LoanMart provides many great benefits to Car Title Loan borrowers who need money quickly and securely. With same-day funding seven days a week, our customer service team walks the borrower through the entire process — answering any questions along the way.
By giving a more personal approach to the Car Title Loan experience, borrowers have access to relevant information such as document stipulations proposed by Car Title Loans or what type of agencies and the rules they implement in order to regulate the industry.
There are two agencies in California that regulate Car Title Loans: California Attorney General’s Office and the Department of Financial Protection and Innovation (“DFPI”). Each agency has specific requirements regarding Car Title Loans that lenders have to follow.
- Before operating in California, lenders have to obtain a California Finance Lender license.
- For loans $4,999 and under, there is a maximum of a $75 loan processing fee; while for loans that have an amount greater than $5,000, there is no maximum loan processing fee.
- Above all else, prospective borrowers need to show an ability to repay the loan before it is granted.
With reference to the interest rate, California does not have limits on finance charges for personal, household, or family loans. The rates are largely determined between the lender and borrower and should be outlined before the contract is signed.
If a payment defaults, lenders in California have the right to repossess the automobile. The terms should be detailed in the loan contract and can be outlined with the help from LoanMart’s customer service team. If a borrower is not going to make a payment, it is recommended to reach out to the lender to see what actions can be done before skipping the payment completely.
We want our customers to understand the nuances before obtaining a California Car Title Loan. LoanMart was built on the idea of being fully transparent so that prospective borrowers may become financially responsible.