There is no real, definitive answer in terms of the most honest title loan company. However, what we at LoanMart can say is that there are many things that could make up an honest title loan company. To be honest, a company must be able to disclose all information to a potential borrower.
Whether it’s about information on sharing or privacy, a title loan company should be able to be transparent about everything they do for a customer, or what they can do with their information.
But before we at LoanMart can explain why we do our best to serve as a candidate for an honest title loan company, here are some things that the borrower should determine when looking for the most honest title loan company.
What are things that make a title loan company honest
An honest title loan company should have the following qualities that they should not be secretive about:
Be honest about privacy rights
Current and former customers should be mentioned in a title loan company’s policy to ensure that every person involved is accounted for with complete discretion.
Be honest about collecting personal information
A title loan company should be transparent in why they collect certain personal information from borrowers. This means being honest in their intentions.
Be honest about sharing personal information
Sharing personal information should be a necessary element that should be discussed between a lender and a borrower. A title loan company should be honest about the ways they could share that information, which includes disclosing the very organizations they share it with:
- Financial service providers (banks, mortgage bankers, credit card issuers and insurance companies)
- Non-affiliated, non-financial companies (statement processors, repossession companies, collection agencies, or their attorneys)
- Affiliate companies that may be using that personal information on a regular basis
- Non-affiliates for joint marketing
- Credit reporting agencies
Be honest about a borrower’s rights
Explaining an individual’s right to limit a title loan company’s sharing of their personal information is another way of being transparent and honest with a customer who may want to know about them.
Honest about their title loan
It takes a lot of transparency to be able to give the details on a title loan. In fine print or when asked, a title loan company should be able to provide all the information on their title loan. This means detailing any possible hidden fees or other policies they should expect to encounter as a borrower.
So now that you see what an honest title loan company should represent, how do we at LoanMart stack up?
How LoanMart could be an honest title loan company for you
- Why we collect personal information- We collect personal information to identify you, confirm facts about you, deliver financial products and services to you, etc.
- Personal information we maintain or collect- This includes (but is not limited to) information that you provide in connection with your loan, information about your transactions with us, and information we receive from consumer reporting agencies, which includes credit worthiness and credit history.
- Sharing of Personal Information- When consent is provided, we may share some or all the personal information given to us to organizations like financial service providers, non-affiliated, non-financial companies, affiliate companies, non-affiliates for joint marketing, and credit reporting agencies.
- Your Right to Limit Sharing/Opt-Out Right- We are also honest about what rights you have when it comes to sharing your personal information. You have the right to limit our sharing of your personal information, except as permitted by law. This is done by completing and returning the opt-out notice that was provided to you via the US Postal Service titled “FACTS: What Does Wheels Financial Group, LLC. dba LoanMart Do with Your Personal Information?” (side note: Customers located in California can also return the opt-out notice titled “Important Privacy Choices for California Consumers”).
- Protection of Information and Security Procedures- We at LoanMart are open and honest about how our title loan company restricts access to personal information about anyone who was a current or former customer to our employees or affiliates.
- We maintain physical, electronic and procedural safeguards that comply with applicable federal and state standards to guard your personal information. For instance, we use Secure Sockets Layer (SSL) technology supporting up to 128-bit encryption to prevent unauthorized parties from viewing any non-public personal information transmitted to or from us.
- We don’t have hidden fees- We are upfront with each of our title loans and would like to let every borrower know that we do not have any kind of hidden fees in our title loans. That means we don’t have hidden fees like balloon payments or any type of early payment fees.
If you feel we are that honest title loan company you need for financial funding, please feel free to contact us or check our online inquiry form today to see if you can qualify for funding with a title loan from us at LoanMart1.