In the past, we have described what could happen with your information if an auto title loan lender cannot be trusted with your information. We at LoanMart would also like to highlight the qualities that you should find in secured auto title loan lenders.
In terms of safety and security, here’s what secured auto title loan lenders should offer:
Making your privacy rights clear
It should also explain their safeguards that auto title loan lenders have in place to protect that personal information, as well as circumstances under which they may share that information with other companies.
Give reasons why they collect personal information
When they collect a prospective borrower’s personal information, secured auto title lenders should be transparent in what they do with that information. This means being honest in their intentions, even if it means explaining every part of what they do with the info.
The range of details could vary, but secured auto title loan lenders should be upfront about the following details on the use of personal information:
- Confirming facts about an individual
- Deliver financial products and services based on the personal information
- Help assess requests for financial products and services based on the information
If secured auto title lenders cannot fess up to these types of details, then one should reconsider getting an auto title loan from them.
Transparent on the sharing of personal information
Personal information comes with plenty of trust between a lender and a borrower. Secured auto title loan lenders should be honest about the ways they could share that information, such as:
- Sharing personal information with financial service providers, such as banks, mortgage bankers, credit card issuers and insurance companies.
- Sharing personal info to non-affiliated, non-financial companies like statement processors, repossession companies, collection agencies, or their attorneys.
- With any affiliate companies that use the shared personal information for everyday business purposes.
- Sharing personal information with non-affiliates for joint marketing, whom they may have a formal agreement to market financial products or services to potential borrowers.
- Sharing personal information (by legal obligation) about a borrower’s loan to credit reporting agencies.
Give you an understanding on your right to limit sharing (opt-out right)
Explaining an individual’s right to limit auto title loan lenders’ sharing of their personal information, except as permitted by law is an essential quality that should be followed by trustful title loan lenders.
So now that you see what secured auto title loan lenders should be like, what are some things that could make them unsafe and untrustworthy, especially when it comes to your personal information?
What makes auto title loan lenders unsecured?
Unsecured auto title loan lenders could be deemed untrustworthy or unreliable with a person’s information if they do the following:
- Ask for questionable amounts of information that could be used against you.
- Refuses to tell you or fails to mention that all your information could be sold to companies or other lenders that could contact you.
- Leaves your information vulnerable and seen by multiple employees or unauthorized personnel.
Although most auto title loan lenders may not make these mistakes or breaches of information misuse, one should always consider and research what certain auto title loan lenders may be doing with that information.
Having the knowledge and understanding of what makes up (and what doesn’t make up) secured auto title loan lenders, you might want to start your search for your own auto title loan. But before you start looking for hours online for the right auto title loan, why not try LoanMart?
We at LoanMart consider ourselves one of those secured auto title loan lenders that don’t mess with your information while being upfront about what we do with it.
How LoanMart could be one of your choices for secured auto title loan lenders
Here at LoanMart, we do our very best to provide safe and secure auto title loan lending for all our clients. With over thousands of served customers and years of experience on an auto title loan, we feel we fit the bill as one of the few secured auto title loan lenders.
Along with the privacy features mentioned, LoanMart also provides the following:
Personal information we maintain or collect
Aside from the uses and sharing we do of your personal information, here are just some examples of the types of nonpublic personal information we maintain or collect from our borrowers:
- Information that an individual has provided in connection with the loan, applications, other forms, or verbally, such as: name, address, telephone number, social security number, income, assets, driver’s license number, and employment information.
- Information about an individual’s transactions with us, our affiliates, or other parties, which include account balances and payment history.
- Information we receive from consumer reporting agencies. This includes things like credit worthiness and credit history.
- Information that we at LoanMart obtained from non-affiliated third parties about a borrower’s transactions with them.
Through transparency and honesty, we at LoanMart keep our word on what we do with your information when filling out our application, as well as any other information given throughout the entire auto title loan process.