Title Loans in DeSoto, TX

A typical consumer will experience some difficulties with finances at least a few times in life. For better financial security, it's good to have some resource available to you to make payments and cover expenses when you're struggling.

Are you aware of what a title loan is This is a special type of loan that's ideal for a consumer who is struggling a bit with some short term financial hurdles and cannot be approved for a traditional loan. Title loans in DeSoto involve using a vehicle title as collateral on a loan.

The basics about title loans in DeSoto

The process with this type of loan is strikingly straightforward. You should take some time to get to know the process while evaluating whether title loans in DeSoto will be the best solution for you. One thing to keep in mind is the fact that you can apply online. The application is pretty basic and can be filled out quickly.

You probably want to know what information you'll need to provide on the application. You'll have to provide a lot of the standard, basic information on an application for a Fort Worth title loan that you'd need to provide for a traditional loan. You'll need to provide basic info about your identity, your address, your employment situation, and your vehicle. The info you provide about your vehicle will be especially of interest to the lender. Your vehicle is the collateral that secures this type of loan. It's therefore the primary detail in your application. You're going to have to mention the make, model, and mileage of your vehicle. You might also need to provide general info on the condition of the vehicle, and you'll need to provide its year of manufacture.

You'll quickly get a response back on your application. If you're offered a loan, you'll be able to take your time and read over the loan offer before making a decision. Then, you can send in your vehicle title to finalize the process and get your loan money. You can use the loan funds on anything you choose.

Legal restrictions put in place by Texas on title loans in DeSoto

The state of Texas has a few laws set out that regulate title loans in DeSoto and throughout the rest of the state. You might want to know about these state mandated restrictions when you get started.

The following are the three most important things you want to know about state regulations on Texas title loans:

  • There is no cap on the loan amount.
  • There is a cap of 10 percent in place on the interest rate.
  • There is a limit of 180 days on the loan term.

Remember these special considerations

  • Repaying is easy- Title loan lenders offer flexibility when it comes to repayment. They work with borrowers so that everyone benefits from the deal.
  • Getting approved with a lien is possible- A lien on the vehicle title means that the borrower still owes money on the vehicle. However, it doesn't necessarily disqualify the applicant. Applicants with enough equity in the vehicle in question can be approved regardless of a lien.
  • Securing the loan with collateral is easy- Remember that a title loan is a secured loan. The vehicle is considered collateral, but the borrower still gets to use the vehicle as usual throughout the life of the loan.