough time things can take a U-turn and doesn’t work in your favor. But getting immediate cash with the help of car title loans has always been a great solution. but you need to be aware of title loan repossession.

There are a lot of people who have relied on title loans to get out of a financial crisis. However, before diving deep into title loans it is better to gain proper knowledge because title loans do have potential disadvantages.

There are some state lenders that try to take advantage of the costly loans and try to use the loopholes in the law to charge more. This often leaves the borrower feeling helpless in repaying the loan and facing the risk of his car repossession. It is common to face fraudulent lenders when you are unaware of your title loan rights.

What are the loopholes? 

A lot of states including Texas have some laws to protect borrowers from overcharged title loans online. But such laws have loopholes.

It is essential to know that title loan law doesn’t cap the number of title loans including the fees. Most lenders take advantage of this loophole and tell the actual interest rates will reach to 10 percent maximum. They can even charge finance fees to cover the 10 percent interest cap.

title loan repossession
Know more about title loan repossession

Get complete information about title loans

Regardless of Secured Loan interest, you need to get complete information about the amount that is expected to be paid before even accepting the title loans. This will allow the lender to disclose the fees amount as well as other additional fees that will be charged to you.

He will also inform you about the other details related to the consumer helpline. Moreover, you should know that your lender needs to disclose the potential risks that are related to title loans that include information about all feed as well as interests included during the loan duration.

Texas state laws allow lenders to compare the feed, interests, as well as APRs with other types of debt.

Stay protected from car repossession 

As a borrower, you should know your rights to stay safe from car repossession.

In case you delay the title loans, this ultimately leads to the risk of your car being repossessed. However, on basis of case by case, your lender has the authority to offer a payment plan and give allow you some more time to complete the loan rather than resorting to repossession.

In case your lender decides to repossess your vehicle then he needs to hire a licensed repossession agent in Texas that needs to follow the rules and regulations. However, the whole repossession process is done in peace and a professional manner.

After your car is repossessed, your car will be put up for sale to complete the borrowed money as a loan. You still be having 10 days of notice after the sale of the car has been set. Also, the lender informs you about the sale time, date, location, etc.

Conclusion 

Opting for Car Title Loans is a serious decision. Thus, select a lender which has the best interest at heart. At TFC Title Loans, we keep everything transparent and there are no hidden fees or interests.

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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