As a Phoenix resident, you should be aware of the availability of title loans in your area. Having access to title loans Phoenix can make life easier for just about anybody. If you struggle with finances occasionally, you’ll be happy to know that you can take advantage of title loans to solve you problems and resolve your financial quandaries. Whether you need a little loan for bills or to make an extravagant purchase like a special gift, we’re here to help.
One key thing to remember about this kind of loan is that you can use the funds on anything you want. You are not required to use title loan funds to make a specific purchase. You can use the money as you please and are simply required to pay the loan back over time until you get your vehicle title back and the loan is over.
Read on to discover more about this useful alternative loan product:
You need to learn about how the process works. Essentially, title loans Phoenix are loans where you use your vehicle as collateral. However, you don’t have to give up use of your vehicle during the loan. All you have to do is provide your title to the lender.
There are some similarities between this unique type of loan and other more traditional loans. The biggest similarity is that you will need to fill out an application to pursue the loan. The application will allow you to provide the lender with all the information the lender needs to figure out if you’re eligible.
In addition to the typical application questions about your identification and your employment status, the application for online title loans Glendale is also going to ask you about these details related to your vehicle:
Once you provide all these important details, you’ll wait to hear back about whether or not you’re approved. If you are approved, you can take a look at the offer and determine if it’s right for you. Then, you’ll have to send your title to the lender in order to have the loan funds sent to your bank account.
Each state places its own regulations on the title loan industry. In the state of Arizona, one advantage is that there is no limit on the amount of money you can borrow through a title loan. However, there are some limits on the interest rates lenders can charge. There is a limit of 17 percent interest a month if the loan is made for $500 or under. The interest rate decreases to 13 percent for loans between $501 and $2,5000. Lastly, there is a limit of 10 percent a month on the interest rate for loans for over $5,000.