Who Regulates Car Title Loans?

 
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Who Regulates Car Title Loans?

Car title loans are regulated by federal and state laws. LoanMart offers car title loans that follow all applicable laws, while establishing the best interest rates available in the market.

Borrowing with Your Car as Collateral

You might find that you need a loan unexpectedly. In most states a person can apply and be approved for a loan on their vehicle based on the car title and ability to repay the loan. The equity is evaluated for your car and a substantial loan can be offered as a result. At LoanMart we can also offer you a loan even if the car is not fully paid off.

Holding Lenders Accountable

Regulations are meant to protect the consumer from entering financial entrapment. You will be pleased to know that LoanMart is a licensed lender in multiple states such as Arizona, California, Missouri and New Mexico. It is also a registered lender in Utah. We at LoanMart do our utmost to adhere to these regulations. Contact us if you need to take out a loan in any of these states to find out how the state regulations might affect your loan. We do our best to ensure that we provide the money needed in the shortest time possible, often within one working day 3.

Establishing Limits Based on Your State

Car title loans are governed in states by setting both the minimum and maximum amount for a loan. For example, title loans in Phoenix have a set minimum of $750. The loans also have a maximum amount that can borrow, Illinois sets the cap at $4,000. Some states also restrict the amount of a loan if the monthly payment exceeds 50 percent of a person’s income. Moreover, some states have further restrictions on loan processing fees. The best bet is to contact the staff at our office to understand the state established limits of car title loans as well as any accompanying fees.

Are Title Loans Safe?

When it comes to lending and borrowing money, there are many crucial state and federal laws that regulate the process. It’s important to understand the laws governing such loans before applying. We have a dedicated staff at LoanMart to help you decipher these regulations and to know how they will affect your car title loan. We ensure that our clients have access to relevant information on agencies and rules that regulate the car title loan process.

LoanMart has committed itself to the terms and conditions that clients sign up to before one is issued a loan. We ensure that all state and federal laws governing loans are followed. All you need is a car title and proof that you can repay the loan if approved. We have also ensured that our interest rates are competitive enough to give our clients the best opportunities to succeed and overcome financial burdens. We also ensure that our payment schedule is reasonable and manageable to help clients pay without breaking a sweat.

Why Choose LoanMart?

Car title loans and procedures are regulated by multiple levels of government.  LoanMart offers car title loans that follow all applicable laws. Additionally, we can offer some of the best interest rates in the market.

You won’t have to worry about balloon payments, prepayment penalties or hidden fees associated with charging practices at LoanMart. The cost of fees and other loan processing charges are calculated in accordance with state laws. That’s why it’s important to work with an honest lending institution to avoid any problems.

LoanMart provides credible car title loan services regardless of your situation. Customers have the right to understand the terms and conditions of specific types of loans they are applying for. At LoanMart we explain all the terms and conditions of loans to make sure that our clients understand and can make an informed decision. Our experts will inform you of the amount that can be borrowed as well as what rates and payment will be. This is to ensure that customers understand exactly what they are signing for on the dotted line.

LoanMart has a competent team of experts to help borrowers understand bad credit loan options and provide practical recommendations. Some lenders may charge fees for inquiry during the application process. Here at LoanMart, we do not charge any application fees and there are no penalties for going through the process and declining an offer.

Which Vehicle Qualifies for a Car Title Loan with LoanMart?

LoanMart is here to offer financial support to people who don’t have a way out. At LoanMart, we accept all kind of vehicles that are in good conditions. We may be able to provide a car title loan without a clear title. A vehicle with the clear title also qualifies for a car title loan with LoanMart. Our staff is ready to evaluate the qualification of all vehicles presented as collateral for a loan. Processing of a car title loan with a clear or free title at LoanMart is faster and more convenient than other traditional banking services.

Title loans are regulated to protect citizens against harmful practices. Sometimes state laws and regulations can affect your ability to qualify for a certain loan.  In these cases, federal laws should not worry you! Our team of experts understands all the nuances of regulation and are available to help customers make the best choice.

Do you have a car with a free or clear title? You can apply online or visit one of our local participating stores to find out how much of a loan you are eligible for1. If you have the car title readily available, the money you need could be just a few clicks away. Get started today, and we will send you a quote for a possible loan with no obligations.

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