Before we proceed further on today’s topic, it is important to know what a Title Loan to be exact is. Well! In simple words, “a loan where borrower’s vehicle used as collateral is called title loan”.
In general circumstances, a borrower who get a title loan, allow the lender to place lien on his/her vehicle title and temporarily surrender the hard copy the ownership to the lender in exchange to a borrowing amount. When the borrower return the loan by following the contract, the lien is removed from the vehicle and vehicle title is return to the owner. However in case of default, the lender is liable to repossess the vehicle and sell it to repay the borrowers’ outstanding debt.
Nature of the Title Loans
Normally, these types of loans are short-term and carry high interest rates. Perhaps, the good things with title loans are they are very fast processed. In majority of the cases, these loans can be processed in less than 15 minutes time span without any additional verification. In addition, it can be as low as $100 as compare to the other financial loans where the minimum limits are around $1000.
In these loans the lenders generally don’t consider the borrower’s credit score as it is the essential process in the other types of loans.
History of Title Loans
Title Loans first emerged in early 1990s and opened a market to the people with low income and credit ratings and since then, they’re rapidly grown popular around the globe among the middle class.
According to many studies including Consumer Federation of America, Title loans are quite risky but still it is a fast growing and popular market to invest in.
Process of Title Loans
Title loans are considered as one of the easiest processing loans available around. In general, a borrower seeks around lending services through internet or at a store place. After the selection of the lender, the borrower needs to prove his nationality, address or residence, and proof of income or employment. In majority of the case, all the mentioned above proves can be established only by presenting the national ID card or valid driving license issued by the authorities of the state.
Amount on Offer
Mostly a lender offers 50% of the care resale value to the borrower but it can be higher in given circumstances. But to avail the facility, you must have the clear cut ownership of your car. That means your car must be paid in full with no outstanding dues.
Interest rates depend on the rule of the state where the lender is located. Mostly, it can be around 36% to more than 100%. Payment schedules can be variable too, but at least a borrower has to pay the interest amount on the due date to reschedule his or her title loan.
Kendall Title Loans
Kendall Title Loans are much flexible, reliable and easy to avail as compare to the other online service providers. To avail the facility on your doorstep, all you need to do is to visit our official site http://www.autotitleloanskendallfl.com/ and fill out the simple form and that’s all. The rest will be on our side.