A personal loan is an unsecured loan. This means that it is not backed by collateral, such as your home or vehicle. Because the loan isn’t secured, lenders must use your credit score when determining how much money they can loan you, and at what interest rate.
So, you took out a registration loan and you are behind a few payments. You didn’t try to renegotiate your terms and it’s gotten a bit out of hand. You do have options to get out of this situation, but you do need to understand the consequences for not making proper repayments on time.
Registration loans are only legal in the state of Arizona. Why? First you need to understand what a registration loan is. Registration loans are a short-term, high interest rate loans where the borrower uses the registration to their vehicle as collateral. The loan is expected to be paid back within a short period of time, and these loans usually always come with very high interest rates. Doesn’t this type of funding sound like a payday loan?
When you’re struggling with your finances, the last thing you need to stress about is your financial security. When you get a second title loan with LoanMart, your finances and your information is safe and secure. We just want to make sure your finances are covered, and you get the money help you need.
When you have not-so-ideal credit it can be downright excruciating. Most traditional lenders will immediately reject a loan application if the applicant’s credit score is not above a certain number. But what these lenders don’t seem to understand is tough economic circumstances may have caused someone’s credit score to drop in the past. Even if that person is completely financially responsible and trustworthy now, they will turn away a potential client.
If you find yourself holding an unexpected bill, a title loan can be a great way to get enough money to cover your sudden financial need. Unlike something like a vehicle loan, the application process is short.
If you find yourself experiencing a sudden financial need, a title loan can be a great way to get emergency funds to cover your expenses. They hold a number of advantages over traditional loans.
When people need money fast, some think that pawn shops are a great way to get the funding they need quickly. This may work for some individuals but pawning an item when you need fast funding can be tricky—so it is important to know all the facts.
Have you noticed that registration loans are only available in Arizona? This may be because payday loans are NOT available in Arizona, so registration loans act as kind of a loophole. By providing short-term, high interest rate loans, registration loan lenders can use tactics similar to payday lending without actually giving out a payday loan.
Registration loans can be safe, but you must be VERY careful. Some lenders out there don’t have your best interest in mind, and these are the kinds of companies you might want to avoid.