Car Title Loan Laws and Their Meaning

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When it comes to lending money, there are importantĀ state and federal lawsĀ 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,Ā title loans in PhoenixĀ have a set minimum of $750. 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,Ā contact usĀ to find out how the stateā€™s regulations may affect the loan. We do our best to provide the money needed when needed most1.

Trusted lender of over 250,000 customers2

Trusted by over 250,000 customers since 2002, we know how to do business the right way. Our US based customer service team is there for you seven days a week.

All loans will be serviced by LoanMart. SeeĀ State DisclosuresĀ for additional information.

1Loan approval is subject to meeting the lender's credit criteria, which may include providing acceptable property as collateral. Actual loan amount, term, and Annual Percentage Rate of the loan that a consumer qualifies for may vary by consumer. Loan proceeds are intended primarily for personal, family and household purposes. Minimum loan amounts vary by state. Consumers need to demonstrate ability to repay the loan.

2Based on consumers who received a loan from LoanMart 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 2PM PST on a business day.

4To exercise the right to rescind, the consumer(s) must notify the lender in writing by midnight on the third 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.

5Lenders recommend and encourage consumers to pay early and often and more in order to avoid additional finance charges.

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