Car Title Loan Laws and Their Meaning

 
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Car Title Loan Laws and Their Meaning

When it comes to lending money, there are important state and federal laws that govern the process. When considering applying for such a loan, it is important to understand the laws and how they apply. Our staff at LoanMart can help decipher how regulations will affect an Auto Title Loan.

Establishing Limits

One of the major ways Car Title Loans are governed is that states can set both minimums and maximums for a loan. For example, title loans in Phoenix have a set minimum of $750. Elsewhere, loans have set maximums, like Illinois, which sets the cap at $4,000. Some states may also restrict the amount of a loan if the monthly payment exceeds 50 percent of income. Additionally, some states put a maximum on the loan processing fees. The best bet is to contact our staff to see how a state establishes the limits of a Car Title Loan and any associated fees.

Borrowing Multiple Times

Some people find they are in need of another loan after paying off an old one. A person can apply and be approved for another loan immediately in most states1

Holding Lenders Accountable

One of the chief reasons there are regulations in place is to protect the consumer from entering into a dangerous financial situation. We at LoanMart are required to abide by the regulations put in place by your state. When looking for Auto Title Loans in one of these other areas, contact us to find out how the state’s regulations may affect the loan. We do our best to provide the money needed when needed most1.

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DISCLOSURES

LoanMart 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. LoanMart does not offer or service student loans. California loans are made or arranged pursuant to a California Financing Law License. See State Disclosures for additional disclosures.

1Credit approval is subject to LoanMart’s credit criteria standards. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by applicant. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from February 2002 to October 2018.

3Application processes could take five (5) minutes to complete. Upon completion, a conditional approval may be given pending review of documentation. Funding time is based on the time from final approval following receipt and review of all required documents and signing, prior to 5PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify LoanMart in writing by midnight on the sixth calendar day from obtaining the loan. Within one business day from notice of rescission, the consumer(s) must return any monies received and fees paid on behalf of the consumer(s) by certified funds.

5LoanMart recommends and encourages customers to pay early and often and more in order to avoid additional finance charges.

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LoanMart is a responsible lender and takes its legal responsibilities seriously. Questions? Customersupport@800loanmart.com or call 855-399-2261.